Frank Chaparro, director of special projects at The Block, expressed his market views, pointing out that with the launch of the spot Bitcoin ETF, traditional market forces are dominating the price trend of cryptocurrencies. After the release of the US employment data on January 12, the crypto market and the Nasdaq index showed a high degree of linkage, highlighting the profound impact of the macro economy on the market. Flowdesk analyst Greg Guttas pointed out that the mismatch between the ETF trading time limit (6.5 hours per day) and the 24/7 trading attributes of cryptocurrencies may increase volatility during the opening hours. Although the crypto industry faces favorable factors, such as an improved regulatory environment and increased participation in the banking industry, current market sentiment suggests that these benefits may be difficult to offset the pressure brought by macroeconomic headwinds.