Bitcoin experiences a slight pullback while liquidity remains abundant; Ether has a larger pullback and may face short-term pressure before a rebound. Market interpretation: Bitcoin is currently priced around $117,641, with a 24h change of -1.17%. Yesterday, the U.S. Bitcoin spot ETF saw a net outflow of $14.1 million, which slightly suppresses BTC in the short term📉; Coinbase has seen a net inflow of $33.7179 million USDT in the past hour, indicating that there is still margin replenishment momentum in the trading sector💹. Ethereum is currently priced around $4,436, with a 24h change of -4.31%. The total network contract holdings have declined by 5.45% over the past 24h, and the PoS exit queue has risen to approximately 873,000 coins (≈$3.884 billion), increasing medium to long-term selling pressure and liquidity risk⚠️. Large address behaviors are diverging: some whales are depositing into HyperLiquid to establish high-leverage short orders, while WLFI and some whales are buying large amounts of WBTC/ETH and HYPE, indicating a divergence in direction between institutions and funds, raising short-term volatility and liquidation risk🐳. In addition, U.S. stock cryptocurrency shares are broadly declining, reflecting a pullback in risk appetite. Overall, the flow of funds is diverging, leverage and exit queues are expanding, and the short-term trend remains weak with fluctuations; if stable buying persists (such as stable inflows from exchanges or institutional auto-invest), it may trigger a phase of recovery📊. In summary: The current cryptocurrency market is experiencing a range-bound fluctuation, weak in the short term but still has opportunities for recovery and differentiated trading in the medium term.