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The market around 96k is moving quietly. Prices are gradually rising, but market sentiment appears unusually calm. Interestingly, the players in the market have quietly switched roles. The background of new funds entering, trading logic, and risk tolerance are all different from before. What does this mean? Simply put— the market's gameplay has been completely rewritten. Native institutions that have been deeply involved in the blockchain ecosystem for years may need to reassess their strategies. Whether willing or not, changes in the composition of funds will inevitably lead to adjustments in rules and operational methods. Passively adapting to the new environment seems to have become the only option.