Golden Finance reported that Frank Chaparro, director of special projects at The Block, expressed a market view and pointed out that with the launch of spot Bitcoin ETF, traditional market forces are dominating cryptocurrency price trends. After the release of U.S. employment data on January 12, the crypto market and the Nasdaq index showed a high degree of linkage, highlighting the profound impact of macroeconomics on the market. Flowdesk analyst Greg Guttas noted that the mismatch between ETF trading time limits (6.5 hours per day) and the 24/7 trading nature of cryptocurrencies could exacerbate volatility during the opening hours. Although the crypto industry faces favorable factors, such as an improving regulatory environment and increased participation in the banking industry, current market sentiment suggests that these positive factors may not be able to offset the pressure caused by macroeconomic headwinds.