This week's market trend is indeed quite interesting. As of January 12, the total cryptocurrency market capitalization stands around $3.10 trillion, with Bitcoin's dominance stable at 58.36%. The 24-hour trading volume is approximately $52.5 billion, and market liquidity remains relatively sufficient. Looking at specific coin performances, Bitcoin is trading around $90,593 today. Interestingly, it briefly dipped below the $90,000 mark in the morning but then recovered. Ethereum performed relatively stably, with a price around $3,120, up slightly by 1.06%. Other coins show more divergence—Solana is on the rise, while XRP, BNB, and Dogecoin have all experienced pullbacks. From market dynamics, this round of volatility is mainly driven by macro factors. The recent U.S. non-farm payroll data came in stronger than expected, reinforcing market expectations that the Federal Reserve will keep interest rates unchanged in January. The US dollar index strengthened to a one-month high, putting pressure on dollar-denominated crypto assets—this is the background for Bitcoin's surge and subsequent pullback. On the capital side, there is some interesting activity. Recently, institutional funds have seen a weekly net inflow of $670 million, indicating cautious but somewhat optimistic market sentiment. However, liquidation risks should still be watched—total liquidations across the network in 24 hours amount to about $12.62 million, with long positions making up the majority, suggesting some traders are still cutting losses. Overall, the current market is not simply a one-way trend but shows clear divergence—major assets are under pressure, but hot sectors remain active. How long this structural divergence lasts will depend on the Federal Reserve's stance and the subsequent movement of the US dollar index.