The market has recently appeared very lively on the surface—A-shares broke through 4000 points, precious metals saw gold surge to $4480, and silver soared 4% in a single day. The US stock market also rose accordingly, and it looks like fireworks are going off everywhere. But upon closer inspection, this prosperity is somewhat虚假. Without real liquidity support, all the gains are essentially leverage unwinding, and the danger lurks beneath this seemingly thriving appearance.

BTC surged again to $94,400 last night, marking the second time it has faced resistance at this level. As the old saying goes, "things rarely happen three times," if it fails to break through again next time, a correction might be imminent. In comparison, ETH's performance is noticeably strong, with this wave of rally particularly fierce, even pulling up a bunch of smaller coins to rise along. The key now is whether ETH can continue to push harder and whether it’s possible to also lift Bitcoin, the big brother, to break through.

Recently, BNB has been preparing for a new TGE event. During such periods, prices tend to fluctuate sharply, which is a good opportunity for short-term traders—buying low and selling high. As for SOL, although it has shown several large bullish candles of 5-10 centimeters, it is still sideways now, and hasn't yet built up a real big move. To see some action, we need a new story to emerge.

From a macro perspective, the previous Trump-era tariff policies had limited effects, but in the current low-inflation environment, US stocks are quite happy. On the safety front, Kontigo was hacked, but they promptly compensated over 1,000 users, showing a decent attitude. The US government recently transferred 225 million USDT, which is related to a previous scam case.

It’s worth noting that the Solana ecosystem has made a killing this year, with application revenue approaching $2.4 billion, nearly half of last year’s figure, and ecosystem activity is clearly active. There are also US lawmakers pushing bills to ban government officials from profiting from inside information in prediction markets. Overall, the market looks very hot, but潜流涌动—there are underlying currents, so caution is necessary.