QCP Capital pointed out that as the year-end approaches, the momentum of BTC has significantly weakened, with upward movement restricted by selling pressure. Since December 19, there has been a net outflow of $1.8 billion from spot ETFs, and MicroStrategy's BTC purchasing volume has noticeably slowed down. Looking ahead to 2025, key catalysts may emerge in January as institutions readjust their asset allocations. It is expected that the institutional allocation ratio of Bitcoin will increase, consolidating market dominance, stabilizing spot volatility, and driving growth in market demand for downside protection.