#美国非农就业数据未达市场预期 【January Market Observation】

Bitcoin is still bouncing between 90,000 and 91,000, and it seems like the market is brewing something. The hope is to stabilize above 90,000 for consolidation. This week's market performance is very critical. Interestingly, precious metals are also starting to surge, possibly providing some upward momentum.

Ethereum is following the lead of Bitcoin, but the foundation's focus is on technological iteration, so they are less concerned about price movements. However, in the area of zero-knowledge proofs, the foundation has explicitly stated that this is a key technological direction for the future.

Michael Saylor recently released information about Bitcoin Tracker, which market analysts interpret as a possible signal of increased holdings. Meanwhile, Bitrace data shows that TornadoCash's business addresses accumulated a total of 693,412 ETH during 2025, indicating notable capital flow. Bitmine is also increasing its stake, with an additional 109,504 ETH staked, totaling a value of $3.7 billion.

On the macro front, spot gold has risen to $4,540 per ounce, nearly approaching a new all-time high. U.S. job growth data has slowed, making Federal Reserve policy moves a market focus—there's little chance of a rate cut in January, and the market is now betting that policy adjustments will be delayed until mid-year. Additionally, Bloomberg analysts have revealed that the SEC's review of Morgan Stanley's Bitcoin spot ETF application may commence around March 23.