Recently, the cryptocurrency market has once again welcomed positive signals, with the price of Ethereum returning to the $4000 mark, and Bitcoin even briefly breaking through $120,000. However, the market does not seem to be stirring up a celebration, which has prompted people to think.

Analysis suggests that when Bitcoin previously reached new highs, many investors may have felt regret for missing the entry opportunity or for contract liquidation. Now that Ethereum's price has rebounded significantly, the market's reaction remains subdued, which may reflect changes in the investors' holding structure, and perhaps a considerable amount of capital is still tied up in other small market cap tokens.

It is noteworthy that the recent fluctuations in the cryptocurrency market are closely related to a series of significant events. Changes in policy, such as the new cryptocurrency policy proposed by Trump and the proposal to allow 401(k) retirement plans to invest in encryption assets, could have a profound impact on the market. In addition, changes in the selection of the Federal Reserve Chairman have also attracted market attention.

At the same time, the market has observed a trend of Ethereum whales continuing to accumulate, which may indicate institutional investors' confidence in the long-term development of Ethereum. However, investors still need to be cautious of the market's high volatility and view short-term price fluctuations rationally.

Overall, although the prices of mainstream cryptocurrencies have seen significant increases, market sentiment remains cautious. Investors seem to be more focused on long-term development trends and policy changes rather than short-term price fluctuations. In this rapidly evolving field, it is particularly important to maintain an objective and calm attitude.