#加密市场反弹 ETF and national reserves have successfully pushed Bitcoin above $100,000, officially declaring that Bitcoin transcends the essence of cryptocurrency, becoming a globally resilient anti-inflation asset, with its value storage being recognized. BTC is gradually transitioning from digital gold to super-sovereign currency, marking a phased victory in this grand financial experiment that began with Satoshi Nakamoto. On the other hand, the Bitcoin ecosystem has expanded this year. Although inscriptions, runes, and even L2 are in a state of fiery highs and icy lows, a diverse Bitcoin ecosystem has begun to take shape. Applications in BTCFi, NFT, gaming, and social continue to develop, with Bitcoin DeFi TVL skyrocketing from $300 million at the beginning of the year to $6.755 billion, growing over 20 times throughout the year. Among them, Babylon has become the largest protocol on the Bitcoin chain, and as of December 20, Babylon's TVL has reached $5.564 billion, accounting for 82.37% of the total. The broader BTCFi has performed exceptionally well this year, with the share of Bitcoin spot ETFs surging and MicroStrategy, selected into the Nasdaq 100, being eagerly imitated, reflecting Bitcoin's overwhelming success in the Cefi sector.