Recently, the trends in the Crypto Assets market have been quite puzzling. From a technical perspective, Bitcoin ( BTC ) should have shown a falling trend, but Ethereum ( ETH ) has exhibited unexpected strength. Behind this abnormal phenomenon is actually the impact of a "black swan" event: Trump announced the allowance of pension funds to invest in Crypto Assets.

Although this news has brought a short-term market reversal, we should not ignore the original downward trend of the market. This policy change has only accelerated the accumulation of power and has not fundamentally changed the market direction. To verify this point of view, it might be worth paying attention to the performance of Sui and Solana (SOL), as their gains are clearly lagging behind the market.

The reason for this phenomenon lies in the fact that funds were originally supposed to flow out of the market, allowing the main players to take the opportunity to accumulate positions until the ETF was approved. Trump's sudden announcement disrupted this rhythm, forcing some funds to flow back in. However, since the ETF has not yet been officially approved, most institutional investors remain on the sidelines, and apart from a few companies that may make small-scale purchases, most funds are still on hold.

This explains why we see ETH rising while other ETF-related tokens are slowly falling. This divergence reflects the current market uncertainty and the cautious attitude of investors.

In facing such a market environment, investors should remain calm and closely monitor the progress of ETF approvals and their potential impact on the market. At the same time, they should be wary of the potential risks of a pullback in the short term. When making investment decisions, it is necessary to comprehensively consider macro policies, market sentiment, and the fundamentals of individual assets, rather than blindly following the trend.