Bitcoin's volatility is mild and tends to be risk-averse, while Ether's volatility is more pronounced, with speculative rises that require caution for short-term pullbacks. Market commentary: Bitcoin continues to attract capital due to spot ETF (net inflow of $222.75 million yesterday), but there is a slight short-term pullback (-1.29%); Ether's decline is more significant (-2.76%), with increased volatility and speculation. On-chain and exchange activities are active: HTX has launched SYND, Rabby hints at native tokens, and WLFI has transferred a large amount to Binance (approximately worth $1.419 million), which may create sell pressure; Yuga has abandoned royalties for the repurchase to benefit the NFT ecosystem, and TUT/TWT's short-term big pump reflects capital rotation. Capital and risk: Binance has a net inflow of $194 million USDT, with about $318 million liquidated in 24 hours, and Hyperliquid's whale holdings are high with a long-short ratio of 0.88 leaning bearish; on the regulatory front, Gensler emphasizes enforcement, increasing uncertainty. Strategy suggestions: Pay attention to ETF-driven capital flows, large on-chain transfers, and liquidation indicators, and maintain position and stop loss management. 📈🔍🚨 Summary in one sentence: The current cryptocurrency market shows structural differentiation under ETF capital support, with overall weak fluctuations and a need to be wary of short-term pullbacks.