#Gate广场创作者新春激励 Market Analysis Today If we compare the past cryptocurrency market to a “license-free street vendor” running around the streets, whose stall could be taken away by city management at any moment, then a series of recent news essentially announces that this vendor has not only obtained a business license but even the city management team is now personally stepping in to help him promote his business. The most significant news is the joint meeting scheduled for January 27 between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). In the past, these two agencies were like “cats and dogs” in the crypto world, fighting over who should regulate and how to penalize. Now, they are actually sitting together to discuss how to implement Trump’s “Global Crypto Capital” agenda. This indicates a fundamental reversal in regulatory logic: from the previous “arrest first, then talk” approach to “set rules first, then act.” This shift from “enforcement” to “legislation” marks the ultimate watershed for the industry’s transition from the fringes to the mainstream. This change in direction is most directly reflected in “clearing old accounts.” The SEC has revoked the civil lawsuit against the Gi exchange, and it’s a complete withdrawal—meaning they are no longer allowed to sue in the future. This was almost unimaginable in the past. Over the past few years, the SEC has been like a strict instructor with a magnifying glass, nitpicking at any financial product you dare to launch, labeling it as “illegal securities.” Now, the instructor has put down the baton and returned the confiscated teaching tools. This “righting of past wrongs” sends a very strong signal: the era of regulation through lawsuits is over. Meanwhile, Grayscale has seized the opportunity to submit an ETF application for BNB. If Bitcoin and Ethereum ETFs are considered “appetizers,” then a BNB ETF—an asset with strong platform attributes—would be akin to the official recognition of exchange tokens’ legitimacy. This is not only a big gift for BNB but also opens a door for the entire industry to access traditional financial markets. Speaking of traditional finance, BNB is not resting either; they plan to relaunch the “stock token” trading that was halted four years ago. Simply put, it allows you to buy stocks of companies like Apple or Tesla on a crypto exchange, just like buying Bitcoin. This is essentially a “dimensionality reduction attack.” Previously, to buy U.S. stocks, you had to open accounts, exchange currencies, and endure cross-border transfer hassles; now, if you can directly buy stocks with stablecoins, cryptocurrencies truly become a bridge connecting to real-world assets. Although current data shows that out of last year’s $35 trillion in stablecoin settlements, only 1% was actually used for real-world purchases like bubble tea or payroll, with the remaining 99% still circulating within the crypto space, this highlights enormous potential. As stocks, bonds, and even bank licenses (such as Trump-related World Liberty Bank) start trading on crypto rails, that 1% of real-world applications will rapidly snowball. Finally, we need to look at the macro-level “money flow.” Silver prices broke through $100, hitting a record high, which is a big event in the investment circle. Usually, with “old money” like gold and silver rising first, followed by “digital gold” like Bitcoin leading the rally, and then various altcoins going wild. Silver’s surge often indicates that there is an overflow of idle funds in the market. Coupled with Arthur Hayes’ mention of the yen exchange rate logic—if the Federal Reserve starts easing to stabilize global exchange rates, then for assets like Bitcoin that are extremely sensitive to liquidity, it’s like pouring gasoline on a fire. The current situation is: the policy “straitjacket” has been removed, the “connectivity bridge” has been built, and the macro “great flood” is approaching. We are standing at the crossroads of an old era ending and a new order beginning.

$NVDAON After the Ethereum 150x leverage liquidation, I finally can settle down and think about some things. Through a picture, you can intuitively see some interesting phenomena. The horizontal axis is AI processing power, the vertical axis is bandwidth. The red represents Chinese chips, and the blue represents NVIDIA chips. It can be seen that there is still a significant gap. As for the financial report profits, they are just a small fraction for others. Regularly investing in NVIDIA will definitely help you leap across social classes.

In the evening, Bitcoin and the姨太 jointly surged higher. Bitcoin rose to around 91195 before facing resistance and pulling back, with a decline of nearly 2000 points. The overall rhythm closely aligned with previous predictions, once again confirming the current cycle structure's operational logic. From the current market situation, after a short-term continuous rise, the market momentum has significantly weakened. The effectiveness of the upper resistance zone has been further confirmed, and it is expected that an effective breakthrough will be difficult in the short term. Weekend trading tends to be relatively quiet, and the market is likely to mainly consolidate with fluctuations. It is recommended to grasp the wave rhythm carefully while maintaining good mental state. Continue to adopt a high-position short strategy, focusing on short-term operations! Bitcoin rebound near 90300-91100 is resisted, with support at 89000-88100; 姨太 rebound near 2980-3020 is resisted, with support at 2910-2830. $BTC $ETH #加密市场观察