The current secondary market is in a typical calm trading period. BTC hovers around 90,000, ETH remains steady at 3,000, and the total cryptocurrency market cap has hardly moved in 24 hours—only up by 0.4%.

This is a common sideways pattern after a major market move, and there are two signals worth paying attention to.

On one hand, big funds are waiting. Waiting for macro developments, waiting for new narratives. Simply put, they are waiting for a clear direction to emerge, so no one is willing to chase the high. On the other hand, the prices of mainstream coins are still quite stable, and the market does not feel panicked; it's just that risk appetite has temporarily shrunk.

An interesting contrast is that the heat has been taken over by on-chain Chinese memecoins. Some tokens, after experiencing explosive rises and falls driven by events, have started to sideways trade, indicating that on-chain speculative funds haven't left the market—they are just switching back and forth between high and low positions, re-shuffling chips.

Meanwhile, mid- and small-cap tokens like HYPER and FXS are experiencing rotational surges. This phenomenon usually occurs during periods when Bitcoin's market share is stable—funds are not leaving the market but are flowing from mainstream coins into higher-beta assets. Capital is circulating; only the main participants have changed.