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Looking ahead to 2026, two macro factors deserve close attention. First, escalating geopolitical tensions could reignite interest in alternative stores of value—this dynamic has historically supported demand for assets outside traditional financial systems. Second, concrete regulatory momentum is building: the Senate is slated to mark up crypto market-structure legislation on January 15, signaling serious movement on legislative frameworks that could reshape how digital assets trade and settle. These policy developments warrant watching closely as they may materially influence market structure and investor positioning in the months ahead.