Summary: 1. Market Data: Fear and Greed Index at 21. Stablecoins: On December 16, stablecoin inflows were $0.097 billion, USDT inflows $0.62 billion, USDC outflows $0.45 billion, with a current total of $271.279 billion. 2. On December 15, without BlackRock data, BTC ETF saw a large outflow of $313 million, and ETH ETF outflowed $73 million. 3. Current market: ETF demand is slowing down, with even large outflows. The market has fully entered a bear phase. Suggest reducing operations, protecting capital, and waiting for the next narrative. 4. Circle officially obtained a banking license, marking the birth of the first stablecoin bank in human history.