#密码资产动态追踪 In the first two weeks of the new year, has the rally of $BTC caught your attention? From $94,000 to a total market cap back to $3.1 trillion, the market is indeed warming up. But a closer look reveals that the words repeatedly mentioned by institutions are "cautiously optimistic"—where does this underlying hesitation come from?

Simply put, two forces are pulling:

On one side, on-chain data shows that the profit-taking pressure from the end of last year has significantly eased. More intuitively, funds in US spot ETFs have shifted from net outflows to net inflows. The options market also signals—buying calls is increasing, and traders are rebuilding risk positions. These are all bullish signs.

On the other side, trouble lies at the macro level. The Federal Reserve's rate cut pace remains uncertain. But the real "cornerstone" that everyone is waiting for is the movement of the US "Crypto Market Structure Act." Goldman Sachs explicitly states that whether this bill can be advanced in the first half of the year will directly determine whether institutional funds will truly enter on a large scale.

In other words, 2026 might look like this—amid the fog of macro and policy uncertainties, funds will flow more precisely into assets with solid fundamentals and the capacity to withstand volatility. It’s not about equal distribution, but smart money seeking genuine value and clear stories. The market is searching for those that can withstand cycles.