The latest market trends are worth paying attention to. Federal Reserve Board Member Michelle Bowman reiterated that a 150 basis point rate cut is needed this year, which will have a direct impact on liquidity release. Meanwhile, cybersecurity startup Project Eleven completed a $20 million funding round, indicating ongoing investment interest in the security sector.

There have been numerous regulatory actions. The US SEC has concluded a multi-year investigation into the Zcash Foundation and explicitly stated that no enforcement action will be taken, sending a positive signal. However, the CEO of a major exchange remains cautious about the current Senate crypto bill draft and cannot fully support it. The Senate's Crypto Market Structure Bill has entered a critical stage, with over 70 amendments awaiting votes, some of which will be voted on this Thursday. The entire hearing has been rescheduled to January 27.

Notably, some US Republican officials have suggested that Powell may miss the annual two sessions of congressional hearings. Additionally, the Federal Reserve Beige Book indicates that most regions expect slight to moderate growth in the coming months. Taken together, these signals suggest that both market structure and liquidity environments are undergoing a period of change.