Since the crypto market suffered over $1.7 billion in liquidations on December 10, a large amount of leveraged positions were forcibly closed, returning market health to normal. Today, Bitcoin rose again above $100,000, with a 24-hour increase of nearly 5%. ETH surpassed $3,900, with a 24-hour increase of over 7%, as Ethereum's strong performance led a number of altcoins to rally.

In terms of contract data, the total liquidation across the network in the past 24 hours was $228 million, of which $154 million was short liquidations.

The market is broadly rising, moving from skepticism to optimism; is a retaliatory rebound coming?

Bitcoin and Ethereum spot ETF data continue to see substantial net inflows.

Bitcoin spot ETF data is one of the important reference indicators for observing off-market capital inflows. Since November, there have been a total of seven net outflows, but the amounts were relatively small.

In contrast to the net inflow data, the number of days far exceeds the net outflows. Additionally, since November 27, the Bitcoin spot ETF data has achieved 9 consecutive days of net inflows, with funds continuously pouring in. Currently, the total net inflow for the Bitcoin spot ETF stands at $34.45 billion.

The Ethereum spot ETF has also transitioned from being initially overlooked and experiencing months of stagnation to now seeing continuous large net inflows.

Since November 22, the Ethereum spot ETF has achieved 12 consecutive days of net inflows, with three single-day net inflows exceeding $300 million. As of now, the total net inflow for the Ethereum spot ETF has reached $1.89 billion, with a total daily trading volume exceeding $470 million.

The continuous inflow of off-market funds has played a significant role in the rise of Ethereum's price.

The strong entry of institutional investors has injected significant liquidity into the Bitcoin market. BlackRock and Fidelity, two major players, have purchased over $500 million worth of Ethereum (ETH) in the past 48 hours.

This trend indicates that large institutions are increasingly confident in allocating to crypto assets, providing strong support for Bitcoin and related assets. As market maturity increases, the continuous inflow of institutional capital will become a significant driving force for the development of the cryptocurrency market.

CPI met expectations, and the Federal Reserve is expected to lower interest rates again this month.

Last night around 9 PM, the U.S. November seasonally adjusted CPI year-on-year further rebounded, rising for the second consecutive month to 2.7%, in line with market expectations, reaching a four-month high.

As one of the important data points for the Federal Reserve's decision-making, although it has seen a significant increase, it is unlikely to prevent the Fed from lowering interest rates next week.

Driven by this news, major U.S. stock indices rebounded across the board. As of Wednesday's close, the Dow fell slightly by 0.2%, the S&P 500 rose by 0.8%, and the Nasdaq surged by 1.77%, breaking the psychological threshold of 20,000 points for the first time. Tesla (TSLA.O) and Google's (GOOG.O) stock prices both climbed over 5.5%, reaching all-time highs. Market optimism has extended to the crypto market, with Bitcoin's price rising to over $101,000, a 24-hour increase of over 6%. The meme coin sector performed remarkably, with gains exceeding double digits. Additionally, AI-related tokens like NEAR, ICP, and Render also saw increases of over 10%, demonstrating the market's ongoing interest in emerging sectors.

If the Federal Reserve lowers interest rates again this month, it will undoubtedly increase market liquidity, benefiting the crypto market.

GOAT has risen 60% from its low today due to news of being listed on OKEx.

PNUT surged 40% shortly after the news of the Coinbase roadmap last night.

ACT and MOODENG both have gains of over 20%. These are all publicly known, and during the downturn, they continuously called for bottom-fishing. This year's MEME sector is the most eye-catching, and their rebound after the decline certainly saw them rushing to take positions first.

Cryptocurrency fund advertisements appeared on the Alipay fund homepage.

Today, cryptocurrency fund promotion ads appeared on the Alipay fund homepage, sparking considerable discussion in the community. Some users received ads for cryptocurrency funds on the homepage, stating 'Global investment, cryptocurrency soaring, start investing from 10 yuan, get on board now.'

Upon verification, this fund is Hua Bao Overseas Technology C (QDII-FOF-LOF), a compliant investment model for overseas assets, indirectly holding shares of Coinbase and ARK Invest's Bitcoin spot ETF. Currently, there is a daily purchase limit of 1,000 RMB per person.

It is well known that mainland policies have historically imposed strict regulations on cryptocurrencies, prohibiting any exchange trading and token promotions. The appearance of cryptocurrency promotion funds on the Alipay homepage for the first time has led the market to speculate about the possible opening of some investment channels in the crypto market.

The $100,000 level for Bitcoin is a critical threshold; if Bitcoin can break through and stabilize again, the altcoin rebound will not end prematurely. However, if Bitcoin fails to hold above $100,000, the outcome for altcoins may likely revert to the starting point.

The liquidity of the Ethereum spot ETF may reflect a reallocation of investment direction or an expansion of scope, aligning with the new fiscal year that U.S. mutual funds typically start on December 1, while also reflecting the market's optimistic expectations for 2025. If this demand continues, Ethereum's price may significantly rise in 2025.

In a bull market cycle, market volatility is significant; attention must be paid to 'risk control.' Hold onto spot positions and avoid excessive leverage to prevent another sharp drop followed by forced liquidations.

Although short-term market volatility is inevitable, the mid-to-long-term trend for Bitcoin remains optimistic, from fundamentals to technical analysis. Whether it is MicroStrategy's strategic layout or the continuous inflow of institutional funds, both provide important support for the future of Bitcoin and the crypto market.