In the final days of 2025, two major events hit simultaneously.

95-year-old Warren Buffett officially steps down as CEO of Berkshire Hathaway. The super bear who once called Bitcoin "rat poison" has finally left the stage center. At the same time, the latest dot plot from the Federal Reserve sent the market into a tremor—interest rate cuts in 2026 might only be 25 basis points, with rates stuck at a high 3.4%. The market's expected "interest rate cut faucet" was turned off just as it was opening.

When these two events collide, that's where the real issue lies.

It turns out that the big bear who had been suppressing crypto assets no longer has the power. Meanwhile, the "liquidity reservoir" of traditional finance has been tightened again. Trillions of dollars in institutional funds need to be reconsidered—where will our money flow?

The valuation logic of the stock market is already gasping under high interest rates. Real estate has cooled, and the bond market is unwilling to offer attractive yields. At this point, look at Bitcoin and Ethereum—they don't need to borrow from central banks, free from interest rate pressure, and instead have their own logic based on supply scarcity and global demand.

To put it simply, this might truly be a turning point. When the most steadfast opposition fades away and the yields of traditional assets are tightly held, will large institutions start to seriously allocate into crypto assets?

Two questions are worth pondering:

First, is high interest rate actually a double-edged sword suppressing crypto or a reverse catalyst? It squeezes the yield space of traditional assets—could this instead push institutions to seek new allocation directions?

Second, which has a greater impact on Bitcoin, Ethereum, and these assets' 2026 market trends—the departure of Buffett or the Fed's shift?

What is certain is that the narrative is changing.