The market trends on January 16th are worth noting. The three major US stock indices all declined, with the Nasdaq down 0.06% and the Dow Jones dropping 0.17%, showing an overall weak trend. However, the chip sector bucked the trend, with Micron Technology soaring over 7%, forming a stark contrast. Meanwhile, Chinese concept stocks performed poorly, with related indices falling 1.15%, and leading stocks like Alibaba dropping more than 3%.

What is the real driving force behind this? The market is digesting several major uncertainties. First is the uncertainty surrounding the Federal Reserve chairperson candidate— the list has been narrowed down to four, with some candidates already undergoing interviews, but the final decision remains uncertain. At the same time, new officials in the Treasury Department have indicated that the specific direction of central bank policies is still unclear, leaving the market with a lot of room for imagination.

More importantly, the threat of policy escalation is rising. Some officials have hinted at possible tariffs on certain countries, a signal that is enough to tighten global investors' nerves.

The commodity markets are also feeling this shockwave. Spot gold once plunged over 1.5%, silver fell by as much as 5%, and industrial metals declined across the board—copper, nickel, tin—all were affected, with London tin futures even plunging 7.8%.

From the perspective of crypto assets, this macro liquidity tightening often reshapes capital flows. The Federal Reserve’s decision-making window and the sharp fluctuations in global commodity prices could become important reference indicators for the crypto market. The storm has not yet subsided, and the market is waiting for the next policy signal.