Huobi Growth Academy|Crypto Market Macro Research Report: The "Currency Stock Strategy" activates market heat and opens a new cycle in the industry

1. Global macro variables reshape asset pricing paths: inflation, the US dollar and a new round of capital games

In the second half of 2025, global financial markets will enter a new period dominated by macro variables. Over the past decade, liquidity ease, global collaboration, and technology dividends have formed the three pillars of traditional asset pricing. However, entering this cycle, these conditions are being systematically reversed, and the pricing logic of the capital market is also being deeply reshaped. As a frontier reflection of global liquidity and risk appetite, crypto assets' price trends, capital structures, and asset weights are being driven by new variables. The three core variables are the stickiness of structural inflation, the structural weakening of US dollar credit, and the institutional differentiation of global capital flows.

First, inflation is no longer a short-term volatility problem that can be quickly suppressed, but is beginning to...