Entering 2025, the blockchain industry is presenting a new development pattern under the dual influence of macroeconomic and policy environments.

From a macro perspective, the release of US trade account data triggered market volatility, with gold prices dropping by 8 dollars in the short term, directly affecting risk asset allocation strategies. Against this backdrop, there has been a clear shift in the counterparty strategy, gradually moving from wait-and-see to bullish, with many opening long positions on mainstream cryptocurrencies such as BTC, ETH, SOL, XRP, and XPL, signaling optimism about the future market.

The technical performance is also worth noting. The key support levels and rebound zones for core assets like BTC, ETH, SOL, and BNB have become the focus of night trading, with bullish forces testing the market bottom strength at these levels. In the short term, breaking through these support levels is challenging, but the rebound space remains relatively ample.

It is also noteworthy that the on-chain ecosystem is undergoing adjustments. Recent personnel changes in the Zcash team have sparked discussions about project governance and compliance directions. Bootstrap subsequently responded to related governance disputes, reflecting the self-improvement process of privacy coin projects amid changing regulatory environments. Although such events may cause short-term market sentiment fluctuations, in the long run, projects that actively adapt to compliance requirements tend to achieve more stable development space.

Overall, the market at the beginning of 2025 shows a confluence of macroeconomic optimism, technical bottoming, and capital bullishness, creating a multi-faceted positive outlook.