The latest report from Bitfinex Alpha shows that the bitcoin market is undergoing a structural transformation. Although the price of BTC fell below $100,000 due to the impact of Trump's tariff policy, the continued increase in holdings by institutional investors shows market resilience. MicroStrategy increased its holdings of 10,107 bitcoins at $1.10 billion, bringing its total holdings to 158,400, and submitted a financing application to the SEC to prepare for future increases; Japanese listed company Metaplanet completed 745 million US dollars of financing to expand its bitcoin reserves to hedge against the risk of yen depreciation. In January 2025, BTC recorded a 10% increase, and the price was sorted within the 15% range in the past 65 days. At the macro level, Bitcoin's correlation with the traditional market has increased, with a 30-day correlation with the S & P 500 reaching a new high of 0.8, a five-month high. The Federal Reserve maintained interest rates unchanged at 4.25% -4.50%, inflation remained above the 2% target, and core PCE remained at 2.8% year-on-year. At the same time, Tether is integrating its $140 billion USDT into the Bitcoin Lightning Network, using Taproot Assets technology to improve network payment efficiency and promote Bitcoin's transformation from a store of value to a payment network.