In the past 24 hours, the cryptocurrency market has experienced ups and downs, with liquidity becoming the dominant force.

BTC fell below the $90,000 mark amid dual pressures of accelerated ETF net outflows and a liquidation wave. JPMorgan subsequently stated that ETF liquidity shows signs of stabilization; if new funds begin to accumulate, selling pressure may have already peaked. This signal leaves room for a rebound in the future.

On the regulatory front, the US Market Structure Bill is in the final stages, with Wall Street and crypto leaders engaged in intense negotiations over DeFi provisions, and risk events still present. Meanwhile, macro factors continue to exert pressure—uncertainty surrounding employment data and Trump’s tariff policies have caused BTC to repeatedly face resistance at key levels, making significant volatility unavoidable.

Altcoins show clear divergence. XRP ETF recorded its first net outflow day, as investors shift from blind accumulation to precise timing. ETH hovers below $3300, with weak US spot demand forming an upper limit. Memecoins and DeFi sectors lead the declines, with funds visibly rotating into large-cap and high-liquidity assets for safe haven. The on-chain indicators for the SOL chain remain resilient but are still trapped at pressure levels; the fundamentals are strong, but a price breakout still awaits.

On the positive side, US banks upgraded Coinbase’s rating, optimistic about its regulated infrastructure route. Bitnomial received regulatory approval for prediction market contracts, marking a step toward mainstream acceptance.

In the short term, bearish outlook; watch for bottom signals in the medium term: ETF outflows and risk aversion currently dominate, but institutional narratives have quietly shifted toward a "selling exhaustion phase." Expect continued high volatility; selecting risk assets carefully remains the best strategy.