$BTC 1. Policy variables: Progress of the U.S. Bitcoin strategic reserve implementation, SEC's approval results for Ethereum ETF.

2. Funding variables: Weekly net inflow data for ETFs, growth rate of stablecoin market capitalization (currently $20.5 billion).

3. Technical variables: Implementation of the Bitcoin OP_CAT proposal, effects of the Ethereum Pectra upgrade.

The cryptocurrency market in 2025 is undergoing threefold transformation: institutionalization of policies, practical application of technology, and capitalization of investments. Investors need to capture structural opportunities amidst volatility while being wary of high leverage and liquidity traps.