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

● Continuous innovation in technology and expansion of applications: Blockchain technology is becoming increasingly refined, ensuring the security and transaction efficiency of cryptocurrencies. Applications such as decentralized finance (DeFi) and smart contracts are continuously expanding, and the use cases for cryptocurrencies are also continually growing.

● Macro-economic conditions driving change: Amid ongoing inflation pressures and heightened volatility in traditional financial markets, more and more investors are viewing cryptocurrencies as a new investment channel. The global interest rate cut cycle has also provided a favorable funding environment for the cryptocurrency market.