Recent market signals are worth paying attention to. On one hand, GPT-5.2 released by OpenAI has entered the ServiceNow ecosystem, marking the true arrival of the Agentic AI era. How will the computational power demand behind this be addressed? Projects like RNDR and NEAR, which focus on computing power and data verification, may see their value rise significantly.

Another driving force comes from issues within fiat currency itself. The pressure from Trump on the Federal Reserve (including attempts at personnel adjustments) combined with administrative price controls, are long-term erosions of the US dollar’s credit foundation. This contradictory combination of "liquidity injection and regulation" has instead become the best endorsement for Bitcoin’s self-custody and hard currency attributes. Coupled with domestic liquidity release policies, which may not directly flow into the crypto space, risk assets generally tend to benefit.

However, risks are also considerable. The unpredictability of geopolitical situations—from trade frictions to absurd tariff threats—can easily trigger panic in the global supply chain and stagflation expectations. A more direct threat is that if the Federal Reserve’s independence is truly weakened, fears of runaway inflation could trigger a massive capital flight, with funds rushing from all risk assets into cash and gold.

The technical outlook is also issuing warnings. The VIX breaking above 20, the breakdown of the NASDAQ pattern, and the decline of AI heavyweight stocks like NVIDIA suggest that once the US stock market enters a correction cycle, the crypto market is unlikely to rebound independently. The tide of liquidity withdrawal will not impact just one sector.