Huobi Growth Academy | Macro Research Report on the Crypto Market: "Coin-Stock Strategy" Activates Market Enthusiasm, Initiating a New Industry Cycle
In the second half of 2025, the global financial market entered a new era dominated by macro variables. Over the past decade, liquidity easing, global collaboration, and technological dividends have formed the three pillars of traditional asset pricing. However, as we enter this cycle, these conditions are undergoing a systematic reversal, and the pricing logic of capital markets is being profoundly reshaped. As a frontier reflection of global liquidity and risk appetite, the price trends, funding structures, and asset weights of crypto assets are being