#数字资产市场动态 The end-of-year crypto market is unusually intense. In the recent market pulse, several clues are worth a closer look.

First, let's talk about employment data. Last week, the US initial jobless claims came in at 214,000, not as bad as expected. This indicates that the job market is still holding up, and the Federal Reserve may not rush to cut interest rates, allowing liquidity to flow more "calmly." But this does not mean a long-term trend reversal — the overall shift in capital flows is still progressing.

Institutional actions are frequent. BlackRock recently transferred 2,292 BTC and 9,976 ETH to Coinbase. This is not retail-level activity; it’s on-chain operations by a multi-billion-dollar asset management giant. Deposits to exchanges are usually related to liquidity management or spot ETF strategies, so the subsequent withdrawal trends need to be watched closely.

Traditional assets are also changing. Spot gold has fallen below $4,460 per ounce, indicating a short-term correction in gold prices. At this time, some funds will naturally seek higher elasticity alternatives — capital is always rotating to find opportunities, and this year's performance of risk assets has already demonstrated that.

Policy developments are quietly introducing new variables. Wall Street is now predicting the next Federal Reserve Chair, with Kevin Hasset’s name frequently appearing. If he takes office, his policy stance could bring new uncertainties, which will have a profound impact on the narrative of global liquidity.

On-chain signals also serve as warnings. There are suspected whale transfers of 96,000 ETH staked into a certain exchange. Large asset inflows into exchanges usually warrant caution for short-term selling pressure, but it could also be part of market structure adjustments — such as wash trading, rebalancing, or normal asset repositioning.

The global forex market is changing. The offshore RMB against the US dollar has broken through the 7.0 level, putting short-term pressure on the dollar. This suggests potential shifts in global capital flows, which could support risk assets denominated in USD (including $BTC, $ETH, and other cryptocurrencies).

Risk appetite is high. The S&P 500 hit a new intraday high of 6921 points, with a strong festive atmosphere in traditional markets. This enthusiasm for risk assets provides external liquidity backing and confidence for the crypto market — after all, when capital is abundant, all risk assets tend to rise together.