HTX Research Andy was a guest at the Huobi Big Speaker Lecture: Q3 BTC's direction is liquidity, ETH's direction is regulation

Comparing the news, Andy Liu, head of HTX Research and chief analyst, was a guest speaker at the Huobi celebrity forum and shared the theme of 2026 Q3 Quarterly Outlook: New Crypto Market Order Under Global Liquidity Repricing. He stated that BTC is no longer just a native Crypto asset, but a proxy variable for global dollar liquidity. In the third quarter, the three core variables influencing the trend of BTC are: direction depends on liquidity, elasticity looks at ETFs, and risk looks at the US dollar.

When talking about Ethereum, Andy Liu pointed out that the current issue facing Ethereum is not whether the ecosystem is growing, but whether ecological growth can be converted into the value of ETH. In the medium to long term, Ethereum is still one of Crypto's most important settlement and application infrastructures.

However, in the short term, ETH must re-prove that ecological growth can be converted into ETH value. Therefore, Q3's core judgment on ETH is: direction depends on regulation, elasticity looks at DeFi, and confirmation looks at fee and burn.

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