$ZEC $DOGE $UNI

Recently, two major events in the market have almost landed simultaneously, enough to change the trading pattern in the near future.

**Policy Side: US Cryptocurrency Tax Reform Proposal Emerges**

The new crypto tax reform proposal in the United States reveals a number of details. Transactions of stablecoins below $200 may qualify for tax exemption, which is a substantial benefit for retail and small DeFi users. Even more interesting is the staking and mining income portion—taxes can be deferred for up to 5 years, providing project teams and miners with a more relaxed cash flow window.

At the same time, the proposal clearly targets the regulation of gray operations such as "wash trading," promoting the gradual alignment of the cryptocurrency tax system with securities laws. This indicates a shift in regulatory thinking — it is not merely about suppression but about establishing a clear framework of rules. The influence of the Trump administration behind this is also evident, as this policy tilt represents the first substantial support for the cryptocurrency industry at the tax level in the United States.

The change you can see is that the psychological barriers for traditional funds, which were previously constrained by compliance, have significantly lowered now.

**Funding side: Liquidity quietly flows to the market**

From the funding data of the banking system, the Federal Reserve has already been providing liquidity to the market – this is not speculation, the data is there. The global capital faucet has been turned back on, and historical experience tells us that the initial return of liquidity usually brings the most sensitive response in asset prices.

In simple terms: when there is more money, assets start to rise.

**How Two Forces Resonance**

The policy front has shifted from "regulatory clampdown" to "clear rules + tax-friendly," while the funding front has moved from "tightening" to "moderate release." Once these two lines form a synergy, the long-repressed market sentiment may transform into real buying power. Many institutions and high-net-worth clients were previously on the sidelines, but now they have reasons to enter the market—tax issues have been resolved, and liquidity is sufficient.

**A Reminder of Reality**

But to be clear: the return of liquidity will not happen overnight, and the tax proposal is still in the proposal stage, it will take time to go through the congressional process. In the short term, the market is likely to continue to fluctuate repeatedly, so don't expect it to soar immediately. However, the gears of the medium-term trend have already begun to turn, which is a significant development.

**Things to Keep an Eye On Next**

First, the speed of the progress of this tax reform bill in Congress. Second, the specific changes in the Federal Reserve's balance sheet—this determines the pace of liquidity release. Third, whether mainstream institutions are really accelerating their allocation to crypto assets, which is the most convincing signal.

The market narrative for 2026 may start to be rewritten from this very moment. Whether to lay the groundwork in advance or to wait for the trend to fully unfold before following up is a different choice for everyone. But one thing is certain — beneath the seemingly calm surface, the waves of change are building strength.