Against the backdrop of a continuously differentiating global macro environment and the ongoing reshaping of asset allocation logic, the global digital asset financial services group BIT held the "Global Asset Strategy Forum" on April 22, 2026, in Central, Hong Kong, themed "Beyond the Cycle, Define the Future." The event brought together various industry representatives from financial institutions, crypto platforms, and professional service organizations, including BIT Founding Partner & CCO Cynthia Wu, BIT CBO Wendy Sun, Cactus Custody CEO Daniel Lee, BIT Asset Management head Daniel Yu, BIT Brokerage head Elio Cui, and Matrixdock BD head Josh Wu. Colin Wu, editor-in-chief, renowned financial blogger Roger Lee, and guests from OSL, JunHe LLP, Ondo Finance, Uweb, and other institutions also participated.

Focusing on key topics such as cross-market investment opportunities, regulatory pathways for compliant stablecoins, and the role of gold and silver in the digital economy, several guests engaged in in-depth discussions from different professional perspectives, exploring new asset allocation paradigms in the Web3 era, from macro trends to asset structures.

Cynthia Wu, BIT Founding Partner & CCO, in her opening speech, reviewed the evolutionary path of the blockchain financial market and pointed out that the industry is entering a new stage of full institutionalization. From the early stage driven by mining and retail speculation to the expansion period propelled by DeFi and NFTs, and to the current development stage where regulatory clarity is gradually emerging, spot ETFs are being approved, and RWA is on the rise, digital assets are accelerating their integration into mainstream asset allocation systems.

She emphasized that this transformation is reflected not only in the changes of participating entities but also in the continuous improvement of infrastructure, risk management, and compliance systems. Compared to the traditional financial asset market, which has a scale of up to 400 trillion dollars, on-chain assets are still in the early stages, and RWA will become an important bridge connecting the two. In this context, building financial infrastructure and asset systems oriented towards institutions will be a key direction for the next stage of industry development. Furthermore, Cynthia shared BIT's brand connotation, emphasizing the connection between traditional finance and digital assets based on integrity and trust, collectively constructing a financial system for the future.

In the first discussion about Web3 and traditional market trends, guests generally believed that a distinct structural "reversal" is occurring between the two. On one hand, the Web3 market is gradually returning to rationality, shifting towards profit and fundamentals, while reliance on a token-driven model continues to diminish; on the other hand, the traditional stock market, driven by the AI boom, is seeing both valuation and sentiment expand, with capital and attention increasingly concentrated on US stocks. This trend reflects a phase reallocation of capital: some funds that were originally active in the crypto market are now moving towards the traditional market with stronger certainty and industry narratives. Against this backdrop, the demand for cross-market allocation is rising, and traditional assets like US stocks are gradually becoming an important direction of attention for digital asset investors.

From a macro and industrial perspective, the current market environment also supports risk assets. The US economy is exhibiting a "Goldilocks environment," maintaining a relative balance between growth and inflation, while the commercial progress of the AI industry is accelerating, driving rapid growth in corporate revenues and further reinforcing market confidence. In contrast, the crypto market remains highly volatile, while the stock market emphasizes industry chain logic and forward-looking layout capabilities, especially in the AI hardware and infrastructure sectors, where investment opportunities rely more on medium- to long-term judgments. Overall, capital, narrative, and structural opportunities are being redistributed, pushing both markets into a new stage.

In the roundtable discussion on compliant stablecoins, guests deeply explored the regulatory pathways and trust mechanisms. As major jurisdictions such as the US, Hong Kong, the EU, and Singapore proceed with related legislation, stablecoins are gradually being incorporated into clear regulatory frameworks. Attending guests generally agreed that "compliant stablecoins" must obtain regulatory recognition or hold licenses in the respective regions and be backed by fiat currency as the underlying asset; in contrast, algorithmic stablecoins still face significant uncertainty in terms of regulatory compliance.

At the level of trust mechanisms, guests pointed out that the recognition foundation of stablecoins is undergoing a transformation—from the so-called "stablecoins" in the early regulatory context to those formally included in legal expressions, reflecting a change in regulatory attitudes. Meanwhile, a consensus is forming in the industry around core issues of stability, sufficient reserves, and regulatory oversight: ensuring liquidity capacity through sufficient reserves and enhancing transparency and regulatory visibility with on-chain tracking technologies. Overall, the foundation of trust for stablecoins is shifting from single credit endorsement to a system supported by assets, structure, and regulation. Wendy Sun also stated that at this stage, compliant stablecoins are beginning to gain a clearer institutional positioning.

In the RWA thematic discussion, guests analyzed the price logic and structural characteristics of precious metals such as gold. Overall, gold, as a typical low-risk asset, has its price performance highly correlated with the dollar interest rate cycle and liquidity environment: in periods of declining interest rates, the opportunity cost of holding gold decreases, and a weaker dollar also promotes its relative appreciation. In addition, geopolitical factors, fluctuations in energy prices, and changes in monetary policy expectations can further amplify the volatility and upward momentum of gold prices.

From the perspective of supply and demand structure, the supply of precious metals holds a certain rigidity, making it difficult to significantly increase in the short term, while central bank gold purchases provide long-term support for prices, but are not the dominant short-term factor. In general, the core pricing of assets like gold remains rooted in macro interest rates and liquidity expectations. In this context, precious metals that possess "low-risk attributes + macro-hedging capabilities" are becoming one of the most representative types of underlying assets within the RWA system.

This forum presented a clear path for the digital asset industry to move to the next stage from multiple dimensions, including macro cycles, market structures, and institutional evolution: shifting from narrative-driven to structure-driven, from a single market to cross-market integration, and from experimental exploration to institutionalization and institutional development. In this process, whether it is compliant stablecoins, RWA asset systems, or infrastructural development aimed at institutions, they essentially answer the same question: how to build a more trust-based financial system.

This is precisely the core direction emphasized by BIT: to build a long-term sustainable financial structure on the basis of trust, connecting different markets, assets, and participants above cyclical fluctuations.

Disclaimer:This article is only a summary of industry summit views and macro trends and does not constitute any investment advice, financial product recommendations, or trading invitations. The market contains uncertainty and various risks, and the views mentioned in this article are for reference only.

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