Macro interpretation: The BTC price is currently fluctuating around $91000, and the market is experiencing multiple resonances at a historic moment. Former Federal Reserve Chairman Bernanke's recent warning about the difficulty of central bank inflation control is a subtle hedge against the Trump administration's subtle move to postpone car tariffs. The former suggests that global monetary policy may be hawkish in the long run, while the latter injects a stimulant into risky assets by easing trade frictions. However, the market has already started to increase the probability of a US dollar interest rate cut in anticipation of ADP employment data hitting an eight month low. This seemingly contradictory scenario is the best footnote to understanding the current cryptocurrency market ecology. This policy level controversy has set up a tense stage for the cryptocurrency market, and the upcoming White House Crypto Summit on March 7th will determine the ultimate direction of this capital drama. From the observation of data on the Coinank chain, the spectacular scene of CEX net outflow of 11734 BTC in the past week, with a total outflow of over 17500 Bitcoin from several top platforms, coupled with the lightning operation of multiple whale addresses extracting 6930 ETH in a single day, often indicates two possibilities for this large-scale asset migration: either institutional players are accumulating strength in the spot market, or smart money is laying the groundwork for the layout of the derivatives market. Interestingly, these two speculations are also reflected in the options market, with BTC options worth $2.36 billion and ETH options worth $490 million set to be delivered on March 7th, with the biggest pain points pointing to key psychological levels of $89000 and $2300, respectively. On the technical side, Bitcoin has walked out of the hammer line with an amplitude of over 15% for two consecutive weeks. This signal, which appeared in the bull market in 2017, is like the steady drum sounded by Mr. Market on the candlestick chart. Market analysis suggests that the "spring compression" effect formed by the current price range of $81000 to $94000 is remarkably similar to the volatility structure during the Silicon Valley banking crisis. However, history will not simply repeat itself. Against the backdrop of the US dollar index falling to a four month low, funds are shifting away from traditional markets - the daily gains of over 3% in technology stocks such as Microsoft are linked to the rebound in the cryptocurrency market. The butterfly effect of policy expectations has caused a storm in the options market. Data shows that the probability of the market expecting Bitcoin to reach $100000 by the end of June is 48.64%, while by the end of March it is only about 30%. This figure is a quantitative expression of the policy dividends that the White House Crypto Summit may release in options contracts. As the Trump administration releases tariff flexibility, the cryptocurrency industry is more concerned about whether rumors of its team's "Bitcoin strategic reserve" will be confirmed at the summit. This policy game not only needs to guard against the tightening risks brought by Bernanke's warning of a "second inflation rebound", but also needs to grasp the institutional dividends brought by regulatory ice breaking. The strategies of market participants present interesting distinctions. Top traders compare the current price range to a "quantum superposition state" and choose to conduct field tests and wait for the opportunity to return to the mean. And the whales on the chain are playing a new game of "staking arbitrage" through DeFi protocols such as Morpho and AAVE. The massive operation of 16000 ETH in a single day by a mysterious address reminds me of the saying on Wall Street, "When sharks start swimming, little fish should learn to surf. This institutional level operation forms a cruel contrast with the "thousand cuts and ten thousand losses" of individual investors, but also confirms the increasingly significant institutional characteristics of the cryptocurrency market. The policy direction of the White House Crypto Summit on March 7th may determine the final direction of this round of market trend, whether it will repeat the frenzied bull market of 2017 or the last carnival before the peak of 2021? The answer may lie in the subtle changes in the Gamma value of the Greek letter in the options market, which are revealing market makers' vigilance against volatility bursts. The only certainty is that in this era where credit cracks in fiat currency are gradually emerging, Bitcoin is making a thrilling leap from "digital gold" to "sovereign asset replacement", and every pulse of the global capital market is writing a new chapter for this crypto fantasy.

Data analysis: According to Coinank data, based on recent market trends, the cryptocurrency market is showing a coordinated upward trend across multiple sectors. From the perspective of segmented performance, the DeFi sector continues its strong trend, with a 24-hour increase of 7.22%. LINK, ONDO, and AAVE recorded significant increases of 15.10%, 18.13%, and 14.30%, respectively. This phenomenon confirms the core feature of DeFi's implementation of non custodial and blockchain settlement through smart contracts. Top cryptocurrencies simultaneously strengthened, BTC broke through the $90000 mark, with a 24-hour increase of 4.58%; ETH rose to $2200, with a daily increase of 4.40%. In terms of market benchmark index performance, Mainstream Coin, DEFI, and MEME rose by 2.78%, 10.82%, and 2.89% respectively, indicating a continued increase in market risk appetite. The hierarchical architecture and underlying protocol modules show significant differentiation: The Layer2 sector saw an overall increase of 4.68%, with ARB and Move achieving gains of 11.16% and 14.95% respectively, reflecting a surge in demand for expansion solutions; The Layer1 sector rose 2.32%, with APT leading the way with an increase of 11.71%, highlighting the sustained development of the public chain ecosystem; The CeFi sector rose 1.97%, while CRO surged 22.38% in a single day, indicating that centralized financial platforms still have competitiveness in asset custody and liquidity supply. It is worth noting that although the Meme sector saw an overall increase of 2.45%, its volatility was significantly higher than other sectors, which is consistent with the lack of fundamental support in this field. The moderate increase of 1.35% in the PayFi sector continues the previous trend, indicating that payment financial protocols are in the stage of value discovery. Market data shows that DeFi and CeFi are showing a symbiotic development trend. The former improves transparency through smart contracts, while the latter maintains advantages in user experience and regulatory adaptability. From the perspective of market linkage and policy expectations, there are multiple driving factors behind the recent synchronized rebound of the US stock market and the cryptocurrency market. The Trump administration's postponement of car tariffs has sent a signal of easing trade frictions, boosting technology stocks and risk asset preferences in the short term, and creating a resonance effect of market sentiment. It is worth noting that the rise of the cryptocurrency market is not only driven by the US stock market, but also related to the warming of policy expectations - the White House summit approaching or the clarification of regulatory frameworks such as the Bitcoin reserve plan, institutional funds' expectations for compliance paths accelerating value repair. It is worth noting that the game between weak consumption and expectations of interest rate cuts revealed in the Federal Reserve's brown book may exacerbate market volatility. The current rebound reflects more short-term policy dividends, and the substantive progress of real economy indicators and regulatory dynamics still needs to be observed in the medium term.