Recent actions have been quite intense. First, let's talk about the market situation—there's been a change in the Federal Reserve's stance. Trump's pressure seems to have had less impact than expected, and the hawkish candidate Waller is starting to outperform Haskett, indicating that tightening expectations might be adjusted.

The crypto space is also lively. The recent USD1 trading competition sparked interest in many longstanding USD1 liquidity pools, leading to a rise in some Meme coins. For example, the "I'm Coming" token surged over 40% in a short period, with a market cap reaching $20 million; "Life K-line" also didn't sit idle, surpassing $11.6 million in market cap; "Snowball" even shot up to $22 million. This wave of enthusiasm has indeed driven a batch of new projects.

However, risks must be clearly stated—PUMP experienced the highest liquidation count across the network in the past hour, with the on-chain PUMP long position ranking second, having been liquidated for $14.3 million, indicating significant volatility pressure on leveraged traders.

Progress at the ecosystem level is also worth noting. Base just released a new roadmap, and Solana launched a private swap feature. These updates point to a dual upgrade in privacy and efficiency. Ethereum continues to emphasize the value of decentralized sovereignty, while also making new efforts in staking yield narratives. The Perp DEX sector is experiencing high trading volumes but also facing controversy over mechanism adjustments.

Regarding price trends, Bitcoin is approaching the $100,000 mark. It broke through this level overnight, with a 24-hour increase of 3.91%. From the perspectives of macro liquidity, institutional real buying behavior, and on-chain valuation, Bitcoin still has the potential for a structural rebound. We will need to keep observing this pace.