#数字资产市场动态 The early trading session showed a good trend, with $BTC rising by 850 points. After some profit-taking, it also pocketed $5100.

Upon closer inspection, recent market changes mainly revolve around these three areas:

First is liquidity issues — in the past couple of days, the funds in the crypto space seem a bit tight, and volatility has increased significantly. During such times, prices are easily pushed up or down rapidly. Second, the Federal Reserve's expectation of interest rate cuts has been pushed back, which suppresses the valuation of risk assets across the board, with Bitcoin as a high-risk asset being the first to be affected. Lastly, the movement of ETF funds — recent marginal changes in institutional inflows and outflows are leading short-term trends, and the activity in this area is often more significant than retail investors imagine.

Overall, the recent market rhythm remains quite fragmented, and to grasp the direction, one needs to pay attention to changes across these three levels.