Recently, Bitcoin's performance has been quite eye-catching. As of January 15th, the price surged past $95,000, with a 24-hour increase of 4.7%. The main catalysts for this rally come from two directions—dovish CPI data released by the US and the ongoing push for the "Digital Asset Market Clarity Act." The combination of these two factors has given the market plenty of room for imagination.

From a holdings perspective, institutional influence is growing stronger. The proportion of long-term holders has now risen to 68%, indicating that large players are either bottoming out or strategically positioning themselves. However, an interesting phenomenon has emerged in the US market—an inverted premium, with short-term ETF fund fluctuations being quite noticeable, suggesting that many retail investors are still chasing gains and selling off.

Global regulation is accelerating. The new BCBS regulations in Hong Kong have been implemented, and related US legislation is also progressing. The gradual improvement of these regulatory frameworks is reshaping the entire market structure and expectations. Currently, the market faces an interesting game—pressure from the halving cycle versus the positive outlook from interest rate cut expectations, with these two forces pulling in opposite directions.

The most important thing to watch now is whether Bitcoin can hold the $100,000 mark. If this upward trend can be sustained, the momentum for breaking through and subsequent performance will be crucial.