#密码资产动态追踪 $BTC and $ETH Why can this wave of market rally surge so fiercely? Many say it's driven by sentiment, but once you see through a few key data points, you'll understand—this is not retail investors having fun, but real money pushing the market.

Let's start with Bitcoin. From late 2025 to early 2026, the net inflow into spot ETFs exceeded $9 billion, with some days seeing $800 million to $1 billion coming in. Such volume can't be driven by small investors; it must be long-term players like pension funds and hedge funds building positions. More interestingly, the number of addresses holding over 1,000 BTC has been hitting new highs, indicating large funds are accumulating. Bitcoin repeatedly testing the $90,000 to $100,000 range without breaking through is itself a strong bullish signal.

The situation with ETH is even more exaggerated. Over the past month, spot and derivatives trading volumes often surpassed Bitcoin, with on-chain daily settlement amounts remaining above $20 billion. Staked ETH exceeds 34 million, accounting for 28% of circulating supply—large amounts of tokens are frozen, leaving less available for trading. Funds are still chasing ETH above $3,000, not without reason, as they are optimistic about its on-chain cash flow and network effects.

The macro environment is also fueling the rally. The Fed's rate cut expectations for 2026 have already been priced in, the US dollar index has fallen over 6% from its high, and global risk assets are strengthening together. In the crypto space, Bitcoin offers a safe-haven attribute, while Ethereum provides growth resilience, making them the preferred allocations for smart money. The total market cap of stablecoins has again broken through $180 billion, indicating ongoing inflows from off-chain funds.

Finally, look at the price structure. Bitcoin's cost-intensive zone has moved above $85,000, while Ethereum's main trading range is concentrated between $2,800 and $3,200. As long as prices hold these support levels, trend-following funds won't easily exit.

In short, this rally is not the end of retail sentiment but the result of institutional funds, on-chain demand, and macro liquidity entering the market together. The phase of capital expansion is not over, and the market's upward momentum remains.