Core Viewpoint - The entry of major financial institutions like Citigroup into cryptocurrency custody and payment services signals a shift towards mainstream adoption, but it may also indicate the emergence of structural bubbles within the market [1][3]. Group 1: Institutional Involvement - The market reacted positively to institutional adoption, with BlackRock's Bitcoin ETF reportedly attracting $88 billion in assets, suggesting a significant influx of capital into the cryptocurrency space [1]. - However, this institutional interest may lead to a transformation of original cryptocurrencies into financial products that lack the same freedoms and functionalities, akin to "Wall Street's Bitcoin NFTs" [3][4]. Group 2: Asset Transformation - The concept of "Bitcoin NFTs" highlights the difference between owning actual Bitcoin and holding a financial instrument that represents Bitcoin exposure, which is subject to regulatory constraints and trading hours [4][5]. - Approximately 130,000 Bitcoins, or 6.2% of the total supply, are locked in U.S. spot ETF vaults, indicating a significant shift in asset control from individual holders to a few financial giants [5]. Group 3: Market Dynamics - The shift from on-chain activity to macro narratives as the primary drivers of market value represents a fundamental change in the risk model of the cryptocurrency market [6][7]. - The reliance on a few large institutions for market stability creates a fragile ecosystem, where coordinated selling by these entities could lead to a more severe market downturn than past retail-driven sell-offs [7]. Group 4: Ethereum's Challenges - Ethereum faces dual threats as its application value diminishes due to the rise of dedicated chains and Layer 2 solutions, while its narrative as a reserve asset is also under pressure [10][11]. - Over 50% of ETH is locked in staking contracts, creating artificial scarcity, but this narrative is fragile and could collapse if macro conditions change or institutions decide to take profits [10][11]. Group 5: Misunderstandings of Maturity - The comparison of Bitcoin's evolution to that of gold is misleading, as it overlooks Bitcoin's core value proposition as a decentralized, censorship-resistant digital cash system [12][13]. - The introduction of mechanisms like in-kind redemptions in ETFs does not resolve systemic risks associated with asset concentration and the potential for coordinated sell-offs by institutional investors [13]. Group 6: Conclusion - The current market environment, characterized by institutional involvement, may not represent a victory for cryptocurrency ideals but rather a process of co-opting and repackaging by traditional finance [14]. - Investors are urged to recognize the inherent risks and to prioritize holding original tokens that offer true ownership and control, especially in light of the potential for significant market corrections [14].

Current Price Trends - Bitcoin has experienced a decline since reaching an all-time high of $112,000 on May 22, currently trading around $103,835, down approximately 0.71% from the previous day [6][20]. - The price is hovering just above the 20-day moving average, which is a critical support level at approximately $102,500; a breach of this level could lead to a more significant adjustment [2][6]. Technical Characteristics - The daily RSI indicator for Bitcoin has dropped to around 40, indicating a low level not seen in four months, while the 4-hour RSI is at 45, suggesting a neutral to weak short-term trend [2][6]. - The MACD indicator has expanded its death cross below the zero line, indicating increased short-term downward momentum [6][20]. Market Catalysts and On-Chain Data - The 24-hour trading volume for Bitcoin is approximately $5.854 billion, up about 5.3% from the previous day, indicating increased trading activity despite the price decline [3]. - The upcoming expiration of 93,000 Bitcoin options, with a nominal value of $9.79 billion, is expected to exert downward pressure on prices, particularly around the $105,000 psychological level [7][31]. ETF Fund Flow Trends - BlackRock's Bitcoin ETF (IBIT) saw a record inflow of over $6.35 billion in May, marking its best performance since its launch in January 2024, with total assets under management exceeding $71 billion [7]. - Despite a slight outflow on May 30, the long-term inflow trend remains strong, providing solid fundamental support for Bitcoin prices [7]. Market Dynamics - The number of active addresses on the Bitcoin network remains above 900,000, indicating healthy engagement, although it has decreased by about 2% from the previous week [7]. - Institutional investors show a divided outlook on Bitcoin's short-term prospects, with some analysts expressing caution based on options data, while others remain bullish due to ETF inflows [7][31]. Liquidation and Position Ratios - Over 210,000 liquidations occurred in the cryptocurrency market on May 30, with a total liquidation amount of $711 million, predominantly affecting long positions [7]. - The perpetual contract long-short ratio for Bitcoin has dropped to 1.25:1, indicating a decrease in bullish sentiment [7]. Ethereum Market Overview - Ethereum's price has declined over 8% since reaching a high of $2,750 on May 29, currently trading around $2,526, testing the critical support level of $2,500 [15][20]. - The ETH/BTC trading pair remains above 0.024, indicating relative strength compared to Bitcoin, likely due to ongoing institutional interest in Ethereum ETFs [16][21]. Operational Strategies - Investors are advised to adopt a phased buying strategy at key support levels for both Bitcoin and Ethereum, with specific buy plans outlined for various price ranges [10][22]. - A cautious approach is recommended for risk-averse investors, suggesting a wait-and-see strategy amid increasing market uncertainty [11][24].