Bitcoin's sentiment is strong, continuously climbing to new highs, currently fluctuating around the 98,300 mark.

Morning Bitcoin outlook: A pullback to around 98,000-97,700 is expected, looking towards 99,000-100,000.

Morning Ethereum outlook: A pullback to around 2,720-2,700 is expected, looking towards 2,770-2,800.

Ping An Securities: In terms of credit bonds, it is recommended to prioritize short-duration defensive strategies.

Ping An Securities stated that the improvement in the funding situation stems from the central bank injecting liquidity. In the short term, funding demand may decline after the tax period and government bond payments drop, while in the medium term, there is a possibility of a reserve requirement ratio cut following important meetings. Looking ahead, the yield curve may transmit from short to long, and a defensive approach is recommended. In terms of credit bonds, the recent rise in credit spreads poses a risk of further declines from short to medium-long durations, and it is also recommended to prioritize short-duration defensive strategies, adjusting in line with the improvement in funding conditions.