The global Capital Market at the beginning of 2025 shows an interesting differentiation - the markets of major economies collectively outperform the US stock market. This reflects a reassessment by global investors of the economic prospects in different regions for the new year. Although the US remains the largest Capital Market in the world, its growth rate is no longer far ahead. In contrast, the attractiveness of emerging markets and other developed countries is on the rise. This change in pattern also has reference significance for the crypto market - adjustments in market risk appetite often influence the investment flow and trading heat of digital assets.