New Fire Group: Fu Peng Appointed Chief Economist
New Fire Group announced that Fu Peng, former Chief Economist of Northeast Securities, has officially joined the company as Chief Economist, responsible for macro research and strategic analysis. This marks a significant personnel change as a core figure in traditional brokerage macro research transitions to a crypto and Web3 institution.
Fu Peng has long been engaged in macroeconomic research in China and globally, possessing considerable market influence in asset allocation, cycle judgment, and policy analysis. His joining is seen as a step for New Fire Group to strengthen its macro research capabilities and enhance institutionalization and compliance, reflecting the trend of the crypto industry absorbing traditional financial research systems.
Source: Public Information
ABAB AI Insight
This personnel change is not just about an individual economist's career choice, but rather a "shift in research paradigms." The early crypto industry was primarily driven by technology and narratives, with a weak reliance on macro research; however, as the market expands and institutional funds enter, macro variables (interest rates, liquidity, dollar cycles) begin to dominate pricing, making the methodologies of traditional chief economists scarce.
The entry of individuals like Fu Peng into crypto institutions signifies that the industry is moving towards a "cross-asset pricing system." Bitcoin, Ethereum, and related assets are no longer operating in isolation but are integrated into the global risk asset framework, interacting with U.S. Treasury yields, the dollar index, and inflation expectations. This integration will change investment logic from "narrative-driven" to "macro-driven + structural opportunities."
From an industrial structure perspective, this is also part of the institutionalization of the crypto industry. Institutionalization involves not only changes in funding sources but also shifts in decision-making systems—requiring complete capabilities in research, risk control, asset allocation, and compliance. The entry of traditional financial talent essentially fills these "institutional infrastructures."
In the long term, this talent flow reflects the diminishing boundaries: traditional finance and crypto finance are no longer two parallel systems but are gradually merging under the same capital pricing logic. Those who master macro explanatory power and asset pricing frameworks will possess stronger capital attraction and cycle judgment capabilities.