【January 9th Market Information and Data Analysis】

1、The first non-farm data of #2026 will be released tonight at 21:30, expected at 60,000, previous value at 64,000;

2、Stablecoin trading volume in 2025 reached a record high, totaling $33 trillion, with #USDC leading the way;

3、#TRUMP claims to have decided the Federal Reserve chairperson;

4、JPMorgan: The phase of crypto de-risking may have ended, with ETF fund flows showing signs of stabilization.

In JPMorgan's latest market assessment, regarding the current sentiment toward crypto assets, the report clearly states that the previous dominant trend of 'de-risking' is rapidly fading. Although Bitcoin and Ethereum ETFs saw significant outflows at the end of 2025, while global stock ETFs recorded a massive net inflow of $235 billion during the same period, this temporary selling pressure has reached a turning point at the beginning of 2026. Data shows that fund flows for #BTC and #ETH ETFs have bottomed out and started to recover, with perpetual contracts and CME Bitcoin futures position indicators also showing signs of recovery, indicating that market selling pressure is being gradually absorbed.

Analysts further point out that the collective liquidation peak in Q4 2025—whether by retail or institutional investors—appears to have completely ended. MSCI's index review in February 2026 decided to retain the index status of Bitcoin and crypto asset reserve companies, a move seen as an immediate 'stopgap' for market sentiment. The report denies that the recent correction was due to liquidity shortage, instead attributing the real trigger to MSCI's statement on October 10 regarding MicroStrategy's index status, which triggered a systemic withdrawal. However, it is now evident that the main force behind this withdrawal has largely dissipated.