From the perspective of fund flows, the market is in a delicate balance between bulls and bears. The BTC funding rate has remained positive at 0.0035%. Long accounts have a slight edge, with a ratio of 2.98, but the taker buy/sell ratio is only 0.82, indicating that selling pressure is more active in market orders. ETH has edged down, despite a higher funding rate of 0.0059%. Its long/short ratio of 3.09 also leans bullish, yet the buy/sell ratio of 0.89 again confirms that sellers are in control. By contrast, SOL is the strongest performer, with a long/short ratio as high as 4.08, while its taker buy/sell ratio of 1.21 shows buyers are prevailing—a sharp contrast with BTC and ETH. BNB’s funding rate is 0.0043%, and its buy/sell ratio is 0.74, indicating clear selling pressure.

On the macro front, AWS’s launch of an in-house simulator, unusual moves in A-share innovative drug stocks, and volatility in Alibaba’s Hong Kong-listed shares have not directly impacted core crypto assets. However, the total stablecoin market cap has reached 290.76 billion, with an additional 340 million entering over the past 24 hours—clear signs of fresh capital flowing in. This “hot on-chain, divided in derivatives” structure suggests that capital is waiting on the sidelines: bullish consensus is strongest on SOL, while BTC and ETH face selling pressure from profit-taking or underwater holders.

Given this divergence, how are you planning to adjust your position? Will you follow SOL’s bullish momentum, or stick with BTC’s stability?