#加密市场反弹

1. Macroeconomic Recovery: Federal Reserve Turns Dovish

• Recent CPI and PPI data show a slowdown in inflation, and the market expects the Federal Reserve may cut interest rates in the second half of the year, which has directly boosted confidence in risk assets (especially cryptocurrencies).

• U.S. Treasury yields have declined, leading to a recovery in liquidity, making funds more willing to take risks.

2. Continued ETF Effect & Ongoing Capital Inflows

• The Bitcoin spot ETF has continuously attracted traditional funds since its approval at the beginning of the year, although there have been fluctuations, the overall trend shows net inflows.

• The market is also speculating on the possibility of an Ethereum spot ETF (May is a key milestone), and this expectation has brought attention to ETH and the L2 ecosystem.

3. Clear Sector Rotation, Narrative Resurgence

• RWA (Real World Assets), AI, Restaking, modular blockchains (such as Monad, Movement), Solana ecosystem, Base chain, etc., have become new growth hotspots.

• Project teams have begun to actively deploy resources, community interactions have resumed, and on-chain activity has significantly increased.

4. Technical Analysis & Market Structure:

• Bitcoin has rebounded from its bottom, stabilizing above 60k, forming a key support area, with technical patterns favoring bulls.

• On-chain liquidation and funding rates have turned positive, indicating that shorts are being squeezed out and the market is gradually recovering structural bullishness.

5. Sentiment Indicators: From Fear to the Edge of Greed

• Fear & Greed Index has returned to a neutral to optimistic stance;

• Discussion on social platforms, on-chain trading volume, NFT transaction amounts, etc., have all begun to warm up, indicating that FOMO sentiment is brewing.