The Federal Reserve's monetary policy, especially the beginning of a rate-cutting cycle, may drive an increase in the cryptocurrency market, as a low-interest-rate environment typically favors risk assets.

The recovery or recession of the global economy will affect investors' interest in cryptocurrencies. Economic growth may bring more venture capital, while economic recession could lead to a withdrawal of funds from high-risk assets.

The approval of the US spot Bitcoin ETF has already brought an increase in institutional investors, which may stabilize demand and drive prices. If more token ETFs are approved in the future, it could further boost the market.

In the first half of 2025, the cryptocurrency market may be in a relatively optimistic cycle, but it is important to note the market's high volatility and potential correction risks. In the long term, improvements in infrastructure and the expansion of application scenarios may continue to drive market development. However, investors should remain cautious and closely monitor the impacts of macroeconomic factors, policy changes, and technological advancements.