#密码资产动态追踪 The first week of 2026 has seen almost a broad rally across stocks, cryptocurrencies, and other assets. Wall Street's risk-taking spirit is back in action, and investors' appetite for risk assets is evidently strong. The S&P 500 alone rose by 1.6%, while the Russell 2000 small-cap index surged even more, up 4.6%. Even passive funds are riding the wave—Vanguard's S&P 500 ETF absorbed $10 billion in just a few days, which is an astronomical figure for an index-tracking fund. The start of the year has indeed been quite interesting.

This week's economic data release schedule is also packed: on Tuesday evening, the US will release December CPI data (both seasonally adjusted and unadjusted) and core CPI; Wednesday features retail sales, PPI, and current account data; Thursday includes initial jobless claims, manufacturing index, and import price index. The essence behind these numbers is actually quite simple—markets are betting on one story: that economic growth can be sustained and inflation won't get out of control, so now is the time to increase risk assets.

But here's the interesting part: the entire game in traditional financial markets is built on this "macro data dependency." Every week, traders wait for key economic indicators and then decide whether to buy or sell based on the data, with risk appetite swinging with inflation expectations. This logic itself isn't wrong, but it also means you always have to dance to the beat of these external variables.

Some projects in the crypto space are exploring a completely different path. For example, protocols like $GIGGLE invert this logic—they don't wait for macro data but generate value data themselves. Every day, they automatically convert incoming funds into educational resources via smart contracts, recording new user reach and fund flows—these data points are their "economic performance." In other words, value growth comes from real problem-solving ability, not market sentiment cycles.

This actually represents two entirely different investment philosophies: one is the passive index-tracking approach, relying on macro expectations to profit from spreads (like the $10 billion poured into passive funds), and the other is actively creating independent value with its own "economic cycle." The former's risk comes from external data shocks, while the latter's risk stems from internal execution capability. Which one do you trust more?