As of this morning's close, BTC is temporarily reported at $64,150 USD, a slight increase of 0.45% over 24 hours, with the intraday low reaching around $63,850. Ethereum (ETH) performed even more weakly, continuously hovering around $1,720 USD, directly under the previous quarterly delivery’s major pain point ($1,725). Major holdings have fallen into defensive mode: the overall network fear and greed index remains around 23 (extreme fear). On-chain data shows that not only has the US Bitcoin spot ETF experienced consecutive weeks of red lights, but the total open interest (OI) in derivatives markets has also significantly shrunk after last week's liquidations. Large on-market funds (Market Makers) mainly hedge across maturities during the day, while retail high-leverage longs are virtually gone. Altcoins (Alts) continue to bleed out: due to a lack of liquidity inflow, the morning market shows clear characteristics of “blood flowing back into blue chips.” Bitcoin’s market share further increased to 56.2%, with AI concept coins, Meme coins, and DeFi sectors leading in declines. Funds are experiencing localized panic exits to acquire stablecoins for defense.