The cryptocurrency market this morning continues the weak trend from last night. Bitcoin has fallen below the $110,000 mark, while Ethereum has similarly retraced to around $4,300. The overall atmosphere is bearish, with a strong sense of market observation.

As of the time of writing, BTC is priced at $109,716, with a daily high of $113,591 and a low of $109,429.

ETH is priced at $4,362, with a daily high of $4,771 and a low of $4,351.

In terms of market sentiment, data from Coinalyze shows that the ETH long-short ratio is approximately 1.79 - favoring the bulls, but last night's rapid retracement reminds us that although the funding structure is biased towards the long side, there is still a risk of volatility after overheating in the short term.

Regarding fund movements, no new whale transfers or significant ETF inflows/outflows have been detected on-chain. Unlike the whale operations in previous days, today’s funding situation is relatively quiet, indicating a strong sense of observation.

On the regulatory front, mainstream banks are facing increasing scrutiny over interest-bearing stablecoin products, concerned about large-scale public deposits flowing into the cryptocurrency market. If this issue escalates, it could pose potential downsides for the stablecoin ecosystem. Meanwhile, Binance Alpha has announced the launch of the TOWN token, showing that the market ecosystem is still expanding, which somewhat alleviates the pessimistic atmosphere under policy pressure.

BTC has briefly fallen below $110,000, and ETH has retraced to the $4,300 range, with overall sentiment becoming cautious. Although the long-short ratio shows that the bulls still have an advantage, whales and large funds have yet to follow suit, indicating that the market direction is still unconfirmed. Short-term volatility risks remain, and in the medium to long term, attention still needs to be paid to regulatory trends and fund inflow situations.