Macro and On-Chain Overview: U.S. stocks strengthen, NVIDIA hits new highs driving an increase in risk appetite, leading to capital inflows into cryptocurrencies (Binance net inflow in the last hour ≈ 30,991,300 USDT) 📈; if BTC falls below 110,000 USD, CEX long liquidation intensity may reach 1.519 billion USD, and volatility will significantly increase ⚠️. UXLINK suspected to be breached, approximately 11.3 million USD has flowed out, security incidents exacerbate selling pressure and credit risk 🔐. Federal Reserve officials' rhetoric indicates a long-term expectation of interest rate cuts but short-term caution, with uncertainty in the interest rate path, maintaining market polarization 🏦. Kraken plans to launch a Bitcoin yield protocol and whale accumulation ASTER indicates an increase in institutional arbitrage and alternative coin demand, ETH's eight-hour average funding rate approaches neutral (0.0009%), with the perpetual market overall not biased towards long or short 💱. Operation Suggestions: participate in the short term trend but with strict stop-loss, focus on BTC's key thresholds and developments in security incidents. One-sentence summary: The current market is driven by risk appetite showing moderate upward movement, but macro interest rate uncertainty and security incidents may trigger severe pullbacks at any time.