#Strategy加仓BTC Macroeconomic calmness is always short-lived.

What happened this week served as a reminder — when macro risks and on-chain indicators weaken simultaneously, the rebound in the crypto market is very fragile.

CPI data missed expectations → market sentiment shifted → liquidity flooded in from all corners. A $500 million short position was wiped out directly, and $BTC briefly dropped to around $95,000, marking the most aggressive short squeeze since October last year.

But there's a detail that cannot be ignored:

This round of gains seems to be driven mainly not by spot trading, but by derivatives. Corporate and long-term holders are mostly watching coldly from the sidelines, while on-chain data shows some new "whales" are actually incurring unrealized losses — similar to the characteristics seen in late-stage squeeze markets before.

In plain terms, the current rally is not very stable.

What to watch next? The Supreme Court's tariff ruling on January 14 could cause volatility in the dollar and risk assets. Meanwhile, regulatory actions in the US crypto space are accelerating — the GENIUS Act and CLARITY Act are both gradually advancing toward institutional acceptance.

My judgment:

Bitcoin's recent rally is being tested; ETF capital inflows can help support it, but since speculative leverage still dominates, the real challenge in the next few hours is volatility itself.

Stay alert, avoid extremes, and remember that risk management is always more practical than blind optimism.

$BTC $ETH