Recently, the cryptocurrency market has experienced fluctuations at several key levels within the past 24 hours, which is worth analyzing to understand the overall rhythm.

BTC losing the 90K level has left the short-term bulls a bit stunned, with ETF net outflows significantly increasing, coupled with chain reactions from leveraged liquidations still spreading. On the institutional side, there are some interesting signs—JPM's recent stance is shifting, suggesting that outflows may be slowing down; in other words, they are hinting that selling pressure is approaching a bottom. If we see continuous inflows later, the conditions for a rebound will be much better.

The performance of the XRP ETF is worth paying attention to, as the record of consecutive inflows has been broken, and for the first time, a net outflow has occurred. This indicates that funds are no longer blindly increasing positions but are becoming smarter—choosing better timing to enter rather than buying indiscriminately. ETH struggling at the 3,300 level is a bit troublesome; weakening US demand has become a pressure point. To break through, both ETF and spot demand need to rise simultaneously.

Interestingly, Memecoin and DeFi sectors are leading the decline, which usually indicates that risk appetite is cooling down. Funds are no longer chasing high-volatility assets but are instead moving toward larger coins and high-liquidity targets. On-chain data for SOL looks quite good—trading volume and protocol revenue are solid—but the price is still being held down by technical resistance. A strong fundamental does not mean an immediate rise; in the short term, it depends on whether it can break through and whether funds are willing to follow.

There are two noteworthy developments in regulation. The US Crypto Market Structure Bill is approaching a critical deadline, with Wall Street and industry insiders privately negotiating the boundaries and details of DeFi. Any progress or updates in the short term could become market rhythm points. Bitnomial has received regulatory approval to advance prediction markets, which helps accelerate compliance-related contracts and prediction markets, and is also redefining the boundary between Web3 and traditional finance products.

Macro pressures cannot be ignored either. The market is closely watching employment data and Trump’s tariff ruling. BTC near 90K has become a sentiment thermometer, easily swayed by news. A major exchange receiving an upgrade from a big bank adds to the narrative of "crypto financial infrastructure stocks," which is positive for compliance pathways and mainstreaming the industry.

Overall, the short-term sentiment is indeed somewhat bearish, but there are signs of a bottoming process. ETF outflows and the leading decline of high-volatility sectors make the market more cautious, but institutional discussions about selling pressure approaching a bottom are already underway. As long as regulation and macro factors do not continue to exert pressure, the possibility of a sharp rebound is not low. The key still depends on capital flows rather than slogans.