BTC has rebounded as expected, so let's summarize briefly.

This pullback has two reasons:

(1) A normal correction after a significant increase

(2) The volatility after the release of expectations for the Federal Reserve's interest rate cuts

But there are several major trends:

(1) The Federal Reserve's rate-cutting cycle is still ongoing, with three potential cuts in 2025, possibly in March, June, and September.

(2) Trump is about to take office, and the expectation of BTC being included in national reserves still exists (regardless of whether it can be realized).

(3) In the long term, the consensus on BTC continues to grow:

1. After Trump takes office, the U.S. tariff policy exacerbates de-globalization, prompting other countries' central banks to buy BTC.

2. The expansion of debt pressure affects the credit of the dollar, enhancing the status of BTC.