Over the past week, the crypto market has seen frequent hotspots and significant developments across multiple sectors.

**On the macro level, the construction of Bitcoin strategic reserves continues to advance.** The White House’s crypto director recently confirmed that the national Bitcoin strategic reserve plan is still actively progressing, sending a positive signal. Meanwhile, American fast-food chain Steak'n Shake announced this week that it will allocate $10 million to Bitcoin, officially adding it to the company's balance sheet, reflecting the increasing importance traditional companies place on crypto assets.

**In the exchange ecosystem, dYdX trading data is impressive.** The protocol's cumulative trading volume has surpassed $1.55 trillion, and the token buyback ratio has increased to 75% of the protocol’s net revenue, demonstrating strong growth momentum and investor returns.

**On-chain data stories are also worth noting.** According to monitoring, a top investor has recently been reducing their holdings of HYPE and ETH long positions, with a weekly unrealized profit of over $2.5 million. Interestingly, a whale who accumulated 5,000 BTC 12 years ago recently sold 500 BTC, worth approximately $47.77 million. The movements of such large holders often signal market rhythm.

**In terms of coin performance, it’s a tale of two extremes.** A meme coin launched just 6 hours ago has already surpassed $10 million in market cap, showcasing community enthusiasm; meanwhile, TRUMP coin, which once soared to a $20 billion market cap in 8 hours, has now evaporated by 90%, serving as a lesson for investors.

**Looking ahead to next week, macro events are densely packed.** Trump’s return to the Davos forum after six years, and the upcoming Bank of Japan interest rate decision, could both disrupt the crypto market. Market analysts remain optimistic—Bitcoin is expected to hit a new all-time high this year, and Ethereum is projected to outperform Bitcoin. Based on its trading performance since the beginning of the year, this outlook is gradually being validated.