Today is the ninth day of the Lunar New Year. From yesterday (the eighth day) to today, the crypto market has experienced a dramatic shift from "holiday sentiment" to "real trading battles."

Below is an in-depth review of the market trends over these two days (the eighth and ninth days of the Lunar New Year):

1. Market Trend: From "Opening Day Rally" to "High-Level Divergence"

Lunar New Year’s Eighth Day (2/24): A strong start, sentiment warms up
As the Asia-Pacific region resumes full operations, market liquidity has significantly returned. BTC successfully reclaimed the key level of $68,000 yesterday, reaching a high of around $69,200.
Ethereum (ETH) performed even better, benefiting from increased activity in staking protocols after the holiday. ETH briefly surged above $2,010, marking its first return above the $2,000 threshold since the Spring Festival holiday.

Lunar New Year’s Ninth Day (Today 2/25): Fluctuation at high levels, exchange rate battles
Today, BTC fluctuated around $68,500 and experienced a slight decline within the day.
It is worth noting that the BTC/ETH exchange rate showed significant volatility today. According to the latest data, the BTC/ETH rate is currently around 34.15. Compared to the morning level of 34.58, ETH demonstrated strong rebound resilience today, creating a scenario of “Ethereum strong, Bitcoin sideways.”

2. Key Influencing Factors Analysis

1. Liquidity Return: After the eighth day’s return to work, the off-exchange premium of stablecoins (USDT/USDC) rebounded, indicating that funds are re-entering the market after the holiday.
2. Institutional and ETF Dynamics: According to yesterday’s data, spot ETFs ended their holiday lull, recording approximately $120 million in net inflows, providing physical support for BTC’s stabilization around $68,000.
3. Technical Resistance: Currently, BTC is challenging the strong resistance zone at $70,000. The recent sideways movement appears more like a “preparation” for this level rather than a reversal downward.

Market Summary: Over the eighth and ninth days, the market has completed the transition from “New Year mode” to “battle mode.” Although there was a slight correction today, it is a healthy high-level turnover. As the BTC/ETH exchange rate declines, signs indicate that market hotspots are shifting toward the Ethereum ecosystem and altcoins.