Bitcoin's fluctuation is mild and shows an upward trend, while Ethereum is under pressure and is pulling back in the short term. Attention to position management is necessary. Market interpretation: Recent regulatory measures and capital flows are at play. The UK plans to adjust its regulatory framework and strengthen its crackdown on Russian finance and cryptocurrencies, raising compliance thresholds ⚖️; Binance's 24-hour net inflow of 2 billion USDT indicates that centralized exchanges remain the main liquidity hub 📈. If the Federal Reserve does not signal a series of interest rate cuts, a strengthening dollar may exert short-term pressure on cryptocurrencies. There are frequent actions from project teams and exchanges (Solana has received $4 billion in ATM support, Mirror and Paragraph are merging, Web3 games are launching, and multiple new tokens and airdrops are occurring), which help with the medium to long-term ecosystem and liquidity reconstruction, but large transfers and mergers by whales increase short-term volatility risks 🔄. The trend of RWA tokenization and compliance is driving institutional participation, and the market is moving from speculation to a more mature stage of capital allocation 🧭. It is recommended to cautiously control positions in the short term and pay attention to regulatory and dollar signals, while focusing on project fundamentals and capital flows in the medium to long term. Summary: The overall market is strong amidst fluctuations, but constrained by regulations and dollar trends, with high short-term volatility remaining.