#数字资产市场动态 The US labor market remains resilient—initial jobless claims for the week ending January 10 fell to 198,000, again below market expectations. However, behind this strong employment data, Federal Reserve's Smith has poured cold water, stating that maintaining interest rates at restrictive levels in the short term is unlikely to resolve the stubborn structural imbalances in the labor market, which means the path to rate cuts remains fraught with difficulties.

On the exchange side, actions are frequent. CME is about to launch a 24/7 electronic trading service for crypto options and futures, which is undoubtedly good news for institutional investors eager for round-the-clock risk hedging. However, global regulatory tightening is also underway—Russia's central bank is planning new regulations requiring banks to report client crypto trading details, while Indian platforms are urgently calling on authorities to reassess crypto tax policies ahead of the February budget announcement. These all reflect an upgrade in countries' attitudes toward on-chain asset regulation.

Another industry worth noting is AI chips. The latest report indicates that by 2026, semiconductor industry revenue is expected to surpass the $1 trillion mark for the first time, with strong demand driven by AI becoming the core engine of this growth. Macro, regulation, and industry are moving in unison, and the crypto market is at a critical juncture of transitioning between old and new cycles.