The cryptocurrency market, including Bitcoin and Ethereum, shows resilience, holding steady above key price levels. Analysts observe a focus on the options market for sentiment, with increased demand for downside protection and a yield-seeking response in covered call strategies. This suggests a market that is hedged and range-bound, with suppressed volatility due to macroeconomic factors like the US Federal Reserve's focus on liquidity management rather than risk appetite stimulation. Institutional accumulation continues, indicating a pause rather than distribution.