Key Dynamics Summary of Cryptocurrency Regulation and Fund Flows:

1. Regulatory Tightening, Compliance Becomes Trend

The regulatory framework of the "GENIUS Act" will be strengthened in 2026. If stablecoin issuers move their reserves and operations back to the United States, they will gain significant compliance advantages, marking the end of the era of offshore loose regulation.

2. Institutional Funds, Long-term Demand May Arise

Some U.S. retirement plan providers are testing allocations of 0.5% to 1% of cryptocurrency within target date funds and balanced funds. This move may create stable long-term demand linked to market cycles.

Core Impact: Both dynamics point to the accelerated processes of cryptocurrency "institutionalization" and "localization." A clearer onshore regulatory framework, combined with the potential entry of long-term capital such as pension funds, will introduce new variables to the market. #比特币流动性