#纳斯达克加密ETF扩容 Policy Environment Improvement: The United States' attitude towards tariffs on China has softened, Trump has promised to keep Federal Reserve Chairman Powell, and the new SEC Chairman Paul Atkins has expressed a friendly stance towards the cryptocurrency industry. The reduction of policy uncertainty has stimulated a rebound in investors' risk appetite. If the U.S. executive and legislative departments that support cryptocurrency continue to promote relevant policies, it will provide a more stable development environment for the crypto market.

• Institutional Capital Inflow: ETF capital inflow is warming up, with BlackRock's iShares Bitcoin Trust (IBIT) managing nearly $23 billion in assets. Top U.S. financial institutions managing nearly $10 trillion in assets plan to launch Bitcoin ETFs, custody services, and other cryptocurrency investment products. The participation of traditional financial institutions will bring more funds and resources to the crypto market, driving market development.