Crypto Market Today at a Glance. As of 10:30 on January 10 (Beijing Time), the market shows a divided pattern, with large funds remaining cautious.

**Market Overview: Bitcoin Fluctuates Around the 90,000 Level**

Bitcoin is currently priced at $90,673, with a 24-hour range of $89,343-$91,838. Behind this seemingly calm figure, global liquidations yesterday exceeded $200 million, with over 8,000 traders forced to close positions. After this adjustment, BTC finally stabilized around the $90,000 mark, but funds are still leaving—the net outflow in the past 24 hours reached $350 million, indicating that institutions are clearly on the sidelines.

Ethereum performed even weaker, currently trading between $3,070 and $3,250, with obvious downward pressure intraday.

**What Are Institutions Doing: MicroStrategy Buys Again**

Steadfast Bitcoin believer MicroStrategy continues to increase holdings, recently purchasing 1,287 BTC, bringing its total to 673,783 BTC. At an average cost of $75,024 per BTC, the book value has surpassed $61 billion. This company has almost all its chips invested in Bitcoin.

In contrast, U.S. banks are optimistic about certain compliant exchange platform stocks, with a target price set at $340, expecting another 40% upside. However, the market is less optimistic—one major exchange is initiating a global restructuring and layoffs, with specifics not yet disclosed.

**On-Chain Perspective: Exchanges Are Receiving**

On January 9, there were 1,306 BTC inflows into exchanges, indicating some funds are being reduced. The total exchange reserves now hold 2,747,000 BTC, accounting for 15.12% of the total supply. More concerning is that the U.S. Department of Justice has approved the sale of approximately 69,000 BTC seized in the Silk Road case. Once this selling pressure is released, the market will need to absorb it fully. On-chain options data shows that the maximum pain point for options expiring on January 16 remains at $90,000.

**Ecosystem Movements: Pump.fun Founder Returns with Surprises**

The founder of Pump.fun has re-emerged, promising to reform the creator fee mechanism. The market responded positively—its token surged 10%. This indicates that community expectations for product improvements still exist.

**Macro Environment Heats Up**

Implied probabilities in the Federal Reserve swap market show that the chance of a rate cut in January has dropped to zero, but Goldman Sachs still expects two rate cuts throughout the year. The U.S. stock market is lively, with the Dow Jones and S&P 500 both hitting record highs, led by a rally in tech stocks, with Intel rising over 10%.

Gold and silver are also on the move, with spot gold breaking through $4,510 per ounce, and silver surpassing $80 per ounce, as safe-haven funds flow out. Regarding the yen exchange rate, USD/JPY has crossed 158 for the first time in a year, reaching a new high, which will have a liquidity impact on Asian crypto markets.

On the regulatory front, the U.S. CFTC continues to strengthen oversight of crypto derivatives, focusing on platform compliance and investor protection. This trend is unlikely to reverse in the short term.