Recently, the Crypto Assets market has shown a slight Rebound, attracting widespread follow from investors. However, this does not mean that we have entered the so-called "alt season." There are multiple factors driving this market recovery.

First, the macroeconomic environment has shown positive signals. The Federal Reserve's stance seems to have softened, and the market generally expects the interest rate hike cycle to come to an end, with some even beginning to predict potential rate cuts in the future. This potential improvement in liquidity bodes well for high-risk assets, including Crypto Assets.

Secondly, the relatively mild inflation data has also played a positive role. Core inflation indicators like PCE have not significantly exceeded market expectations, which has alleviated investors' concerns to some extent and boosted market confidence.

In addition, structural factors within the market have also driven this wave of increase. A large number of short positions accumulated in the previous period were forced to close when the market rose, creating a certain momentum. At the same time, stablecoins have flowed back into exchanges, indicating that incremental funds are returning to the market.

The positive development within the industry is equally significant. Bitcoin spot ETFs continue to attract funds, indicating that institutional investors still maintain interest. New advancements in certain Layer2 and DeFi projects have also rekindled market enthusiasm.

It is worth noting that the market seems to be gradually breaking away from a purely "story" driven model and is instead focusing more on the fundamentals of projects. This trend is mainly reflected in three categories of projects:

1. Strong ecological application projects: These projects have real-world applications, a thriving on-chain ecosystem, a high total value locked (TVL), and high user activity.

2. Strong Consensus Projects: These projects have a large and solid community foundation, and their value is largely supported by community consensus.

3. Short-term speculative projects: Mainly driven by hot topics and market sentiment, prone to significant volatility.

Overall, although the market has shown positive signals, investors still need to remain cautious. As the market matures, the practical application value of projects and the health of ecosystems may become the main driving forces in the future Crypto Assets market.