#BTC资金流动性 $ZEC $DOGE $UNI

Two new messages are quietly changing the fundamentals of the crypto market.

**Policy Shift**

A new proposal for cryptocurrency tax legislation in the United States has recently surfaced, and this time the measures are indeed a bit different. Transactions of stablecoins under $200 may be directly tax-exempt, and taxes on staking and mining income can be deferred for 5 years—this significantly increases breathing room for builders and participants. At the same time, the definition of gray areas such as "wash trading" is also clearer, and the cryptocurrency tax system is gradually aligning with securities laws. The Trump administration has been pushing behind the scenes, which means that compliance-related bottleneck issues may really loosen up.

**Changes in the capital market**

On the other hand, the Federal Reserve has been quietly injecting liquidity into the market. This can be seen from the funding data of the banking system, indicating that the faucet of global capital has indeed been turned on again. Historically, in the initial stage of liquidity release, asset prices tend to react most violently—this stage often harbors the greatest opportunities.

**Resonance of Two Forces**

The policy has shifted from repression to "clear rules + tax-friendly" and funds have transitioned from tightness to moderate easing. Once these two forces combine, the repressed market sentiment may turn into actual buying power. However, it is important to remain calm: the true release of liquidity will take time, and the tax legislation is still in the proposal stage. In the short term, the market may continue to experience fluctuations, but from a mid-term perspective, the gears of the trend have already begun to turn.

**Notable Nodes**

Next, we will focus on three directions: the progress of the tax bill in Congress, the specific changes in the Federal Reserve's balance sheet, and the changing attitudes of mainstream institutions towards the allocation of crypto assets. The market landscape in 2026 may really start to be rewritten from this moment.