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BlockBeats News, January 23, according to monitoring, "Brother Ma Ji" Huang Licheng's address reduced its ETH long position. Currently, he is long 3600 ETH with 25x leverage (about $10.49 million), with an average entry price of $2,945.42, experiencing an unrealized loss of 28%, approximately $110,000, with a liquidation price of $2,880.36.

BlockBeats News, January 23, U.S. January year-over-year inflation rate expectation final value 4%, expectation 4.2%, previous value 4.20%. (FXStreet)

BlockBeats News, January 23, according to CoinDesk, despite a strong start to the year, Ethereum and the entire crypto market experienced a pullback this week. However, Geoff Kendrick, Head of Digital Asset Research at Standard Chartered Bank, still believes there are reasons to remain bullish. During early U.S. trading hours on Friday, ETH was trading at around $2,912, down about 12% for the week and turning negative for the year to date by about 1.7%. As the largest institutional holder of Ethereum at present, Tom Lee's BitMine (BMNR) saw its stock price fall nearly 9% this week, with its year-to-date decline widening to about 10%. Kendrick pointed out that activity on the Ethereum network has surged sharply in recent weeks, with the number of transactions reaching an all-time high, mainly due to the capacity increase brought by the Fusaka upgrade in December. He stated that the surge in usage marks a difference from previous cycles, as past upgrades failed to drive long-term network growth. Unlike previous upgrades, Fusaka appears to be alleviating previous bottlenecks, enabling more users and developers to complete transactions smoothly. This increase in capacity makes the current wave of growth distinctly different from previous ones. Kendrick noted that BitMine has shown no signs of slowing down its Ethereum purchases, and Tom Lee outlined plans for further acquisitions at last week's annual shareholders meeting. The macroeconomic environment has also played a positive role. The elimination of tariff risks related to Greenland, the rebound in the Japanese bond market after panic selling earlier this week, and the rising likelihood that BlackRock's Head of Fixed Income, Rick Rieder, could become the next Federal Reserve Chair—all these factors are favorable for risk assets. This should benefit cryptocurrencies, and going long on ETH and BMNR over the weekend appears to offer a favorable risk/reward ratio.