HTX Research has released a new report analyzing Bitcoin’s market outlook in the context of evolving global macroeconomic conditions and regulatory developments.
The study comes as tightening liquidity and policy changes reshape the crypto environment, offering investors strategic guidance on navigating this volatile landscape.
The report points to several factors tightening short-term liquidity, including slower-than-expected Federal Reserve rate cuts, ongoing quantitative tightening, the replenishment of the U.S. Treasury General Account, and anticipated rate hikes from the Bank of Japan. While liquidity pressures may persist in the near term, HTX expects gradual improvement over the next three to twelve months. However, uncertainty around market risk appetite continues to present challenges and opportunities for Bitcoin investors.
Regulatory shifts are also impacting the market significantly. In Hong Kong, the Legislative Council’s recent passage of the Stablecoin Bill establishes a licensing regime for fiat-backed stablecoin issuers, aiming to strengthen financial stability and consumer protection in the region’s digital asset sector.
Meanwhile, in the United States, progress is underway with the GENIUS Act, a bipartisan stablecoin regulation framework that mandates 100% backing of stablecoins by high-quality reserves. The bill is nearing consensus on most terms, signaling growing regulatory clarity.

Additionally, U.S. lawmakers are advancing initiatives like New Hampshire’s H.B. 302, which promotes “strategic Bitcoin reserves,” further integrating Bitcoin into institutional and governmental financial structures.
HTX is responding to these market shifts by launching several compliant stablecoins, including USD1, USDQ, EURQ, USDR, EURR, and AETHUSDT, designed to enhance capital efficiency and cater to diverse investor needs. To encourage adoption, HTX is offering zero-fee conversions on the USD1/USDT trading pair until the end of 2025.
The report concludes that while Bitcoin may face short-term liquidity and volatility pressures, clearer regulations and increased institutional participation support a positive medium- to long-term outlook. HTX plans to continue monitoring these trends to help investors capitalize on emerging opportunities within the dynamic crypto landscape.
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