Small-cap assets in over 40 countries worldwide (excluding the United States) have just hit a new all-time high and are currently in the price discovery phase. What does this phenomenon imply? From the data, the collective performance of small-cap assets often serves as a barometer of market risk appetite. When they break through previous highs and enter new price discovery zones, it typically reflects sustained capital pursuit of emerging opportunities. Whether in traditional finance or the crypto market, such movements in small-cap assets warrant close attention—they may signal a broader shift in market sentiment.