PANews reported on September 23 that during the seventh session of the Huobi Master Lecture live stream, HTX Research asset analyst WZ pointed out that people used to explain Crypto with Crypto, but today, the variables determining Crypto's next market move are increasingly occurring outside of Crypto. This is also the new pricing cycle that Crypto is entering.

On the policy front, WZ believes that although the Clarity Act, which features a systematic framework, has been blocked in the Senate vote due to issues such as the need to win bipartisan votes, the involvement of the Trump family's interests, and the distribution of stablecoin interests, U.S. crypto regulation has not stalled. For example, the SEC recently released an "innovation exemption" plan that allows qualified compliant institutions to tokenize specific stocks, accelerating the integration of traditional finance and crypto.

On the macro front, WZ stated that the situation in the Middle East and the risk of blockage in the Strait of Hormuz have pushed up the "risk premium" on crude oil. Rising oil prices will trigger inflation expectations, which in turn affect U.S. Treasury yields and global liquidity. When energy prices remain persistently high and interest rates stay elevated, the upside potential of risk assets such as Bitcoin may be constrained.

WZ also pointed out that in this cycle, the direct inflows and outflows of ETF funds have changed the traditional logic of capital spillover, making a broad-based rally across altcoins difficult to materialize. However, under the new cycle, assets with "new narratives" and strong consensus will still stage independent upward moves.

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