Regarding Ethereum, my thinking remains unchanged—primarily staying in cash and not participating in high-level catch-up.

Yesterday, it first touched the 2395 level, which can actually be seen as a confirmation of a phased top. The subsequent upward extension is essentially just "inertia stretching" driven by overall market sentiment, without real additional capital support, and was quickly pushed back by selling pressure.

From the market perspective, there was a clear large-volume chip turnover around 2380, and such volume spikes are more like the main force distributing at high levels rather than signals of continued upward attack. Once trapped in this area, long positions will face significant short-term pressure to unwind.

In terms of rhythm:
Whether it’s the short positions entered around 2380 yesterday or those involved above 2390, once the price first effectively broke below 2350, it actually signaled a very clear opportunity to add to positions—this is a typical trend confirmation point.

Current thinking:
Follow the trend, hold short positions, and add on rebounds.
The first target of this downward move is around the 2200 level.

Core statement:
This is not a consolidation, but a pullback structure after high-level distribution; the direction is more important than the position. #高盛申请比特币收益型ETF $BTC $ETH