1) on-chain activity — Whale Alert large transfers / exchange liquidity / stablecoin situation

A giant whale sold 24,000 BTC (approximately $2.7 billion) over the weekend, causing a flash crash in the market and evaporating about $45 billion in market value in a short period. This operation had a significant impact on the current market sentiment.

XRP has not seen any significant on-chain movements or exchange inflow/outflow reports today.

In terms of stablecoins, there are no large USDT / USDC minting or burning reports today. However, there is a high correlation with BTC trends (the entry of US dollars is clearly related to the rise of BTC ).

2) DeFi / NFT Activities and Liquidity Overview
Currently, there is no latest daily data report on DeFi TVL or NFT activity. However, the overall trend remains stable; ETH focuses on smart contracts and L2 applications, and has continued to show strong accumulation since the beginning of the year.

3) Technical Analysis: Support and Resistance, Volume, and RSI Overview

Bitcoin (BTC): Currently ~$109,793, short-term breakout, support at $110,300–107,700 (previous pullback range), resistance at **$114,749 (50-EMA)** and $115,636 (100-EMA)

Ethereum (ETH): Currently ~$4,412, down about 3% from its recent high, still showing some support. Trading volume and RSI have not been disclosed yet, but indicators suggest there is still medium to long-term support.

4) The impact of macro / policy dynamics on crypto

The expectation for a rate cut by the Federal Reserve (Fed) has cooled. Although Powell has hinted at supporting a rate cut, the market reacted tepidly after whales liquidated their positions, causing BTC and ETH prices to quickly retract.

The UK's regulatory trends regarding tokenized stocks have drawn attention, indicating that traditional finance still harbors doubts about crypto-related tools. According to the Times report.

The opposition between stablecoins and traditional banks is rising. The U.S. banking sector is concerned that stablecoin interest may lead to capital outflows and is currently trying to amend laws; at the same time, trends such as Stripe acquiring a stablecoin platform and the integration of crypto into retirement plans are driving positive integration.

Today's Market Summary
On-chain dynamics BTC whale sell-off triggers flash crash; stablecoin shows no significant short-term movement. No real-time data for DeFi / NFT on the day; however, ETH's long-term fundamentals remain strong. From a technical perspective, BTC's support is currently at the $110K zone, with resistance at $114–115K; ETH is entering a phase of consolidation. The policy and macro Fed tone has shifted to neutral/hawkish, and market sentiment is cautious. Friction between stablecoins and traditional finance is increasing.