The current cryptocurrency market shows a differentiated situation. Bitcoin maintains a range-bound fluctuation, holding steady at the $62,000 mark, supported by inflows from spot ETFs and expectations of a halving cycle; Ethereum has risen over 3%, benefiting from the increased staking rewards brought by the completion of the Shanghai upgrade and the explosion of ecological projects. Regulatory dynamics continue to exert pressure: the SEC lawsuit against Binance and Coinbase has entered a critical phase, and market risk aversion is rising. Altcoins are experiencing a phase rebound, with the AI and MEME sectors leading the charge, and Solana and Dogecoin seeing daily increases of over 10%. The stablecoin market remains stable, with USDT's circulation accounting for over 75%. DeFi's locked value has slightly rebounded to $55 billion, and the demand for lending protocols is warming up. In the short term, the market is still suppressed by expectations of interest rate hikes by the Federal Reserve and geopolitical risks, but Layer 2 expansion and compliance processes may become potential catalysts. Investors need to be wary of increasing volatility risks.