The U.S. Treasury Department recently announced a tax adjustment plan, which could allow eligible American households to receive a tax refund of $1,000 to $2,000 during this year's tax season. The specific amount will depend on factors such as household employment numbers.

This is not just a simple subsidy policy — it involves a large amount of cash directly flowing into household accounts, significantly enhancing the actual purchasing power of the public. From a macro perspective, such cash transfer policies often produce immediate consumption effects in the short term. When millions of households receive this funding simultaneously, demand in downstream industries such as retail and services will experience noticeable pulses.

Market participants are already considering the subsequent impact of this funding. The additional consumer liquidity entering the economic system may trigger a new demand cycle by 2026. This type of policy stimulus typically causes a chain reaction in asset allocation — increased consumer spending pushes up inflation expectations, which in turn affects interest rate expectations and the pace of liquidity injection. For the crypto market, any changes in liquidity environment are worth close attention.

In simple terms, cash is beginning to flow into the public accounts, igniting consumption momentum, while the market is pricing in upcoming liquidity changes in advance. The key during this process is to observe where this funding ultimately flows — whether into consumption, savings, or asset allocation — as it could reshape the economic and financial landscape of 2026.