Today's homework is quite manageable, there isn't anything too complicated. Although the market has fluctuations, they are all within a normal range. Especially since the US stock market is currently showing a slight increase, indicating that there are no major issues overall. The correction in cryptocurrencies mainly concerns altcoins, and today's discussion focused on this situation. If there isn't any overflow liquidity, we may have to wait for the altcoin season.

A significant portion of today's content and data aimed to clarify this issue. Although $ETH is rising, much of the buying power isn't coming from the cryptocurrency sector, but rather from the primary and secondary markets of spot ETFs. In this case, even if there is some overflow capital, it will be hard to flow into the crypto space, not to mention that there are currently no clear signs that these investors have taken profits and exited.

Therefore, we may have to wait a bit longer for the altcoin season; let's wait until $BTC and ETH stabilize before making any decisions. This ETH movement is somewhat reminiscent of Bitcoin in early 2024, driven by purchases from traditional investors.

Looking back at Bitcoin data, the turnover rate is continuing to decline significantly, no longer resembling weekday data. Instead, it has returned to a time akin to 'garbage time.' It's worth noting that a week ago today, the turnover rate was at least three times what it is now. A decrease in turnover indicates that investors' speculative sentiment is slowing down, as they await market signals.

Currently, the main signals are tariffs and monetary policy. Trump announced tariffs with Japan today, with 15% and $500 billion in investments indeed being a good result. Yesterday's 19% from the Philippines was also below expectations. Today, there were reports of an upcoming 15% tariff agreement with the EU, leaving China as the remaining concern. These factors are stabilizing market sentiment.

There isn't much more to say about monetary policy; the market is still anticipating Trump to quickly select Powell's successor, which would allow for expectations of a rapid decrease in interest rates. There haven't been any issues found in terms of support, but the gap remains a key focus for me.