VanEck's "Q1 2026 Outlook" anticipates a favorable market environment in the first quarter, driven by clearer fiscal and monetary policies and major investment themes. The firm expects a period of increased investor risk appetite. However, VanEck remains cautious about Bitcoin, noting that its typical four-year cycle was disrupted in 2025, complicating short-term market signals. The report highlights improvements in the US fiscal situation, with a declining deficit-to-GDP ratio, which is expected to stabilize long-term interest rates and mitigate tail risks.