# Сопутствующие статьи по теме Macro

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Macro", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

Huobi Growth Academy | Crypto Market Macro Report: Repricing of Crypto Assets Amid Receding Liquidity

In Q1 2026, the cryptocurrency market experienced a historic deleveraging crash, with Bitcoin falling over 40% from its peak and Ethereum and altcoins declining even more sharply. The collapse was driven by a confluence of three major liquidity-tightening factors: the unwinding of yen carry trades, the U.S. Treasury's TGA account rebuild draining market liquidity, and systemic increases in derivatives margin requirements. These factors, combined with the crypto market’s inherent high leverage and overvaluation, triggered a cascading sell-off. The report highlights that U.S. stock market’s extreme valuations acted as a ceiling for risk assets, including crypto. The reversal of yen carry trades—where investors borrowed cheap yen to invest in higher-yielding assets like crypto—accelerated as the Bank of Japan signaled a potential end to ultra-loose policies. Simultaneously, the U.S. Treasury’s replenishment of its TGA account and increased bond issuance withdrew nearly $200 billion in liquidity from financial markets. Additionally, rising margin requirements on derivatives exchanges forced further deleveraging, exacerbating the downturn. Crypto’s structural vulnerabilities—such as high leverage, stagnant stablecoin inflows, and declining on-chain activity—amplified the sell-off. Looking ahead, crypto markets are entering a macro-driven phase where liquidity indicators—such as Fed policy, TGA balances, yen-USD exchange rates, and stablecoin flows—will be critical. The market is expected to remain under pressure until macro liquidity conditions improve, likely in the second half of 2026. The era of excess-liquidity-driven growth is over; crypto assets will now be repriced under a new macro-normal regime.

marsbitВчера 08:11

Huobi Growth Academy | Crypto Market Macro Report: Repricing of Crypto Assets Amid Receding Liquidity

marsbitВчера 08:11

AI Era's 'Scarce Assets'? Goldman Sachs: HALO—Heavy Assets, Low Obsolescence

In the AI era, market focus is shifting from scalable, light-asset business models to valuing hard-to-replicate physical assets and infrastructure, a trend Goldman Sachs terms "HALO" (Heavy Assets, Low Obsolescence). This reflects a repricing of scarcity driven by higher real interest rates, geopolitical fragmentation, supply chain restructuring, and massive AI-driven capital expenditure. HALO assets—such as power grids, pipelines, utilities, and critical industrial capacity—have high replication barriers (cost, regulation, engineering complexity) and remain economically durable across technology cycles. Meanwhile, AI is undermining the profitability and terminal value of some light-asset sectors (e.g., software, IT services) by reducing information costs and increasing competition. Notably, major tech firms are now becoming large-scale capital spenders, with projected Capex of $1.5 trillion from 2023-2026—surpassing their cumulative historical investment. Since 2025, Goldman’s heavy-asset portfolio (GSSTCAPI) has outperformed its light-asset counterpart (GSSTCAPL) by 35%, driven by valuation rerating rather than broad de-rating of light assets. Macro factors support this shift: higher rates compress valuations of long-duration growth stocks, while manufacturing and capex cycles benefit heavy-asset firms. Earnings momentum is also stronger for heavy-asset companies, with higher expected CAGR (14% vs. 10%) and improving ROE. Despite recent gains, institutional positioning remains underweight value/heavy-asset stocks, suggesting further potential for outperformance.

marsbit2 дня назад 08:50

AI Era's 'Scarce Assets'? Goldman Sachs: HALO—Heavy Assets, Low Obsolescence

marsbit2 дня назад 08:50

活动图片