The macro landscape is quite interesting—US stocks, gold, and silver continue to hit new highs, and the festive atmosphere is spreading across the entire market. But when looking at the crypto space, the mood has cooled significantly, with Bitcoin deep in extreme panic territory, and market sentiment clearly fading.

There has been significant activity on the industry front. NVIDIA continues to pour money into expanding its AI chip footprint, even making a major acquisition of Groq. Tech giants' appetite for computing power shows no signs of waning. At the same time, news has emerged that crypto-native capital is beginning to align with regulators, which is a long-term positive signal for compliance—although the market hasn't reacted to this in the short term.

There are also movements on the HYPE side, with the burn plan underway. Overall, both macro and industry fundamentals are playing chess; it just depends on when the crypto market will regain its focus.