Market sentiment is tense, with fierce battles between bulls and bears. BlackRock continues to accumulate over 1814 BTC and 15,000 ETH, indicating strong institutional willingness to buy the dip and providing liquidity support to the market. However, on-chain data shows that ETH momentum is unstable. Although it briefly dipped below $2900 and quickly recovered, there remains a potential liquidation risk. If it falls to $2754, it could trigger a $1.36 billion long liquidation. Whales are active, with large BTC transfers to Bybit and "insider whales" withdrawing from Binance and lending out 30 million USDT on Aave, with leverage operations suggesting confidence in the future market. On the macro front, the Chicago Options Exchange Volatility Index (VIX) rose to 17.18, indicating that traditional market risk aversion may impact the cryptocurrency market. RWA sector financing and exchange Launchpad activities are injecting localized hotspots into the market. Summary: Institutional accumulation on dips and leverage liquidation concerns coexist, and the market is expected to remain volatile in the short term.