Recently, the atmosphere in the crypto market has obviously changed.

On the evening of November 27th (Beijing time), Bitcoin surged over 4% directly, and Ethereum peaked above 3%. This is not a coincidence — CME data shows that the probability of the Federal Reserve cutting interest rates by 25 basis points in December has skyrocketed to 84.9%.

What does a rate cut mean? In simple terms, it means money is cheaper. Once liquidity is loosened, funds will naturally flow towards high-risk, high-return assets. Encryption currencies are clearly on this list.

What's more interesting is the movement on the regulatory front. The prediction market platform Kalshi secured over $1.3 billion in funding this quarter, and its valuation has more than doubled in just a few weeks. Meanwhile, the U.S. Commodity Futures Trading Commission (CFTC) recently approved Polymarket to re-enter the U.S. market, which is a significant signal—regulatory attitudes are loosening.

Market sentiment, funding situation, and policy environment are all improving in three dimensions.

Of course, the market is always unpredictable. But at least at this stage, the bulls do have a lot more confidence. In the next few weeks, it may be even more interesting.