On January 9, Bitcoin broke below the $89,500 mark, with bearish sentiment dominating the market. Long positions faced liquidations at near-record levels, accounting for over 90% of total liquidations. Simultaneously, positive signals are emerging—Morgan Stanley has officially submitted an application for an Ethereum spot ETF, indicating that traditional financial institutions' compliant pathways to Ethereum exposure are becoming increasingly smooth.
More notably, there has been new progress on the U.S. "million Bitcoin reserve" plan. While the specific timeline for direct purchases remains unclear and the possibility of near-term policy implementation is limited, such rhetoric itself signals that Bitcoin is becoming an option for state-level asset allocation.
The current market resembles a seesaw: retail investor liquidation liquidations and institutional positioning signals are unfolding simultaneously, with policy expectations and price volatility offsetting each other. In the short term, this competition will likely intensify, but structurally speaking, support from institutions and policy levels is already being laid in place.
On January 9, Bitcoin broke below the $89,500 mark, with bearish sentiment dominating the market. Long positions faced liquidations at near-record levels, accounting for over 90% of total liquidations. Simultaneously, positive signals are emerging—Morgan Stanley has officially submitted an application for an Ethereum spot ETF, indicating that traditional financial institutions' compliant pathways to Ethereum exposure are becoming increasingly smooth.
More notably, there has been new progress on the U.S. "million Bitcoin reserve" plan. While the specific timeline for direct purchases remains unclear and the possibility of near-term policy implementation is limited, such rhetoric itself signals that Bitcoin is becoming an option for state-level asset allocation.
The current market resembles a seesaw: retail investor liquidation liquidations and institutional positioning signals are unfolding simultaneously, with policy expectations and price volatility offsetting each other. In the short term, this competition will likely intensify, but structurally speaking, support from institutions and policy levels is already being laid in place.