#美国非农就业数据未达市场预期 【January Market Watch】

Bitcoin is still oscillating between the 90k-91k range, and the momentum seems to be brewing something. Hoping it stabilizes above 90k and consolidates further—this week's price action is crucial. Interestingly, precious metals are starting to rally again, and we'll see if they can have a spillover effect.

Ethereum is following its big brother's rhythm, though the foundation's focus is on technological iteration with relatively low attention to price movements. What's notable is that zero-knowledge proofs have become a clear strategic focus—the foundation has explicitly stated this is a key technological direction for the future.

Michael Saylor recently released information about Bitcoin Tracker, which the market is interpreting as a potential signal of increased holdings. Meanwhile, Bitrace data shows that TornadoCash's operational addresses accumulated 693,412 ETH in 2025, and these fund flows warrant attention. Bitmine is also ramping up, adding 109,504 ETH in new staking, with the total value of this stake reaching $3.7 billion.

On the macro front, spot gold has already risen to $4,540/oz, nearly approaching historical highs. US non-farm payroll growth is slowing, and the Federal Reserve's policy direction has become a market focal point—a January rate cut seems unlikely, with markets now betting on policy adjustments being delayed until mid-year. Additionally, Bloomberg analysts disclosed that the SEC's processing of Morgan Stanley's Bitcoin spot ETF application could launch around March 23rd.