The cryptocurrency coin market situation today is quite interesting. The market is testing resolve between selling pressure and buying pressure. Bitcoin’s price dropped to test below $80,000 yesterday, and it also seems that money has flowed out of the US Bitcoin ETF by $277.5 million—marking the first time the numbers have been negative since May.

But what’s noteworthy is that the Morgan Stanley Bitcoin Trust continues to see inflows, with not a single day of outflows. This reflects that major financial institutions still have confidence in this cryptocurrency. Fidelity and BlackRock sold more than $200 million, but Morgan Stanley, in the opposite direction, keeps accumulating.

From a technical perspective, Bitcoin’s Golden Cross signal is about to appear. In the past, this has always been an early sign of a major bull run. Analysts say that if it can break through resistance at $92,000 and $104,000, the next targets could reach $180,000 to $250,000 by 2026. But I think we shouldn’t get too excited yet. The true test is first to hold above $82,500. If it can’t do that, the “heavenly” signal could turn into a trap and drop back to $50,000 as well.

Speaking of Solana, that’s also interesting. In just the most recent week, this cryptocurrency saw ETF inflows reaching the highest level since February—pulling in $39.23 million. The price of SOL jumped 15% to $86.50. The chart looks like the downtrend may be ending. Open interest in futures has surged by 30%. Traders are betting that SOL will break through $95 and go on to reach $120, because there is almost no resistance in that zone.

Then there’s news about Circle. The stock CRCL surged 16% and closed at $131.76 due to earnings that came in better than expected. Revenue rose by 20% or more to $694 million. The amount of USDC expanded by 28% to 76,953,750,029 tokens. Circle also raised $222 million from a16z Crypto, BlackRock, and ARK Invest to build a new Arc network. This shows that stablecoins are becoming an important part of the digital financial system—not just tools for trading cryptocurrencies anymore.

Overall, the market is moving into a phase where big players are stockpiling assets, while small players are afraid. The Fear and Greed index is at 49, indicating the market is in a neutral state—neither too hot nor too cold.