BlockBeats News, July 20th, HTX Research's Head and Chief Analyst Andy Liu was a guest speaker at the Huobi Prime Class, where he shared his insights on the theme "Q3 2026 Outlook: The New Order of the Cryptocurrency Market 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 BTC's trend are: direction looks at liquidity, resilience looks at ETFs, and risks look at the dollar.

When discussing Ethereum, Andy Liu pointed out that Ethereum's current issue is not whether the ecosystem is growing but whether the ecosystem's growth can translate into ETH's value. In the medium to long term, Ethereum remains one of the most critical settlement and application infrastructures in crypto.

However, in the short term, ETH must reprove that ecosystem growth can translate into ETH value. Therefore, the key assessments for ETH in Q3 are: direction considers regulation, resilience looks at DeFi, and confirmation focuses on fees and burns.