$BTC $BTC

### **2. Drivers of Bitcoin’s Rally**

#### **Geopolitical and Macroeconomic Factors**

- **US-China Trade Talks**: Renewed negotiations in Switzerland have eased global market tensions, boosting Bitcoin’s appeal as a hedge against uncertainty .

- **US-UK Trade Deal Speculation**: President Trump’s announcement of an impending "major" tariff agreement with the UK has further fueled risk-on sentiment. Easing trade barriers could reduce inflationary pressures, benefiting crypto and tech assets .

- **US State-Level Adoption**: Arizona’s legislation to create a crypto reserve fund signals growing institutional acceptance, mirroring New Hampshire’s earlier moves .