Main Points:

1. The expansion of negative funding rates for Ethereum is related to the price running in the 2500-2600 tight range, reflecting that traders have increased hedging against future uncertainties, which is not related to a bearish outlook. Once key resistance levels are broken, Ethereum is likely to experience a short squeeze.

2. The likelihood of Ethereum breaking through next is very high: first, in terms of capital, whales and institutional investors are still buying in large amounts; second, on the fundamental side, the "GENIUS Stablecoin Act" will bring about a paradigm shift in Ethereum's growth momentum.

3. Bitcoin's consensus has reached its peak, and the concentration of chips is also at a critical point for a reversal. Therefore, it is highly probable that Bitcoin will be the first to break out.

4. Continuous pressure from Trump and the easing of inflationary pressures are increasing the probability of the Federal Reserve making a defensive interest rate cut in July.