At the end of the year:

1) S&P500 beat all expectations for growth in 2024, and closed +25%\year. Analysts were set for lower performance.

2) The US labor market also beat all expectations, and showed strength. The data has been consistently good so far.

4) China has actively stimulated the real estate market, and in general they have managed to stabilize the situation there. In 2025, continued support for the real estate market is expected. "The real estate market in China is like an Achilles' heel." Active injections of funds to support the economy are also expected.

5) BlackRock already owns 2% of the Bitcoin emission, along with other companies issuing BTC ETFs, and MSTR - they were able to collect a significant share of the BTC emission in their possession in 2024.

6) The race for Bitcoin ownership continues. Analysts expect that this year we will see the first countries that have created a Bitcoin reserve. 

In general, if we combine all these facts, then 2025 looks promising. Of the main risk factors, Geopolitics remains.

3) In general, the macro data coming out on the US market is very encouraging.