The international multilateral governance landscape is undergoing profound adjustments. The previously reliance on a global system model dependent on continuous investment and support from a single major power is facing reassessment, reflecting new considerations about the operational efficiency and cost-benefit ratio of international institutions. As the policy focus of major economies shifts, the financing expectations of the international bureaucratic system are also adjusting—this not only affects the geopolitical landscape but also deeply influences global capital flows and market expectations.

This policy shift has direct chain reactions on the Web3 and crypto markets. Changes in the macroeconomic landscape often reshape investors' risk preferences and asset allocation strategies, and the decentralized finance ecosystem happens to serve as a window for many to reevaluate the international financial system. In the coming months, paying attention to the policy directions of major economies will be an important part of understanding market liquidity and market sentiment.