BTC hovers around $87,785, while ETH fluctuates below $2,950. The total market capitalization has regained above $3.05 trillion, which is somewhat surprising given the extreme market panic—indicating that smart money is still making defensive moves.

However, a closer look at the market reveals that the most interesting development is the catch-up in the storage sector. Infrastructure assets like STORJ and GAS have suddenly become active, as funds seek relatively overlooked safe havens. At the same time, with the refinement and implementation of the US regulatory framework for "non-security" categories, privacy coins ZEC and ZEN are also experiencing phased capital inflows.

But risks are accumulating simultaneously. After the official announcement that an execution layer vulnerability caused $3.9 million in theft, the price dropped over 30% in a day. This is not just a typical negative event—it's a direct challenge to the underlying security of the entire blockchain. Investors should realize that no matter how well-designed the ecosystem or how hot the application scenarios are, they can't save a blockchain with systemic vulnerabilities.

Currently, the market is in a stage of extremely tight liquidity. The rapid rise of small-cap tokens like NTRN often comes quickly and goes just as fast, with high risks of catching the top outweighing potential gains. During the altcoin season, the easiest to stumble are often those that seem like "opportunities."