Bitget released its "2025 Global Market Year-End Review." The report points out that 2025 was a year of turning points in global market pricing logic: policy became the biggest source of alpha, the validity period of narrative-driven market trends shortened significantly, and diversified allocation highlighted its value in a highly volatile environment. The report systematically reviews the market changes throughout the year from four dimensions: the macro environment, the crypto market, the US stock market, and commodities. Looking ahead to 2026, multiple variables such as the US presidential election, the change of leadership at the Federal Reserve, geopolitics, the commercialization of AI, and the energy transition will continue to intertwine and evolve, and global market volatility may persist. Against the backdrop of increased uncertainty, risks and opportunities coexist.