The year-end turning points often reveal the true face of the market. Honestly, this year's end market movement is incredibly subtle.

Bitcoin has been relatively stagnant recently, hovering between 87k and 88k, with the entire December range bouncing between 85k and 90k. Several attempts to break above have failed. At the beginning of the year, many expected a major cycle reversal, but by the end, macro pressures and market liquidations caught everyone off guard. From the high point, the price slid downward, and overall market attention noticeably declined, with Google search interest dropping to a six-month low.

But there's an interesting shift here. Although mainstream coins are under pressure, capital hasn't fled en masse; instead, it has started to rotate. In the past week, XRP and Solana ETFs saw net inflows of 79M and 7.5M respectively, while Bitcoin and Ethereum ETFs continued to see outflows. Behind this phenomenon are new ideas from institutions and veteran traders: short-term upward momentum for major coins is lacking, but there are more selective opportunities in the L1 ecosystem and altcoin sectors.

Looking at the bigger picture, the favorable conditions set for 2025 haven't changed—institutional capital entering, improved regulatory environment, infrastructure development—all are taking root. It's just that prices haven't kept pace. This actually reflects the market's maturing: volatility is narrowing, narratives are becoming more stable, and emotional chasing and panic selling are becoming less common.

Speaking personally, I find this relatively calm rhythm quite comfortable. There's no adrenaline rush from big swings, but because of that, it's easier to think clearly. The market is filtering out the impatient, leaving behind those with a bit of patience.

The new year is here. I hope everyone takes good care of their health and doesn't rush things. The market can't be hurried. 🚀