Recent market analysis shows that ETH has demonstrated significant resilience during BTC's decline, with the ETH/BTC exchange rate rebounding above 0.03, reflecting market confidence in ETH holdings. Latest on-chain data indicates that many whales have not withdrawn but are instead gradually increasing their spot holdings. Meanwhile, a few high-quality altcoins have not experienced a sharp drop, and their overall trend remains in sync with BTC. From a cyclical perspective, BTC has completed a relatively deep correction on the monthly chart over the past five months, which has shortened the adjustment period to some extent, providing an opportunity for investors who have not yet established positions. At this stage, it is recommended to build positions in batches, paying close attention to position management. Market liquidity remains crucial for future market developments; trends can only be analyzed and predicted. Investing requires rationality and patience, and must proceed with time.