Today, although $ETH broke through $4,000, the overall market did not show significant FOMO sentiment. The positive news of 401K entering the crypto market did not significantly enhance $BTC's purchasing power, and trading volume remained normal, with price increases largely coming from reduced selling pressure. In contrast, ETH's trading volume significantly increased after the news was announced, and the spot ETF $ETHA also saw a simultaneous increase in volume, indicating that funds are leaning towards ETH, especially with traditional ETF funds driving activity in both primary and secondary markets. The U.S. stock market performed strongly, with the Nasdaq reaching a new high and the S&P approaching historical highs, which may provide indirect support for BTC.

From on-chain data, BTC's turnover rate has slightly increased, mainly concentrated among short-term investors whose holding costs are above $107,000. The $117,000 level has been tested multiple times but still has about 640,000 BTC accumulated, indicating that a directional choice is approaching. The two major support areas have stable holdings, and even during last week's low sentiment, it did not drop below $110,000, showing solid support. With weekend liquidity, market sentiment is expected to remain stable, and current long positions are held while waiting for weekend performance.

This article is sponsored by #Bitget ｜ @Bitget_zh

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