The market on January 9, 2026, can be described as a tale of two extremes. On the major market front, BTC is in a correction, and altcoins are generally under pressure. Market manipulation by a leading exchange disrupted the rebound rhythm, dampening investor confidence. Meanwhile, the US stock market experienced increased volatility, while crude oil prices surged against the trend. This asymmetrical movement added considerable uncertainty to the market.

In terms of hotspots, several sectors are rotating. First is the revival signal of public chain ecosystems. SOL performed strongly, and Morgan Stanley has submitted a spot ETF application, with on-chain MEME assets also warming up, indicating institutional-level recognition of the prospects for public chains. Second is the prosperity of the MEME coin ecosystem. The Chinese MEME coin "Binance Life" continues to rise, with an interesting backstory—it's based on the concept of a new autobiography by a well-known industry figure. Another Chinese MEME coin, "I’m Coming," performed even more explosively, directly topping the market hot sector list.

Stablecoins and wealth management tracks also have highlights. WLFI and its flagship product USD1 are expanding rapidly, with a 25% increase in scale since December last year. This growth is driven by two factors: first, the project team’s treasury incentive plan, and second, deep cooperation with a leading exchange, providing users with a 20% wealth management return—quite competitive in the current market environment.

The privacy coin sector, however, is in trouble. ZEC experienced a significant decline, caused by internal team conflicts, which also serves as a reminder for investors to pay attention to the health of project governance.