In the past 24 hours, the crypto market has entered a phase of high volatility ahead of the macro data release, with on-chain funds being concentrated and repositioned: ancient whales have continuously transferred thousands of BTC to HyperLiquid in exchange for ETH, with daily capital flow reaching hundreds of millions of dollars, making ETH the focus; the newly launched project WLFI has joined the market-making efforts of Jump Crypto, with on-chain whales engaging in high-leverage positioning and cross-chain testing, leading to a surge in market activity; institutions like Trend Research have deposited ENS and PENDLE into mainstream CEXs, which may create pressure to reduce positions; some high-leverage short positions are already facing unrealized losses, leading to intense capital competition; meanwhile, there are clear signs of market manipulation in the XPL space, increasing the risk of concentrated holdings. Overall, BTC remains sideways, with volatility and capital heat shifting towards hot projects like ETH and WLFI, and a quick market trend may emerge in the short term. Below are detailed data and trend analyses: