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The Crypto Assets market has entered a new phase, with Bitcoin prices rising sharply, primarily driven by institutional investors. Strong performance in the US stock market, rising credit risk of the dollar, and a friendly regulatory environment have facilitated the inflow of institutional funds. At the same time, Bitcoin exhibits characteristics of tech stocks and the safe-haven nature of gold, with the market being stable but still facing potential risks.

BitVM technology breakthrough brings new opportunities to the Bitcoin ecosystem. The Bitcoin ecosystem has made significant progress, with the emergence of the BitVM protocol marking a notable breakthrough in scalability and programmability for Bitcoin. Recently, Bitlayer, based on the BitVM protocol, launched the first version of the Finality Bridge testnet, which is seen as a key step in the Bitcoin ecosystem entering a new phase. The innovation of Finality Bridge lies in its unique combination of technologies. It integrates BitVM smart contracts, fraud proofs, and zero-knowledge proof technologies, enhancing security while significantly reducing dependence on third parties. Although it has not yet reached the complete trustless level of the Lightning Network, it has made significant progress compared to existing Bitcoin layer two sidechain solutions, while greatly expanding the possibilities for Bitcoin applications. Fina

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BTC hits a new historical high, the market awaits interest rate cuts and a new level. In May, the price of Bitcoin reached a new all-time high, and the US stock market continued to rise strongly. Despite the ongoing uncertainties in the international situation, a large amount of capital has flowed into the cryptocurrency market, with Bitcoin spot ETFs attracting over $2.7 billion. Long-term holders are nearing high positions, while the supply of Bitcoin on exchanges continues to decline, indicating a strong supply and demand relationship. On the policy front, several state-level Bitcoin reserve bills in the U.S. have made significant progress. Meanwhile, stablecoin-related legislation has also passed in the Senate. U.S. employment data has shown strong performance, inflation continues to decline, and GDP forecasts are beginning to be revised upward. These factors may be the fundamental reasons driving the market's strength. However, international trade disputes have not been fully resolved, and concerns arising from the U.S. debt issue remain. Currently, the trends in the stock market and Bitcoin have already reflected the most optimistic expectations, and the future may digest uncertainties through fluctuations.

Ethereum is facing multiple challenges such as fragmentation of Layer 2 networks, decentralization of ecological control, and a decline in value capture capability, while insufficient leadership also affects decision-making. Nevertheless, by promoting L2 interoperability, enhancing ETH's market positioning, and optimizing ecosystem management, Ethereum still has the opportunity to regain its leading position.