Recently, the macro environment of the crypto market has undergone significant changes. From the Federal Reserve's policy adjustments to the optimization of global regulatory frameworks, a series of key events are reshaping the market landscape.

**Policy and Regulatory Breakthroughs**

In early December last year, the Federal Reserve officially stopped QT operations and shifted to a principal rollover and reinvestment strategy. Almost simultaneously, the SEC Chair publicly stated that the "Innovation Exemption" framework would be launched in January this year, which is widely understood by industry insiders as a policy tilt towards crypto assets. Shortly after, Bank of America announced an expansion of its crypto ETP recommendation authority in wealth management, and on January 5th, Bank of America's investment advisors officially gained the authority to advise clients on crypto ETP allocations.

**Institutional Deployment Accelerates**

On January 6th, Morgan Stanley submitted applications to the SEC for its own branded BTC and SOL ETFs, which is seen as a formal recognition of crypto assets by Wall Street giants. Meanwhile, Japan's Finance Minister expressed support for crypto trading on regulated exchanges, and South Korea's Financial Services Commission is also working on relaxing listing company crypto investment restrictions, with final guidelines expected to be released in January-February this year.

**Emerging Application Scenarios Appear**

On January 11th, X platform launched the Smart Cashtags (Asset Smart Tags) feature, expanding the usability of crypto assets on mainstream social platforms. Additionally, "tax exemption for small crypto payments" has entered policy discussions and draft stages. Although not yet officially implemented, this kind of policy exploration itself conveys market participants' intentions.

In these 45 days, from macro policy easing to large-scale institutional entry and application-layer innovation, the crypto market is experiencing a transition from the fringes to the mainstream.