The cryptocurrency market has been volatile recently, and the overall trend is skewed towards a bullish recovery, but risks remain. Bitcoin (BTC) first fell below 104,000 USDT (down 0.78% in 24H) before rebounding above 105,000 USDT (up 1.95% in 24H), showing strong buying support 📈, which may stem from the whale James Wynn's 40x position worth more than $395 million, strengthening market confidence. Ethereum (ETH) maintains a bullish flag pattern, and if it breaks through the key resistance, it may point to the target price of 🐂 $3,700, but the "25x short ETH" whale deleveraging behavior (the liquidation price rises to $2,556.6-$2,577) suggests potential liquidation risks, and the correlation with Three Arrows Capital exacerbates uncertainty. THE ALTCOIN SECTOR REBOUNDED STRONGLY, SOL STABILIZED AFTER FALLING BELOW 170 USDT, AND COINS SUCH AS MOODENG AND DEGEN SURGED MORE THAN 30%, REFLECTING THE SECONDARY MARKET BOOM 📉➡️📈. However, in the past 1 hour, the whole network liquidated more than 26 million US dollars, mainly short orders, highlighting the vulnerability of highly leveraged trading. On the regulatory front, the Tornado Cash defense accused prosecutors of misleading the court about crypto mixer laws, and U.S. Treasury Secretary Bessant warned of a failed tariff negotiation that could trigger global crypto flows ⚖️. Overall, the market is dominated by bulls, but volatility is increasing, investors need to be wary of whale movements and regulatory dynamics, and it is recommended to control their positions in response to potential pullbacks 💼. Be optimistic, but rational in your layout. 🐋🚀