Although ETH broke through $4,000 today, there is no obvious FOMO sentiment in the overall market, and the positive impact of 401K entering the crypto market has not significantly increased BTC purchasing power. Trading volume remains normal, and the price increase is more due to reduced selling pressure. In contrast, ETH trading volume has significantly expanded after the news was announced, and the spot ETF $ETHA has also seen increased volume, indicating that funds are leaning toward ETH, especially with traditional ETF funds activating the primary and secondary markets. The U.S. stock market performed strongly, with the Nasdaq hitting a new high and the S&P nearing historical highs, which may provide indirect support for BTC.

From on-chain data, BTC turnover rate has slightly increased, mainly concentrated among short-term investors with a holding cost above $107,000. The $117,000 position has been tested multiple times but still has about 640,000 BTC accumulated, with a directional choice approaching. The two major support areas have stable holdings, and even during last week's low sentiment, did not fall below $110,000, indicating solid support. Market sentiment is expected to remain stable under weekend liquidity, with current long positions held, waiting for weekend performance. #ETH突破4000