According to the latest data from Glassnode, first-time buyers and momentum buyers in the Bitcoin market continue to show strong participation, while profit-taking activities remain moderate. This supply-demand structure supports the sustainability of the recent Bitcoin rally. Meanwhile, Ethereum has experienced a significant increase in first-time buyers for the first time since February, with momentum buyers also rising in the past 7 days. However, profit-takers have become more active, explaining the recent stagnation in Ethereum's price recovery. Market analysts point out that, despite large whale wallets actively accumulating cryptocurrency, overall market demand has cooled down. The inflow of new ETF funds is leveling off, and stablecoin inflows have not reached the previous levels seen during market surges, indicating that new capital is being cautious or is in a wait-and-see mode.