Recently, the crypto market and traditional finance sector have simultaneously sent several noteworthy signals.

On the Federal Reserve side, Board Member Milan stated that the Fed should cut interest rates by more than 100 basis points this year. Once this expectation materializes, improved liquidity will definitely be a positive for risk assets. Meanwhile, a major investment bank has applied to regulators for spot ETFs of Bitcoin and Solana, indicating that institutional participation in crypto assets continues to deepen.

Interestingly, the silver market is also stirring. The total market value of silver assets has reached $4.63 trillion, surpassing some large tech companies and becoming the second-largest asset class globally. This reflects investors' focus on inflation expectations and safe-haven demand.

From a narrative perspective, Arthur Hayes's latest view is that privacy will become the dominant theme in the crypto market by 2026. This judgment is quite insightful— as regulatory and environmental pressures increase, balancing privacy protection and compliance innovation will become the core competitive advantage for various projects.

Additionally, the stablecoin sector is also innovating. Tether has launched a new accounting unit called "Scudo" for Tether Gold, which is an attempt to establish a more flexible bridge between traditional finance and on-chain assets. Taken together, these changes indicate that the market is shifting from mere price volatility to multidimensional ecosystem development.