Daily key market data review and trend analysis, produced by PANews.
1. Market Observation
Global financial markets began a turbulent session on January 20th, triggered by intense selling in Japan's long-term government bond market. Fears that Prime Minister Takaichi Sanae's expansionary fiscal plans could spark a "Japanese version of the Truss moment" drove the historic surge of Japan's 40-year government bond yield above 4%. This selling, described by traders as "crazy," quickly transmitted pressure to the United States via Japan, one of the largest holders of US Treasuries, pushing the 10-year US Treasury yield up to 4.311%. Citigroup even warned that volatility in the Japanese bond market could force risk parity funds to sell up to $130 billion in US bonds.
As US markets opened on Tuesday, Trump's reiteration of the need to control Greenland and his threat to impose tariffs on several European countries provided the catalyst for the market to unleash a "Sell America" trading pattern. US stocks, bonds, and the dollar suffered a "triple kill", with the S&P 500 plunging 2.1%, completely erasing its year-to-date gains, and the VIX fear index jumping to its highest level since last November. In a countermove, the Danish pension fund AkademikerPension, managing $25 billion, announced it would liquidate its holdings of US Treasury bonds by the end of the month due to concerns about credit risks stemming from US policy.
Amid this global rush for safe-haven assets, capital flooded into hard assets. Global retail demand for silver reached unprecedented levels, depleting inventories at refineries in multiple countries. The Polish central bank announced its approval of a plan to increase gold holdings by 150 tons, further solidifying the trend of central banks hedging against fiat currency devaluation and geopolitical risks. This drove the spot price of gold to historically break above $4800/oz for the first time, briefly touching a new all-time high of $4888. Meanwhile, US Treasury Secretary Besant attempted to soothe markets, stating she had communicated with Japanese officials who would stabilize markets, and expressed no concern whatsoever about any selling of US Treasuries related to the Greenland issue. However, Bridgewater founder Ray Dalio warned that a "capital war" might be brewing. Looking ahead, with the Fed's independence facing a test from a Supreme Court case, the market's eerie calm has been彻底 shattered. As long as the fundamental issues of geopolitics and fiscal discipline remain unresolved, severe volatility is likely to become the new normal for markets.
Bitcoin, affected by macro headwinds and geopolitics, fell below the $90,000 mark, briefly dipping to $87,790 and wiping out all its gains year-to-date. Over $1.8 billion was liquidated across the network within 48 hours. Analyst Michaël van de Poppe emphasized the need to closely watch Japanese bond yields and the gold price; if both continue to soar, the market will remain under pressure. The BTC/Gold exchange rate has also fallen to a historical low, and technically, it needs to hold the 50-day moving average to avoid a deeper correction. Trader Killa, by comparing the行情 to 2022, pointed out that if the price fails to reclaim the previous high of $94,600, it could continue to decline, viewing MicroStrategy's average holding cost of $75,979 as an important psychological support level. A more pessimistic prediction came from veteran trader Peter Brandt, who warned that the rejection at $98,000 could lead to a drop to $60,000 or lower, while Cheds Trading called for a bottom range of $35,000 to $45,000.
However, there are also strong bullish voices in the market. Trader il Capo of Crypto believes the current area is significant support, and if held, the next target is $100,000. Analyst Sykodelic further believes that even if the price drops below $80,000 for a liquidity cleanse, it would still be a healthy correction in a bull market, preparing for a charge towards $110,000. Analyst Astronomer, although stopped out, maintains a bullish bias, believing a weekly bottom is forming with targets at $95,000 and $112,000, predicting that even in a bear market, the bottom would be above $50,000. On-chain data provides strong support for the bulls. Santiment's monitoring shows that whale addresses holding 10 to 10,000 BTC have accumulated over 36,000 BTC against the trend in the past 9 days, showing a bullish divergence of "smart money" accumulation. Analyst Garrett fundamentally refuted the bearish argument, emphasizing that the current macro environment is completely different from 2022, and institutional entry via ETFs has changed the market structure. Unless there is a new inflation shock and the price effectively breaks below $80,850, any talk of a bear market is premature.
Regarding Ethereum, the price nearly broke below the $2900 mark, with technical patterns and on-chain data presenting a complex state of博弈. Analyst Krugman pointed out that ETH's failure to break through the key $3450 watershed kept the weekly bearish Pinbar pattern valid, with key support below in the $2700 to $2800 range. A break below this area could see the price plummet to $1700. Man of Bitcoin analysis suggests ETH has broken below micro support; as long as the price stays above $2772, the triangle structure remains valid, but the risk of a direct drop needs vigilance. Although the CVD indicator is negative, price finding support above $3000 indicates large players are absorbing selling pressure. Harvey Hunter analyzed from a technical perspective that ETH is building a two-month symmetrical triangle; if it can hold current support and break above $3350, it could embark on a rebound towards a new all-time high of $4800. However, Arthur Hayes warned that if the Japanese bond crisis causes the MOVE index to surge above 130, risk assets including ETH will face a painful deleveraging process.
While mainstream coins fluctuated, Solana fell below $130 with the broader market, but on-chain data shows whales are taking the opportunity to accumulate. Addresses holding 1k to 10k SOL increased significantly, exchange supply hit a two-year low, and network activity and stablecoin supply both reached new highs. Meanwhile, the combination of politics and Memes became a new炒作 hotspot. A tweet from the official White House account saying "The memes will continue" led today's BSC Meme行情, which was also reposted by Binance co-founder He Yi. The related Meme coin "$memes" saw its market cap rise to a high of $20 million. (*Note: Content is for reference only, not investment advice. Please do your own research.)
2. Key Data (As of January 21, 13:00 HKT)
(Data source: CoinAnk, Upbit, SoSoValue, CoinMarketCap)
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Bitcoin: $89,746 (Year-to-date +2.35%), Daily Spot Volume $59.44B
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Ethereum: $2,985 (Year-to-date +0.46%), Daily Spot Volume $33.68B
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Fear & Greed Index: 24 (Fear)
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Average GAS: BTC: 1.75 sat/vB, ETH: 0.02 Gwei
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Market Dominance: BTC 59.1%, ETH 12.4%
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Upbit 24h Trading Volume Ranking: AXS, XRP, BTC, BERA, IP
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24h BTC Long/Short Ratio: 48.63% / 51.37%
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Sector Performance: Crypto market broadly lower, CeFi sector leads decline over 5%
24h Liquidation Data: 139,733 people liquidated globally, Total liquidation amount $764 million, including BTC $297M, ETH $261M, SOL $30.12M
3. ETF Flows (As of January 20)
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Bitcoin ETF: - $483 million
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Ethereum ETF: -$230 million
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XRP ETF: -$53.32 million
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SOL ETF: +$3.08 million
4. Today's Preview
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Zama public token auction registration is open, bidding starts January 21, 16:00
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ETHGas: GWEI airdrop eligibility query opens January 20, community airdrop on January 21
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Solana Mobile will airdrop 2 billion SKR tokens to Seeker users on January 21
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MegaETH will launch its mainnet on January 22, initially starting a global stress test
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Immunefi will launch its platform token IMU on January 22
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Binance Alpha will list FIGHT on January 22
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US Q3 Real GDP Annualized QoQ Final (Jan 21, 21:30)
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US Initial Jobless Claims (week of Jan 17): Expectation 209K, Previous 198K (Jan 21, 21:30)
Today's top gainers among top 100 coins by market cap: River +21.9%, Canton Network +6.7%, Tezos +5.5%, Midnight +4.2%, World Liberty Financial +3.8%.
5. Hot News
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Spot gold breaks above $4850/oz, hitting a new record high
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Japanese and South Korean stock markets open down over 1%
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Pendle launches sPENDLE mechanism, replacing vePENDLE and introducing liquid staking
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Galaxy plans to launch a $100M crypto hedge fund in Q1 2026, with up to 30% assets invested in crypto tokens
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Solana Mobile launches native token SKR, Seeker users can claim airdrop before April 20
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US Market Close: Major indices fell sharply, blockchain concept stocks broadly lower
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Trend Research withdraws another 7,960 ETH from Binance, purchased 17,899 ETH today in total
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Strategy invests $2.13B to acquire 22,305 additional Bitcoin
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Trove Markets' token plummets over 95% minutes after listing, negative impact intensifies further











