Macroeconomic positive signals and on-chain data game. The US dollar index has fallen to a four-month low, coupled with Goldman Sachs indicating that investor risk appetite has risen to high levels. The S&P 500 hit a one-week high, and macro liquidity expectations have improved, providing support for risk-on assets. BTC and ETH consecutively broke through key psychological levels (BTC 88k, ETH 2.9k). Binance experienced large net inflows of USDT (Note: the original text mentioned net outflows, but the data earlier shows 200 million USDT transferred in; here, it is interpreted as bullish capital entering the market). Grayscale saw large transfers and clear signals of institutional entry. However, on-chain data shows divergence: anonymous addresses transferring out and whales reducing ETH holdings led to unrealized losses exceeding $58 million, combined with significant pullbacks in altcoins like SOMI and ZKC, indicating profit-taking demand at high levels. Additionally, Binance experienced a net outflow of USDT over the past 24 hours (data conflicts, caution needed regarding exchange reserve fluctuations) and a data leak involving 149 million malicious software incidents, bringing short-term FUD (fear, uncertainty, doubt) sentiment to the market. Attention should be paid to the U.S. Senate Agriculture Committee's review of the cryptocurrency market structure bill this Thursday, as its passage or rejection will directly determine the regulatory framework direction for the U.S. crypto market. In summary: macro risk appetite recovery has driven the crypto market higher, but the coexistence of whale profit-taking at high levels and regulatory uncertainty has led the market into a high-level oscillation phase, requiring close monitoring of the bill's progress and capital flows.