The development of influencing factors for the cryptocurrency market and the satisfaction conditions for the main uptrend. Involving macro A comprehensive summary of the impact of BTC strategic reserves, cryptocurrency policies, ETFs, and other aspects, with a total of over 2000 words, requires a lot of patience and understanding to read You can pull it to the bottom to see the conclusion. I believe that after reading it all, there will be good cognitive gains and stable mentality, not affected by emotions. Thank you everyone. With the inauguration of 1.20 Trump, after taking office, Trump actively fulfilled its previous commitment to encryption, showing its positive support for the encryption industry. Signed executive orders on cryptocurrency and AI, appointing many individuals with a friendly attitude towards the cryptocurrency industry to key government positions. Propose to promote the United States to become a center for cryptocurrency innovation and take multiple measures to eliminate industry barriers. Support overturning the SAB121 policy formulated by the SEC. Although there have been concerns about inflation in the market recently due to tariff issues, the BTC and cryptocurrency industries will continue to develop in the future. Mainly explore and summarize the following factors and pay attention to them: 1. Macro (including interest rate cuts, end of balance sheet reduction, balance sheet expansion, QE (quantitative easing)) Before coming to the conclusion, let's first talk about the similarities and differences between table expansion and QE: The Federal Reserve's monetary policy mainly consists of two categories: one is interest rate tools, commonly known as rate hikes and cuts; Another type is quantitative tools that regulate the size of the Federal Reserve's balance sheet. For quantitative instruments, the liquidity of money is usually adjusted by increasing or decreasing treasury bond and mortgage-backed securities, and finally the expansion and contraction of the balance sheet. There are three ways for the central bank to expand its balance sheet: One is open market operations (OMO), such as the money crunch caused by the end of the 2019 balance sheet contraction, The second is the discount window, such as the Silicon Valley bank crash in March 2023, The third is to purchase unconventional financial assets, such as quantitative easing (QE), such as the zero interest rate of 20-21 plus unlimited QE. So strictly speaking, both the Federal Reserve and financial institutions inject liquidity by purchasing bonds from the market, and the corresponding expansion of the Federal Reserve's balance sheet will lead to an expansion of the balance sheet. But we cannot equate table expansion with QE. The coverage of table expansion is still broader. It can be said that QE is a specific subset of table expansion used to "change long-term economic expectations". QE is the last resort for quantitative tools, often only launched when price tools fail (interest rates drop to zero, there is no way to lower them).