币界网报道：According to the news from CoinWorld, Chloe (@ChloeTalk1), a researcher at HTX Research, pointed out in this column that the current crypto market is in a delicate stage of "policy-friendly and tight funds". On the one hand, the policy side is constantly favorable, and legislation such as stablecoin regulation, Token Act and tax exemption is progressing smoothly. Institutions continue to buy BTC to form long-term support, and the cooling of core inflation has led to an increase in expectations of interest rate cuts within the year; but on the other hand, the US Treasury yield has risen against the trend, and the 30-year yield has risen to 5%, close to the 2023 high. The strong money-absorbing effect of the bond market has suppressed risky assets, and the TGA account replenishment has put pressure on liquidity, resulting in BTC being difficult to break through strongly in the short term, and the probability of maintaining volatility is higher. For altcoins, Chloe said that due to high volatility and lack of structural support, the risk of systemic pullback may be higher than that of mainstream currencies. Note: The content of this article is not an investment opinion, nor does it constitute an offer, solicitation of an offer or recommendation for any investment product.