The crypto market continues to show a range-bound pattern, with Bitcoin repeatedly pumping between the $88,000 and $90,000 range, intensifying the Bull vs Bear Battle. On the regulatory side, the SEC still has uncertainties regarding the approval of the Spot ETF, causing market sentiment to fluctuate with the news; institutional Holdings data shows that some long term capital is positioning itself at lower prices. There is a clear differentiation among alts, with narrative zones like AI and L2 being partially active, while overall trading remains cautious. In the short term, attention needs to be paid to macro Liquidity and the pace of policy implementation.