Key Interpretation: Uncertainty in politics and monetary policy (Trump plans to replace Federal Reserve officials, judicial investigations), weakening U.S. stocks and market expectations for interest rate cuts adjusting, increasing short-term interest rate risks, putting pressure on risk assets 📉. The supply of stablecoins tightens (USDC destroys 50 million), but institutional demand remains (LM Funding raises 23 million to expand Bitcoin reserves) 🔒. On-chain whales withdraw large amounts of ETH and transfer multiple tokens from Binance, indicating short-term liquidity and volatility increase 🐳. Exchanges and product promotions (Bitget/Binance competition) temporarily boost trading volume but add speculation 📈. Technical aspects and risk warnings: BTC short-term breaks below 113,000 USD, ETH faces a critical level at 4,353 USD; if the above resistance is broken, large-scale short order liquidations on CEX may trigger a rapid pump (potential recovery risk) 🧨. Overall, funding discrepancies and policy uncertainty dominate short-term fluctuations, and liquidity events and leverage liquidation risks must still be monitored 📊. Summary in one sentence: Short-term is biased towards volatile downward movement with increased fluctuations, but if key resistance levels are broken, it may trigger a rapid rebound from large-scale short order liquidations.