Oil prices have fallen back, and the VIX has also come down, easing market sentiment, and the crypto market has initially warmed up accordingly. More importantly, $BTC and $ETH ETFs have experienced phased net inflows, indicating that funds are still willing to return to leading assets. In the short term, this rebound is not isolated; $BTC and $ETH seem more like benefiting from the macro risk appetite recovery. Whether it can continue later depends on whether the capital flow can sustain it.