Market conditions are becoming more interesting. The current total market capitalization of the crypto market fluctuates around $2.5 trillion, with Bitcoin's dominance stable at approximately 55%.

In this recent rally, geopolitical factors have started to directly impact coin prices. Bitcoin has been oscillating around $92,000 today, briefly falling below this psychological threshold in the early trading session, mainly due to tensions in international trade. As of now, BTC is quoted at $92,336, down 0.6% for the day. There is also a clear chain reaction—Ethereum has fallen by 4.9%, and Solana by 8.6%. The entire market has evaporated about $100 billion in market value, and the futures market is also unsettled, with $680 million in long positions being liquidated.

Interestingly, even in a somewhat cold macro environment, some sectors are still holding steady. Tokenized gold products (XAUT, PAXG) and DeFi tokens are performing relatively well, indicating that funds are seeking safe-haven assets. Another noteworthy detail—an address holding Bitcoin for 13 years suddenly became active, transferring out all assets. Such whale movements often attract market attention.

On the institutional level, the situation is different. Last week, net capital inflows into crypto ETPs reached $2.2 billion, with Bitcoin attracting the strongest inflows, accounting for over 71%. This shows that institutional investors still have strong confidence in Bitcoin. Major players like MicroStrategy continue to increase their holdings, having purchased 14,910 BTC since the beginning of the year, with a total holding now exceeding 687,000 BTC, accounting for about 3% of the total global Bitcoin supply. This firm stance can somewhat soothe market unease.