The key points currently influencing the secondary market are as follows:

First, pay attention to the fear index. If this index stabilizes above 50, it indicates that market sentiment is neutral, neither fearful nor greedy. Also, monitor whether there is a significant increase in trading volume on exchanges and on-chain; if there is, it may suggest that new funds are entering the market, driving up prices. If there is no significant increase and the fear index falls below 50, it may indicate that the market could return to a state of fear.

Next is the regulatory risk from the SEC. Be cautious about whether there will be any actions targeting decentralized finance. If there is an unexpected regulatory warning, the market may face another short-term decline. Additionally, consider the factors related to interest rate cuts. If the Federal Reserve hints at stopping interest rate hikes or even cutting rates, funds will be more willing to flow into high-risk assets, potentially driving up the cryptocurrency market.

As for the impact of U.S. stocks, the influence on Bitcoin is currently negligible. However, it is still necessary to pay attention to the movements of U.S. stocks. If U.S. stocks rise significantly, it may also drive up the prices of some cryptocurrencies; conversely, it may have a dragging effect.