The global stock market in 2025 experienced its strongest annual performance since 2017, with Asian markets maintaining an upward trend for the third consecutive year. The MSCI index surged by 21%, driven by a clear catalyst—improving corporate earnings resonating with central bank monetary easing policies. Since the tariff rebound in April, the market has been on a continuous upward trajectory.

However, the current issue is that stock valuations have already reached historic highs. Analyst Amanda Agati bluntly stated: whether the sustained rally in 2026 can continue largely depends on whether the Federal Reserve maintains a "dovish" policy stance. If the attitude shifts to hawkish, this rally could be dampened.

Interestingly, from a trading logic perspective, the stock market boom has not only boosted risk appetite but also changed capital flow patterns. As the recent two-year AI craze gradually moves from conceptual phase to performance verification, investors are beginning to think more rationally about asset allocation. Increasingly, institutional investors are turning their attention to digital assets backed by RWA (Real-World Assets), attempting to hedge the risks associated with traditional stock market overvaluation. In other words, amid concerns of a double decline in stocks and bonds, assets that combine traditional asset attributes with the flexibility of digital assets are gaining more attention.