Early trading saw BTC break through $96,000, ETH hold steady at $3,300, and altcoins erupt across the board. This is not purely driven by emotional hype, but the result of genuine convergence and resonance of capital, on-chain data, and macro factors.

From a capital perspective, institutional funds are truly making an impact. Since January, the previous outflow situation has completely reversed, with Bitcoin ETF daily net inflows reaching $695 million. BlackRock's iBIT alone absorbed $370 million, and even Grayscale's GBTC achieved zero outflows—meaning selling pressure has basically subsided. More interestingly, institutions are not only focused on BTC. BlackRock simultaneously bought 31,000 ETH, with ETH ETF daily inflows of $168 million, and Strategy invested an additional $1.247 billion to increase BTC holdings, with an average cost basis of $91,519. These leading institutions are voting with their wallets, and the current rally is genuinely built on solid foundations.

On-chain data also confirms that the bottom has been established. ETH validator exit queues have plummeted from 2.6 million to just 15,000, a decline of over 99%. Staking commitments are actually strengthening, clearing out selling pressure. In Q4, stablecoin trading volume surpassed $8 trillion, and network activity continues to rise. These signals combined indicate that the bottom is now very solid.