$BTC The key reasons for the rapid rise of BTC currently include: 1) Rising expectations for Federal Reserve interest rate cuts, driving an increase in risk appetite and liquidity flowing into risk assets; 2) Approval of Bitcoin spot ETFs leading to a large inflow of institutional funds, boosting market confidence; 3) The weakening of the US dollar index due to easing geopolitical risks, alleviating global liquidity pressures; 4) The impact of the 2024 halving event is still present, reinforcing expectations of supply tightening; 5) On-chain data shows that whales continue to accumulate BTC, reflecting institutional recognition of long-term value. In addition, the expansion of the M2 money supply and the decline in US Treasury yields further support the liquidity environment.