Trading moment: Gold and silver are approaching the 5000 and 100 USD levels, respectively. Bitcoin and Ethereum are generally bearish in the short term.

Daily market key data review and trend analysis, produced by PANews.

1. Market Observation

Trump’s policy moves have become the core source of market uncertainty. His repeated stance on Greenland sovereignty and threats of tariffs on Europe, although temporarily eased with a framework agreement, have significantly shaken global investor confidence in dollar assets. Against this backdrop, the global trend of “de-dollarization” is becoming more evident, with many central banks and sovereign funds accelerating foreign exchange reserve diversification. India’s holdings of US Treasuries have fallen to a five-year low, down 26% from the 2023 peak, with US debt accounting for one-third of its foreign exchange reserves, while gold holdings continue to increase. This move echoes the Ontario Teachers’ Pension Plan reducing dollar and US debt exposure, and Greenland’s pension fund considering withdrawing from US stock markets, collectively reflecting market concerns over US policy risks.

These concerns have driven a surge in safe-haven assets, with gold prices approaching the $5,000 mark, up 14.72% year-to-date; silver is just a step away from $100, reaching a high of $99.375, with a 38.32% increase this year. Goldman Sachs has raised its 2026 gold target price to $5,400, noting that besides central bank gold purchases, long-term “sticky” allocations by the private sector for macro risk hedging are becoming a new force pushing gold prices higher. Additionally, due to extreme cold weather, US natural gas prices surged 63% in a week to their highest since December 2022, but have pulled back today. Meanwhile, the Bank of Japan maintained its benchmark rate at 0.75%, but the surge in its government bond yields is interpreted by the market as a sign of pressure. On the corporate side, Intel released earnings after hours, beating expectations for Q4 but issuing weak Q1 guidance due to supply bottlenecks, causing its stock to plunge over 13% after hours.

Bitcoin, after recently falling near $87,200, has been oscillating around $90,000. Delphi Digital analyst that1618guy pointed out that Bitcoin currently shows a negative correlation with the 10-year Japanese government bond yield. Several analysts see $90,300 as a key resistance level, while $87,000 is a common support zone. Trader Eugene, having exited due to poor high-cycle patterns, is bearish on the future, stating he hoped BTC would break $100,000 at the start of the year, but now this seems unlikely. Killa expects a pullback to the $84K–86K range; Man of Bitcoin believes that if the price can hold above $87,256, it may be at the fourth wave high or about to break through, with resistance at $91,616; Jelle suggests that if it falls below $87,200, it could return to $80,000, and a breakout above $93,000 is needed to confirm an uptrend. Glassnode analysis indicates that short-term holders (cost basis around $98,400) face selling pressure, while those holding for 3–6 months (cost basis around $112,600) increased selling during price rallies, creating upward resistance. The global fund manager cash allocation ratio has fallen to a record low of 3.2%, implying the market is operating at full capacity. Once negative shocks occur, the lack of buffer funds could trigger chain reactions of selling, increasing market fragility.

In Ethereum, although the price briefly rebounded above $3,000, market demand remains weak, facing severe technical challenges. Data from Coinglass shows that a break below $2,850 could trigger $771 million in long liquidations, while a break above $3,050 could trigger $1.083 billion in short liquidations. Capriole Investments reports that Ethereum’s apparent demand has fallen to a 10-month low, similar to levels before the March 2025 crash. Man of Bitcoin notes ETH is maintaining a triangle pattern; a break below $2,867 would be a warning sign. Batman warns that the current $2,800–$3,000 zone is the “last line of defense,” and losing it could trigger a bearish flag target down to $1,850. However, there are positive signals, as Kriptoholder observed dense institutional buy walls in the $2,500–$2,600 range, and mortgage giant Newrez announced accepting ETH as collateral, seen as an important step toward mainstream adoption.

In the altcoin market, the project Space faces serious “overfunding” controversy, with actual fundraising reaching $20 million, far exceeding the $2.5 million target. The team plans to retain about $14 million and only refund part of the funds. Such behavior has been deemed malicious manipulation by the community, drawing comparisons to the previously controversial Trove project.

2. Key Data (as of January 23, 13:00 HKT)

(Source: CoinAnk, Upbit, SoSoValue, CoinMarketCap)

• Bitcoin: $89,596 (up 2.2% YTD), daily spot trading volume $39.03 billion
• Ethereum: $2,945 (down 0.46% YTD), daily spot trading volume $29.06 billion
• Fear & Greed Index: 24 (Fear)
• Average GAS: BTC: 1.75 sat/vB, ETH: 0.02 Gwei
• Market share: BTC 59.2%, ETH 11.8%
• Upbit 24-hour trading volume ranking: ELSA, AXS, XRP, BTC, IP
• 24-hour BTC long/short ratio: 48.91% / 51.09%
• Sector performance: The overall crypto market is declining, with only GameFi, AI, and RWA sectors relatively resilient.

24-hour liquidation data: a total of 92,770 traders liquidated globally, with total liquidation amount of $174 million, including BTC liquidations of $35.36 million, ETH $50.3 million, SOL $6.196 million.

3. ETF Flows (as of January 22)

• Bitcoin ETF: -$32.108 million, continuous net outflow for 4 days
• Ethereum ETF: -$41.977 million, continuous net outflow for 3 days
• XRP ETF: +$2.09 million
• SOL ETF: +$1.71 million

4. Today’s Preview

• Binance will delist YGG/BTC and several other leveraged trading pairs on January 23
• Meteora: MET airdrop claim deadline is January 23
• Kaito AI will launch on Bitway Capital Launchpad on January 24
• SOON (SOON) will unlock approximately 21.88 million tokens at 4:30 PM on January 23, representing 5.63% of circulating supply, valued at about $7.4 million;
• Animecoin (ANIME) will unlock about 835 million tokens at 9:00 PM on January 23, representing 13.84% of circulating supply, valued at about $6.3 million;
• SoSoValue (SOSO) will unlock about 13.33 million tokens at 5:00 PM on January 24, representing 5.00% of circulating supply, valued at about $7.4 million;
• Humanity (H) will unlock about 105 million tokens at 8:00 AM on January 25, representing 4.57% of circulating supply, valued at about $19.3 million;
• Plasma (XPL) will unlock about 88.89 million tokens at 8:00 PM on January 25, representing 4.33% of circulating supply, valued at about $12.4 million;

Top 100 cryptocurrencies by market cap with the largest gains today: LayerZero +23.6%, Rain +11.2%, Lighter +5.8%, River +4.1%, Monero +4%.

5. Hot News

• World Liberty Financial partners with crypto satellite company Spacecoin to exchange tokens
• Bitmine further staked 171,264 ETH, with total staked amount around $5.73 billion
• YZi Labs has strategically invested in BitGo IPO
• USD.AI approved up to $500 million GPU financing for Sharon AI
• UBS believes the RMB could account for 10% of global reserves
• Trump: will impose a 25% tariff on all countries trading with Iran
• Michael Saylor: considering buying more Bitcoin
• Hyperliquid Strategies has increased holdings of HYPE tokens by about $67.6 million since early December
• Mirana Ventures’ related wallet deposited 13.65 million MNT into Bybit, worth $12.2 million
• Korean prosecutors lost a large amount of seized Bitcoin, with losses possibly reaching $48 million