The crypto market has once again entered a phase of consolidation and accumulation. As of the time of writing, the total global crypto market capitalization is approximately $3.09 trillion, with Bitcoin accounting for 58.43%. The Fear and Greed Index remains at 26, indicating that investors are still on the sidelines.

Bitcoin is currently testing the $90,000 level repeatedly. This position is quite critical — above it, $95,000 forms a clear resistance zone. On-chain data is interesting: the number of large addresses holding over 100 BTC continues to hit new highs, indicating that these institutions and whales are quietly accumulating despite the market’s volatility. Once it breaks through $95,000, it could trigger a chain reaction, leading to large-scale short liquidations, and the upward speed could accelerate rapidly.

Ethereum is bouncing between $3,000 and $3,200. The $3,050 level acts as a support, while whether it can stabilize above $3,200 has become a key bullish signal for the future.

The real factors that will determine the short-term trend are two major events. One is the announcement of the Federal Reserve Chairperson candidate, which will be revealed this week. The market is betting whether the new chair will be "pro-crypto" or "dovish"; the other is the US CPI data on January 13, which directly influences the Fed’s rate cut expectations. Either of these news events could serve as a trigger for the market.

It is worth noting that the SEC recently removed cryptocurrencies from its risk priority agenda for 2026. Some interpret this as a sign of a warming regulatory environment, potentially creating conditions for a "super cycle." Leading institutions like Goldman Sachs are also shifting from cautious to cautiously optimistic about 2026, believing that as long as relevant market structure legislation is enacted, large-scale institutional entry is just around the corner.

Overall, the market now feels like waiting for a gunshot. Both bulls and bears are lowering their bodies at critical points, reluctant to act rashly. This silence is actually a sign of market maturity — true participants are not fooled by every fluctuation but are prepared with ammunition before key signals land, steadily advancing on the path of value growth.