The market has entered a phase of falling at night and rising during the day. The trends over the past two days have been quite similar; as soon as U.S. stock market hours begin, the market starts to crash, and the premium of CB over BN has also disappeared. There hasn't been much capital flowing into ETFs these past few days. Bitcoin has seen a net inflow of tens of millions every day, while Ethereum had an inflow of only 5.8 million last night, which almost reflects that U.S. institutions' interest in crypto is waning.

Of course, this is understandable, as there have been too many macro events this week, and institutions need to avoid the limelight. Moreover, Bitcoin and Ethereum haven't really dropped much; any slight decline has quickly rebounded, especially with Asian funds providing support. However, altcoins have suffered significantly, with many returning to historical low ranges. When viewed on a weekly chart, only mainstream altcoins—such as those with ETFs, treasury projects, or collaborations with Grayscale, WLFI, and other legitimate projects—have managed to establish a bottom. The old coins on CEX are stagnant, showing no signs of entering a bull market. Even on the weekly chart, the bottom has not been confirmed, which reflects the current market's polarized situation. As long as institutions do not buy, the market is bound to experience a volatile correction, leading to a collective crash in altcoins, and liquidity has also dried up.