Exchange: If 7.7 can't hold, it's highly likely to drop to 7.2-7.3. In the short term, it's still in a defensive state. ① Capital rotation: Rising U.S. bond yields → BTC, as a zero-yield asset, becomes less attractive, leading to capital rotating from high-risk assets to bonds. ② Risk aversion: Rising yields often push DXY stronger, tightening liquidity, and investors reduce leverage and lower risk exposure. On-chain: Saw people talking about launching contracts on ETH + BSC. Eth: asteroird Bsc: Hakimi & freedom Personally, I feel the chances of launching are low. Sentiment is too bad, and launching wouldn't be worth it. Plus, it's getting harder to launch contracts on Binance now. Coins to watch: Other than meme coins, there aren't any coins with sustained playability. Projects to watch: 1. @arc Let's see how they get everyone involved. 2. @saturn_credit Related to strc. 3. There are still many projects far from TGE, too lazy to list them all. Summary: Focus on defense and wait for hotspots to emerge.