The most eye-catching development in the cryptocurrency market is the significant rebound in major cryptocurrency prices, but this is accompanied by some warning signs. Bitcoin (BTC) price broke through $90,000, with a 24-hour increase of +2.88%. Ethereum (ETH) price regained the psychological barrier of $3,000, with a 24-hour increase of +3.69%. Total liquidations across the network in the past 24 hours: approximately $150 million. Main trend: Short liquidations ($116 million) far exceeded long liquidations. 1. Continued outflows from ETFs: This is a significant contrarian signal. Bitcoin spot ETFs saw net outflows of approximately $276 million yesterday, marking the sixth consecutive day of net outflows; Ethereum ETFs also saw net outflows for the third consecutive day. This indicates that institutional investors are becoming more cautious ahead of the year-end. 2. Massive token unlocking imminent: This week (especially early January 2026) will see a wave of large token unlocks, with HYPE's token unlock value estimated at approximately $256 million. A large influx of new circulating tokens may put selling pressure on related token prices. 3. A divergence in market structure has emerged. Ethereum exhibits an interesting phenomenon: on-chain data shows that "whale" addresses have been continuously increasing their holdings during price rallies, but retail investor inflows have been insufficient. This indicates a divergence of opinion between large and retail investors regarding the market outlook. • El Salvador continues to increase its holdings: As of 2025, the Salvadoran government has accumulated 1,511 Bitcoins this year. • Solana ecosystem is active: Year-to-date spot trading volume on the Solana blockchain's decentralized exchange (DEX) has exceeded $1.7 trillion. • Flow network outage repair: After the incident, the Flow blockchain has abandoned the "rollback" plan and is using a phased approach to restore the network; over 99.9% of accounts were unaffected. In summary, today's market presents a complex situation of "strong appearance but cautious underlyings": • On the surface: BTC broke through a key price level, igniting market optimism and liquidating a large number of short positions. • Inside: ETF fund outflows and massive token unlocks foreshadow potential selling pressure; retail investor sentiment remains in the "fear" zone, indicating a weak market foundation. In summary, today's rebound is a positive sign, but market volatility and uncertainty remain high towards the end of the year. $BTC $ETH {future}(ETHUSDT) {future}(BTCUSDT)