#数字资产动态追踪 The market is putting on an interesting show.

Gains continue, new highs are reached, but the Fear and Greed Index is only at 38, still lingering in the "fear" zone. This is a signal — many people's wallets can't keep up with their eyes. After the wild fluctuations in 2025, the market has become smarter, and caution has become the norm. The market cap share of $BTC has actually slightly decreased, altcoins are generally rising, the TVL in the DeFi ecosystem is growing, and on-chain activity is also climbing. These signs are in front of us, resembling what a mid-cycle bull market should look like.

But reality always loves to pour cold water. The Federal Reserve's policy direction remains uncertain, black swan events in geopolitics never stop, and regulation is always a question mark. Technically speaking, Bitcoin needs to hold steady at $90,000 to truly unlock imagination space, Ethereum needs to defend the $3000 level, and the momentum of altcoins depends entirely on whether funds are willing to continue rotating.

On the capital side, continuous ETF purchases are a plus, but redemption risks must be guarded against. Sentiment-wise — when everyone is in fear, it often happens that opportunities are brewing in the shadows.

2026 will mark the beginning of a new chapter, with many uncertainties lining up behind: how regulations will be implemented, progress on new ETF approvals, the true attitude of institutional investors, and technological updates on various blockchains... The crypto market is no longer a niche topic; it is integrating into the global financial landscape and becoming an unavoidable presence.

Whether bullish or bearish, don’t rely on feelings. Let the data speak, and let logic convince. Today’s trend, whether it’s the start of a new high or just a short-lived rebound, will be revealed by time.