Update/ If we ignore externalities such as policy and the US stock market's performance, and focus solely on the crypto market itself, I believe we should pay more attention to stablecoins, which are poised for significant growth in 2025. Policy approval doesn't guarantee market prosperity, and the scale of minting by various entities doesn't equate to liquidity in real-world applications. Issuance is one thing, application is another. We need to examine the actual performance of stablecoin applications and real-world business. In other words, the strength of stablecoin liquidity demand is the true driving force behind whether the crypto market will continue its bullish trend. I look forward to more updates, data, and reports from the media and investment research institutions on the stablecoin market.