This week's crypto market sentiment is a bit subdued. The Fear & Greed Index has dropped to 25, which is a sign of extreme fear—investor sentiment can be imagined.

From a capital perspective, the pressure is even more evident. Bitcoin spot ETFs saw a net outflow of $782 million last week, with BlackRock's IBIT product alone accounting for $435 million of that outflow, leading among all products. Ethereum spot ETFs also faced difficulties, with a net outflow of $102 million, and BlackRock's ETHA experienced a net outflow of $69.42 million. Major institutions are quietly exiting, and this signal should not be ignored.

But from another angle, the market is also brewing for change. Analysis from 10x Research indicates that BTC and ETH may be at a critical point of trend reversal. Meanwhile, the whale community for ETH shows interesting behavior—they haven't given up, but instead have reached a consensus support at the $2700 level. This suggests that large holders are still positioning themselves.

On the macro level, the Bank of Japan maintains a steady pace of interest rate hikes, which will have a sustained impact on global liquidity. More notably, dedicated blockchain networks are rapidly emerging, reshaping the competitive landscape of the entire crypto infrastructure—this is a signal of fundamental change.

The global cryptocurrency holding rate rankings for 2025 have also shifted, with the UAE leading at 31%, reflecting regional differences in acceptance of crypto assets.

However, risks are also accumulating. In terms of security, the latest variant of NPM supply chain attacks, "Shai-Hulud3.0," has appeared, and practitioners should be especially vigilant. Additionally, most crypto treasury companies are not optimistic about the outlook before 2026, and even flagship DAT projects may face crises.

The consensus among five leading VCs is that in 2026, investors will shift toward long-term visions of 5 to 10 years— the era of short-term speculation is coming to an end. UK financial institutions are also preparing a crypto regulatory framework for 2026, with the regulation of stablecoins and their integration with payment functions becoming core topics.

Overall, although the market is under short-term pressure, structural changes are driving industry evolution. Panic often contains opportunities, and the key is to identify which ones are truly of long-term value.