I just saw that Bitcoin is still hovering around $71k, while Ethereum has dropped about 0.7%. It feels like the market has been a bit sluggish these past couple of days. U.S. stock futures are also down, with the Nasdaq 100 falling around 0.4%, and the S&P 500 isn't doing much better. I checked on precious metals—gold and silver hit new highs this week, indicating that many investors are moving funds into safe-haven assets. I heard it's due to geopolitical uncertainties, making investors more cautious.

Interestingly, there are some bright spots in altcoins. ZRO has been performing recently due to hype around its upgrade expectations, and TRX has also seen a slight increase. But I notice liquidity is quite tight; for coins like TON, market depth is only a few million dollars, and even slightly larger orders can cause slippage. This also means that once the overall market rebounds, the gains in these coins might be exaggerated because there aren't many sell orders.

Looking at derivatives, over $200 million in futures positions were liquidated in the past 24 hours, mainly long positions getting caught. The Bitcoin volatility index has fallen from 44% on Tuesday to 40%, indicating the market is continuing to sell volatility. Interestingly, Ethereum is the only top ten coin with increasing open futures contracts; other coins are experiencing outflows.

XRP has been particularly weak these past two days, dropping straight from $1.36 to $1.33. This isn't liquidity issues; it's purely selling pressure. Now, $1.35 has become a resistance level, and if it can't hold the $1.33 support below, it might continue to fall. Overall, sellers still hold the upper hand.