[2/3] (PANews | BlockBeats | Foresight News | Odaily) 2. Derivatives liquidations intensify: Short-term liquidations across the entire network amounted to approximately $167-178 million, with BTC experiencing a sharp fluctuation of approximately $79.85 million, triggering a concentrated clearing of leveraged funds and further amplifying the short-term price impact. (Odaily | Cointelegraph) 3. "Surrender-style selling" and sentiment indicators point to bottom signals: Bitwise says "the negative news may have already been priced in," and CoinDesk points to multiple extreme indicators hitting records. Bitwise believes that "extreme anxiety" is common near a stage bottom, when selling pressure is nearing exhaustion; CoinDesk says that several capitulation indicators have reached levels that "only appear at the bottom of major cycles". (CoinDesk | The Block | CoinDesk) 4. Funding rates remain bearish: After BTC rebounded from 60,000 to nearly 70,000, most CEX/DEX funding rates still show a bearish bias. Data cited by Coinglass shows that despite a significant price rebound, leveraged pricing remains bearish, reflecting that market risk appetite has not yet fully recovered. (BlockBeats) 5. On-chain/Exchange Fund Flows: Trend Research reported that Binance transferred a total of approximately 35,000 ETH in two separate transactions; the main liquidation point has shifted below $1,500, with monitoring indicating that 15,000 ETH and 20,000 ETH were transferred in successively; and several potential liquidation concentration zones were identified, showing that the risk zone below ETH is more concentrated. (BlockBeats | BlockBeats | Odaily) 6. "Withdraw on dips" signal: Two long-dormant addresses withdrew a total of 11,892 ETH (approximately $22.99 million) from Binance. Monitoring shows that 10,000 ETH were withdrawn at 0x55C1 and 1,892 ETH were withdrawn at 0x1342, which may reflect that some funds were used for spot allocation/transfer custody during the drawdown. (BlockBeats | Odaily) 7. Crypto-related US stocks rallied in tandem: MSTR surged over 20% intraday, with institutions giving a target price as high as $440. Amid the rebound in risk assets, Strategy (MSTR) saw its gains widen; reports also mentioned that TD Cowen gave a target price as high as $440. (Odaily | CoinGape) 8. CryptoRank: The Fear & Greed Index has fallen to extremely low levels, similar to the period of the FTX crash. This sentiment indicator has entered an extreme range, which usually corresponds to both high volatility and the risk of a turning point. (CryptoRank) ━━ Project Updates ━━ 1. ENS adjusts its scaling path: ENSv2 will only be deployed on the Ethereum mainnet, and the self-developed L2 "Namechain" will be discontinued. ENS reports that Ethereum L1 scaling is faster than expected, and registration costs have decreased by 99% over the past year following the increase in the gas cap, with the average registration fee falling below $0.05; the ENS App/Explorer has released a public alpha. (ENS | The Block | BlockBeats) 2. Coinbase listing roadmap update: Superform (UP) has been added to the asset listing roadmap. Whether trading will be available depends on the availability of market-making support and the readiness of technical/compliance infrastructure. (Coinbase) 3. Vitalik donated to Shielded Labs to support Zcash's proposed consensus upgrade to Crosslink. Crosslink plans to add a parallel "finality layer" on top of PoW to reduce restructuring/rollback risks and enhance settlement protection for confirmed transactions. (Shielded Labs | BlockBeats) 4. Ondo: Plans to rebuild the "Prime Brokerage" on-chain, with perpetual contracts considered as the first step. Ondo considers institutional-grade on-chain services as a long-term direction, and perps is seen as the entry point and product implementation path. (CoinDesk) 5. MegaETH: Proposes to use USDM stablecoin revenue to fund the repurchase of MEGA tokens, proposing a plan to support the repurchase mechanism with stablecoin business/revenue.