PANews reported on January 13th, citing Cointelegraph, that global investment management firm VanEck, in its "Q1 2026 Outlook" released Tuesday, expressed optimism about the market environment for the first three months of the year, given the increasingly clear direction of fiscal and monetary policy and major investment themes, believing it will be a period of increased investor risk appetite. However, regarding Bitcoin, the report noted that its typical four-year cycle "was broken in 2025, complicating short-term signals," thus adopting a more cautious stance for the next three to six months. The report analyzed that the gradual improvement in the US fiscal situation, with the deficit-to-GDP ratio declining from its pandemic-era peak, helps stabilize long-term interest rates and reduce tail risks.