Recently, the cryptocurrency market has been bustling, with Bitcoin breaking through the $94,000 mark and smaller coins like Ethereum seeing significant gains. This excitement is driven by multiple factors.

The Federal Reserve's interest rate cut expectations are a key catalyst. The market's expectation for a 25 basis point rate cut tonight has soared to 89.2%, due to U.S. PPI data coming in below expectations and easing inflation. Lower interest rates weaken the dollar and push down U.S. Treasury yields, providing liquidity support for risk assets like Bitcoin, and potentially starting a cycle of continuous rate cuts, with funds positioning themselves ahead of time, driving the market up.

The technological upgrade of Ethereum cannot be ignored. The Fusaka upgrade's PeerDAS technology enhances Blob data capacity, reduces Layer 2 network transaction fees, and grants new functionalities to regular accounts, laying the groundwork for future development. Technological innovation coinciding with market lows has driven up Ethereum's price, impacting the entire market.

Institutional funds entering the market are a significant driving force. Large transfers of Bitcoin assets and inflows into Bitcoin spot ETFs indicate that institutions are actively positioning themselves. This recent rise differs from past gains driven by retail investors; institutional inflows, supply tightening, and macroeconomic improvements have changed the market structure, making Bitcoin's price fluctuations more closely tied to global liquidity conditions.

Market risks are non-negligible. Bitcoin faces key resistance levels, and failure to break through may hinder further upward movement. The total number of open contracts across the network has surged, and funding rates are excessively high, making price corrections potentially trigger liquidations of long positions. On the regulatory front, the U.S. Securities and Exchange Commission is tightening legislation on stablecoins, creating policy uncertainty as a potential threat.

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