Market News Interpretation: In the past 24 hours, there has been a significant net inflow into CEX for BTC/ETH (BTC +3,057, ETH +24,400), with Binance seeing a net inflow of 34.41 million USDT in the last hour. Market liquidity is rising, and leverage positions are becoming centralized, increasing short-term Liquidation risks🔔. ETH has fallen below $4,300, and the funding rate is slightly positive (ETH 0.0056%, BTC 0.0033%), leaning towards bullish but with limited elasticity📈. If BTC falls below 106,683 or ETH falls below $4,106, it will trigger large-scale Long Position Liquidation; conversely, breaking through 114,000 or $4,400 will trigger Short Position liquidation. The attack and defense of the JavaScript Supply Chain and security incidents increase systemic risks🛡️. The new listings on OpenSea/SEA and OneStable, along with ETF applications, provide phased support for liquidity and Compliance expectations💱. It is recommended to reduce leverage and pay attention to key price levels and security incidents. Summary: The short-term trend is mainly oscillatory, with slightly greater downside risk, and event-driven local rebounds are expected.