$ETH Today, the pullback in the US stock market has also led to a correction in BTC, which is very normal. Yesterday's rally was partly driven by Circle's influence boosting sentiment, and also confirmed by Nvidia's earnings report that the AI story can continue. However, the market's biggest current concern is still liquidity. Liquidity is difficult to fully achieve through earnings reports alone; the most likely source of liquidity enhancement remains the Federal Reserve's monetary policy. The upward momentum driven by sentiment can only last for a short period, especially since the top pinned article clearly states that current institutions, hedge funds, and even retail investors are all in a selling position. Institutional cash reserves are nearly at their lowest point in history, and their positions are very heavy. Under these conditions, any upward movement is likely to turn into institutional liquidity withdrawal. Only when institutional funds become more abundant can they drive further gains in the short term despite limited liquidity. However, this may still take some time, and the focus should remain on the monetary policy in the second half of the year and the mid-term elections. A pullback to around 2010-1985.7 could be a good entry point, with targets around 2045-2078. A rebound to around 2075-2090 could be a good short entry, with targets near 1980. #加密市场反弹