The cryptocurrency market is experiencing a tug-of-war between bulls and bears, with signs of rebound being blocked. 📉 Whales are highly active, on one hand, well-known traders have accumulated WHITEWHALE at low prices, realizing profits of over $800,000, and speculative sentiment is high; the whale address "pension-usdt.eth" has opened over $12 million worth of ETH long positions, betting on a rebound in the market. On the other hand, Bitcoin's rebound momentum is weakening, and analysts are concerned it may drop to the $76,000 support level, while U.S. stocks and crypto-related stocks are broadly declining, spreading a pessimistic sentiment.

At the institutional level, JPMorgan's view is relatively neutral, believing that the outflow of ETF funds has slowed, indicating that selling may be nearing its end. On-chain data shows that the "Strategy Opponent" has closed its short positions, locking in a profit of $7.17 million, indicating adjustments in hedging strategies.

In the DeFi sector, Optimism proposes to buy back OP tokens, SharpLink has deployed $170 million worth of ETH on Linea to enhance yields, and Bitmine has staked large amounts of ETH, all injecting liquidity into the ecosystem. However, the Bootstrap team has collectively resigned due to legal restrictions, casting a shadow over Zcash's prospects.

Summary: The market is in a tug-of-war phase, with short-term trends leaning weak; key support levels should be closely monitored.