Overall, the current cryptocurrency market is at a crossroads of multiple forces competing. On the macro level, the ceasefire between the US and Iran and record highs in US stocks provide temporary support for risk assets; on the on-chain level, the realized price of $76,800 acts as a key resistance; the cautious sentiment implied by the options market suggests that the quality of the rebound still needs to be validated. The rebound of the ETH/BTC ratio and the differentiated flow of ETF funds indicate that the market may be brewing a shift from "Bitcoin's solo rise" to "structural rotation," but the sustainability of this shift still depends on further confirmation from macro narratives and on-chain data. #ETH #BTC #加密资产配置