#美国消费者物价指数发布在即 The macro calm has been temporarily broken again.

This week's turbulence serves as a reminder — when macro risks and on-chain data weaken simultaneously, the crypto market's gains become extremely fragile.

CPI below expectations → sentiment shifts → liquidity explosion in derivatives markets. As a result, over $500 million in short positions were liquidated instantly, with $BTC once plunging to $95,000, marking the most intense liquidation wave since October.

But there's an interesting point worth noting —

This rally doesn't seem to be driven by spot holdings at all; it's entirely fueled by leverage trading and futures. Institutional investors and large corporate holders have hardly participated, and some new large holders are even increasing their losses. We've seen this signal before, and it usually leads to uncertainty afterward.

In other words, the market is far from as stable as it appears.

What's next? On January 14, the U.S. Supreme Court's tariff ruling could hit the market, impacting both the dollar and risk assets. On the other hand, the U.S. crypto policy framework (GENIUS Act, CLARITY Act) is gradually advancing, bringing us closer to genuine institutional recognition.

How to view this situation?

Bitcoin's upward momentum is indeed being tested. ETF continuous buying can support the downside, but the problem is — leverage speculation remains the main force. So, the short-term outcome depends on whether volatility can be absorbed. Every detail of the market needs close attention, and maintaining a neutral attitude is more important than anything else. Risk management is always the first lesson.

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