The core driving factors behind the recent rebound in the cryptocurrency market include: macroeconomic recovery (increased liquidity due to expectations of Federal Reserve interest rate cuts), accelerated technological innovation (Ethereum's Pectra upgrade improving transaction efficiency, surge in Layer 2 network activity), institutional funds returning (Bitcoin ETF ending net outflows, BlackRock leading a $33 billion capital allocation), and favorable policy releases (Hong Kong's stablecoin regulations coming into effect, Trump Media Group submitting ETF application). The current market presents a pattern of 'Bitcoin taking the stage, altcoins performing,' with a total market capitalization surpassing $3.34 trillion, but caution is needed regarding high leverage (total network contract positions exceeding $50 billion) and regulatory uncertainty (SEC's determination of ETH's security attributes) leading to short-term volatility risks.