The recent market movements over the past few days are indeed worth reviewing.

Signals of interest rate cuts have emerged from the Federal Reserve, with Board member Bowman suggesting preparations should be made in advance, which is positive news for the entire risk asset market. Meanwhile, uncertainties in trade are also escalating—The US may impose tariffs on countries with differing opinions, and such policy fluctuations often boost demand for safe-haven assets.

The precious metals market is also showing signs of activity, with spot gold falling below the $4,560 per ounce mark, a single-day decline of 1.24%. In comparison, Bitcoin's performance appears much steadier—volatility has dropped to its lowest level in four months. Even more impressive is that Bitcoin spot ETFs attracted $1.81 billion in capital inflows during this period, indicating that institutional interest remains strong.

Policy developments are also progressing. Hong Kong continues to promote the development of a stablecoin ecosystem and is expanding its gold storage facilities, demonstrating the major financial center's focus on digital asset infrastructure. Belarus has also relaxed restrictions on banks handling Bitcoin transactions, broadening the application scenarios for crypto assets.

In mining, Riot Platforms sold 1,080 Bitcoins to fund data center construction, reflecting ongoing infrastructure investments by leading mining companies.