1. Policy and regulatory relaxation

·Expected lifting of US banking ban: The Trump administration may lift the strict restrictions on cryptocurrencies through executive order ( such as allowing banks to use Bitcoin as collateral), potentially injecting trillions of dollars of liquidity into the market.
· State-level Bitcoin Reserve Bill: Several states in the United States have proposed legislation for 'strategic Bitcoin reserves', and pilot projects in Michigan and other places may promote the mainstreaming of Bitcoin.
2. Institutional and Market Demand
·MicroStrategy continues to increase its holdings: The company recently purchased 1,070 bitcoins for $101 million, bringing its total holdings to 447,000 coins, with institutional demand remaining strong.
· ETF fund inflow: The US spot Bitcoin ETF saw a net inflow of $35.66 billion in 2024, and the single-day fund inflow in February 2025 still remains in the hundreds of millions of dollars, indicating a long-term fund layout.
3. Technical Ecology and Halving Effect
· Halving Event: The 2024 Bitcoin halving has reduced the supply of new coins, and historically, the price has usually entered an upward cycle after halving. In addition, with the advancement of cross-chain interoperability and other technologies, the market is optimistic about the 2025 market expectations.
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