The recent market trend is quite interesting. Bitcoin is dancing solo on the stage, while altcoins have long since assumed a peaceful death posture.

Let's first look at the performance of the main cryptocurrencies. BTC has not reached such heights in a long time; the 97,000 level has been broken. What's more intriguing is that this rally occurred while the US stock market was falling. ETH remains above 3300, with various positive news well understood within the community—it's all about whether the market can reasonably sustain this level and break through upward. SOL is dancing along with Bitcoin; on-chain activity still shows wealth effects, but the key is where the funds are flowing.

From a macro perspective, there are many moves from institutions. JPMorgan predicts that crypto inflows will continue to grow into 2026, with institutional investors becoming the main driving force. Grayscale's Chainlink Trust ETF has officially launched, and the derivatives market is expanding—Deribit has launched USDC-settled options for AVAX and TRX. The Federal Reserve has hinted at a possible small rate cut later this year, which is also a market signal.

Risks to watch out for include. According to Chainalysis data, crypto scams stole a total of $17 billion in 2025, mainly through impersonation and artificial intelligence. Additionally, the Sui mainnet experienced network congestion, and the team is actively working to resolve it. Moreover, a major exchange has stated it does not support the Senate's crypto bill, which could impact subsequent legislation.

Good news continues to be released. The SEC has ended its years-long investigation into the Zcash Foundation and will not take enforcement action. Solana Mobile has opened SKR staking eligibility checks, available from January 21. Ethereum staking has hit a new high, with nearly 30% of the supply locked. Figure Technology is launching a blockchain stock direct lending platform, bypassing traditional intermediaries.

The routine of shakeouts remains the same—first some negative news to clear out weak hands, then positive news to boost popularity.