Recently, Bitcoin's market performance has been quite interesting. It surged to a high of 98,000 in the early hours, and Ethereum also reached 3,400 before a brief pullback. This wave of gains has driven crypto concept stocks and related ETFs to lead the US stock market, and the underlying driving forces are worth analyzing.

From a macro perspective, the US November PPI year-over-year growth rate rebounded to 3%, mainly due to energy costs. However, core PPI remained stable, indicating that inflationary pressures have not spiraled out of control again. The Federal Reserve's tone remains dovish, but the market generally expects the next rate cut to wait until after the Fed chair transition.

On the policy front, the Supreme Court's rulings on tariffs have been delayed, and no timetable is visible yet. This uncertainty is also creating volatility in the market. But most interestingly, recent Bitcoin has seen the largest capital inflow since October last year, driven by policy factors.

From a technical perspective, the current K-line structure is somewhat similar to two historical time points—October 2019 and March 2022. In both cases, the big players completed liquidity hunts after a weekly rebound consolidation. Whether this comparison can be validated again remains to be seen with subsequent market movements.