ETF whales continue to inject capital: Institutions like BlackRock are buying over 100 million USD daily, which, if continued, will drain liquidity from exchanges;
Federal Reserve interest rate cut expectations: Powell's pause on rate hike statements alleviates panic in the bond market, while the flood of USD liquidity may elevate BTC's 'digital gold' narrative;
Geopolitical black swan: Trump's fluctuating tariff policy and the turmoil in the Middle East have accelerated the influx of safe-haven funds into the crypto space.
