The recent market signals over the past few days are worth a thorough review. On the macro front, several events have occurred that directly impact the subsequent trend of crypto assets.

First, let's look at the Federal Reserve's stance. After the release of the meeting minutes, most officials' positions are very clear—if inflation continues to decline, interest rate cuts will follow. This shift has been firmly established and is a long-term positive for liquidity in risk assets. In simple terms, the expectation of easing is gradually taking hold.

Geopolitical factors are somewhat uncertain. The situation in Yemen has escalated, with Saudi-led coalition airstrikes targeting ports, and disagreements within the alliance have emerged. Such uncertainties often push oil prices higher. Meanwhile, OPEC+ continues to pause production increases, clearly supporting prices and creating a supply constraint expectation.

Domestic policies are also very active. From the "Two New" plans to specific details on old-for-new car exchanges, and the allocation of ultra-long-term government bonds, these measures are aimed at stimulating domestic demand and consumption. The rural land lease extension pilot has also been fully rolled out, signaling long-term stability. Policies regarding personal housing capital gains tax have been clarified, and the overall policy environment continues to improve.

Considering these factors together, the expectations of rate cuts and geopolitical risks are both exerting influence. For the crypto market, there are both macroeconomic easing benefits and safe-haven demand driven by uncertainty. The increased risk appetite resulting from the implementation of domestic policies may also add momentum to this market. In other words, Bitcoin and other crypto assets may be in a window where liquidity support and risk premiums coexist.