Core drivers are still making progress in the same direction:

1. Institutions: Vanguard and BoA lift restrictions on BTC ETFs, BlackRock IBIT and others continue to see net inflows of hundreds of millions of dollars in a single day;

2. Macroeconomics: The Federal Reserve ends QT, and the expectation for a rate cut in December rises from ~30% to over 90%;

3. Narrative: The ETH Fusaka hard fork has been implemented, boosting risk appetite for L2/DeFi;

4. Policy & Companies: MSTR continues to significantly increase holdings, and the legal and tax environment for BTC is marginally improving in various countries.