Core Viewpoint - The recent passage of the "One Big Beautiful Bill Act" by the U.S. Congress has led to structural market adjustments, impacting both the stock and cryptocurrency markets, with significant implications for capital allocation and investor sentiment [1][2][5]. Economic Impact - The bill is expected to provide long-term benefits for corporate capital expenditures, potentially supporting GDP growth by 0.7% to 1.2%, but will increase federal deficits by approximately $2.8 to $5 trillion in the short term, raising concerns about public debt sustainability [2][6]. - The Congressional Budget Office (CBO) estimates that cuts to health programs could result in over 11 million people losing health insurance, highlighting potential market risks [2]. Market Reactions - Following the bill's announcement, major U.S. stock indices experienced initial gains before entering a period of volatility, with the S&P 500 briefly rising by nearly 0.3% before retreating [1]. - The 10-year U.S. Treasury yield surged to around 4.3%, reflecting increased borrowing costs and impacting growth stocks, while financial, industrial, and defense stocks saw a rotation in investor interest [1][5]. Cryptocurrency Market Dynamics - The cryptocurrency market has seen a notable increase in activity, with XBIT decentralized exchange reporting a more than 60% rise in trading volume within two hours of the bill's announcement, driven by a shift towards risk-averse assets and multi-chain arbitrage opportunities [2][5]. - XBIT's daily active addresses increased by approximately 25%, and asset reallocation ratios rose by 30%, indicating heightened demand for multi-chain combinations [5][8]. Structural Changes in Investment Strategies - The market is shifting from technology growth stocks to value stocks and financial cyclicals, with traditional financial institutions warning of potential real estate bubble risks and increased debt levels due to the bill [5][6]. - The evolving landscape of fiscal, monetary, energy, and technological policies in the U.S. is prompting investors to reassess their strategies, with cryptocurrencies being viewed as alternative hedging tools [6][8]. Future Outlook - The focus will be on the specific implementation details of the bill, such as capital expenditure deductions and tax adjustments for small businesses, as well as the Federal Reserve's future policy direction [6]. - If the pressure on the U.S. dollar continues, the cryptocurrency market may see a rebalancing opportunity, with decentralized platforms like XBIT becoming increasingly relevant in mainstream asset allocation [6][8].