#加密市场反弹

The cryptocurrency market has recently rebounded strongly, with Bitcoin breaking through $67,000 and Ethereum returning above $3,000. The driving factors include: rising expectations for interest rate cuts by the Federal Reserve, an increase in risk appetite; escalating geopolitical conflicts in the Middle East boosting safe-haven demand; traditional financial institutions accelerating their layout, with BlackRock's spot Bitcoin ETF seeing record inflows; the approaching Bitcoin halving triggering expectations of supply tightening; Hong Kong approving a spot Bitcoin ETF, enhancing expectations for Asian capital entry. However, the market's leverage ratio is rapidly climbing, with concentrated long positions in derivatives, revealing short-term pullback risks. On the regulatory front, the uncertainty surrounding the SEC's review of Ethereum's securities status remains. Cryptocurrency assets are highly volatile, and this round of rebound reflects more of the macro liquidity easing expectations and event-driven factors; in the medium to long term, attention still needs to be paid to the Federal Reserve's policy shift rhythm and the progress of on-chain ecological application landing.