Bitcoin and Ethereum prices are affected by macroeconomic factors and on-chain liquidation pressures. Trump’s tariff remarks and large loan asset sales may trigger risk-off sentiment, with key BTC/ETH levels facing significant long liquidation risks. Vitalik has reduced ETH holdings and is researching LLMs, but on-chain funding rates show complex signals. The exploration of RWA and the launch of new contracts add vitality to the market. The overall market shows oscillation downward, with bearish forces dominating. Bitcoin and Ethereum price fluctuations are influenced by macro policy risks and on-chain liquidation pressures. Trump’s proposed tariff increase🚨, combined with Blue Owl Capital’s substantial sale of loan assets, may lead to increased risk-off demand📈. There is a large liquidation risk for longs near key levels (BTC $64,915/$65,082, ETH $1,880/$1,890)💰, indicating potential for sharp volatility. Vitalik has sold part of his ETH holdings; although his LLM research focuses on decentralized governance, short-term market sentiment remains pressured. Funding rates show BTC slightly negative at -0.0009% (slightly bearish), ETH slightly positive between 0.0015% and 0.0037% (slightly bullish), but overall volatility is intense, with liquidation amounts reaching hundreds of millions of dollars, and short liquidations significantly prominent📈. CTSI has experienced a sharp pullback, with ZAMA, ICP, Punch, and other tokens showing active performance, indicating market segmentation. China’s RWA exploration and Binance’s new contract launches inject variables into long-term development. Currently, the overall cryptocurrency market is oscillating downward, with bearish forces prevailing, and significant pullback risks should be watched carefully.