The rebound of the cryptocurrency market in this round, with the value of #加密市场反弹 , is the result of a resonance of multiple factors including policy, institutions, technology, and sentiment. It marks the transition of Bitcoin from a marginal asset to a mainstream asset. Although facing regulatory and leverage risks in the short term, in the medium to long term, the influx of institutional funds, the maturity of the technical ecosystem, and global liquidity easing will drive the market into a new cycle. Investors need to pay attention to policy dynamics and on-chain data, balancing risk and return.