In the past 24 hours, the crypto market has entered a phase of high Fluctuation ahead of the macro data release, with on-chain funds concentrating on rebalancing: ancient Whales have continuously transferred thousands of BTC to HyperLiquid to exchange for ETH, with daily capital flow reaching hundreds of millions of dollars, making ETH the focal point; the newly launched project WLFI has been joined by Jump Crypto for market making, with on-chain Whales engaging in high leverage positioning and cross-chain testing, leading to a surge in market activity; institutions like Trend Research have deposited ENS and PENDLE into mainstream CEXs, which may exert reduce position pressure; some high-leverage short positions are already facing unrealized losses, and capital battles are intense; meanwhile, there are clear signs of market manipulation in XPL, intensifying the concentration of Holdings risk. Overall, BTC remains in a Sideways trend, with volatility and capital interest shifting towards hot projects like ETH and WLFI, indicating a potential rapid market movement in the short term. Below are detailed data and trend analysis: