The cryptocurrency market has been under multiple pressures recently. The Bitcoin Strategic Reserve Act submitted by US senators has attracted market attention, but it contrasts with Trump's warnings about the future status of cryptocurrencies. At the same time, an Indian court ruled that cryptocurrency trading is legal, bringing some confidence to the market. However, data shows that the number of bitcoins withdrawn from exchanges by whales has reached a nine-year high, which may reflect the high uncertainty of investors. In addition, the poor macroeconomic environment has led to a sharp drop in the prices of Bitcoin and Ethereum, with BTC falling below $60,000 and ETH falling below $2,900. At the same time, Ethereum spot ETFs continue to outflow, and market sentiment has become more cautious. It is worth noting that some smart funds are still actively deploying to capture potential rebounds. Although the overall market is under pressure, the gradually slowing total market value of stablecoins may suggest that market liquidity still exists, which needs further observation. In summary, the cryptocurrency market continues to fluctuate under the current situation, and the future trend still needs to be combined with macroeconomic and policy dynamics. Overall, market sentiment is cautiously downward and may face more fluctuations in the short term.