First, here's some big news—Vanguard, the asset management giant overseeing more than $10 trillion, has opened cryptocurrency ETF trading to its clients. This is no small move; the market generally sees it as an important signal that crypto assets are moving into the mainstream, directly unlocking the potential for more capital to flow in.

Now, let's look at the macro environment. The current market estimates the probability of a rate cut in December at as high as 89.2%, which is pretty much a done deal. Looking back at historical data, every time the Federal Reserve starts an easing cycle, some of the released liquidity always flows into high-risk assets like Bitcoin.

With policy expectations combined with institutional entry, this round of moves has brought imagination and excitement back to the crypto market.