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Cryptanalysis expert Murphy stated that analyzing on-chain data from both spatial and temporal dimensions, the current distance to the "bear bottom" is no longer far off. In terms of space, taking the previous cycle as an example, in June 2022, BTC dropped to a low of $17,000, which is not far from the ultimate absolute bottom price of $15,000, indicating that it is already in the "bear bottom" range spatially. However, it took a full 7 months to truly emerge from and complete the bottom reconstruction.Currently, the "space" is getting closer to the bear bottom, but there is still a considerable distance in terms of "time." It is crucial to observe the behavior of conviction-driven buyers (Conviction Buyers, hereinafter referred to as CB), who, as the smartest diamond hands in this market, often buy during declines and sell after increases. In other words, rather than saying they frequently buy at the bottom, it is more accurate to say that the bottom is often constructed by this group of buyers. As of February, conviction buyers have accumulated a holding of 3.48 million BTC, setting a new record for this cycle. Since January of this year, they have significantly increased their holdings by 1.22 million BTC, a figure that far exceeds the previous cycle's events during the 5.19 incident, LUNA crash, and FTX collapse. Moreover, the current BTC price is higher than the aforementioned time points, indicating that "smart decision-makers" are investing more funds at this time.Although the final bottom position is difficult to predict, for the CB group, they do not hope to go all-in at the lowest point; as long as there is sufficient cost-effectiveness, they will continue to buy until all excess supply is absorbed. When a balance is achieved on both the supply and demand sides, it forms the bottom range of the bear market, after which, through months of consensus reconstruction, a new trend will emerge. From historical data, the determination and strength currently exhibited by conviction-driven buyers fully meet the standard of "not far from the bear bottom."

According to CNBC, Wells Fargo stated that some taxpayers may receive larger refunds this year compared to previous years, which could drive funds into risk assets such as stocks and Bitcoin. This is due to provisions in the Inflation Reduction Act passed last summer that are favorable to taxpayers in 2025.Additionally, the IRS did not update its withholding tax tables last year, so wage earners are less likely to face surprises from adjustments to taxes already withheld.Wells Fargo noted in its latest analyst report that these factors could lead to as much as $150 billion flowing into the market by the end of March, as over 60% of refunds are issued.The bank's analysts added that the expected liquidity injection could boost Bitcoin as well as stocks favored by retail investors, such as Boeing and Robinhood. Wells Fargo analyst Ohsung Kwon stated in a report on Sunday, "We believe the additional savings from tax refunds—especially for high-income consumers—will flow back into the stock market.""Increased savings will drive speculative sentiment... We expect the 'YOLO' mentality to return." The analysts pointed out that Bitcoin could serve as a proxy indicator for liquidity, signaling a shift in investment patterns. According to Wells Fargo data, domestic liquidity has decreased by $105 billion over the past four weeks, while Bitcoin has retraced about 29% in the past month.

According to Frank Chaparro, project director at The Block, Wells Fargo posted a position for a Head of Digital Asset Services four days ago. Responsibilities include: developing a three to five-year strategy covering tokenized deposits, on-chain collateral, intraday liquidity, and 24/7 programmable payments—fully integrated with wire transfers, ACH, RTP, FedNow, and SWIFT.Not long ago, Morgan Stanley and JPMorgan also hired senior leadership talent in the cryptocurrency space.

According to Arkham data, at 12:49, 9000999 TRX (worth approximately $2,541,153.04) was transferred from FarFuture to Binance.

According to Arkham data, at 05:38, 9,001,491 TRX (worth approximately $2,537,691.34) was transferred from FarFuture to Binance.

According to Arkham data, at 03:18, 9,001,800 TRX (worth approximately $2,525,700) was transferred from FarFuture to Binance.

According to Arkham data, at 01:46, 9,001,116 TRX (worth approximately $2,517,927.18) was transferred from FarFuture to Binance.

According to Jinshi reports, Morgan Stanley strategists pointed out in a report that if inflation data comes in below expectations after a strong non-farm payroll report, it often triggers the largest decline in the dollar. In this case, strong signals of U.S. growth without accompanying inflationary pressures benefit risk-sensitive currencies strengthening against the dollar. The strategists stated that the inflation swap market suggests that the January inflation report to be released tonight may be below expectations.

According to Arkham data, at 06:18, 9,001,177 TRX (worth approximately $2,513,065.61) was transferred from FarFuture to Binance.

According to Jinshi News, despite signs of resilience in the U.S. labor market suggesting that the Federal Reserve may remain on hold for a long time, the dollar continues to weaken. Corpay strategist Karl Schamotta stated that this indicates a deeply entrenched bearish sentiment and serves as a warning to those who expect the strong U.S. fundamentals, including themselves, to provide support. Measured by historical standards, the dollar's decline so far remains moderate, and if market sentiment does not change, there is still room for further downside.

With the U.S. non-farm payrolls for January exceeding expectations by an increase of 130,000 last night, the significant rise of 130,000 has led to a revision in market expectations regarding the pace of interest rate cuts by the Federal Reserve. Driven by this macroeconomic variable, global core stock indices have entered a volatile range, attracting a large amount of capital for hedging and position adjustments.Against this backdrop, the open interest in Gate index contracts has seen explosive growth. According to CoinGlass data, in the past 4 hours, the top four positions in open interest growth were all held by this platform: HK50 (Hang Seng Index) increased by 1841.43%, US30 (Dow Jones Industrial Average) increased by 1126.15%, NAS100 (Nasdaq 100 Index) grew by 392.29%, and SPX500 (S&P 500 Index) grew by 237.01%.Currently, Gate contracts comprehensively cover traditional financial assets including stocks (48 types), metals (11 types), foreign exchange (3 types), commodities (2 types), and indices (13 types), supporting continuous trading 24/7, with a maximum leverage of 100 times. Gate is continuously building a multi-asset contract system that covers mainstream TradFi assets, creating the industry's most comprehensive trading area for index and traditional financial asset contracts.

According to Jinshi, the U.S. non-farm payrolls unexpectedly surged, hitting the U.S. bond market, as traders rushed to cut bets on the Federal Reserve lowering interest rates this year. Short-term government bonds were hit hardest, with the two-year Treasury yield rising by 6 basis points to around 3.51%. The money market currently expects the Fed's next rate cut to occur in July, rather than the previously anticipated June.After the U.S. stock market closed flat, Asian stock index futures showed mixed trends. Futures indicate that the Japanese stock market will rise after reopening on Thursday following a holiday, while the Australian benchmark stock index contract saw a decline. These fluctuations suggest that the current strength of the U.S. economy is offsetting the market's desire for lower borrowing costs, supporting risk sentiment.Bret Kenwell from eToro stated that investors should welcome the U.S. employment report, even if it gives the Fed more room to keep rates unchanged. He noted, "If the labor market does stabilize, it will be constructive for both the economy and the market."

According to Jinshi, the U.S. non-farm payrolls unexpectedly surged, leading to a hit in the U.S. bond market as traders reduced bets on a rate cut by the Federal Reserve this year. Short-term government bonds were hit hardest, with the two-year Treasury yield rising by 6 basis points to around 3.51%. The money market currently expects the Fed's next rate cut to occur in July, rather than the previously anticipated June. Bret Kenwell from eToro stated that investors should welcome the U.S. employment report, which will have constructive implications for the economy and the market.

According to Arkham data, at 06:18, 9,001,571 TRX (worth approximately $2,500,708.44) was transferred from FarFuture to Binance.

According to Jinshi News, U.S. President Trump stated on social media, "The employment data is excellent, far exceeding expectations! The U.S. should pay much less interest on borrowing costs (bonds!). We are once again the world's number one superpower, and therefore we should enjoy the lowest interest rates to date. This will bring at least a trillion dollars in savings on interest expenses each year------the budget can not only be balanced but also have a significant surplus. Wow! The golden age of America has arrived!!!"

According to Gate market data, on February 11, U.S. stocks opened with the Dow Jones up 0.11%, the S&P 500 index up 0.6%, and the Nasdaq up 0.76%. Shopify (SHOP.N) rose 8.3% as the company announced a $2 billion stock buyback. Micron Technology (MU.O) rose 6.1% as Morgan Stanley raised its target price by $100 to $450.

According to Jinshi News, Gammaroad Capital Partners Chief Investment Officer Jordan Rizzuto stated that the potential employment situation appears to be stronger than expected, and may even be more optimistic than the recent assessments and descriptions provided by the Federal Open Market Committee (FOMC). If this data holds up in revisions in the following months, the implications for monetary policy suggest that we are closer to the neutral interest rate than the market had previously priced in.

According to Jinshi News, Goldman Sachs Asset Management analyst Kay Haigh stated that there are some preliminary signs of a tightening labor market, but there is still a long way to go before it is fully tightened.Given the economy's continued performance exceeding expectations, the FOMC's focus will shift to the inflation situation. Goldman Sachs still believes there is room for two more rate cuts from the Federal Reserve this year; however, if the CPI released on Friday unexpectedly rises, it may push the Federal Reserve towards a more hawkish stance.

According to Jinshi, the number of private non-farm jobs in the U.S. increased to 172,000 in January, far exceeding the market expectation of 70,000, with the previous value revised from 37,000 to 64,000.

According to Jinshi reports, the U.S. January seasonally adjusted non-farm payrolls increased by 130,000, expected to be 70,000, with the previous value revised from 50,000 to 48,000.