The cryptocurrency market has recently experienced increased volatility, with Bitcoin repeatedly oscillating around the $90,000 mark as supply and demand dynamics heat up after the halving; the Ethereum ecosystem remains active, with Layer 2 lock-up volumes surpassing $30 billion, and DeFi innovation accelerating. Institutional funds continue to flow in, with BlackRock's spot ETF holdings exceeding 100,000 BTC. However, regulatory uncertainties still exist, and some countries are tightening compliance requirements. In the short term, market sentiment drives movements, while in the long term, attention should be paid to technological implementation and mainstream adoption.