The crypto market has recently exhibited high volatility. Bitcoin has been oscillating between the $88,000 and $93,000 range, with intensified battles between bulls and bears; Ethereum, supported by upgrade expectations, has shown relative resilience. Institutional funds continue to flow in, but retail sentiment has cooled, and the Fear & Greed Index has fallen back to neutral. Signals of stricter global regulation have become frequent, with some countries tightening trading restrictions and accelerating compliance processes. In the short term, macro liquidity and geopolitical risks remain the dominant factors, and caution is needed against black swan events. Long-term value still depends on technological implementation and ecosystem expansion.