On-chain and capital flow data are currently showing a divergence, with bulls and bears engaged in a delicate tug-of-war. The BTC futures funding rate is slightly negative (-0.0007%), giving bears a slight edge. However, the long/short account ratio is 1.45 and the taker buy/sell ratio is 1.08, indicating that buyers are still willing to provide some support. Overall, the trend is weak and choppy. For ETH, the funding rate has turned positive at 0.0092%, and the long/short account ratio is as high as 2.09, reflecting clearly bullish sentiment. Buying pressure has the relative upper hand, and the price pullback has so far been moderate. SOL's funding rate is positive (0.0100%), and its long/short account ratio is 2.02, likewise indicating a slight bullish bias. The taker buy/sell ratio of 1.04 points to reasonably active buyers, while the price is in a pullback. BNB is a special case: although its funding rate is positive (0.0005%) and its long/short account ratio is as high as 2.40, suggesting extreme crowding on the long side, its taker buy/sell ratio is only 0.80, meaning sellers have the upper hand. This suggests heavy selling pressure at higher levels, so the risk of a pullback warrants attention. On the macro capital-flow front, the total stablecoin market capitalization has reached 314.99 billion, up 1.35 billion over the past 24 hours. This points to fresh capital entering the market and provides some liquidity support. However, recent headlines—such as advances in AI in mathematics and the controversy surrounding Cristiano Ronaldo's departure—have little connection to crypto and are mostly irrelevant distractions. Investors should focus on the capital flow dynamics behind the on-chain data rather than be distracted by external noise. The market as a whole is currently structurally divided: BTC is under pressure, while the balance between bulls and bears varies across major coins. Against the favorable backdrop of stablecoin growth, do you think this capital inflow can effectively reverse BTC's current weakness, or will it merely drive a short-term rebound in some altcoins?