Recently, the cryptocurrency market has shown a clear downward trend. The total locked value (TVL) of the Ethereum L2 network has dropped to $38.73 billion, with a cumulative decline of 10.38% in the past seven days, indicating insufficient market liquidity and shaken investor confidence. At the same time, the price of Bitcoin fell below the important psychological barrier of $60,000, with the latest quotation at $60,893.26. Ethereum fell below $2,900 and is now quoted at $2,934.72, reflecting the overall weakness of the market. Against this backdrop, the entire network has suffered serious liquidation, with about $113 million of funds liquidated in the past four hours, of which long orders reached $106 million. In addition, Grayscale's ETHE has lost up to $2 billion in the past nine trading days, further exacerbating the pessimism in the market. In the face of such market conditions, institutional trends are also worth paying attention to. For example, Morgan Stanley is about to launch a Bitcoin ETF, which may bring new capital inflows to the market. In summary, the overall trend of the current cryptocurrency market is weak, and the downward pressure driven by multiple factors is obvious.