Summary of important events in the cryptocurrency market since May 2025, integrating information from policies, market dynamics, technological innovations, and risk warnings:

1. Bitcoin breaks $100,000, market value ranks among the top five globally.

1 Price and market value: On May 9, 2025, Bitcoin's price broke $104,000, with a market value of $2.054 trillion, becoming the fifth largest asset class globally, second only to gold, Apple, Microsoft, and Saudi Aramco.

2 Driving factors:

① Influx of institutional funds:

BlackRock, Fidelity, and other asset management giants continue to increase their Bitcoin holdings, with net inflows into spot ETFs exceeding $4 billion in a week, bringing total assets to $112.7 billion.

② Policy support: New Hampshire passed a bill to include Bitcoin in strategic reserves, with Texas and 26 other states following suit in legislative competition.

③ Federal Reserve rate cut expectations: Although maintaining interest rates, market expectations for rate cuts this year have warmed, with liquidity easing expectations driving up risk assets.

2. Altcoins collectively rebound, the market may welcome the 'altcoin season'.

1 Dominance shift: Bitcoin's dominance plummeted from 65% to 63.89%, while Ethereum surged 22% in a single day (breaking $2,200), with mainstream altcoins like Solana and Dogecoin rising over 6%.

2 Indicator signals: The altcoin quarterly index jumped from 23 to 36 in four days, surpassing the 'Bitcoin season' threshold, and the ETH/BTC ratio rebounded from a low, indicating capital overflow into the altcoin market.

3. Macroeconomic and geopolitical influences

1 Federal Reserve policy: On May 7, the Federal Reserve maintained interest rates at 4.25%-4.5%, but signaled the possibility of rate cuts in the future, boosting market risk appetite.

2 Geopolitical conflicts: Escalation of conflict at the India-Pakistan border increased safe-haven demand, with gold breaking $2,500/ounce and Bitcoin rising simultaneously, though its safe-haven properties remain controversial.

3 Trade policy: The Trump administration reached a tariff agreement with the UK and announced 'major news', easing expectations of global trade friction, indirectly benefiting the cryptocurrency market.

4. Market risks and regulatory dynamics

1 Leverage risk: During Bitcoin's breakthrough of key resistance levels, over 100,000 people were liquidated within 24 hours, losing $400 million, raising concerns about volatility-induced pullbacks.

2 Regulatory uncertainty: The U.S. SEC is preparing new regulations requiring ETFs to disclose custody details, which may trigger a wave of redemptions; the European Central Bank is advancing the development of privacy features for the digital euro, with ongoing regulatory games.

3 Project risks: The meme coin MIKAMI issued by San Shang You Ya has sparked controversy due to opaque token distribution (founders holding 50%) and lack of a white paper, mainly attracting investors from the Chinese community.

  1. The above events reflect the core logic of the current cryptocurrency market: capital flows dominated by institutions, parallel policy relaxation and technological innovation, but high leverage, regulatory risks, and project bubbles still need to be vigilant!