The core of this market movement lies in "policy expectation re-pricing." On one hand, if Kevin Washington is nominated and ultimately takes over the Federal Reserve, the market will preemptively price in a potentially more explicit, relatively hawkish but financially stable monetary framework; on the other hand, the Senate's failure to pass a vote restricting Donald Trump's actions toward Iran means geopolitical risk premiums are rising. In this combination of "policy uncertainty + potential liquidity game," funds are more inclined to allocate to assets that are resistant to censorship and have strong cross-border liquidity. The breakthrough of Bitcoin's price to a new high essentially results from the resonance of risk hedging and liquidity expectations; however, if subsequent actual US dollar interest rates rise or conflicts ease, short-term chasing highs should be approached with caution for potential pullbacks.