**Market Panorama Scan**

Wednesday's market showed a clear divergence pattern. The three major A-share indices all closed higher, with the Shanghai Composite Index continuing its strength to set a new historical record—14 consecutive days of gains, a performance that catches the eye. Although the single-day increase was only 0.05%, the volume supported the move, with the index approaching the 4100-point mark during trading. The Shenzhen Component Index rose by 0.06%, and the ChiNext Index performed slightly better with a +0.31% increase. The combined trading volume of both markets reached 2.85 trillion yuan, an increase of 476 billion yuan compared to the previous day, indicating a rise in market participation.

In contrast, the three major US stock indices showed mixed performances. The Dow Jones Industrial Average led the declines, closing down 0.94%, and the S&P 500 also failed to hold steady, falling 0.34%. Only the Nasdaq managed to turn positive, with a gain of 0.16%. This divergence reflects market adjustments to expectations of the Federal Reserve's future policy.

**Federal Reserve Attitude Shift, Liquidity Expectations Cool Down**

US employment data unexpectedly remained strong, dampening market hopes for a rate cut in January. According to the latest probability statistics, the likelihood of holding interest rates steady has risen to 88.4%, meaning investors should not expect easing policies in the short term. The cooling of liquidity expectations has directly impacted the upward momentum of risk assets like Bitcoin this month.

**BTC Technical Outlook Under Pressure**

Although Bitcoin reached a new high since December 23, short-term selling pressure has intensified. Market sentiment is shifting from greed to caution. If the price falls below the 90k level or drops back to the 88k range, it is highly likely to re-enter a consolidation pattern. This position is a key defensive point to watch in the short term.

**Project Dynamics Tracking**

A few tokens worth paying attention to:

$RIVER is a stablecoin protocol in the chain abstraction sector, recently hitting a new high for 2026. It has received strategic investment backing from the Maelstrom Fund (managed by Arthur Hayes). With a large unlock approaching, its subsequent trend warrants close monitoring.

$WLFI's movements are quite interesting. Over three weeks, the team transferred another 24 million tokens to a leading exchange, worth approximately $4.14 million. Earlier, they converted all $15.07 million worth of WBTC into WETH. These series of operations have raised concerns about increased selling pressure.

Solana Mobile has announced major news. The Seeker token (SKR) is scheduled for TGE launch on January 21, with a total supply of 10 billion tokens, of which 20% (2 billion) will be allocated to users and developers. Airdrops are imminent. The ecosystem's enthusiasm is expected to continue rising.

$BABY recently received a $15 million investment from A16z to develop the "Trustless Bitcoin Vaults" protocol. Backing from large institutions often enhances project credibility and attention.

**Risk Reminder**

DYOR (Do Your Own Research) is always the first principle. During periods of increased market volatility, it is especially important to protect your principal.