The cryptocurrency market has been the same old story these days—Bitcoin is oscillating, altcoins are wobbling along, and capital isn't very enthusiastic. However, there are a few details worth noting.

First, let's talk about institutional movements. MSCI decided not to remove crypto treasury-related companies from its indices, which gave a boost to related concepts. More interestingly, Morgan Stanley submitted an application for a SOL trust product, reigniting expectations for the institutionalization of Solana. Meanwhile, the US stock market continues to rise, especially the storage chip sector which is surging strongly. Gold and silver are also approaching their recent highs, with safe-haven and inflation expectations intertwined.

Looking at technical analysis, Ethereum is clearly strengthening, showing signs of capital inflow. The ETH-to-Bitcoin exchange rate is also trending upward, indicating that in the short term, Ethereum is relatively stronger than Bitcoin. This is a signal worth paying attention to.

In terms of hot topics, Meme projects on the BSC chain are experiencing very high volatility, with some rising nearly 3 times from the bottom, reflecting intense capital speculation. The Japanese narrative is also gaining momentum, with an increase in JPY spot trading pairs reinforcing this trend. However, it's important to note that some Japanese Meme projects experienced significant sell-offs after media coverage, serving as a deep lesson—short-term hype can quickly cool down.

Overall, the market is still oscillating, mainly favoring ETH's relative strength and narrative-driven local trends. Meme sector volatility is increasing, so beware of the short-term trap of "media exposure equals a high point."