1. The main factor affecting the price of Bitcoin is the risk preference of US stocks. From a historical perspective, the composition of the coin price in the bull market of 2014 and 2017 and the bull market of 2021 and 2024 are completely different. In 2014, it was ASIC that led to the gradual expansion of Bitcoin to larger retail investors other than geeks, and in 2017, ICOs and other events made Bitcoin almost known to everyone. Participants in these two rounds were still retail investors. The price of the currency is determined by two aspects: mining costs and market sentiment. Both of these aspects are based on the halving cycle specified in the Bitcoin white paper. According to the halving cycle chart, the new supply of Bitcoin mining output has a huge impact on the circulating market due to the initial halving. And this market is almost unaffected by other markets. In 21 and 24, everything has changed.