Push

After the New Year, risk assets generally rebounded, with BTC breaking out of a continuous rally and returning to around $93,000, ETH surpassing the $3,200 mark, and Meme sector volume increasing, driving sentiment recovery; at the same time, derivatives liquidations remain frequent, and short-term volatility is more easily amplified by "liquidity + position structure." In terms of capital flow, spot BTC/ETH ETFs saw significant net inflows at the beginning of the year, providing marginal support for prices; however, net inflows of ETH on exchanges increased, indicating that potential supply pressure still warrants caution. This week, the focus is on US labor data (non-farm payrolls) and their impact on risk appetite and dollar liquidity re-pricing.