The cryptocurrency market continues its weekend downturn today, with risk assets generally under pressure. Bitcoin is currently hovering between $92,500 and $93,000, with a 24-hour decline of about 1~2%. It experienced slight fluctuations in the early session but lacked upward momentum. Ethereum followed the downward trend, quoted at $3,180~$3,230, down 2~3% over 24 hours. Altcoins as a whole are also struggling through the adjustment pain.

From a macro perspective, Trump’s threat to impose additional tariffs on several European countries (including Denmark, related to the Greenland dispute) triggered a significant sell-off in global risk assets. This escalation in trade war expectations directly impacted the risk appetite of the crypto market. The total market capitalization of global cryptocurrencies fell from its high to between $1.84 trillion and $1.87 trillion, evaporating hundreds of billions over 24 hours.

Risk aversion sentiment has clearly increased. The US dollar index (DXY) slightly weakened within the 99.03~99.39 range but remains generally stable, with a still noticeable decline year-to-date. In contrast, spot gold prices surged strongly, with the latest quotes at $4,660~$4,670 per ounce, up 1.5% over 24 hours, reaching a record high, fully reflecting market demand for safe-haven assets.

At the institutional level, recent inflows and outflows of US spot BTC ETFs have been mixed, increasing short-term volatility. Analysts generally warn that trade war rhetoric this week will continue to test institutional investors’ willingness to allocate funds. US stock markets are closed for Martin Luther King Jr. Day, resulting in lower volatility in futures markets. However, market focus will shift to this week’s Davos Forum, Trump’s speech, and subsequent trade policy statements — these could become key drivers for the next price movement.