#美国加密周 1. Short-term risk is high: Most sectors experienced a pullback this week, with a cautious sentiment and a strong bearish atmosphere.

2. Institutions remain active: ETF funds are flowing back, mainly concentrated in BTC/ETH level assets; macro policies continue to be the dominant factor.

3. Narrative shifts to the future: The deep integration of AI and Web3, new types of applications are starting to gain attention.

4. Long-term confidence remains: Developers and core users continue to invest in ecosystem development, with a community consensus on "building foundations during the bear market."