Recently, the cryptocurrency market has experienced significant volatility. Both Bitcoin and Ethereum ETFs have begun to see capital outflows, with approximately $800 million exiting Bitcoin and about $150 million exiting Ethereum, marking the end of the previously sustained inflow trend. Particularly noteworthy is Ethereum, which, despite substantial buying previously, failed to break the $4000 barrier. After the first day of capital outflows, the magnitude of the price correction raises speculation that a large number of chips may have been sold at high levels.

The market is expected to be dominated by fluctuations over the weekend. Bitcoin dropped to around $11,270 last night, seeming to have hit the bottom, with $11,000 and $10,900 possibly being important support levels. The trend of Ethereum will depend on whether the outflow of funds continues. If the scale of outflow continues to expand, the possibility of breaking below $3,000 cannot be ignored.

In terms of other cryptocurrencies, Solana is showing weakness, and investors need to remain cautious; meanwhile, BNB continues to maintain relative stability. Overall, the market may experience a decline in the short term before beginning to rise.

However, the market faces two uncertainties next week:

First, the recently revised economic data in the United States seems to favor certain political figures, which could trigger changes in the political landscape and, in turn, affect the financial markets.

Secondly, the deployment of U.S. submarines to certain sensitive areas may exacerbate geopolitical tensions, bringing additional uncertainty to financial markets and prompting some funds to shift towards safe-haven assets.

Under the influence of these two uncertain factors, the market may continue to decline. However, in the long run, these issues will ultimately be resolved, and the market is expected to rebound.

Investors now need to pay attention to whether the subsequent rebound can break through the previous high. If the rebound is insufficient, it may start to decline without breaking the previous high. At this stage, which could be the end of a bull market, investors must pay attention to risk management.