Against the backdrop of fluctuating expectations for the Federal Reserve's interest rate policy, the cryptocurrency market is undergoing a historic structural transformation. The withdrawal of $350 million from Bitcoin ETFs in a single day ended a nine-day rally, severely impacting retail sentiment, while BlackRock went against the trend by increasing its position by $125 million, highlighting the long-term allocation logic of institutions and reflecting the deep transformation in the structure of market participants. Ethereum ETFs recorded a record inflow of $100 million in a single day and achieved nine consecutive days of gains, with the ETH/BTC exchange rate breaking upward, marking a deepening consensus on its ecological value within the market, as institutions cast trust votes through capital injection for technological implementation.

In contrast, the altcoin market, except for a few projects with real scenarios, sees over 99% of coins trapped in a liquidity crisis. MicroStrategy's decision to sell BTC to increase SOL holdings exposes the fragile essence of speculative bubbles—projects lacking fundamental support are facing institutional 'voting with their feet,' and the harsh clearance of the market is an inevitable process of eliminating falsehoods and preserving truths.

As June approaches, the market stands at a critical juncture. If Ethereum breaks new highs, it will establish the industry's 'second pole' position, and six potential coins may see value explosions due to technological innovations. However, it is important to remain clear-headed: the market has shifted from a retail 'sentiment market' to an institutional 'value market,' where speculative behaviors lacking real value struggle to survive under the institutional pricing system. This tempering is the industry's 'coming of age,' and as capital cools down, only by adhering to fundamentals can one seize the initiative in the competition of 'value versus lies.' Projects that truly create value will ultimately demonstrate their resilience across cycles.