[Gate Ventures: Macro Resilience Remains, Risks Gradually Shift to Structural Levels] According to the latest crypto weekly report released by Gate Ventures, the global market maintained surface-level stability at the end of the year, but underlying risks are gradually shifting to structural levels. The energy sector has contracted for two consecutive quarters, coupled with policy uncertainty and a slowdown in capital expenditures, increasing the likelihood of future supply constraints and price volatility. Against the backdrop of stock indices remaining at high levels and AI-driven growth expectations still intact, the market is more likely to face valuation and timing adjustments rather than a trend reversal, with capital allocation becoming more cautious and stratified. The digital asset market continues its volatile pattern. BTC and ETH show weak performance, ETF outflows persist, and sentiment indicators remain low, but the overall market capitalization has not experienced a systemic decline. Structurally, funds are shifting from major assets to non-mainstream sectors, with significant market divergence reflecting that investors, under the premise of controllable risks, are still seeking relative return opportunities rather than fully entering a risk-averse mode. In terms of venture capital, nine disclosed funding deals this week totaled approximately $296 million, a slight decline from the previous week. Funds were primarily concentrated in infrastructure and compliance-related areas, indicating that institutions are more cautious at the year-end stage, favoring sectors with long-term growth potential and compliance. Gate Ventures believes that in an environment where macro and market volatility coexist, venture capital activity is returning to a rational pace, laying the foundation for structural recovery in early 2026.