【Market Overview】

Last night, the market fluctuated back and forth, first crashing down, then bouncing back. Currently, BTC is holding above 91,000. The start of this week has been pretty good; as long as this level is maintained, there’s still a chance for a rebound.

Ethereum followed the upward trend, barely breaking through 3100, but its momentum is clearly lacking. The good news is that during this rally, the pattern of rising without falling has held up pretty well.

BNB performed flat today, mainly because the popularity of Chinese meme coins is cooling down, which also dragged down the ecosystem tokens. On the other hand, SOL remained resilient, rising by 4% on its own, becoming the current leader.

Looking at this week’s rhythm, capital rotation is particularly obvious. Once a hot sector cools down, related coins tend to fall very quickly—that’s the current market characteristic.

【On-Chain Observation】

◆ Last year, 36 Bitcoin blocks came from individual miners, indicating that decentralization of hash power is still happening. While this is good for the ecosystem, it’s becoming increasingly difficult for retail miners.

◆ CZ bluntly stated: "I don’t know if a super bull market is coming, but I will continue to accumulate coins." That’s the honest truth from a big player. For ordinary people, long-term holding is the easiest lesson to learn.

◆ Trump, wearing a "happy" pin, turned around and said that without greatness, America can’t be happy—this is a perfect blend of meme culture and reality. Playing with traffic and changing tricks, cutting leeks has never been the exclusive domain of any one person.

◆ Moutai announced the establishment of a digital technology company, preparing to venture into blockchain services. Traditional giants entering the space isn’t new, but whether they can produce real results remains to be seen, with many uncertainties.

◆ The popularity of Chinese meme coins is clearly waning, with some coins’ market caps halved—living proof of this. Meme coins are characterized by their rapid rise and quick fall—if they can’t outpace the speed, they only become bagholders.

◆ Foreign media reported that Venezuelan residents are using USDT to evade sanctions, and Tether subsequently stated it would cooperate with law enforcement. This reflects how cryptocurrencies are becoming a gap in geopolitical conflicts— the ongoing tug-of-war between compliance and freedom.