In 2024, the global stock market rose by 17%, the price of gold also rose by 27.2%, and bitcoin rose by more than 1.2 times like a rainbow. In Hong Kong, the approval of 11 bitcoin spot ETFs by the Hong Kong Securities Supervision Commission at the beginning of last year was regarded as a milestone, providing investment opportunities for institutional investors. Among them, bitcoin spot ETFs have risen by 40% since their listing at the end of April last year; but Ethereum spot ETFs have generally only risen by about 1%, which is less than the rise in ETH prices. Analysts believe that last year was an important year of change in the industry. It is expected that industry keywords this year will include compliance landing, institutional layout, favorable policies and innovative breakthroughs.