Current short-term risks: Big Cake #etf funds continue to flow out, liquidity tightens, SOL unlocks a huge amount, and futures basis narrows.

Under the triple pressure, the market will continue the correction trend.

Long-term narrative: Micro Strategy and major mining companies continue to hoard coins, Trump's policy platform, and the Fed's upcoming end of QT are still the foundation of the bull market.

Operational suggestions: Short-term risk aversion is the main focus, pay attention to the range of 80,000 to 85,000

Mid-term low-level layout of $BTC , $ETH , $SOL and other products.

Ether should be highlighted.