Bitcoin, the majors, stablecoins and the rails underneath them.
After the halving-driven peak, leverage unwinds and ETF flows turn flat, sending BTC into a multi-quarter drawdown that drags altcoins down harder.
Congress passes a comprehensive digital-asset market-structure law splitting CFTC/SEC jurisdiction, unlocking institutional risk budgets and lifting the complex.
As the Fed pivots to easing, falling real yields and easier conditions revive risk appetite and push fresh liquidity into BTC and high-beta tokens.