January 8th, the crypto market experienced significant turbulence. BTC briefly dropped below $90,000, and this rapid decline led to over 130,000 liquidations within 24 hours, with $460 million in funds evaporating instantly. Long positions became the hardest hit in this round of market movement, reminding all traders of the importance of risk management. In such volatile environments, a prudent strategy is more critical than anything else.

The performance of FXS, on the other hand, was a counterattack. Stimulated by the mainnet swap announcement, this small coin surged from $0.68 to $1.128 within three hours, an increase of 60.8%. This indicates that even in a declining market, high-quality positive news can create independent upward space for small-cap coins.

From a macro perspective, the US strategic Bitcoin reserve policy continues to attract attention. The current accumulation mainly comes from confiscation channels, with the government not actively purchasing. This policy orientation could become a key variable influencing future crypto market fluctuations. Changes in policy direction often trigger phased market reactions, which warrants ongoing observation.