Market Analysis:

Last night to this morning, the crypto market failed to stop its decline, and even the expected technical rebound did not occur, indicating that this downward wave driven by macro factors and amplified internal vulnerabilities is still ongoing.

The truth about the continued decline:

1. The Federal Reserve's policy expectations are completely chaotic. Trump claims "Powell will be the greatest Fed Chair and will cut interest rates," while Powell's hawkish stance (opposing quantitative easing and emphasizing monetary discipline) remains unchanged. The market has no clear policy direction, and funds are completely withdrawing from risk assets. The probability of a rate cut in March remains at 13.5% with no sign of recovery;

2. Over the weekend, liquidity dried up, and ultra-high leverage led to a series of liquidations, triggering a "liquidity shock" and forming a death spiral;

3. The decline in precious metals continues, and the risk asset siphoning effect intensifies. CME raised gold and silver trading margin requirements, further triggering sell-offs. Traditional safe-haven assets are still under pressure, and crypto, as a high-risk asset, is being decisively abandoned by funds.

4. BTC spot ETF has experienced net outflows for three consecutive months. BlackRock's IBIT and Grayscale's GBTC continue large redemptions. Institutions are exiting, retail investors lack the capacity to absorb, and prices are freely falling under selling pressure.

5. The White House crypto industry meeting is scheduled for February 2. There are significant disagreements between the banking sector and the crypto industry on stablecoin rewards and regulatory rules. Previous negotiations failed to reach any compromise, and the market is worried about stricter regulation, with funds preemptively avoiding policy uncertainties.

Operational Advice:

Always buy low and sell high!

Special Reminder:

Clear all leverage, stop all bottom-fishing and chasing! Be patient! #加密市场回调 #贵金属行情下跌 #GateLive直播挖矿公测开启 #加密市场结构法案出现转机 $BTC $ETH