According to @dydxfoundation, November and December marked a clear risk-off phase in crypto, with softer trader sentiment, thinner liquidity, and declining volumes across the industry, source: dYdX Foundation. Pricing adjusted into year-end alongside this reduced activity and softer sentiment, source: dYdX Foundation. Heading into Q1, sentiment remains constructive as regulatory clarity improves and macro conditions stabilize, indicating a more supportive backdrop for market participation, source: dYdX Foundation.