Last night, the US stock market experienced a significant pullback, interestingly, MicroStrategy rose over 3% against the trend. Crypto-related stocks collectively outperformed the market, and this contrarian movement is worth noting.

**Technical Analysis**

BTC has tested the first CME gap level and is currently in a rebound phase. It is worth noting that a CME gap was also formed last week, and the upcoming weekend's market performance will be crucial. ETH continues its "smooth" oscillation rhythm, basically following the pace of mainstream coins.

SOL's performance this round is noticeably stronger—showing the most robust rebound strength and the smallest correction range. On-chain data is also quite impressive, warranting continued attention.

**Macro and Policy Signals**

Fitch expects the Federal Reserve to cut interest rates twice in the first half of the year, with the unemployment rate possibly remaining around 4.6%. Such expectations will directly impact subsequent liquidity.

There are also new developments in compliance: Morgan Stanley is advancing its digital asset strategy, and E*Trade plans to launch cryptocurrency trading features. The CFTC has issued a no-action letter to Bitnomial, allowing it to launch event contract products.

**Industry Developments**

Ethereum treasury company SharpLink has staked $170 million worth of ETH on Linea, which is an interesting move—demonstrating confidence in the ecosystem and indicating top-level promotion of staking strategies.

Private talks between Wall Street and the crypto industry are also progressing, with phased progress in crypto legislation. The Trump administration has explicitly stated that there are no plans to pardon FTX founder SBF.

South Korea's Supreme Court has recently ruled that Bitcoin stored on exchanges can be seized under the Criminal Procedure Act, raising new legal considerations for exchange compliance and user asset management.