Bitcoin has once again set a new high, however, many altcoins are generally showing signs of a pullback, especially on CEX, where altcoins are hardly escaping the fate of decline. Although Bitcoin has once again broken through to a new high today, leading to a brief surge in altcoins, as Bitcoin stabilizes and stops climbing, altcoins quickly turn to decline.

As night falls, Bitcoin experiences a pullback, while altcoins face a fierce sell-off, with many coins initially rising before falling back, showing fluctuations close to 10%. Despite Bitcoin's continuous rise, once its momentum stagnates or retracts, other coins often follow suit and experience significant declines. When Bitcoin rises, it absorbs market funds, and when it falls, it triggers a chain reaction; at this stage, altcoins find it difficult to welcome a rebound.

Although the overall market capitalization has surpassed 3.9 trillion, setting a new historical high, this is primarily due to Bitcoin's contribution. Bitcoin's market share has also risen to 57.38%, with funding rates on major CEX generally low, below 0.01%, indicating the market's pessimistic outlook on altcoins. Typically, a funding rate above 0.01% signifies strong bullish sentiment, while below this level indicates bearish sentiment prevails.

Ethereum's performance is relatively better than most altcoins, but the ETH/BTC exchange rate is still declining, having fallen below 0.038. However, last week, the inflow of funds into Ethereum ETFs reached 850 million USD, setting a new historical high, which indicates that off-market interest in Ethereum is rising. Several institutions predict that Ethereum is likely to reach new highs by the end of the year. As long as the Ethereum Foundation remains stable and no negative events occur, this prediction may become a reality.

Currently, most altcoins in the market lack independent trends and mainly follow the movements of Bitcoin. Whether breaking through or pulling back, coins like Ethereum also appear hesitant, with slow follow-ups. These coins seem to be waiting for Bitcoin to stabilize at a new high before they can attract funds and rally. Otherwise, even if there is a brief surge, it may quickly drop back due to Bitcoin's pullback.

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