Bitcoin, with a market value of $1.98 trillion, continues to lead the cryptocurrency rankings, accounting for 71.3% of the entire market. In the global asset rankings, BTC surpasses Nvidia ($1.92 trillion) to rank fourth, only behind gold, Apple, and Microsoft. BlackRock's IBIT holds over 550,000 coins (valued at $51.5 billion), with institutional holdings accounting for 12.3% (Baidu account 4/15). However, caution is advised: ① The Federal Reserve's balance sheet reduction may lead to liquidity contraction; ② The new tariff policy from Trump in May may impact the valuation system of risk assets.