The price of Bitcoin (BTC) has recently strongly broken through the 100,000 yuan mark, reaching a new high for 2025. This milestone increase is the result of multiple factors resonating together.

First, **institutional accumulation** continues to boost market confidence. BlackRock's Bitcoin ETF (IBIT) has reached an asset scale of 34.3 billion USD, surpassing the gold ETF (IAU), showing traditional finance's recognition of Bitcoin.

Secondly, **enhanced liquidity** has been observed, with USDT increasing its issuance by 5 billion USD in April 2025, and expectations for stablecoin legislation further expanding the market's capital pool.

Moreover, **favorable policies** are accelerating the market. New Hampshire has passed legislation allowing public funds to invest in Bitcoin, and the Trump administration has reached a trade agreement with the UK, easing market tensions and boosting risk assets.

Finally, **interest rate cut expectations** are heating up, with the Federal Reserve potentially cutting rates twice within the year, further driving capital inflow into the crypto market.

In summary, the rise of Bitcoin is not only a reflection of market sentiment but also a structural trend driven by institutional allocation, policy optimization, and improved liquidity, marking the accelerated integration of crypto assets into the mainstream financial system.