$BTC Policy Environment Improvement and Macroeconomic Benefits**

- **Trade Policy Easing**: The Trump administration reached a tariff agreement with the UK and released positive signals for US-China trade negotiations, reducing market uncertainty and allowing funds to flow back into risk assets. The potential reduction of certain tariffs on China by the US further boosted market confidence.

- **Federal Reserve Rate Cut Expectations**: Although the Federal Reserve maintained interest rates at its May meeting, Powell hinted at a possible shift towards easing policies in the future, increasing market expectations for a rate cut in September. The expectation of liquidity easing has stimulated investors' demand for allocation to crypto assets.

- **China's 'Dual Reduction' Policy**: The People's Bank of China lowered the reserve requirement ratio and policy interest rates, releasing about 1 trillion yuan in liquidity, which has driven global capital inflow into the crypto market, highlighting Bitcoin's anti-inflation properties as 'digital gold'.