Bitcoin hits another record high, but capital inflow appears weak, with insufficient demand. Derivative speculation is active, and the open contracts of altcoins once surpassed 60 billion USD. Ethereum has become the market benchmark, with positions and trading volume pushing its dominance to historic highs, revealing changes in market structure.

Long-term holders' profit levels are comparable to past peak periods in the United States, while leverage and profit-taking pressure continue to rise. Although there are similarities with historical trends, the characteristics of the cycle differ, and future trends still need to be observed.