The crypto market has been quite active these days. First, let's look at the capital flow—Bitcoin spot ETF saw another outflow of $250 million yesterday, marking the fourth consecutive day of net outflows; Ethereum spot ETF is also not optimistic, with nearly $94 million net outflow yesterday, continuing a downward trend for three days.

But this doesn't mean the market is entirely bearish. According to Coinglass data, the funding rates on mainstream exchanges and DEXs show an interesting divergence—investors' bearish signals for BTC and ETH are weakening, indicating that people haven't completely given up on these two main cryptocurrencies. In contrast, altcoins still show dominant short signals in funding rates, reflecting a clear lack of market confidence.

Policy-wise, progress is accelerating. The Senate bipartisan agreement plans to adjust the yield rules for stablecoins, and the CLARITY Act is about to advance. Additionally, Pump platform is reforming its creator fee mechanism, with officials stating that the current model may lead to distorted incentives. This move signals a trend toward regulation of creative platforms.

Notably, US Treasury Secretary Yellen recently stated that even if the Supreme Court rules against the Trump administration's tariffs, the Treasury Department has sufficient funds to handle any refunds. The Supreme Court is expected to make a ruling by January 14, which could directly impact market sentiment.

Interestingly, a founder of a major exchange recently reposted a tweet: US banks are making big moves, with Wells Fargo just purchasing $383 million worth of Bitcoin. His comment was quite pointed—"While retail investors panic sell, US financial institutions are continuously increasing their Bitcoin holdings." The contrast between institutional deployment and retail sentiment is worth paying attention to.

Next week also has several highlights. On Monday, there is the G7 finance ministers' meeting; on Tuesday, Federal Reserve Chair Williams will speak, and the US will release the 10-year Treasury auction results along with December inflation data. These events could influence the direction of risk assets.