Bitcoin performed well on January 19th. On this day, it broke through the $95,000 resistance level — the first time since November last year to surpass this threshold, and then even approached $98,000. The driving forces behind the market were clear: on one hand, spot Bitcoin ETF inflows reached as high as $1.4 billion during the week, with $760 million of net inflow on Tuesday alone; on the other hand, the US core CPI data was mild at only 2.6%, providing the market with some reassurance.

But the good times didn't last long. Trump suddenly announced tariffs on 8 countries, and this headline quickly disrupted market sentiment. Bitcoin responded by falling, dropping to around $92,000. Along with this decline, a large number of long positions were liquidated, totaling $850 million. This intense volatility not only reflects the current market's sensitivity to macro policies but also demonstrates the high correlation of mainstream cryptocurrencies like BTC/ETH with risk assets.