The current bull run in the crypto assets market is primarily supported by two key expectations. Firstly, there is market anticipation of a rate cut from the Fed, which could stimulate investors to seek high-risk assets. Secondly, investors hope to see major economies relax regulations on crypto assets. However, if major countries delay relaxing regulations or even implement unfavorable policies, the favorable information from the Fed's rate cut may be quickly absorbed. In this scenario, once the Fed's rate cut policy is actually implemented, the market may experience a phenomenon of 'fully priced-in good news'. This could signal a shift in market sentiment from optimism to caution, and may even trigger a pullback. Investors should closely follow the developments of these two factors and their potential impact on market sentiment and trends. At the same time, other factors that may affect the market, such as technological innovation and institutional adoption, should also be considered to comprehensively assess the market outlook.