It's interesting to observe how crypto prices are recovering, but what concerns me is that the bounce looks very unstable. Bitcoin is trading around 73K, Ether has returned to 2.25K, but most altcoins are still far from their early-year highs.

Fund flows tell an intriguing story. Last week, cryptocurrency investment products experienced a withdrawal of $1.7 billion — the second consecutive week that traders have pulled funds out. This doesn't seem like a market confident in further growth. Long-term Bitcoin holders are still in losses, even at these levels.

What worries me the most is market positioning. Prices are mainly held up by institutional buyers through spot ETFs and a few large platforms. Ordinary traders remain cautious, and this is evident in the mixed dynamics of altcoins. BNB showed gains, Dogecoin also rose, but most tokens are just fluctuating within narrow ranges.

External markets are also contributing. Asian stocks are correcting losses, but concerns about artificial intelligence potentially undermining traditional SaaS models keep traders on edge. Plus, geopolitical tensions — oil prices rose after the incident in the Arabian Sea. All of this creates an atmosphere of uncertainty.

The main issue: institutional support volumes are limited, and if they stop accumulating, this bounce could quickly end. The market is waiting for a stronger signal to shift from a defensive stance to active growth.