1. Today's core news summary

1. Fund liquidation: shorts concentrated and liquidated, ETH becomes the core of the short squeeze
In the past 24 hours, a total of $54.71 million in leverage positions were forced liquidated across the market, with 88.71% (approximately $48.48 million) being short positions. Ethereum is the core target of this round of short squeeze, with concentrated stop-losses from shorts directly pushing ETH to lead the market. On-chain capital flows showed divergence, with BTC experiencing a net outflow of about $53.6 million in 24 hours, and ETH seeing a net inflow of $29 million, continuing the pattern of funds rotating towards Ethereum.

2. ETF funds: weekly net inflow across the board, ETH institutional preference continues
Last week, all U.S. spot crypto ETFs achieved weekly net inflow, with Ethereum ETF seeing a weekly net inflow of $103.9 million, significantly surpassing Bitcoin's $33.79 million. Solana and XRP had net inflows of $7.2 million and $8.15 million respectively. However, last Friday saw a short-term turning point: BTC ended a 7-day inflow streak with a net outflow of $240 million, while ETH ended a 5-day inflow streak with a net outflow of $70.6 million, indicating signs of profit-taking in the short term.

3. Regulatory dynamics: CLARITY Act game intensifies, global compliance divergence
The CEO of Goldman Sachs publicly expressed support for the CLARITY Act, believing it could clarify the crypto regulatory framework, sharply contrasting with Morgan Chase CEO Dimon's opposing stance. The bill is currently still under discussion in the Senate, with stablecoin-related terms being the core of the dispute between both parties. After the EU’s MiCA rules were implemented, compliance costs increased, and the industry expects an acceleration in mergers and acquisitions among small and medium enterprises; South Korea confiscated about $4.92 billion in illegal foreign exchange transactions in the first half of the year, with some cases involving companies using cryptocurrency to evade foreign exchange controls.

4. Industry and macro: options betting volatility, localized risk release
This week, as the Federal Reserve's interest rate decision approaches, the open interest in the Bitcoin options market has increased. Traders are betting on increased volatility after the decision, with overall market sentiment being cautious. On the industry level, the South Korean public chain WEMIX suffered a smart contract attack, resulting in the theft of about $6.25 million in tokens; the public chain Forma Chain announced a gradual shutdown, with its NFT assets set to migrate to Ethereum.

2. Overall market overview

The total market capitalization of the global crypto market is about $2.3 trillion, with a 24-hour increase of approximately 1.7%. The market shows characteristics of "ETH leading, BTC stable, altcoins diverging":
In terms of sectors, PUMP led the market with a single-day increase of over 11%, while the privacy coin XMR fell significantly. The short squeeze is the core driving force behind the short-term rally.

3. Mainstream coin intraday strategies and entry point references
The following is a整理ed technical analysis for market perspective reference, and does not constitute any trading advice.
1. BTC

Market qualification: The 4-hour level maintains a fluctuating upward structure, with $64,800 turning from resistance into support. The short-term rebound rhythm is intact, but the volume has not significantly increased, and the previous trapped positions above still exert pressure. The main idea for the day is to focus on range trading and breakthrough following strategies.

• Key support:
◦ First support: $64,700 - $64,800 (short-term support level for the day, former resistance now support)
◦ Strong support: $64,200 - $64,300 (key dividing line between bulls and bears; breaking below will weaken the short-term rebound structure)

• Key resistance:
◦ First resistance: $65,500 - $65,600 (previous area of high trading volume)
◦ Strong resistance: $66,000 (integer level + medium-term trapped zone)

• Intraday reference ideas:
◦ If there’s a pullback and stabilization in the $64,600–$64,800 range, a small long position could be tried with a stop loss below $64,100

◦ If there’s resistance to a rebound in the $65,400–$65,600 range, a short position could be taken with a stop loss above $66,000

◦ If the price effectively stabilizes and rises above $65,600 with increased volume, it may move towards the vicinity of $66,000; breaking below $64,200 will lead to a wait-and-see approach

2. ETH

Market qualification: The leading target for this round of rebound, driven by both the short squeeze and institutional fund preference, forcefully broke above the $1,900 integer level, with the 4-hour level rebound slope greater than BTC, and the short-term bullish structure is clear; however, last Friday saw a single-day capital outflow from ETFs, needing to guard against profit taking risks at high positions.

• Key support:
◦ First support: $1,920 - $1,925 (short-term support level for the day)

◦ Strong support: $1,900 - $1,905 (dividing line between bulls and bears; breaking below will slow the rebound rhythm)

• Key resistance:
◦ First resistance: $1,950 - $1,955 (previous area of high trading volume)

◦ Strong resistance: $1,980 - $2,000 (pressure from moving averages + integer level trapped zone)

• Intraday reference ideas:

◦ If there’s a pullback and stabilization in the $1,915–$1,925 range, a small long position could be tried with a stop loss below $1,895

◦ If there’s resistance to a rebound in the $1,970–$1,980 range, a short position could be taken with a stop loss above $1,990

◦ If the price effectively stabilizes and rises above $1,955 with increased volume, it can be viewed towards the $1,980–$2,000 range

3. SOL

Market qualification: Rebounding in sync with the broader market, with upward movement in the range center of gravity. Weekly ETFs achieved a small net inflow; however, on-chain activity and fund interest lag behind ETH, indicating insufficient independence of the trend. It should be treated with a range trading approach linked to the broader market.

• Key support:

◦ First support: $75.5 - $75.8 (short-term support level for the day)
◦ Strong support: $74.8 - $75.0 (dividing line between bulls and bears; breaking below will return to weak fluctuations)

• Key resistance:
◦ First resistance: $76.8 - $77.0 (near previous high)
◦ Strong resistance: $78.0 - $78.5 (previous area of high trading volume)

• Intraday reference ideas:
◦ If there’s a pullback and stabilization in the $75.3–$75.7 range, a small long position could be tried with a stop loss below $74.5

◦ If there’s resistance to a rebound in the $76.8–$77.2 range, a short position could be taken with a stop loss above $77.8

◦ If there’s a volume breakout above $77.2, it can be expected to reach near $78; breaking below $74.8 will lead to a cautious approach
Operational reminders
1. As the Federal Reserve's interest rate decision approaches this week, market watchfulness is gradually increasing, and volatility may expand. It is advised to operate with light positions and strict stop losses to avoid holding positions based on a single event.
2. Core observational variables for the day: changes in risk appetite after the U.S. stock market opens, real-time capital flows for ETFs, and the latest developments on crypto regulatory bills.
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