$BTC doesn't have much to say, but discussing the basic situation is fine. BTC's price fluctuations are dominated by multiple macro policies and institutional movements. The $600 billion trade agreement and tariff rollback reached between the United States and Saudi Arabia have boosted market risk appetite. However, there are differences in expectations regarding the Federal Reserve's interest rate cuts, with some institutions betting on September instead of July, combined with the upcoming release of the Treasury Department's regulatory framework for cryptocurrency assets, which has triggered short-term risk-averse sentiment. Meanwhile, Ukraine plans to cooperate with Binance to establish a national Bitcoin strategic reserve, and the Ethereum Foundation has launched a 'trillion-dollar security plan' to strengthen ecological credibility, while the investigation by the Democratic Party into the Trump family's cryptocurrency investments adds political uncertainty. The market is showing a differentiated pattern of 'small outflows from Bitcoin ETFs and counter-trend inflows into Ethereum ETFs,' while the emerging token LAUNCHCOIN has surpassed a market capitalization of $350 million, becoming the focus of short-term speculation. The current market situation is at a critical game period at historical highs, where policy signals and institutional behavior will dominate the subsequent direction choices.