The Federal Reserve's policy shift is reshaping expectations across the entire capital market. If we truly see a significant rate cut of around 150 basis points within the year, the downward space for U.S. Treasury yields will open up, and the global liquidity landscape will undergo a fundamental change. This is not just a matter for the crypto market; traditional financial institutions are also proactively positioning themselves.

The key question now is: when the pressure on the dollar's appreciation is released, how will overseas capital flows behave? Will they continue to pile into the basket of U.S. stocks, or will they seek new yield opportunities?
According to the latest views from Bank of America, Morgan Stanley, and Goldman Sachs, market consensus is shifting. The flow of funds in 2026 may see a significant change, moving from high-valuation tech and innovative assets back into more cyclical sectors such as finance, industrials, and energy. The underlying logic is that the resilience of the U.S. economy still exists, and corporate earnings fundamentals support this rotation.

For crypto assets, this means a re-pricing of macro risk appetite. When traditional finance begins to focus on fundamentals and cash flow, assets lacking cash flow support need to be re-evaluated in terms of valuation logic. At the same time, a rate cut cycle generally favors liquidity-friendly assets. Balancing these two factors depends on investors' understanding of the cycle.
The current choice is not just about being bullish or bearish, but about how to find your position in this wave of asset rotation. Historically, every major policy shift has redefined the winners and losers.