The cryptocurrency market in the fourth quarter was volatile, with the stock price of a certain compliant platform becoming the main drag on innovative ETFs. Bitcoin retreated from its mid-year high of $126,000, ending the year at less than $88,000, a significant decline. Spot trading volume decreased by 9% quarter-over-quarter, and market enthusiasm noticeably waned. However, there are also bright spots—tech companies like AMD, Shopify, and Rocket Lab defied the trend and rose, providing investors with plenty of imagination space. Overall, the crypto sector became more polarized, and institutional investors adopted a more cautious approach.