Last year, the crypto market was turbulent, with spot Bitcoin ETF's monthly net inflow reaching 57 billion, and the total asset scale surpassing 114.8 billion. This wave of growth was indeed driven by improved regulatory attitudes and the entry of Wall Street institutions.

However, by October this year, a clear signal has emerged—the ETF fund inflows are starting to slow down. This reflects a subtle shift in market sentiment.

Looking ahead, several variables are worth closely monitoring:

**How will the AI industry develop?** Currently, AI construction is substantial, but the key is whether these companies can prove they are profitable and self-sustaining. If profit signals remain elusive, the market may react sharply, and the crypto sector won't be immune.

**Policy positives.** If the CLARITY Act passes, it will be a boost for altcoins and smaller tokens—at least the rules will be clearer, giving investors more confidence.

**Federal Reserve's pace.** As expected, the central bank will gradually ease, and the rate cut cycle may begin. Sounds good, but the problem is that the employment market has already cooled, and costs are rising. Whether retail investors' confidence can hold up remains uncertain.

**Bottom line?** The overall trend in 2026 remains bullish, but the final outcome of AI development and the actual effects of rate cuts are uncertain. Instead of betting on a specific direction, staying flexible and timing correctly is the key to winning.