1. BTC: Bearish pressure is overwhelming, but whales and ETFs are holding firm
80,000 ancient BTC whales have just completed their reallocation, yet the price remains stable around 120K USDT. Despite heavy selling pressure, treasury and ETF funds are supporting the market, showing BTC's incredible resilience.

2. ETH: The absolute king of this market cycle

The positive effects of ETFs continue to bombard, Nasdaq has submitted a proposal to allow iShares Ethereum Trust to participate in ETH staking;

The OTC market is in crisis, Wintermute's founder bluntly states: ETH is almost unavailable in the OTC market;

SharpLink Gaming plans to issue an additional $5 billion to continue increasing its ETH holdings.
If you are not on ETH, this market cycle has nothing to do with you.

3. SOL: Following the rise, lacking an independent narrative
After stabilizing at 170, it strengthens with ETH, but lacks its own driving force, requiring observation of ecosystem performance.

Current status of altcoins: Collective silence
No MEME coins on the ETH chain are rising, liquidity is exhausted, and enthusiasm is low. The wealth effect is completely concentrated on ETH itself and ETF-related targets.

Policy and macro trends

Trump:

Proposed to allow 401(k) accounts to invest in crypto and private equity assets;

Support for tax-free small-scale crypto transactions;

Continuing to pressure the Federal Reserve to cut interest rates.

Internal divisions within the Federal Reserve: Governor Waller leans towards interest rate cuts, while Kugler insists on waiting and the tug-of-war between the economy and inflation continues.

Russia: The digital ruble plan will be launched in 2026, but public response is lukewarm; Sberbank will provide local crypto asset custody services.

Publicly traded companies are betting wildly on Crypto

Bit Origin raises $500 million to launch Dogecoin treasury plan;

Enlightify announces plans to purchase $20 million in CYBER tokens over the next 12 months;

Treasury strategy intensifies, even leading to extreme operations like BTCT liquidating all BTC for ETH.

Market Nature: The Logic of Coin Stockization Fully Erupts
This is not just a sector rotation, but a deep binding between traditional finance and crypto assets. The scarcity of ETH and the expectations for ETFs create a double impact, while altcoins have been completely marginalized.

Next key step: On-chain liquidity + ETF fund trends
Either grab ETH or watch from the sidelines - the market has given a clear answer.

#以太坊连续两日领涨 $ETH #特朗普施压鲍威尔 $BTC