In the second quarter of 2025, the cryptocurrency market faces short-term adjustments, but multiple positive factors may drive a rebound in the second half of the year:

1. **Policy Support**: The Trump administration has included BTC, ETH, SOL, and others in the U.S. cryptocurrency reserves and is promoting stablecoin legislation to enhance institutional confidence.

2. **Improved Liquidity**: Global central banks are shifting towards monetary easing, with M2 money supply growth; historical data shows a correlation with cryptocurrency trends.

3. **Technical Upgrades**: The Solana Fire Dancer testnet enhances performance, Ethereum Layer 2 activity is increasing, and the ecosystem continues to optimize.

4. **Market Recovery Expectations**: Institutions like Coinbase predict stabilization by the end of Q2, with a rebound potentially in Q3; the stablecoin market capitalization reaching a new high ($218 million) indicates a return of funds.

In the short term, macro risks need attention, but long-term structural opportunities still exist.