The recent rise in US stocks and Bitcoin is mainly driven by two factors.

First, macroeconomic sentiment has stabilized. After the latest GDP data was released, the market generally believes that the economic situation in the United States is not as bad as imagined, and at least there are no obvious signs of recession in the short term, which provides a certain confidence basis for the market.

Second, the performance of the earnings season has also played a crucial role. The earnings reports of tech giants like Meta and Microsoft exceeded expectations, greatly boosting market sentiment, and investors are increasingly confident, allocating more to stocks and crypto assets.

However, the current market liquidity is still insufficient. Until the Federal Reserve clearly indicates a rate cut, the market will continue to be dominated by economic data and policy expectations.