Haige's Daily Observation 20260101 – Slow and Steady Wins the Race The U.S. stock market is closed today, and the market feels a bit dull. Today, there’s only 1 bullish signal among the basic indicators, while there are 3 bullish signals among the key sell indicators. The indicators still reflect the current extreme divergence in the market. Specifically: 1. Funds continue to flow out significantly; 2. Overnight repo injected $31.5 billion in liquidity, the highest since the COVID-19 pandemic! 3. Both retail and institutional sentiment are bearish; 4. ETFs are highly volatile—massive buying the day before, followed by massive selling yesterday, showing significant disagreement among institutions; 5. VDD and 100BTC indicate that the current position is suitable for building positions. On the macro news front: 1. The U.S. Senate Banking Committee is expected to review the "Responsible Financial Innovation Act" in the second week of January, aiming to clarify the regulatory framework for the digital asset market, potentially granting the CFTC more regulatory authority. 2. Starting January 1, 48 countries, including the UK, have implemented the "Crypto-Asset Reporting Framework" (CARF), requiring exchanges to report user transaction data to tax authorities, with cross-border information sharing set to begin in 2027. 3. Senator Cynthia Lummis emphasized that the "Responsible Financial Innovation Act" will allow large banks to provide digital asset custody, staking, and payment services under regulation. 4. Charles Schwab plans to launch cryptocurrency spot trading services, having previously only offered Solana futures products. The news remains optimistic, but the sentiment and funding levels are pessimistic, showing significant divergence. The market currently lacks strong, sustained expectations. Continue to monitor various news catalysts and the sustainability of funding levels. Specific operational suggestions remain the same as yesterday.