In the past 24 hours, the encryption currency market has experienced significant fluctuations, with a total liquidation amount of 340 million US dollars, reflecting the sharp change in market sentiment. Grayscale Ethereum Mini Trust Fund received 1508 Ethereum, indicating continued institutional investor interest in Ethereum. Meanwhile, the report stated that today's Bitcoin ETF net inflow reached 10,495 BTC, while the Ethereum ETF had a net inflow of 460 ETH, showing steady inflow of institutional funds. In terms of market structure, CBOE is about to launch cash-settled options related to spot Bitcoin, which will provide more trading tools for the market. Despite the underperformance of the US stock market, MicroStrategy and other giants remain positive in operating encrypted currency assets. However, regulatory uncertainty continues to put pressure on the market, especially Polymarket's suspension of access to French users due to investigation, which has raised concerns about policy risks in the market. In summary, the current encryption currency market is generally volatile, with significant changes in fund flows and continued institutional investor positioning. The current market trend is more complex, and it is necessary to closely monitor inflows and policy trends.