According to online reports, Grayscale Research recently published an article stating that the crypto bull market is driven by macro demand for scarce digital assets and regulatory clarity to support adoption. These two factors are likely to become the focus of investors 'attention again in the fourth quarter of 2025. At present, the fundamentals are still pointing in a positive direction. The Federal Reserve restarted interest rates in September and hinted that it may cut interest rates one or two more times before the end of the year. Positive market catalysts also include: the possible introduction of Staking function in crypto ETP, the listing of more altcoins ETP, and the passage of the Senate Market Structure Act. Grayscale believes that until these factors change, the September market correction will only be temporary and the crypto market may be heading for new highs.