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The market today gave everyone a very clear signal.
Gold broke through 5000, US Treasuries and precious metals are strengthening across the board,
Funds have already voted with their feet—risk aversion first, risk later.
But what is the crypto market doing?
Positive news is abundant, many stories, yet the price keeps breaking through key levels.
BTC broke below 88K, 87K, ETH lost 2800,
500 million USD liquidated in 12 hours, 95% were long positions.
This is not a panic sell-off,
This is at a position that 'looks okay', being systematically cleared of leverage.
What are the on-chain big players doing?
Supplement margin, reduce leverage, switch to stablecoins,

If you look at today's market in isolation,
You will find something very counterintuitive:
The positive factors are still there, the narrative is still there, but the momentum to push the price is gone.
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Yesterday we said:
Good news is being distributed,
When it rises, it gets smashed, and the volume cannot keep up.
Look at the market again today,
No new 'bad news' has occurred,
But the price still cannot break out.
What does this indicate?
👉 The problem is no longer in the news, but in the attitude of the funds.
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The ETF is still there,
The institutional-level narrative is still there,
The story of banks entering the market is not denied by anyone.
But money chose a simpler destination:

$BTC #特朗普取消对欧关税威胁 #美国加密市场法案延迟 #黄金白银价格创新高 Today's market looks like all good news:SEC withdrawal of lawsuits, ETF expansion, traditional banks entering the market, institutional-level narratives overwhelming.But how will the price move?👉 After rising sharply, it gets smashed, the volume cannot keep up, and the speed of the decline is getting faster.This is not a trend starting,This is a high-level distribution repeatedly utilizing emotions.Gold and silver are hitting crazy new highs,Funds are clearly avoiding "high-risk assets",BTC, however, is repeatedly being pulled above 90,000—What does this indicate?👉 Some people don't want it to drop too quickly,But they are even less willing to let it continue to rise.

#达沃斯世界经济论坛2026 #美国加密市场法案延迟 The funds have already voted with their feet.
ETFs are bleeding continuously, gold has reached a historical high, and BTC's rebounds are getting shorter and shorter—
This is not panic; it is a sober retreat.
No amount of 'fundamental good news' can save the price now.
Because the market lacks stories, what it lacks is buyers.
Regulations are advancing, institutions are discussing, narratives are escalating,
It sounds beautiful, but money is leaving the market.
Standing above 89k is not sustainable, which indicates a fact:
The bulls can't even hold the defense line.
Every surge offers you a chance to escape or to turn back.
Many people are still waiting for 'confirmation of reversal'.

Above 90,000, the market is already paving the way for 85,000
I won't talk to you about long-term benefits,
I also won't draw a long-term blueprint for you.
I only look at what the market is doing now.
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BTC has repeatedly hit 90,000,
But you will find a very cruel fact:
Every time it goes up, the selling pressure is heavier.
Every time it falls back, the speed is faster.
This is not strong,
This is someone systematically unloading at high positions.
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Why am I staring at 85,000?
1️⃣ 90k has clearly failed, it is not a fluctuation, it is a rejection
Real strength,
It stands firm after going up.
Now at 90k,
It looks more like a distribution area, rather than a breakthrough point.

① The 'real changes' happening in the market today (not just surface news)
• The stock market, crypto, and concept stocks are collapsing simultaneously.
It's not an issue with a specific asset; it's the same set of funds withdrawing at the same time.
When BTC and COIN, MARA, Strategy are all dropping simultaneously, it indicates one thing:
👉 It's not an internal game within crypto; it's large funds uniformly reducing their positions.
• A total liquidation across the network of 5–7 hundred million dollars, dominated by long positions.
The key point is not the amount, but the direction.
Long positions are being systematically cleared, indicating that the upper positions have become too crowded to exist.
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② Good news is useless; that's the most dangerous signal.

Continuously bearish, it's not emotion, it's structure
Many people ask:
“Has it dropped this much, can it still be shorted?”
I only say the conclusion:
The most dangerous thing now is not the decline, but that it 'can't fall' while all risks still exist.
Today's market has already made the answer very clear.
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1️⃣ On the surface, it's bullish, but in reality, it's 'chronic bloodletting'
Bermuda, NYSE, tokenization, 7×24 trading ——
It sounds like all future, all compliance, all long-term benefits.
But you need to see one thing clearly:
👉 None of these things can create 'new buying' in the short term.

📉 Don't be fooled by 'stability': Mid-January 2026, risks are systematically accumulating
The market appears calm on the surface, but the structure has already begun to loosen.
On a macro level, the first warning sign has already been lit.
U.S.-European trade frictions are warming up again, the narrative of tariffs is returning, stock index futures are collectively weakening, while gold and silver have directly turned into a risk-averse market of 'emotional loss of control.'
Silver reaches a historical high, gold accelerates its rise, essentially conveying one message: smart money is buying insurance in advance, rather than leveraging.
The more critical issue is the interest rates and the bond market.
The 10-year U.S. Treasury bond's 30-day volatility range is only 8 basis points, a new low since 1972.

BTC has no choice of direction
The direction has already been chosen for you
Many people are focused on one question:
Why is BTC consolidating at 96,000?
But what really matters is not the price,
But — the structure has already changed.
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1️⃣ This is a market of 'geopolitics + trade conflicts', not a bull-bear issue#Strategy增持比特币
Trump is not 'making harsh statements'.
• The tariff clearly outlines a timeline
• Greenland has been elevated to a national security level
• The EU directly threatens to suspend trade agreements
This is not emotion; it is a systemic conflict.
👉 In this environment,
BTC is not a risk asset; it is a candidate for a safe-haven asset.

Today you must understand these 5 points.
Many people are asking:
Why isn't BTC skyrocketing? Is it weakening?
No, quite the opposite—
👉 Bitcoin is being 'systemically incorporated'.
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1️⃣ The U.S. has started to 'stockpile BTC', it's not just talk.
The most important sentence today:
Confiscated BTC will not be sold.
Directly as strategic Bitcoin reserves (SBR) left on the national ledger.
What does this mean?
• The U.S. government = long-term holders
• BTC from 'law enforcement assets' → 'national strategic assets'
• The market is missing a batch of coins that will never be sold.

I. US regulation is not targeting BTC, but 'on-chain dollars'
Where is the US crypto bill stuck these days?
👉 Yield-generating stablecoins
The reason is simple:
• Stablecoins offer 3–4% returns
• Bank savings account @0.1%
• This is not innovation, it's 'bloodletting'
Coinbase withdrew support, banks strongly opposed,
Not because of BTC,
But because the dollar is starting to not need banks.
📌 Conclusion:
• Regulatory delays ≠ failure of crypto
• Exactly shows that on-chain finance is threatening the traditional system
And BTC,
Is completely out of range.
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II. Why is BTC flatlining while institutions are withdrawing?

China not signing CARF ≠ safe
The real risk is that you're still using 2018-level understanding to interpret the 2027 system
Recently, many people are drawing conclusions based on a single image:
"China is not among the first 48 CARF countries, so the impact is minimal."
This judgment is extremely dangerous.
I'll give the conclusion directly, then break down the logic👇
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I. China not being in the first batch of CARF ≠ China being outside the system
Many people overlook a fundamental fact:
CARF is not an "independent new system",
but rather an extension mechanism built upon the OECD tax cooperation framework.
But China has already been part of this framework all along.

Now many people are starting to fear.
But I actually believe the market is just starting to become 'healthy'.
First, the rally is driven by ETFs, not leverage.
OI is 30% lower than last year's peak, yet prices are higher—whose hands hold the筹码?
👉 It's about institutions, not retail.
Second, regulatory chaos isn't bearish—it's fertilizer for BTC.
U.S. crypto bill faces internal divisions, Coinbase openly opposes it—rules won't be unified in the short term.
👉 When the world doesn't provide rules, BTC becomes the rule.
Third, short squeeze complete, but longs aren't frenzied.
700 million USD of short positions exploded, yet longs didn't excessively leverage.

There are several key signals in today's market that deserve attention.
1 BTC's主动性 rises ➤ Breaking through the 95,000 USD threshold
After a broad-range consolidation, Bitcoin stabilizes and resumes upward momentum, with bullish forces reemerging, breaking through 95,000 in the short term.
resistance level and testing higher areas—this is not only a price-level reaction but also reflects developments at the funding level.
restructuring and sustained buying pressure entering the market.
2 Institutional funds continue to validate market structure.
Major spot Bitcoin ETFs show net inflows, along with a回升 in macro risk appetite, indicating Bitcoin still holds allocation value under the 'risk assets' scenario.

3 Regulatory updates: Draft legislative framework released.

1. XMR: The Absolute Barometer of Market Sentiment
XMR率先创出阶段新高，这标志着趋势的确认而非短暂的情绪博弈。
Hard Logic: It is currently the only privacy coin with real, rigid use cases. Its hashrate is stable, and its technical roadmap has never deviated.
Viewpoint: It is the 'pillar of stability' for the entire sector. As long as XMR doesn't break below key support, the privacy coin narrative remains alive.
2
ZEC: Fame Over Substance
Compared to XMR's strength, ZEC's performance resembles a 'last-ditch struggle'.
Fundamental Collapse: The core development team has effectively disbanded, privacy tech advantages have been eroded by competitors, and the narrative has completely stalled.