The sharp decline and consolidation over the past two weeks are paving the way for a new round of market trends. Market sentiment, institutional movements, and regulatory environments are forming a resonance, and the current core driving forces have become clear.

Policy expectations have shifted: With the imminent leadership change at the Federal Reserve, potential candidates from within the circle lean towards interest rate cuts and friendly policies, and market confidence in easing has rapidly strengthened.

Liquidity has bottomed out: QT has stopped, and although QE has not been restarted, the tightest phase has passed. The Treasury Department has recently injected hundreds of billions into banks, sufficient to buffer external tightening pressures.

Innovative exemptions are coming soon: The SEC will introduce crypto innovation exemption policies in the next 1-2 months. Compliant projects and financing activities are expected to accelerate, which will not only support BTC/ETH but may also ignite a wave of quality altcoin markets.

Institutional entry is accelerating: The traditional giant Vanguard Group has opened #BTC ETF trading, and several banks suggest allocating 1%-4% of crypto assets. It’s only a matter of time before more "behemoth" institutions follow suit.

This market trend is likely to be driven by "compliance innovation," forming a pattern where mainstream coins set the stage and altcoins lead the rally. In December, a breakthrough is imminent, and the market is brewing; though good times are delayed, they will certainly arrive.