My biggest feeling about this week:

This week,

The biggest change in the market is not the price.

It’s this:

Sentiment is starting to repair, capital is beginning to test the waters, but the real big money is still staying cautious.

Prices have rebounded,

Funding rates are starting to recover,

Long-term holders are adding back.

But ETF flows are still out,

And whales still haven’t fully moved in.

So I think right now it’s more like:

Sentiment is one step ahead, while capital is still being tested.

What truly determines the direction of the next phase,

Still depends on macroeconomic data, Federal Reserve policy, and whether institutional capital will flow back in.