#加密市场观察 Latest news analysis: Regulatory positive dominates, bullish and bearish factors intertwined

(1) Core positive: Trump signs crypto executive order, reshaping regulatory landscape
On January 23, local time, Trump signed a crypto executive order, bringing significant benefits to the industry.
Key points include: establishing a digital asset market working group, clarifying the federal regulatory framework for stablecoins, assessing national digital asset reserves; banning the issuance, promotion, and existing R&D of CBDCs; SEC revokes SAB 121 accounting policy, lifting accounting restrictions on banks holding crypto assets. This move breaks the strict regulatory logic, provides clear certainty, boosts market confidence, and becomes the core support for the bottoming and stabilization of coin prices.
(2) Macro assistance: Trump pressures for rate cuts, weakening the dollar benefits risk assets
Trump called for the Federal Reserve to cut interest rates immediately at the Davos Forum, promoting synchronized global rate cuts. CME data shows a 95% probability of maintaining rates in January, with expectations of rate cuts in June rising to 50%. As a result, on January 23, the dollar index fell 0.12% to close at 108.11, weakening in the US market. The attractiveness of crypto assets denominated in USD increased, providing macro support.
(3) Capital flow: ETF inflows slightly decline, institutional divergence continues
Bitcoin spot ETF funds fluctuate in the short term, with net inflows on January 23 decreasing to 982.9 million USD. Grayscale GBTC still shows net outflows, while BlackRock IBIT and Bitwise BITB see slight inflows. Although institutions have differing views, the long-term allocation logic remains unchanged, supporting the 88500 range. Ethereum shows no significant ETF capital movement, but its network validators exit the queue to zero, and withdrawals are completed instantly, forming implicit support.
(4) Market linkage and sentiment: US stocks open lower, leverage betting eases
US stocks opened lower on Thursday, with the Dow slightly down 0.04% and the Nasdaq down 0.50%. Market optimism about Trump’s policies remains, and crypto concept stocks fluctuate mildly. In the past 24 hours, the entire network experienced liquidations of 647 million USD, with Ethereum contracts accounting for a high proportion. Bullish and bearish liquidations tend to balance, easing leverage betting, and the market returns to rationality.