In May 2025, a deep resonance between macro policies and market sentiment is quietly pushing the crypto market into a new phase. The People's Bank of China officially announced a reduction in the reserve requirement ratio and policy interest rates, releasing about 1 trillion yuan in liquidity; at the same time, high-level economic and trade talks between China and the U.S. have resumed, significantly warming global risk appetite.
This 'policy warm wind' is directly blowing towards the capital market. Bitcoin's price is climbing in response, once again approaching the $100,000 mark. Meanwhile, New Hampshire has officially passed the 'Bitcoin Reserve Bill,' becoming one of the first regions globally to include Bitcoin in public financial reserves. The dual policy benefits are accelerating Bitcoin's transformation from a 'speculative asset' to a 'digital reserve asset' within the global monetary system.
However, what truly deserves attention is not just the price but the structural changes behind it.
1. Policy Resonance: A 'New Outlet' for Global Capital
The People's Bank of China's 'double cut' policy is not only a signal of domestic monetary easing but also a 'prelude' to global liquidity easing. The release of 1 trillion yuan in liquidity has directly driven a rise in risk appetite in Asian capital markets, with commodities, stocks, and crypto assets all rising in tandem.
At the same time, high-level economic and trade talks between China and the U.S. have released positive signals for 'relationship repair,' temporarily easing investor concerns over the long-term U.S.-China game and significantly warming risk appetite. The 'easing' of policies has opened new windows for capital seeking high-return assets. Bitcoin, due to its anti-inflation properties and fixed supply, has become the 'natural choice' amid this wave of liquidity.
Against the backdrop of narrowing global interest rate differentials and a weakening dollar, capital is accelerating its search for value anchors 'beyond the dollar.' Bitcoin, as digital gold, is gradually being integrated into a broader asset allocation system. The price increase, previously driven only by retail investors, is now seeing increasing participation from institutional funds and even policy funds entering this once 'unregulated' territory.
2. Shift in U.S. Policy: The Far-reaching Significance of Bitcoin's 'Compliance'
The passage of New Hampshire's 'Bitcoin Reserve Bill' is a symbolically significant policy event. Although it is merely local legislation, the signal it sends is clear: Bitcoin is no longer a 'spectator asset' but a 'financial instrument' included in public financial ledgers.
Behind this policy is the beginning of a 'policy competition' among multiple U.S. states. Texas, Wyoming, Florida, and others are also accelerating their legislative support for crypto assets. Meanwhile, the federal-level (Financial Innovation and Technology Future Act) is pushing for clearer regulation of mainstream digital assets, aiming to classify Bitcoin, Ethereum, and others as 'non-security commodities.'
The 'warming' of this policy directly eliminates a major uncertainty for Bitcoin within the mainstream financial system: **legitimacy.** Once legitimacy is established, it means that sovereign funds, pension funds, and insurance funds, which are considered 'long money,' finally have legal pathways to enter the market. The asset pool of Bitcoin will shift from 'exchanges' to the deep waters of 'wealth management, public finance, and sovereign investment.'
3. Technological Dividends: The 'Feasibility' Breakthrough of Web3
Beyond Bitcoin, the entire Web3 ecosystem is also making substantial progress amid policy easing and technological breakthroughs. In 2025, technologies such as modular blockchain, zero-knowledge proofs (ZK), and ZK-rollups will enter the stage of large-scale deployment, breaking the 'performance bottleneck' of infrastructure.
Modular architecture decouples execution, settlement, and data availability, allowing developers to optimally combine on-demand off-chain and on-chain resources. The success of modular chains such as Celestia and EigenLayer means that future Web3 developers will no longer have to 'endure Ethereum's high gas fees,' but will have more cost-effective infrastructure options.
The breakthrough in zero-knowledge proof technology has brought a dual enhancement of 'privacy + computation' to Web3. Emerging application scenarios such as ZKML (Zero-Knowledge Machine Learning), on-chain model verification, and privacy payments have transitioned from the laboratory to commercial implementation. The combination of on-chain data privacy and off-chain computing trustworthiness has gradually given Web3 the competitiveness of being 'more secure than Web2, yet equally user-friendly.'
The improvement of these infrastructure capabilities will ultimately be reflected in the 'available scenarios': cross-border payments, digital identity verification, on-chain finance, DAO governance, on-chain social interactions, and data transfer permissions are all beginning to have the potential for scalable implementation.
4. The Power of Institutionalization: Bitcoin is No Longer a 'Speculative Game'
Unlike previous bull markets, the rise in Bitcoin prices this round is backed by the 'entry of institutional funds.' Large asset management firms such as BlackRock, Fidelity, and ARK are bringing Bitcoin into the logic of traditional financial allocation through compliant products like spot ETFs.
After Bitcoin's fourth halving (April 2024), the new supply will further contract, while demand is rapidly expanding due to ETF listings, local government financial reserves, and sovereign fund allocations. This asymmetry between supply and demand gives Bitcoin a price foundation closer to 'commodity markets' rather than 'emotional trading.'
On-chain data shows that long-term holders are concentrating their chips, while the cost of new entry funds is rising, and the market structure is gradually transitioning from 'high volatility, high sentiment' to 'deep liquidity, slow volatility.' Bitcoin is shifting from 'exchange assets' to 'global assets,' with a change in roles behind the price curve.
5. Risks and Opportunities Coexist: Progressing Between Enthusiasm and Rationality
Although macro policies, technological innovations, and institutional entry have established a 'long bull market foundation' for the crypto market, short-term risks still cannot be ignored. The uncertainty of Federal Reserve policies, global geopolitical risks, regulatory enforcement intensity, and on-chain technical vulnerabilities are all potential 'black swans.'
Glassnode data shows that large holders are taking significant cashing actions around the $100,000 mark, and the concentration of high-leverage funds has led to a surge in short-term market volatility. In the process of Bitcoin transitioning from 'emotion-driven' to 'structural rise,' there will still be intense games of long and short.
Therefore, investors at this stage should adopt a 'core + satellite' strategy: using Bitcoin as the 'core asset' for long-term allocation, controlling positions, and gradually building positions; at the same time, allocating Web3 'satellite assets' that have practical application scenarios, policy support, and active developer ecosystems. It is also essential to closely monitor macro policy signals, on-chain data indicators, and changes in market sentiment, making decisions driven by data rather than emotions.
At this moment, leveraging AI research tools like Mlion.ai, which provide real-time tracking and interpretation of on-chain data, policy dynamics, and market sentiment, will help investors avoid misjudgments caused by information lags and emotional fluctuations, enabling better insight into trends and opportunities in a complex market.
Conclusion: This is a turning point for commercialization and the beginning of strategic opportunities.
Bitcoin approaching $100,000 is not just a price point but a symbol of a shift in global capital consensus. The journey of Web3 from 'narrative' to 'usable' has finally seen the three forces of policy, technology, and capital resonate together. This node marks both a peak in market sentiment and the starting point for strategic layout.
At such a historical moment, understanding trends, grasping essentials, and being vigilant to risks are the keys to long-term success.
Disclaimer: The above content is for informational sharing only and does not constitute any investment advice! Investment carries risks; proceed with caution.