In times of change, those who survive are the winners.

Recently, the financial world has been buzzing with news one after another, seemingly unrelated to cryptocurrencies. But what I want to say is—you're all mistaken. Every piece of seemingly irrelevant news is actually driving the gears of the cryptocurrency sector. Global capital is flowing beneath the surface, and the crypto market is both the last opportunity of the year and the place where novices are most likely to stumble.

I've been navigating this circle for almost seven years, witnessing several rounds of bull and bear market transitions. Let me be straightforward and clarify what's going on right now.

**1. The Overlooked Signals Reshaping the Cryptocurrency Landscape**

Let me first mention an easily overlooked but extremely important matter—Circle, a leading issuer of stablecoins, has successfully gone public. This is not only a milestone at the corporate level but also marks the official entry of the cryptocurrency industry into a period of compliance dividends. Following this, mainstream crypto platforms like Bullish and Gemini are also starting to prepare for their IPOs.

What does it mean? The gateway of traditional capital is opening.

Institutions have already started taking action. The data is here—globally, 125 listed companies have accumulated 847,000 bitcoins, accounting for 4.03% of the total bitcoin supply. BlackRock's bitcoin spot ETF (IBIT) alone holds over 700,000 BTC, and its annual management fee revenue is almost catching up to that of their flagship S&P 500 ETF.

There are even more noteworthy aspects to keep an eye on—the macro policy landscape is changing. The expectation of interest rate cuts by the Federal Reserve is becoming increasingly pronounced, with CME data showing that the probability of a rate cut in December is continuously rising. What signal does this send to the crypto market? Liquidity is on the way.