Market Sentiment
The current Fear & Greed Index stands at 67, in the 'Greed' range. The core characteristic of this sentiment is the resurgence of investor confidence, reflected in optimistic expectations for mainstream assets. Key driving factors include U.S. President Trump's executive order allowing 401(k) plans to invest in cryptocurrencies and the regulatory easing brought by the SEC's settlement with Ripple. These events have stimulated institutional capital inflows, shifting the market from fear to greed, but caution is warranted regarding potential pullback risks due to excessive optimism.
Market Overview
The latest price of Bitcoin is $116,722.60, down 0.22% in the last 24 hours; Ethereum's latest price is $4,042.42, up 3.73% in the last 24 hours. Bitcoin's volatility mainly stems from short-term profit-taking and macro uncertainty, while Ethereum's rise is attributed to a surge in institutional buying and favorable regulation, such as the SEC clarifying the status of liquid staking, enhancing its appeal as a foundational asset in DeFi, leading to a shift of funds from Bitcoin to Ethereum.
On-Chain Focus
In the past 24 hours, Ethereum's on-chain transaction volume hit a record of 1.74 million, surpassing the 2021 peak, mainly driven by stablecoins and DeFi activities; at the same time, a major whale address transferred $34.9 million in Bitcoin to an exchange, drawing market attention. Additionally, Ripple's on-chain data shows the RLUSD stablecoin network expansion, accompanied by a $20 million large transfer. These events reflect active capital movements, suggesting institutions are positioning for cross-chain payment and yield farming opportunities.
Institutional Trends
Bitcoin ETF sees a net inflow of $50 million, while Ethereum ETF sees a net inflow of $222 million. Harvard's endowment fund adds $116 million to BlackRock's Bitcoin ETF, and CleanSpark's Bitcoin reserves exceed $1 billion. These inflows directly support the rebound in mainstream coin prices, easing short-term selling pressure, but if sustained, may amplify market volatility and accelerate altcoin rotation, pushing the overall market cap to $3.97 trillion in the short term.
Regulation and Macro
U.S. President Trump signs an executive order prohibiting banks from refusing service to cryptocurrency companies based on 'reputational risk' and allowing 401(k) plans to invest in crypto assets, potentially releasing $12.5 trillion in retirement funds into the market; at the same time, the SEC ends a 5-year lawsuit with Ripple, confirming that XRP is not a security. These policies directly enhance market liquidity, stimulating a rise of over 7% in XRP and ETH prices, but on a macro level, attention should be paid to Federal Reserve dynamics, which may exacerbate short-term volatility.