The cryptocurrency market is experiencing a unique moment—whether in Washington or on Wall Street. Over the past year, Trump has formulated his Bitcoin strategy and announced the establishment of an altcoin reserve fund. Meanwhile, the U.S. Senate has passed the GENIUS Act, and the CLARITY Act is also in the works.

Technologically, Ethereum took a significant step forward with the Pectra upgrade in early May. In the traditional financial sector, Bitcoin spot ETFs have attracted strong inflows, with total net inflows reaching $14.4 billion so far this year.

Naturally, the market has responded positively. So far this year, BTC has risen by 15%, double the increase of the S&P 500 index, approaching its nearly $112,000 historical high.

Bitcoin bonds are thriving, but how long can it last?

Currently, over 135 listed companies hold Bitcoin as a reserve asset, showing that Bitcoin's financial strategy is gradually becoming mainstream.

Companies like Strategy continue to make big bets, while newcomers like Metaplanet and Twenty One are quickly joining the game.

However, not everyone believes in the possibility of infinite growth. Some argue that the lifespan of Bitcoin's capital management strategies will be much shorter than most expect. With some new names emerging, this game may have already come to an end.

The market is currently close to saturation. It is very close to the 'proof' stage, making it difficult for any company without a clearly defined niche market to maintain high valuations and achieve growth.

Retail investors have been the main driving force behind this wave of emerging companies, but their demand and capital are not unlimited.

While bullish sentiment around Bitcoin may sustain its rally, the road ahead may favor those who dare to take risks, enter early, and build great brands.

However, we still have reasons to remain optimistic. If the current trend repeats previous cycles, the next market top could appear in just six months.

Bitcoin's current rally has far outpaced the cycles of 2013 and 2017, rising nearly 2,000% since the peak of the last cycle—indicating that despite volatility, the growth momentum has not been exhausted.

Ethereum: Competing for the Top

Ethereum (ETH) has long held the second position in the cryptocurrency world, but this status is not unshakeable. After falling behind Bitcoin and rapidly growing competitors like Solana (SOL), ETH may finally be reaching a turning point.

After a significant price drop earlier this year, the Pectra upgrade has brought new confidence to the network. The next upgrade is Fusaka, scheduled for the end of 2025. This upgrade will integrate PeerDAS and Verkle Trees, two technologies expected to significantly reduce storage and computing costs across the entire Ethereum ecosystem, especially for Layer 2 and validators.

Based on the momentum of Layer 2 development and the vitality of the developer community, the market has begun to predict that ETH prices will reach $6,000 by the end of the year.

However, not everyone fully believes in the bullish story of ETH. The real momentum remains to be seen, but for now, ETH seems to be recovering slowly but steadily.

Altcoins are breaking through the slump, and Wall Street is paying attention.

The altcoin market has just undergone a massive 'cleanup'—in 2025, over 1,400 previously active tokens disappeared. This indicates that the market is entering a more mature phase: only the most resilient projects will survive.

As signs of Bitcoin's dominance begin to weaken, the market starts to speculate: Is this the beginning of Altcoin Season 2.0?

Meanwhile, the channels for investing in cryptocurrencies through public markets are continuously expanding. Bitcoin and Ethereum ETFs have gone live, and features like asset redemption and staking are also set to launch soon to improve efficiency. Other digital asset ETFs may also emerge in the near future.

Following Circle's high-profile IPO, companies like Galaxy, eToro, and even Kraken or Consensys are expected to follow suit.

The remaining time this year will be crucial, potentially determining how long the current cryptocurrency market rally will last.