Wu Shuo learned that Coinbase, in collaboration with Glassnode, released the report "Charting Crypto Q2 2026" which states that the crypto market is still mainly driven by macro factors and Middle Eastern developments, with high short-term uncertainty; Bitcoin's NUPL has risen from the "fear" phase in the first quarter to the "optimism" phase, with about 75% of institutional investors and 71% of non-institutional investors believing Bitcoin is undervalued; regarding Ethereum, short-term supply (held less than three months) decreased by 38% in the first quarter, while long-term supply (held over a year) increased by 1%; overall, changes in the macro environment may support the formation of a bottom in crypto assets in the near term and a rebound in the later part of the quarter.