I won't directly translate ECB/Schnabel's statement this time into a return of crypto risk appetite.

What I'm more concerned about is whether the market will trade it as 'Europe is not in a hurry to be more hawkish', but the relative strength of the dollar and high beta pressure have not actually eased.

In the past 24 hours, Schnabel's remarks at the event in Zurich are not primarily about dovishness, but rather about not rushing to run away. For crypto, this kind of signal is most easily misread: in the short term, it seems like liquidity pressure isn't increasing, which slightly benefits risk assets; but on the other hand, if EUR/USD doesn't continue to strengthen and DXY doesn't show obvious weakness, then it's hard for crypto to truly return to a favorable environment.

This is also why I am currently more cautious about $SOL. It is more like a beta thermometer, not an independent main line. The 1h, 4h, and 1d structures are currently weak: in the short term, it is still in a downward channel, and until the 4h recovers the 85.6 line, I won't consider any rebound as a trend confirmation; higher timeframes are still capped below the 87.9 line.

So I won't chase this wave for now. What bulls really need to see is not just 'Europe is not more hawkish', but that $SOL at least needs to return to 85.6, and then we can see if it can continue to recover around 87.9. Conversely, if it loses the 81.8 range again, I would be more inclined to treat this wave as a weak反弹 within macro noise, rather than a risk-on restart.

This is not bearish on Europe, but rather that there is action in the short term, while the medium term has not yet been confirmed.

$SOL