Today's investment market sends mixed signals for crypto assets: traditional risk assets haven't completely tanked, but interest rate expectations, valuation pressures, and risk-averse sentiment are still weighing down on high-volatility assets. In the previous trading session, US stocks rebounded, with the S&P 500 up about 1.1% and the Nasdaq up about 1.9%, indicating there's still some dip-buying interest in the equity market. However, this buying is more concentrated in sectors with good liquidity and strong earnings certainty, and hasn't broadly spilled over into the crypto market. Internally, we can see the same logic in crypto assets: Bitcoin's market cap remains around $1.25 trillion, clearly outperforming most altcoins, while Ethereum's market cap is about $204 billion, but its performance is still weak, with high-beta assets like Solana and HYPE facing larger declines. Although we see strong performers like VELVET, BTW, and DEXE in the gainers' list, they seem more like local liquidity plays and don't represent a full recovery in market risk appetite. The core contradiction now is that macro funds are willing to pay for certainty but are reluctant to pay too high a premium for long-term narratives. For crypto asset allocation, a 'core assets plus tactical positions' structure is more suitable right now: the core should be in BTC, ETH, and high-liquidity assets, while tactical positions can aim to capture strong sectors with increasing trade volume. Position management is more crucial than just picking coins because in an extreme fear environment, the mistake is often not in the direction but in being forced to exit when volatility spikes. For the market to truly strengthen, we need to see mainstream coins rallying with volume, ETF funds flowing back, and futures funding rates not overheating all happen simultaneously. $BTC