This question is quite interesting—the financial markets in 2025 are diverging. The S&P 500 has been soaring, with a cumulative increase of over 16%, hitting a new all-time high. Meanwhile, Bitcoin hasn't been as strong, falling 3% for the year and retreating nearly 18% in the second half. The trends of these two markets are completely opposite, a situation not seen since 2014. Mainstream cryptocurrencies like SOL, XRP, and BNB haven't escaped the adjustment either, and the underlying logic is actually quite complex. On one hand, regulatory policy uncertainty has been hanging over the market. On the other hand, after the launch of Bitcoin spot ETFs, the market's incremental momentum has actually weakened. Third, the leverage structure and liquidity environment in the market are changing, all of which put pressure on coin prices. In contrast, traditional stock markets are much more comfortable. Corporate earnings have exceeded expectations, AI-related stocks are rising steadily, pulling the entire market upward. Interestingly, the correlation between Bitcoin and the US stock market has significantly weakened. This has changed some people's understanding of asset allocation. Listed companies holding cryptocurrencies and mining enterprises are also feeling the pressure. Institutional investors' views vary widely—some are bearish, while others remain optimistic. Moving forward, regulatory policies, liquidity supply, and changes in market structure will all be key variables.

Recently, a signal in the market has become increasingly clear—several crypto researchers have started frequently mentioning Ripple's IPO plan in 2026. This breaks the long-standing speculation that "Ripple will never go public," and it now appears that the company has entered the late-stage negotiation phase. A giant redefining cross-border payments may really be about to knock on the door of traditional capital markets. Why now? Why 2026? Several key factors happen to converge at this point: XRP's regulatory status has been clarified and is no longer a mystery. RippleNet's global enterprise client base has reached a relatively stable scale. Traditional capital, after the Bitcoin spot ETF craze, is looking for the next "compliance breakthrough." Most interestingly, once Ripple enters the secondary market, all financial data, every asset allocation adjustment, and XRP holdings changes will be under the spotlight. This transparency actually opens new opportunities for on-chain data analysts—when public financial reports and on-chain liquidity data can be cross-verified, the Alpha opportunities hidden in the data will surface.