The Federal Reserve's policy is under pressure, reflecting that the economic fundamentals may be worse than expected. Reports indicate that Fed Chair Powell recently revealed pressure from the Department of Justice, and the tug-of-war over interest rate policies has noticeably intensified. Coupled with the fact that this year the Fed Chair is facing a transition, the market may experience greater volatility and even black swan risks. Now is the time to strictly control positions and absolutely avoid full exposure.

From on-chain activity, BTC's recent turnover rate has fallen to a multi-month low, with investor trading enthusiasm clearly cooling down. Most people are in a holding pattern, observing the market. The short-term chip structure has not changed significantly, but it is worth noting that a whale recently bought a large amount of 26,900 BTC, with a transaction scale of $2.4 billion. Additionally, MicroStrategy CEO Michael Saylor released a Bitcoin tracking tool, which the market generally interprets as a signal of continued accumulation.

Thursday is a significant day for the crypto world—last September, the CLARITY Act was passed in the U.S. House of Representatives with an overwhelming majority, and a vote is scheduled for January 15. The core of this bill is to streamline the regulatory framework for crypto exchanges, broker-dealers, and market makers in the U.S., while shifting some activities originally led by the SEC to CFTC regulation. For many crypto entrepreneurs, this undoubtedly signals positive news.