Recently, macroeconomic fluctuations have been tumultuous, and the stories in the crypto world are becoming increasingly complex. Here's a summary of the key market information from the past day:

**How Significant Is the Washington Power Play?**
The succession of the Federal Reserve Chair has become a focal point, with the market generally expecting Kevin Woor to take over. This person's policy style may be more hawkish than the current chair, and news of this caused the dollar index to react immediately. The surge in BTC to 98,000 was also pushed back sharply. In simple terms, the decision-making direction from the White House directly affects liquidity. Before the official confirmation in May, such policy uncertainties will continue to harvest both bullish and bearish traders.

**Where Is the Market Stuck?**
BTC's recent performance indicates the issue: repeated testing between 95,000 and 97,000, with multiple attempts to break through the 100,000 mark but failing to do so effectively. This suggests that selling pressure above has not been fully released. In comparison, ETH's performance has been somewhat disappointing, with clear signs of capital outflows.

The short-term trading risk is that sideways consolidation periods are most prone to sudden spikes. When lacking a clear direction, leveraging during a rally often results in not reaching 100,000 and blowing up your position first.

**Latest Developments in the Ecosystem**
Vitalik spoke again today about Ethereum's decentralization efforts. Honestly, the narrative around technological evolution has become somewhat tiresome; the market's focus is more on whether Layer 2 solutions can regain popularity. However, as an industry bellwether, it’s still important to keep a close eye.

**Institutional Funds Are Quietly Changing the Landscape**
Traditional financial giants like Bank of New York Mellon have begun to deploy tokenized deposit services. The crypto market ecosystem in 2026 is indeed very different from before. With large capital entering, the overall market rhythm has slowed down, and volatility has become more stable, no longer a cycle of retail investors being repeatedly harvested.

The final question is: Will the psychological barrier of 100,000 be broken this month, or will we wait until the new Fed Chair is officially confirmed for a clearer direction? My feeling is that we still need to wait and see. What do you all think?