Recent analysis of the macro aspects of Bitcoin and some altcoins is as follows:

1. Macro Environment

1. Market News

From the information gathered from the market: the selling pressure above Bitcoin is not coming from institutions, large holders, or retail investors, but rather from our miners. The peak of selling pressure was in November, and it has gradually decreased since January of this year, indicating that the pressure from above is gradually diminishing. Therefore, with a fixed buying interest below, the likelihood of the market continuing to rise is very high, especially during the period when we mentioned Trump's upcoming inauguration, where new highs may emerge. Special attention should be paid to the performance of Solana's ETF and its listing situation, as the market may continue to rise.

2. Institutional Situation

From last week's institutional data, the market situation has eased and improved compared to the previous week. It indicates that institutions have shifted from large sell-offs earlier to either small sell-offs or significant buying activities, suggesting that the phase of negative news or the market bottom may have already appeared, and the momentum for the market to continue rising has slowly manifested.

3. Market Sentiment

From the perspective of market bullish and bearish sentiment: when the price is above 100,000, bullish sentiment, especially mindless bullishness, is quite high. However, when the price drops to around 90,000, the market began to short, and then transitioned to a lower bullish sentiment in recent days. However, the bullish sentiment in the lower region is not high, with most participants remaining cautious. There are many people positioning for shorting, indicating that the market has not yet been able to accept a transition from a bearish to a bullish trend.