The quarterly observation of the encrypted market shows that the entire industry is at a critical stage where structural adjustment and a new round of technological innovation intersect. With the macroeconomic environment gradually recovering and the Bitcoin halving approaching, overall market sentiment is becoming optimistic, with funds continuously flowing back into mainstream assets and some high-quality public chain ecosystems. Notably, in areas such as AI, RWA (real-world assets), and modular blockchain, activity has significantly increased. At the same time, regulatory dynamics have also become an important variable in market fluctuations, as many countries have proposed new regulations regarding stablecoins, exchanges, and other aspects, affecting market expectations. In addition, indicators such as user growth, TVL recovery, and on-chain activity have generally improved, indicating that the crypto market is gradually emerging from the bear market cycle and moving towards the next stage of development.