#加密市场观察 The cryptocurrency market has recently shown high volatility characteristics. Bitcoin has been oscillating between $88,000 and $92,000, with intensified long and short battles; Ethereum is relatively resilient against declines, supported by upgrade expectations. Institutional funds continue to flow in, but retail sentiment has turned cold, with the fear and greed index falling back to neutral. Signals of tightening global regulation are frequent, and some countries are tightening trading restrictions, accelerating the compliance process. In the short term, macro liquidity and geopolitical risks remain dominant variables, and we must be wary of black swan shocks; long-term value still relies on technological implementation and ecosystem expansion.