$BTC 1. Price Breakthrough and Market Capitalization Surge

◦ Bitcoin broke the $100,000 mark on May 9, reaching a daily high of $104,326, the highest since February 2025, with a market capitalization of $2.05 trillion, surpassing Amazon to become the fifth largest asset globally.

◦ Key Driving Factors:

▪ Policy Support: New Hampshire passed a Bitcoin reserve bill, the US-UK tariff agreement reduced trade friction, and expectations for Federal Reserve interest rate cuts increased (June probability 78%).

▪ Institutional Accumulation: Companies like MicroStrategy continue to finance and purchase BTC, Japan's Metaplanet holds over $536 million, and BlackRock is positioning in the crypto market through ETFs.

▪ On-Chain Data Support: The number of BTC non-zero balance addresses reached 48.5 million (a historical high), and the proportion of long-term holders (HODLers) rose to 69.1%, with limited selling pressure.

2. Ethereum Linkage and Ecosystem Recovery

◦ Ethereum simultaneously broke through $2,200, with a daily increase of over 20%. Following the technical upgrade (Dencun upgrade), gas fees decreased by 62%, and the activity level of the DeFi and NFT ecosystems increased, with TVL surpassing $130 billion.

◦ The probability of Ethereum spot ETF approval has risen to 70%. If approved, it could trigger a capital siphoning effect, further boosting market enthusiasm.