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The resilience of the crypto market in 2025 is becoming evident. Bitcoin rose from $76,000 in April to surpass $126,000 in October, reaching a new high. On the policy front, the US GENIUS Act and the EU MiCA have been implemented, establishing clear regulations for the industry. In terms of institutions, over 190 publicly listed companies have deployed crypto strategies, and banks are beginning to pilot Bitcoin lending services. On-chain data is also impressive—active addresses have surpassed 300 million, and network hash rate has increased by 36% year-over-year. These indicators reflect that, although there are fluctuations, the fundamental support for the market is significantly strengthening.