$BTC

Bitcoin, as the leading cryptocurrency, has both technological innovation and financial speculation attributes. Current price fluctuations are influenced by multiple intertwined factors: expectations of a shift in the Federal Reserve's monetary policy driving macro liquidity games, institutional investors continuously increasing allocations through ETFs, and on-chain activities recovering with innovations like the Rune protocol. However, regulatory uncertainty remains, as the SEC's scrutiny of Ethereum may trigger a ripple effect, and increased miner selling pressure along with changes in exchange reserves exacerbate short-term volatility. From a technical perspective, Bitcoin is still in a consolidation phase post-halving, and breaking previous highs requires stronger fundamental catalysts. Its long-term value is anchored in its anti-inflation narrative and the expansion of blockchain ecosystem applications, but high volatility makes it more suitable for investors with a higher risk appetite. The market needs to be wary of the risks of liquidation cascades triggered by leverage and the potential impact of marginal tightening of global regulatory policies.