Good morning, the market still appears to be oscillating.

BTC is currently around $73,600, down 1.1% in 24 hours; ETH is near $2,010, BNB at 638, SOL at 82. The total crypto market cap has returned to $2.56 trillion, with 24-hour trading volume actually increasing by about 12%, indicating that funds haven't left, just that sentiment is still fluctuating back and forth.
Today, three points are enough to look at the news. First, FalconX has been secretly listed, preparing for an IPO, as traditional capital continues to push into this industry. Second, Tether's new stablecoin targeting the US market has surged over 500% in size in just one month; the stablecoin sector remains the most capable of capturing real incremental growth. Third, the popularity of Hyperliquid-related products continues to be high, but on-chain contracts also experienced a 45% flash crash; such highly elastic assets have both traffic and risk, so don’t just focus on the narrative.
My simple feeling is this: the market these past two days looks more like high-level rotation rather than a trend that’s completely broken. Funds are chasing new stories on one hand, while also flowing back into established leaders with moats and stablecoin infrastructure. Don’t get too caught up in short-term movements; rhythm is more important than direction.