#BTC再创新高 Core Cause Analysis

Macroeconomic Policy: The expectation of interest rate cuts by the Federal Reserve is rising, combined with the Trump administration's push for interest rate adjustments, enhancing market liquidity easing expectations;

Institutional Capital Inflow: The net inflow into U.S. spot Bitcoin ETFs exceeded $36 billion in a single month, with trading volumes by institutions such as BlackRock reaching a six-month peak;

Regulatory System Improvement: The U.S. 'Genius Act' is about to be implemented, clarifying the asset attributes of cryptocurrencies and attracting institutional allocations;

Technical Pattern Breakthrough: After the price broke the key resistance level of $110,000, it triggered short covering and passive buying, forming positive feedback for the rise.

Market Impact and Outlook

Bitcoin's market capitalization has surpassed $2 trillion, surpassing Google and Meta, becoming the fifth largest asset globally;

Analysts predict that if the current trend continues, it may break $135,000 in the third quarter of 2025 and could challenge $200,000 by year-end;

Mainstream tokens such as Ethereum are rising in tandem, but the ETH/BTC ratio has dropped to 0.0367, indicating a strengthening dominance of Bitcoin.