Last night, the overall market remained in a consolidation trend, with no major changes on the daily timeframe, still trading within the range. From the chart, the overall performance is decent, and the bulls still have room to test higher levels. However, the 65,000 area remains a key level—whether it can truly break through and hold requires further observation, as the market currently lacks a catalyst to drive sentiment.

On the capital side, although crypto ETFs saw a net outflow of approximately $130 million yesterday, which had a short-term impact on market sentiment, looking at a longer timeframe, the cumulative net inflow over the past five trading days still stands at $460 million. This suggests that institutional funds have not exited overall, but are instead still accumulating on dips, albeit at a slower pace than before. Therefore, the focus remains on ETF fund flows—as long as institutional capital does not continuously outflow, the market still has opportunities for repeated upward moves.