This week's cryptocurrency market is quite interesting, like a grand play that has already started but has few spectators in the audience. On a macro level, the competition has reached a "bloody" stage, but from the data, it seems that retail investors have not yet woken up.

In today's article, I won't talk about those ethereal dreams of hundredfold returns; instead, I will speak with solid data and logic, breaking down this seemingly chaotic market change at the beginning of 2026 clearly for you.

First, let's discuss the most explosive news— the U.S. Department of Justice has surprisingly launched a criminal investigation against Federal Reserve Chairman Jerome Powell. The reason for the investigation is said to be "misleading allegations regarding headquarters renovations," but Powell responded very firmly, stating that this is "political intimidation under the guise of law."

Let me tell you, this is not just a simple political scandal; the core issue touches the foundation of the global financial system— the independence of the Federal Reserve. If a central bank governor can be targeted by the judiciary for not cooperating with interest rate policies, then the "anchor" of the dollar's credibility will be completely shaken. It is precisely because of this sentiment regarding the potential damage to the dollar's credibility that Bitcoin quickly stabilized at $92,000, showcasing its "neutrality" premium at work.

What’s even more noteworthy is the actions of institutions. Amidst the market chaos, Wells Fargo quietly bought Bitcoin ETFs on the dip. This signal couldn't be clearer: when the traditional defense system of the Federal Reserve shows cracks, institutions are already looking for a truly reliable "digital safe haven."

Now, let's shift our focus to Asia, where South Korea has finally made significant moves. After nine years, the Financial Services Commission (FSC) of South Korea has finalized new regulations, officially allowing listed companies and professional investors to trade cryptocurrencies, overturning the ban that started in 2017.

Here are some hard data points that need to be clarified, all sourced from the official disclosures of the FSC: eligible companies can invest up to 5% of their equity each year; approximately 3,500 listed companies are expected to qualify for entry; additionally, due to the ban, capital that flowed out of South Korea into overseas cryptocurrency markets is estimated to be as high as 76 trillion won, equivalent to about $5.2 billion.

This means that the South Korean market is rapidly shifting from a structure dominated by retail investors to one that is institutionalized. The previously chaotic "kimchi premium" is likely to gradually transform into a more internationally priced institutional game.

Another trend that cannot be overlooked is the significant rise of Monero (XMR) this week, which once approached the $600 high, with a monthly increase of nearly 35%. This actually reflects the market's instinctive pursuit of "absolute anonymity" under high regulatory pressure.

However, I have always emphasized a viewpoint in the Qinglan Crypto Classroom (qinglan.org): simply avoiding regulation has no future; the real breakthrough lies in "selective privacy." The biggest obstacle for institutions entering blockchain is not technology, but how to protect commercial secrets while satisfying KYC/AML audits. The "selective privacy" model represented by Zcash can switch between transparent and shielded addresses, disclosing information to authorized parties when necessary. This "controllable transparency" is the standard for future institutional applications.

There is also an interesting divergence phenomenon: on one hand, there are continuous macro positives and institutions entering the market crazily; on the other hand, the viewership of Crypto-related content on YouTube has surprisingly dropped to its lowest point since 2021.

This actually indicates three things:

• First, retail investors are really tired. After the baptism of 11.6 million tokens becoming invalid in 2025, confidence in those low-quality meme coins has long been worn down;
• Second, the noise is clearing out. A decline in YouTube traffic is often a signal of speculative sentiment hitting rock bottom, but conversely, it may also indicate that the market is entering a deep accumulation phase;
• Third, the market narrative is upgrading. It is no longer the old "watch a video and follow the trend to buy"; now it is more about "looking at logic and making deep layouts."

Lastly, I want to mention Ripple's actions; they are now using AI tools like Amazon Bedrock to optimize XRPL operations, analyzing massive logs to improve monitoring and even reducing reliance on C++ experts' experience.

Personally, I believe that when blockchain technology begins to achieve self-repair and automated operations through AI, this industry will truly transition from the "laboratory stage" to the "industrial stage."

To summarize, the market in 2026 is no longer something that those who only look at candlestick charts and ignore macro factors can navigate. The political games of the Federal Reserve, the policy unbinding in South Korea, and the evolution of privacy technology towards compliance—these clues intertwined together actually tell us one fact: cryptographic assets have transformed from "marginal disruptors" of the financial system to "core reconstructors."

I often tell everyone that in this market full of variables, what is more important than "what to buy" is to see "who sets the rules" and "how the rules are changing."

Stay rational, stay respectful, and see you next time.

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