The regulatory environment is gradually becoming clearer: The U.S. Securities and Exchange Commission has approved Bitcoin ETFs, Ethereum ETFs, etc. Grayscale's report also points out that the incoming U.S. Congress may bring clearer regulations for the cryptocurrency industry.

● Continuous technological innovation and application expansion: Blockchain technology is becoming increasingly sophisticated, providing security and transaction efficiency for cryptocurrencies. Decentralized finance (DeFi) and smart contract applications are continuously expanding, and the application scenarios for cryptocurrencies are also continuously broadening.

● Macroeconomic situation driving growth: Against the backdrop of persistent inflation pressures and increased volatility in traditional financial markets, more and more investors are turning to cryptocurrencies as a new investment channel. The global interest rate cut cycle is also providing a favorable funding environment for the cryptocurrency market.