The recent market has indeed been fierce. Bitcoin has continuously broken through the $94,200 mark, even reaching close to $97,500, and is currently oscillating between $96,000 and $97,000. Ethereum is even more bullish, surpassing $3,380 for the first time this year, becoming the main driver of this wave of gains.

Where does this upward momentum come from? Breaking it down, there are several key factors. First is macroeconomic easing—the latest US CPI data shows improvement, and the market is beginning to reprice the rate cut expectations for 2026. For high-risk assets like Bitcoin, this is like a shot of adrenaline. Second is institutional funds quietly increasing their positions; this week, ETF net inflows reached about $1.2 billion, indicating that large capital is still actively deploying.

The most explosive sentiment comes from the "good news" on regulation. The US has introduced a regulatory framework draft called "CLARITY," aiming to clarify the legal status of cryptocurrencies. For a time, market sentiment soared, and Bitcoin broke through a key resistance level, even triggering about $700 million in short positions to be liquidated. This short squeeze further fueled the rally.

But the story isn't that simple. The much-anticipated "CLARITY" draft ran into problems—controversial clauses involving DeFi user information disclosure sparked significant debate. Even executives from some compliant platforms publicly opposed it, and the scheduled vote was canceled outright. This means the expected regulatory positive has temporarily fallen through, and the future direction remains to be seen.