The second half of the 2025 bull market.
1. Policy upheaval: Trump's crypto 'nuclear button' has been activated.
"The U.S. must become a Bitcoin superpower"—Trump's declaration is rewriting the flow of global capital.
• Strategic reserve expansion: Following Bitcoin, Trump hinted at the Blockworks Summit to include XRP and Solana in the national strategic reserve. This signal directly drove SOL to rise by 9% in a day, with 16 of the top 20 tokens showing signs of institutional buying.
• Regulatory easing: The U.S. Treasury lifts sanctions on Tornado Cash, and the SEC abandons the appeal against XRP, marking the beginning of the 'compliance easing' era. Historical experience shows that regulatory clarity often accompanies market valuation reconstruction (refer to Japan's Bitcoin legalization market in 2017).