BTC Strong rebound breaks through $87,000, but warnings emerge in the derivatives market ⚠️. On the macro front, the Federal Reserve and the Trump administration's game of poker escalates, and comments on adjusting the inflation target raise concerns about independence; under Trump's optimistic rhetoric, risk aversion pushes up U.S. Treasury yields. On-chain data shows a violent tug-of-war between bulls and bears: on one hand, institutional players like Fasanara Capital increase their holdings in ETH, and the destruction of USDC suggests a return of on-chain liquidity; on the other hand, the entire network sees liquidations of $300,000,000, with long positions being wiped out, and BTC OG whales' high-leverage long positions expanding losses to $55,000,000, while at the same time, the 'largest on-chain short' accurately profits from shorting. The short-term trend shows a divergence between news and technical aspects, with institutional buying providing support, but the risk of leverage liquidation remains high. In summary, the cryptocurrency market is currently in a news-driven high-volatility oscillation period, with a tug-of-war between bulls and bears, and short-term caution is needed against the risk of a pullback.