The reasons for the rebound of Bitcoin (#比特币反弹 ) are mainly: First, the expectation of interest rate cuts by the Federal Reserve has warmed up, stimulating the return of risk assets. Second, the continuous fundraising of Bitcoin spot ETFs has accelerated the entry of traditional financial giants, such as BlackRock's Bitcoin Exchange-Traded Fund IBIT increasing its holdings in Bitcoin, bringing funds and confidence to the market. Third, the global M2 money supply has sharply increased since the end of 2024, and an increase in financial market liquidity typically drives demand for alternative assets like cryptocurrencies. Fourth, the decline in U.S. Treasury yields has weakened the dollar, which is a favorable factor for Bitcoin priced in dollars.