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On January 30, 2026, the cryptocurrency market experienced a comprehensive sell-off due to drastic changes in macro expectations, with Bitcoin and Ethereum both plummeting significantly. Market sentiment shifted from greed to fear, leading to a short-term weak and volatile pattern. Below are the core analysis and key points of this market situation.

1. Core reasons for the market crash

1. The Federal Reserve's unexpectedly hawkish stance has shaken confidence in interest rate cuts, breaking the core logic of liquidity easing that previously supported the market's rise;
2. The epic surge in gold has created a capital absorption effect, with funds flowing from high-risk assets like cryptocurrencies to traditional safe-haven assets. The increased allocation of Tether to physical gold further exacerbates the panic of capital diversion;