HashKey transaction time 5.23Keywords: BTC, ETH, SUI After three major catalysts resonated and Bitcoin broke through $110000, setting a new historical high, policy dividends and market consensus opened up new space for growth. 1. Macro policy dividend: Trade easing enhances market risk appetite. The easing of trade relations between China and the United States is an important macro background driving the rise of Bitcoin. 2. Policy catalyst: The advancement of the GENIUS stablecoin bill in the United States and the third reading of the stablecoin regulation draft in Hong Kong are expected to take effect within the year. 3. Supply tightening: Consolidate the logic of scarcity of data on the chain. The scarcity of Bitcoin has once again been amplified in this round of rise. With the compliance of stablecoins, more "quasi dollar" funds will be attracted to enter, giving core assets such as Bitcoin and Ethereum stronger safe haven and value storage properties. With the gradual inflow of these funds, Bitcoin and Ethereum are expected to see a valuation increase of 20% -50% in the next 6-12 months. BTC Medium to Long Term Trend Channel: Along the Upper Line of the Channel ($103016.97), Along the Lower Line ($100977.03) ETH Medium to Long Term Trend Channel: Along the Upper Line ($2389.95), Along the Lower Line ($2342.62) Daily market key data review and trend analysis, jointly produced by @ HashKeyExchange&@ PANewsCN.