#Gate广场创作者新春激励 Cryptocurrency Broad Decline, Watch for Long Opportunities on the Upside

Today is Monday, January 26, 2026. The cryptocurrency market is experiencing a sharp correction driven by macro black swan events, with market sentiment shifting to "fear."
Market Dynamics Overview
Bitcoin (BTC): Price around $86,000, down 3.3% in 24 hours. Ethereum (ETH): Price around $2,800, down over 5% in 24 hours.
Market Overview: The virtual currency market has plummeted across the board, with a total of 209,200 traders liquidated in the past 24 hours, totaling $664 million.
Fear & Greed Index: Has dropped to 25, entering the "fear" zone.
Main Reasons for the Decline: Three Major Macro "Black Swans"
This morning's sharp drop was triggered by three sudden events, collectively suppressing global risk appetite:
1. Deterioration of US-Canada relations: The US threatened to impose high tariffs on Canadian goods, escalating trade tensions.
2. Forex market intervention expectations: The US Treasury inquired about the cost of intervening in the yen exchange rate, causing the dollar to fall and raising concerns about liquidity tightening.
3. Middle East geopolitical tensions: US aircraft carriers arrived in the Middle East, increasing regional conflict risks.
These events led to capital fleeing risk assets like Bitcoin and flowing into safe-haven assets such as gold (breaking the $5,000/oz mark for the first time in history).
Key On-Chain and Capital Data
Recent capital flows show pressure of outflows:
ETF Capital Outflows: In the past week, US Bitcoin spot ETFs saw a net outflow of $1.32 billion, and Ethereum spot ETFs saw a net outflow of $600 million. These are direct indicators of market sentiment.
Stablecoin Market Cap Contraction: Overall stablecoin market cap has recently decreased by 0.75%, possibly indicating some funds are exiting the crypto ecosystem.
Total Market Cap: The total cryptocurrency market cap is approximately $3.1 trillion, with Bitcoin accounting for 59.2%.
Policy and Regulatory Developments
Long-term policy environment may become clearer, but short-term market sentiment impact is limited:
US Regulation Progress: A key crypto market structure bill (CLARITY Act) is advancing. If passed, it aims to clarify the regulatory responsibilities of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), potentially providing a clearer framework for the industry.
Global Discussions: At the Davos Forum, crypto regulation and monetary sovereignty are focal points, with different countries holding varied attitudes.
Market Focus Moving Forward
1. Macro Situation: Progress of geopolitical and trade friction events mentioned above.
2. Institutional Funds: Whether the capital flow into US spot ETFs can reverse.
3. Technical Position: Whether Bitcoin can find support and stabilize near the core range of 85,000 - 92,000.
4. Market Sentiment: Whether the Fear & Greed Index will further decline.

In summary, the market is currently in a macro-driven risk-averse mode. Short-term operations should be extremely cautious, while long-term positioning can begin to focus on value zones.