In 2025, the Crypto Assets market resembled a wild horse running free, displaying an unprecedented rise. The price of Bitcoin broke through the $120,000 barrier, and the total market capitalization soared to $3.85 trillion, eliciting enthusiastic responses from global investors. This incredible bull run was not a coincidence, but rather the result of multiple factors working together.

Let us delve into the five key factors driving this bull run:

1. Policy Environment: The softening and clarification of regulatory attitudes in various countries have injected confidence into the market and provided assurance for the legitimate status of crypto assets.

2. Technological Innovation: The breakthrough advancements in blockchain technology, especially in terms of scalability and interoperability improvements, have paved the way for the practical application of Crypto Assets.

3. Speculative psychology: As the market rises, investors' FOMO (fear of missing out) mentality becomes increasingly strong, driving more funds to flow in.

4. Supply and Demand: The Bitcoin halving event leads to a decrease in new coin supply, while the continued influx of institutional investors increases demand, creating a favorable supply and demand situation.

5. Macroeconomic Impact: The increasing uncertainty in the global economy has prompted investors to view Crypto Assets as a tool to hedge against inflation and economic risks.

The perfect combination of these five factors is like a storm, sweeping through the entire Crypto Assets market and driving it to new heights. However, investors still need to be cautious, recognizing the high volatility of the market and weighing the potential risks and returns.