Today's Market Analysis

The recent rebound of $BTC seems to have stopped the decline, but looking closely, it actually feels quite hollow, the strength is completely insufficient. If it weren't for Trump's news giving it a push, it might not have even reached this height. The resistance point at 115000 remains in place; until it breaks through, it can only be considered a weak rebound. The overall state is indeed on the soft side, and combined with the previous on-chain data performance, many signs point to the end of the bull market stage, it might really be the so-called bull tail market. On the surface, there is still some heat, but the internal force is already decaying.

The trend of $ETH is obviously much stronger. The main funds' attitude towards it is still quite resolute. The resistance at 4600 is still relatively strong, but today is a key window. If it cannot break through, there might be a pullback. However, even if it pulls back to 4300, the support is still relatively stable, so there's no need to panic too much. As long as Bitcoin doesn't break down, the chips bought at low positions can definitely be held onto. More importantly, as long as Ethereum can get a bit of good news, there is a possibility to rise above 5000 or even break new highs.

Recently, the hype around altcoins has focused on $HYPE . The reason is simple; its narrative and model have attracted a large amount of traffic. On-chain leveraged players, including people like James, have mostly been harvested by the platform, but don't forget, for the platform, this is a guaranteed profitable business: the more transaction fees, the greater the exposure, the more popular the gameplay, the higher the platform's earnings. As more and more people follow trades and make opposing trades, they are ultimately helping the platform make money. The data can also illustrate the problem; currently, Hyperliquid's earnings account for one-third of the total income of the entire crypto industry projects, which is quite astonishing in the market. From a valuation perspective, it may still be undervalued. Today, HYPE reached a new high, which is actually not surprising; essentially, the market recognizes its cash flow and model.

In summary, BTC is now weakening, possibly nearing the end of the bull market; ETH remains a core strong asset, as long as Bitcoin doesn’t collapse, it has a chance to break 5000; while HYPE, relying on its platform model and cash flow logic, continues to attract funds and hype, and has the momentum to continue strengthening in the short term.