Comprehensive latest information: Saros TVL breaks 100 million USD, Binance 24h net inflow of 2.003 billion USDT and Tether users and transaction volume at a high level, indicating that the capital side is still relatively sufficient 📈; however, the delisting of ALPHA contracts and potential long positions liquidation (if ETH < 4,269 USD or reaches 2.05 billion USD, if BTC < 110,700 USD or reaches 2.862 billion USD) suggest an increase in leverage risk ⚠️. On the regulatory front, the UK FCA plans to apply rules flexibly for better supervision, and there is increasing call to crack down on Russian banks and cryptocurrency, adding institutional and geopolitical uncertainty 🛡️. On-chain and product end (Bitget Airdrop, Forward plans to support Solana, MKR→SKY swap, 21Shares launches ARAY, etc.) indicate that institutional demand and innovation are parallel, and in the short term, it will be mainly driven by event-driven structural opportunities and high volatility 🔎🔥. In summary: liquidity and institutional demand coexist, but leverage and regulatory risks coexist, and the short-term market is biased towards fluctuations and accompanied by liquidation risk.