1. Today's Core News Summary
1. Funding Liquidation: Short-selling Concentration Triggers Liquidation, $92 Million Position Cleared
In the past 24 hours, the total market liquidations reached about $147 million, with short liquidations accounting for over 62% (approximately $92.3 million), making Bitcoin and Ethereum the core targets for short squeezes. The concentrated stop-loss by short-sellers directly pushed the market to exhibit a three consecutive day recovery, with short-term selling pressure receiving temporary relief, but the overall market leverage level remains low, showing insufficient willingness to chase higher prices.

2. ETF Funds: Internal Divergence Intensifies, Funds Rotate Towards Leading Products and Altcoins
The U.S. Bitcoin spot ETF shows a highly differentiated pattern: BlackRock's IBIT saw nearly $90 million inflow in a single day, nearly propping up the market; while products such as Grayscale's GBTC and Fidelity's FBTC continuously experienced outflows, masking the overall market net outflow scale with leading products. At the same time, Altcoin ETFs such as Ethereum, Solana, and XRP achieved net inflows, indicating a shift of funds from Bitcoin to high-quality mainstream coins.

3. Regulatory Dynamics: CLARITY Bill Negotiations Continue, Global Compliance Divergence Advances
The negotiations for the U.S. Senate's CLARITY Bill are still ongoing, with financial giants like Charles Schwab expressing support for the bill, calling it a "fundamental catalyst" for the industry. However, there remain differences between the White House and the Republicans on the timeline, leaving the final passage uncertain. Argentina introduced a comprehensive deregulation bill, aiming to leverage cryptocurrencies to modernize its capital market; following the implementation of the EU's MiCA rules, industry mergers and acquisitions are accelerating.

4. Macro and Correlation: Tech Stocks Stabilize, Marginal Recovery in Risk Appetite
Samsung's semiconductor performance exceeding expectations has stabilized chip stocks, leading to a slight rebound in Nasdaq futures, showing a marginal recovery in global risk appetite. The crypto market, previously highly correlated with tech stocks, benefited simultaneously, as Bitcoin demonstrated resilience amidst triple bearish factors (Federal Reserve's hawkish divergence, Middle East conflict, bill suspension), with enhanced weekly resistance against drops.

5. Market Sentiment and Sectors: Fear Zone Continues, Structural Market Dynamics Dominate
The crypto fear and greed index reported 28, remaining in the "fear" zone, with overall market sentiment not fully reversing. The sectors exhibited notable structural differentiation: Layer 2 and the XRP ecosystem led the gains, while Cardano saw a single-day increase of over 5%; in contrast, altcoins without narrative support struggled to rebound, with funds continuously concentrating on leading mainstream targets, and a broad rally has yet to appear.



Mainstream Coin Strategies and Entry Points Reference

1. Bitcoin (BTC)
Market Characterization: A three-day recovery on the 4-hour chart has successfully stabilized above the key support zone of $64,000, and the short-term rebound structure remains intact; however, the $65,000 integer level still faces pressure from trapped positions, and the volume has not significantly increased; as the weekly closing approaches, a range-bound fluctuation is expected, and a breakthrough requires additional capital support.

• Key Support:
◦ First Support: $64,300 – $64,400 (intra-day short-term support level, recent fluctuation center)
◦ Strong Support: $63,800 – $63,900 (bull-bear dividing line; falling below would slow the rebound rhythm)

• Key Resistance:
◦ First Resistance: $65,200 – $65,300 (recent high point cluster)
◦ Strong Resistance: $65,800 – $66,000 (mid-term trapped zone + integer level)

• Reference Strategy:
◦ A pullback to stabilize in the $64,200–$64,400 range could be a light long position entry, with stop-loss below $63,700

◦ A rebound towards the $65,100–$65,300 range facing resistance could be a short position entry, with stop-loss above $65,700

◦ If volume significantly stabilizes above $65,300, it may trend towards around $65,800; falling below $63,800 should lead to a wait-and-see approach.

2. Ethereum (ETH)

Market Characterization: Following the overall market recovery, the $1,900 integer level has shifted from resistance to support, with a neutral short-term rebound structure; continuous inflow of ETF funds provides fundamental support, but the moving averages around $1,950 pose significant pressure, and there is insufficient momentum for an independent rally, generally in correlation with Bitcoin.

• Key Support:
◦ First Support: $1,900 – $1,905 (intra-day short-term support level, integer level)
◦ Strong Support: $1,880 – $1,885 (bull-bear dividing line; falling below would return to weak fluctuation)

• Key Resistance:
◦ First Resistance: $1,940 – $1,950 (100-day moving average pressure)
◦ Strong Resistance: $1,970 – $1,980 (previously dense trading area)

• Reference Strategy:
◦ A pullback to stabilize in the $1,895–$1,905 range could be a light long position entry, with stop-loss below $1,875

◦ A rebound towards the $1,940–$1,950 range facing resistance could be a short position entry, with stop-loss above $1,965

◦ If volume effectively stabilizes above $1,950, it may rise to the $1,970-$1,980 range.

3. Solana (SOL)
Market Characterization: The rebound strength ranks among mainstream coins, with $74 providing confirmed effective support, and the short-term repair structure is intact; the rising activity of meme coins on the blockchain is boosting fee demand, coupled with slight inflow of ETF funds, the market elasticity exceeds that of most altcoins, yet independence remains insufficient, requiring support from the overall market.

• Key Support:
◦ First Support: $74.2 – $74.5 (intra-day short-term support level)
◦ Strong Support: $73.2 – $73.5 (bull-bear dividing line; falling below would return to weakness)

• Key Resistance:
◦ First Resistance: $75.5 – $75.8 (near recent high points)
◦ Strong Resistance: $76.5 – $77.0 (previously dense trading area)

• Reference Strategy:

◦ A pullback to stabilize in the $74.0–$74.4 range could be a light long position entry, with stop-loss below $72.8

◦ A rebound towards the $75.5–$75.9 range facing resistance could be a short position entry, with stop-loss above $76.8

◦ If volume breaks through $76 effectively, it may trend towards around $77; falling below $73 should be avoided.
Operational Reminder

1. Today marks the end of the weekly trading period; institutional funds may adjust their positions, leading to increased volatility; it is recommended to operate with light positions and strict stop-loss to avoid holding over the weekend and facing news risk.
2. Daily core observation variables: U.S. stock market closing performance, final funding data for Bitcoin ETFs, potential geopolitical and regulatory news over the weekend.

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