In recent times, the market has been intertwined with both bulls and bears, as macro policies and liquidity battles continue. Key highlights include the release rhythm of approximately $16 billion in payments to FTX creditors, with some funds possibly flowing into the crypto space; the SEC's 'hands-off' stance on meme coins indirectly benefits ETH, but Trump's policies may raise concerns of market manipulation. Although the U.S. ETH ETF provides a short-term boost to coin prices, the continuous inflow of funds still needs to verify risk appetite. It is noteworthy that the laundering of stolen ETH from Bybit has triggered selling pressure, and the unlocking of tokens from the four major L2 protocols has intensified market volatility. On the regulatory front, Binance's strong measures to freeze problematic projects demonstrate the mainstream trading platforms' commitment to enhancing compliance, with a clear trend of market de-leveraging. Investors need to calmly distinguish between technical breakthroughs (such as Ethereum MEV/sharding research) and short-term noise, avoiding going against the trend.