深度分析入市资金量，潜在资金量，行情所处位置：朝阳初露，未及炎阳

Group 1: Market Analysis - The total amount of new funds entering the market is approximately $2,330.53 billion, driven by stablecoins ($ 859.4 billion), fiat ( $200.5 billion), and ETFs ($ 1,273.65 billion) [6][26]. - The current cryptocurrency market capitalization has increased by $2.44 trillion, with Bitcoin's market value rising by$ 1.6 trillion, accounting for 65.6% of the total increase [7][29]. - The current total audience for cryptocurrencies is 653 million, which is 3.2 times the peak trading volume in May 2021, but the trading volume in November 2024 is only $2.71 billion, 65.1% of the peak [8][33]. Group 2: Future Potential - The global equity market has a total market capitalization of$ 108.4 trillion, while the cryptocurrency market is at $3.4 trillion, representing only 3.13% of the equity market [10][52]. - If 1% to 2% of the global equity and debt markets were allocated to Bitcoin, potential new funds could reach$ 2.74 to $5.49 trillion, significantly exceeding the current inflow [11][56]. - The MVRV Z-Score is currently at 2.63, indicating that the market is not in a bubble compared to the previous peak of 7.53 [8][41]. Group 3: Market Dynamics - The trading volume of centralized exchanges (CEX) has not yet reached previous peak levels, with the highest ratio to Nasdaq trading volume being 109.5% as of January 2025 [9][45]. - The average monthly trading amount per crypto user is$ 0.45 million, significantly lower than the peak of $2.2 million in 2021, indicating room for growth [8][46]. - The supply of Bitcoin is tightening, with 19.82 million BTC already mined, leaving only 117,481 BTC to be mined until 2140 [29][30].