Summary of important events in the Crypto Assets market since May 2025, incorporating information from various aspects such as policies, market dynamics, technological innovations, and risk warnings:

1. Bitcoin breaks $100,000, entering the top five in global market capitalization.
1 Price and Market Value: On May 9, 2025, the price of Bitcoin surpassed $104,000, with a market value reaching $2.054 trillion, becoming the fifth largest asset class in the world, following gold, Apple, Microsoft, and Saudi Aramco.
2 driving factors:
①Institutional funds inflow:
BlackRock, Fidelity and other asset management giants continue to increase their holdings in Bitcoin, with a weekly net inflow of over $4 billion into spot ETFs, bringing the total scale to $112.7 billion.
②Policy Support: New Hampshire in the United States has passed a bill to include Bitcoin in its strategic reserves, with Texas and 26 other states following suit in a legislative race.
③Federal Reserve interest rate cut expectations: Although maintaining the interest rate unchanged, market expectations for a rate cut within the year are heating up, and liquidity easing expectations are driving up risk assets.
2. Altcoins collectively rebound, the market may welcome the "Altcoin Season"
1 Dominance Shift: Bitcoin's dominance plummeted from 65% to 63.89%, with Ethereum surging 22% in a single day (breaking through $2200), while mainstream altcoins like Solana and Dogecoin rose over 6%.
2 Indicator Signals: The altcoin quarterly index surged from 23 to 36 within 4 days, breaking through the "Bitcoin Season" threshold, while the ETH/BTC ratio rebounded from a low, indicating capital overflow into the altcoin market.
3. Macroeconomic and Geopolitical Impacts
1 Federal Reserve Policy: On May 7, the Federal Reserve maintained the interest rate at 4.25%-4.5%, but released signals of a possible rate cut in the future, boosting market risk appetite.
Geopolitical Conflict: The escalation of the India-Pakistan border conflict has increased the demand for safe-haven assets, with gold breaking through $2500/ounce and Bitcoin rising in tandem, although its safe-haven properties remain controversial.
3 Trade Policy: The Trump administration reached a tariff agreement with the UK and previewed "major news", alleviating expectations of global trade friction, indirectly benefiting the Crypto Assets market.
4. Market Risks and Regulatory Dynamics
1 Leverage Risk: During the period when Bitcoin broke through key resistance levels, over 100,000 people were liquidated within 24 hours, resulting in losses of $400 million, raising concerns about volatility-induced corrections.
2 Regulatory Uncertainty: The US SEC is brewing new regulations requiring ETFs to disclose custody details, which may trigger a redemption wave; the European Central Bank is advancing the development of privacy features for the digital euro, with regulatory games continuing.
3 Project Risks: The meme coin MIKAMI issued by Yuuya Sanjo has sparked controversy due to issues such as opaque token distribution (founders holding 50%) and lack of a white paper, mainly attracting investors from the Chinese community.
The above events reflect the core logic of the current Crypto Assets market: capital flows dominated by institutions, the relaxation of policies, and technological innovation running parallel, but high leverage, regulatory risks, and project bubbles must still be vigilant!