#加密市场反弹

$BNB 1. Improvement of Macroeconomic and Policy Environment

◦ Easing of Global Trade Frictions: The UK and the US reached a tariff agreement, releasing signals of easing trade disputes, combined with market optimism regarding US-China tariff negotiations, which boosted risk asset preferences. The safe-haven property of Bitcoin as 'digital gold' has been strengthened.

◦ Expectations for Federal Reserve Rate Cuts Increase: Although the Federal Reserve has paused rate cuts, the market's probability of a rate cut in the second half of 2025 has risen to 44%-49%, and expectations for liquidity easing have stimulated funds to flow into the cryptocurrency market.

2. Continuous Entry of Institutional Funds

◦ Bitcoin Spot ETF Fund Inflows: At the beginning of May, the net inflow for Bitcoin ETF exceeded $1.4 billion in a single day, leading to a surge in institutional allocation demand. States like New Hampshire and Arizona in the US have passed laws allowing public funds to invest in Bitcoin, further expanding institutional participation.

◦ Increased Holdings by Enterprises and Governments: Several companies have increased their Bitcoin holdings at an average price of $95,000, and some states in the US have established strategic reserves for cryptocurrency assets, highlighting the trend of Bitcoin transitioning to mainstream assets.