The rebound in the cryptocurrency market is usually driven by multiple factors, including improvements in macro liquidity (such as expectations for Federal Reserve interest rate cuts), institutional capital inflows (such as Bitcoin ETF inflows), repairs in market sentiment (panic index hitting a bottom), and breakthroughs in blockchain technology (such as increased adoption of Ethereum Layer 2). In this round of rebound, the supply tightening expectations brought by Bitcoin halving combine with innovations in the altcoin ecosystem (such as DeFi, RWA, and rotations of meme coins). However, one must be cautious of high volatility risks, as short-term profit-taking or regulatory black swans may trigger corrections. In the medium to long term, the process of compliance and the realization of real application scenarios will be key to sustained recovery.