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

Bitcoin is still sawing back and forth in the 90k to 91k range, and the momentum seems to be brewing something. We're hoping it can stabilize above 90k, which will be a crucial week for the market. Interestingly, precious metals are starting to surge again—we'll see if they can have a driving effect.

Ethereum is following big brother's pace, though the foundation's focus is on technological iteration rather than price movements. What's noteworthy is zero-knowledge proofs—the foundation has clearly stated this is a key technological direction for the future.

Michael Saylor recently released information about a Bitcoin Tracker, which the market interprets as a possible signal of accumulation. Meanwhile, Bitrace data shows that TornadoCash's operational addresses accumulated 693,412 ETH inflows during 2025, making fund flows worth monitoring. Bitmine is also increasing stakes, adding 109,504 ETH in new staking, with this staking position totaling $3.7 billion in value.

On the macro front, spot gold has risen to $4,540 per ounce, nearly approaching all-time highs. U.S. job creation data is slowing, and the Federal Reserve's policy direction has become a market focus—a January rate cut seems unlikely, and the market is now betting that policy adjustments will be postponed until mid-year. Additionally, Bloomberg analysts revealed that the U.S. Securities and Exchange Commission may begin processing Morgan Stanley's Bitcoin spot ETF application around March 23.