Zhou Lele, deputy chief operating officer of Victory Securities, said that in terms of fundamentals, the SOFR (guaranteed overnight financing rate) has returned to normal value, and market liquidity has recovered. Federal Reserve Chairperson Powell's dovish voice said that the time for policy adjustment has come. As soon as the news came out on the CME Group's September interest rate cut board, US stocks and virtual assets rose in response, driving market sentiment to warm up. According to technical indicators, the pressure level of crossing the 25-day line on the 5-day line to form a golden fork, while the K-line stands on the 99-day moving average, and breaking through the downward channel for a long time may mark the start of an upward trend. Combined with these signals, the technical level looks relatively optimistic, and the price may have the potential to rise further in the future. In terms of capital flows, the over-the-counter Bitcoin ETF achieved significant growth, with a net inflow of $506 million last week; the Ethereum ETF was relatively weak due to the continued selling pressure of grey release, with a net outflow of $40 million last week. Overall, the positive changes in fundamentals are complemented by technical signals, and market sentiment has improved significantly. The activity of capital flows and derivatives markets has further enhanced market momentum. If the current trend continues, the market may maintain an upward trend in the short term.