HTX Research Andy Joins Huobi Master Lecture: Q3 BTC Direction Depends on Liquidity, ETH Direction Depends on Regulation

TechFlow News, July 20, Head of HTX Research and Chief Analyst Andy Liu appeared on Huobi Master Class and shared on the topic of "Q3 2026 Outlook: New Order in the Crypto Market Under Global Liquidity Repricing". He stated that BTC is no longer just a Crypto native asset, but rather a proxy variable for global USD liquidity. In the third quarter, the three core variables affecting BTC trends are: direction depends on liquidity, elasticity depends on ETFs, risk depends on the USD.
When discussing Ethereum, Andy Liu pointed out that the current problem facing Ethereum is not whether the ecosystem is growing, but whether ecosystem growth can be converted into ETH value. In the medium to long term, Ethereum remains one of Crypto's most important settlement and application infrastructures. However, in the short term, ETH must re-prove that ecosystem growth can be converted into ETH value. Therefore, the core judgment on ETH for Q3 is: direction depends on regulation, elasticity depends on DeFi, confirmation depends on Fee and burn.