June started off looking bad, but I don't think this is the end.

$BTC/ $ETH weakens immediately at the start of the month, ETF continues large outflows, MicroStrategy is reported to be selling coins.
These three things stacking together make the short-term narrative very ugly; if you only look at the price, it's indeed not an exciting time.
But what I really care about is another trend quietly unfolding.
Japan's stablecoin legislation proposal is entering the countdown to implementation, the US ETF approval process hasn't stopped, and Grayscale continues to release long-term bullish outlooks publicly.
These are not just market sentiments; they are part of a process of piecing together a regulatory framework. This kind of thing has never been reflected in weekly prices, but every step is changing the threshold for institutions to enter.
Today, there are two technical aspects worth following: how the community reacts to Vitalik's new proposal, which will determine the confidence in ETH's developer ecosystem; and Sui's upgrade launch, which is one of the few targets today with a clear catalyst.
My judgment: be cautious in the short term, but not pessimistic in the medium term.
The biggest fear is not a price drop, but that during a decline, the structural long-term opportunities are also cut off.
The noise about MicroStrategy selling coins will pass, and Japanese legislation will not disappear.
Distinguish clearly between volatility and direction; this is more important than guessing today's ups and downs.
DYOR, not investment advice.