Tonight, the crypto market feels like it has been put on 'fast forward'. BTC plunged below 110,000, while ETH, although showing some upward movement, remains cautious. This is not just a simple decline, but a 'roller coaster' of investor emotions.

Market Review

BTC: Attempted a rebound to reach 113K, but was quickly pushed back, falling below the 110,000 mark, currently reported at approximately 111,400 USD.

ETH: Retraced from a high of 4,950, now stabilizing at approximately 4,638 USD, still one of the more 'resilient' groups in the market.

Market Sentiment

Market sentiment has swiftly shifted from last week's 'frenzy' to 'caution'—BTC couldn't withstand selling pressure, and while ETH has been resilient, it hasn't completely escaped the bears' pressure. The profit-taking effect is receding.

Capital Flow

Are the whales leaving? Data indicates that BTC's market cap evaporated by billions overnight, partly due to the 'mass exodus' of those giant whales. At the same time, net outflows of BTC and ETH funds have become the main theme.

Regulatory Dynamics and Industry Momentum

On the regulatory front, the UK’s slow action on stablecoins has become a 'point of industry complaint', while Europe and the US are accelerating their initiatives, the UK, however, is still 'observing'. The Times +1

In contrast to the market: The industry remains enthusiastic about small-cap coins, especially ETH, XRP, and TON, which are seen as potential 'next wave participants'.

Brief Commentary

The feeling from tonight's market is that: 'The tide reveals the truth'. BTC is like the exposed reef after the grand waves recede, while ETH is the warrior steadily climbing up. You may want to rely on cold data to determine direction, and that's fine; but what's more real at the moment is that investors' sentiments are changing—fear mixed with opportunity, right at the moment of highest liquidity and emotion.