Market liquidity and policy signals have intertwined this week to create a complex market landscape. The significance of the weekend for Bitcoin is self-evident—although the weekday has recovered the previous gap, whether a new price discovery space can be opened over the weekend still depends on liquidity conditions.

Ethereum's performance is more like an amplified leverage effect. Both its gains and losses exceed those of Bitcoin, following the same rhythm as the main coin. This high correlation also means higher volatility risk. In comparison, Solana has finally shown a wave of independent strong momentum, but was ultimately pulled back in line with Bitcoin's pace. On-chain activity data indicates that recent external market pressures are suppressing its performance, and the subsequent trend remains to be seen.

On the macro front, multiple signals are being released. White House economic advisor Hassett called for further rate cuts by the Federal Reserve, while the Fed's official stance is that the non-farm payroll report provides sufficient reason to hold steady this month. This policy expectation uncertainty often exacerbates market volatility. Notably, the recent release rhythm of employment data and market reactions have sparked discussions about data objectivity.

Funding and collaboration activities in the crypto ecosystem are frequent. The a16z Crypto team emphasized in their latest outlook that by 2026, developers should focus on transaction transformation and regulatory compliance—this firm itself has raised over $15 billion and wields significant influence in AI and crypto fields.

At the industry level, BNB Chain's incentive plan has just announced a new round of investment measures involving a funding scale of around $50,000. Polymarket has become the exclusive prediction market partner for the Golden Globe Awards, and collaborations in sports prediction markets continue to expand the ecosystem. Meanwhile, the US "Prediction Market Insider Trading Ban" bill has gained support from 30 Democratic lawmakers, including former House Speaker, indicating that the regulatory framework for prediction markets is being reshaped.

The integration of traditional finance and blockchain is deepening. The newly launched tokenized deposit service by BNY Mellon allows clients to transfer funds directly via blockchain, marking another important case of institutional assets on-chain.

Ethereum treasury-related activities are also updating. Bitmine's management recently announced personnel adjustments for CFO and COO roles, with Young Kim, a partner at Axiom Investors, taking the position.

Overall, this period requires close attention to how liquidity environments impact the fundamentals of various tokens, as well as signals from policy expectations, industry compliance progress, and institutional participation. Market divergence is further deepening, making it especially important to choose strategies suited to different tokens' risk-reward profiles.