The new policy environment is reshaping expectations in the crypto market. Along with policy adjustments by the US administrative authorities, institutional and retail investors are showing a clear shift in their outlook for the market cycle in 2026. Historical data indicates that significant policy changes often trigger a reassessment of asset allocation, driving capital flows into high-growth sectors. Current market sentiment reflects a more optimistic outlook on policy direction over the next year and a half. Both institutional investors and retail traders are re-evaluating their holding cycles and risk exposures. Whether this shift in expectations can evolve into an actual upward cycle depends critically on the implementation of policies and the direction of the global macroeconomic situation.