From an on-chain perspective, Bitcoin is performing quite steadily. Net outflows from exchanges continue to persist, indicating that long-term holders are very stable, and there are no obvious signs of selling pressure on the entire on-chain supply side. The defensive stance is quite solid.

Ethereum is even healthier. The supply of stablecoins and the on-chain capital turnover rate are both maintained at high levels. Large holders involved in staking and DeFi-related activities have not shown signs of abnormal withdrawals, which suggests that the internal structural logic of the ecosystem is sound.

The Solana token (SOL) warrants a yellow light. Short-term profit-taking chips are still too concentrated. The process of high-level turnover is far from complete, and market sentiment risk continues to accumulate. Currently, this is still an emotional indicator. If its structural issues are not fully resolved, the overall market may experience fluctuations later on.

Overall, Bitcoin and Ethereum remain the market's stabilizing forces, and systemic risk has not yet surfaced. However, until the structural issues with SOL are thoroughly repaired, everyone should maintain a cautious but slightly bullish attitude when viewing the market. The on-chain data is here, and we won't make reckless predictions about price movements.