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Institutions are bullish on QE expectations, with macro warm winds supporting BTC to surge💸; Large USDT outflows from Binance accompanied by USDC premium rebound📈, indicating liquidity rotation, and a short-term rebound is imminent; ETH network upgrade and infrastructure narratives remain solid💻; however, altcoins (HYPE, EIGEN, MORPHO) face heavy selling pressure, and individual stocks are highly differentiated (ALICE/RAD), with the overall market showing a "the strong get stronger" structural trend. In one sentence: macro positives and on-chain divergences coexist, and the market is in a volatile upward phase led by BTC.