A report from a certain exchange's research institute indicates that the crypto market continues its volatile recovery, with the AI and privacy computing sectors strengthening.

A report released by a certain exchange's research institute pointed out that, under the backdrop of the Federal Reserve cutting interest rates as expected but with lingering uncertainties, global risk appetite remains limited. The crypto market continues its pattern of volatile recovery, with BTC and ETH maintaining range-bound consolidation, and capital behavior leaning towards defensive and short-term rotation strategies. Data shows that the overall top 500 tokens by market capitalization have seen moderate gains, but with significant structural divergence. Tokens related to AI applications and privacy computing have shown periodic strength, while weak consensus or high-beta assets have experienced notable pullbacks. Volume and price analysis indicates that increased trading volume is mainly concentrated in the mid- and small-cap segments, with few assets achieving true volume-price resonance. Trend-following capital has yet to fully return, and the market has entered a stage of refined pricing.