QCP：年末市场处于脆弱平衡，预计未来一年约 2-3 次降息

Group 1 - The core viewpoint indicates that the market is in a fragile balance at year-end, with the Federal Reserve expected to implement approximately 2 to 3 rate cuts in the coming year under a "hawkish easing" stance [1] Group 2 - In the cryptocurrency market, the inclusion of digital asset treasury companies in the MSCI assessment may trigger passive fund outflows of up to $2.8 billion, adding further pressure to an already strained market [1] - Despite marginal improvements in the regulatory environment in Japan, the overall sentiment remains cautious regarding the cryptocurrency sector [1] - Current market resilience may mask the risks associated with a significantly reduced margin for error as the industry approaches 2026 [1]