Wintermute: ETF funds push BTC above $95000, tariff disturbance triggers pullback but structure remains healthy Odaily Planet Daily News: On January 19th, BTC briefly broke through the $95000 pressure level since November last year, reaching a high of nearly $98000, against the backdrop of ETF fund inflows and weak inflation data. But later, Trump announced tariffs on eight European countries regarding the Greenland issue, triggering a rise in macro risk sentiment. BTC quickly fell to around $92000, and within a few hours, the entire market sold out about $850 million in multiple orders, with BTC and ETH accounting for nearly half of the total. From the perspective of the factors driving the rise, the market is mainly supported by three aspects: firstly, there is a significant return of funds from Bitcoin spot ETFs, with a net inflow of about 760 million US dollars in a single day and a total weekly inflow of about 1.4 billion US dollars; Secondly, inflation data continues to cool down, with the US core CPI at 2.6% year-on-year, the lowest since March 2021; The third is the supplementary trading of BTC against hard assets such as gold. At the macro level, tariff news has reintroduced downward pressure. Trump announced the imposition of a 10% tariff on Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland, with plans to increase it to 25% in June. The European Union will then prepare approximately 93 billion euros in countermeasures. Meanwhile, the tense situation in the Middle East is still fermenting, putting overall pressure on risk assets. At the regulatory and institutional level, recent developments have continued to affect mid-term expectations: the CLARITY Act has faced setbacks due to disagreements between Coinbase and the White House over stablecoin revenue provisions, which have weakened the catalytic expectation of regulatory clarity in the short term; Goldman Sachs confirms that it is actively researching tokenization and stablecoin related technologies; South Korea establishes a legal basis for tokenized securities through amendments; The New York Stock Exchange has confirmed that it is exploring a tokenized 24/7 trading mechanism. For the future market, market maker Wintermute believes that this breakthrough is different from the previous leveraged market and is more driven by real capital inflows. Although the sharp drop on Monday was severe, the leverage quickly cleared, and the market did not experience a chain downturn. The overall structure is still relatively healthy. Short term domestic demand focuses on whether BTC can hold above $90000 and whether ETF fund flows continue; If it falls within this range, the volatile range since November last year may turn back into a pressure level.