BofA's risk value (VaR) indicator for Q4 shows a significant decline. This signal is quite interesting — the risk exposure of traditional financial institutions is contracting, which usually indicates a shift in market sentiment. A decrease in VaR could reflect two directions: either risk appetite is cooling down or trading volatility is stabilizing. For the crypto market, such changes in traditional financial risk indicators often influence institutional capital flows and market liquidity conditions. It is worth paying attention to the subsequent movements in institutional holdings.