#SOL增长空间 The crypto market has indeed started unusually in 2026. Three factors are fermenting simultaneously, worth following.

**Federal Reserve changes personnel, liquidity expectations heat up**

The candidates for the next chair of the Federal Reserve are currently very controversial. The name Hassett is appearing more frequently in financial circles and is widely regarded as a representative of the "dovish" faction. If he takes over, the pace of interest rate cuts next year could be more aggressive than the market currently expects. Additionally, there are ongoing voices within the Federal Reserve calling for easing policies, leading to subtle changes in the overall liquidity expectations. This is traditionally positive for risk assets.

**Institutions are hoarding real assets, not just talking**

Everyone knows that MicroStrategy holds 670,000 BTC. However, recently another player has surfaced—an institution has directly used 4.06 million ETH as a base, which accounts for 3.37% of the total supply of Ethereum. This is not just a few million dollars for testing the waters; this is a truly strategic layout. When large institutions start betting with real money, it indicates that their judgment on the long-term prospects is quite clear.

**The regulatory framework is expected to be truly implemented**

Recently, personnel adjustments are also taking place in the U.S. regulatory agencies. The newly appointed officials generally have a more open attitude towards the crypto industry, and the coordination between the SEC and CFTC is improving. The core encryption bill is expected to be reviewed and advanced in the near future. Transitioning from a previously ambiguous area into a relatively clear regulatory framework is significant for large institutions and traditional financial organizations that want to participate but have been held back by uncertainty.

**Summarize**

Loose liquidity expectations × Real layouts of institutions × Gradual clarity of regulation, these three forces combined are reshaping the market's risk appetite. $ETH $SOL $ZEC these assets are indeed worth re-evaluating in such a macro environment.

What do you think? Among these three factors, which one do you think has the most direct impact on the market?