Bitcoin is under pressure, with a pullback and converging fluctuations, while Ethereum shows slight gains amidst cautious short-term observations, emphasizing position control. Market key points interpretation: Current macro and on-chain signals are intertwined, with clear divergences in volatility and direction. CBOE volatility has risen to a two-week high, indicating an increase in market risk aversion; U.S. stocks have fallen for several consecutive days (S&P -1%, Nasdaq -1.85%) and have expanded their declines, raising investor doubts about overvaluation and adding external pressure from declining risk appetite📉. The dollar index has dipped short-term (DXY down), providing some support for risk assets, but political and regulatory uncertainties (Trump considering firing a Federal Reserve board member, the Justice Department's criminal investigation into Cook) have elevated market uncertainty⚖️. On-chain and institutional dynamics: CryptoQuant shows that although the strategy side's increased holdings are not a bottom signal, they help boost market sentiment; the destruction of 50 million USDC reduces liquidity, theoretically slightly benefiting the relative attractiveness of stablecoins to cryptocurrency assets; a certain Whale has withdrawn 2,200 ETH (≈9.15 million USD), possibly reflecting private sale/long-term holding or the accumulation behavior of transferring to cold wallets🐳. Meanwhile, several institutions and projects have completed financing (Bitcoin collateralized mortgages, LM Funding increasing Bitcoin holdings), indicating sustained institutional demand🏦. Short-term outlook and trading ideas: Bitcoin ($113,475.77, 24h -0.52%) is under consolidation pressure, while Ethereum ($4,211.16, 24h +0.12%) remains relatively stable. It is recommended to focus on swing trading in the short term, strictly control positions and stop losses, and pay close attention to: U.S. stock sentiment, Federal Reserve officials' speeches/labor market data, dollar trends, and on-chain movements of large holders/stablecoins📊. A one-sentence summary of the current overall trend in the cryptocurrency market: Risk appetite is under pressure, volatility is rising, short-term fluctuations are weak, but there is limited support from the dollar's retreat and institutional demand.