Frank Chaparro, director of special projects at The Block, expressed a market opinion that with the launch of spot bitcoin ETFs, traditional market forces are dominating the price movement of cryptocurrencies. After the release of 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 ETF trading time limits (6.5 hours per day) and the 24/7 trading properties of cryptocurrencies may exacerbate volatility during the opening hours. While the crypto industry faces favorable factors such as improved regulatory environments and increased banking participation, current market sentiment suggests that these positives may not be able to offset the pressure from macroeconomic headwinds.