**Market Snapshot**

BTC is hovering around $90,800, down approximately 1.2% in the past 24 hours, after testing $91,200 at one point. ETH performed slightly better, around $3,090, with a decline of 0.7%. The total market capitalization of cryptocurrencies is approximately $3.06 trillion, with a 24-hour total liquidation volume of $374 million. A total of 134,200 traders were liquidated, with long positions accounting for the majority ($260 million), and short positions totaling $115 million.

**Market Trend Analysis**

The US dollar has risen for four consecutive days to a one-month high, significantly reducing the appeal of risk assets. Meanwhile, the US Department of Justice has approved the sale of 69,370 BTC from the Silk Road case, with potential sell-off expectations suppressing market sentiment in the short term.

On the other hand, an institutional wallet on a compliant platform transferred 570 BTC to an unknown address, worth approximately $51.535 million. This large transfer has attracted attention.

**On-Chain Signals**

Glassnode data shows that the BTC VDD multiple is at a low level, indicating that the market is still in the accumulation phase. Long-term holders have limited willingness to sell, which from one perspective confirms the bottoming characteristics.

Meanwhile, XRP formed a golden cross after leverage reset, successfully holding the $2.10 support level, showing some technical resilience. In the creator economy sector, a platform founder returned and promised to reform the fee mechanism, causing the related token to rise about 10%.