GSR Executive Defines Conditions for Bull Rally

Spencer Hallarn from GSR noted that a bull rally in the cryptocurrency market is only possible under certain macroeconomic conditions, particularly a decline in the hype surrounding the artificial intelligence sector and a softening of the U.S. Federal Reserve's policy. He believes that the AI sector is absorbing a significant portion of available capital, crowding out cryptocurrency. Hallarn predicts a rise in Bitcoin as other cryptocurrencies need to deliver on their promised use cases to prove their value. He also pointed out that in a declining market, clients of brokers and market makers become more disciplined, focusing on hedging and planning. Investors are paying more attention to over-the-counter risk hedging structures and asset diversification, including tokenized products. Recent data suggests that in September 2026, the Fed may raise interest rates due to persistently high inflation. The hype around AI remains strong, with venture capital investment in 2025 reaching $258.7 billion.

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