Today’s market, not weak, but also not hot.

BTC still stays above 80k, indicating the main backbone of the market hasn't collapsed; but trading volume has decreased, showing the market hasn't entered a state where everyone is rushing in together.
The current structure is very clear:
On one side are expectations of US regulation, a warming tone from the SEC, and CME continuing to increase derivatives, these medium-term positives are gradually stacking up;
On the other side, altcoins are starting to differentiate, and funds seem to be watching as they move, rather than blindly rushing in.
So my current understanding is very simple:
As long as BTC can stay stable, the market remains a “BTC stable, sector rotation” structure;
But if trading volume keeps failing to pick up, altcoins’ rebounds are likely to turn into a one-day wonder.
Don’t be too excited in the short term,
In the medium term, focus on regulation, institutions, and infrastructure as the main themes.