#以太坊行情解读 The crypto market has recently encountered two turning points, which is quite interesting.

First, let's talk about the first point—A new proposal for a crypto tax law in the United States has recently come to light, and its impact is greater than expected. Transactions of stablecoins under $200 may be exempt from taxes; taxes on staking and mining earnings can be deferred for 5 years; there are also clear constraints on tax evasion tactics like wash trading. This is the first time in U.S. history that the tax system has truly made concessions to crypto innovation. The Trump administration pushed this forward, which means that the entry barrier for large funds that were previously hesitant due to high compliance costs has been significantly lowered.

The second is the actions from the Federal Reserve. Data from the banking system shows that the Federal Reserve is injecting liquidity, and the global money faucet has been turned on again. Historically, during the early stages of liquidity inflow, asset prices react the most violently.

What happens when two things overlap? The policy has shifted from previous regulatory pressure to "clear rules + tax-friendly," and the funding situation has transitioned from tight to a moderate easing. Once these two forces align, the market sentiment that has been suppressed for a long time is likely to turn into a wave of explosive buying. Mainstream currencies like ETH and BTC may be the first to be affected.

But that being said, liquidity won't just drop all at once, the tax proposal is still in the proposal stage. Short-term fluctuations are certainly unavoidable, but the trend gears for the medium term are indeed turning.

There are three key points to watch for: the pace of the tax law's progress in Congress, the Federal Reserve's balance sheet, and whether institutions are beginning to accelerate their layout in the crypto market. The story for 2026 may begin to be laid out from these signals.

Beneath the seemingly calm surface, great waves are often gathering strength.