There are several important market nodes in the past few days that require close attention, as they are directly related to the short-term market direction.

First is tonight's Supreme Court hearing. According to circulating information, there will be an important trial between 22:00 and 23:00 tonight, with Powell making a rare appearance. The verdict of this case could trigger a significant market reaction—winning or losing could lead to completely opposite market expectations, with the underlying logic being the impact on the Federal Reserve's policy space. In the next 48 hours, there are two key economic data releases: GDP data at 21:30 and PCE data at 23:00, both of which are expected to be bullish, providing support for asset prices.

However, positive signals are not everything. Trade negotiations between Europe and the US are still deadlocked. Trump and NATO Secretary General are expected to meet in Switzerland this week regarding the Greenland issue. The exact timing is still uncertain, but such geopolitical topics often turn into bearish sentiment when hyped. More concerning is the issue of the Federal Reserve Chairperson candidate—Treasury Secretary Yellen is expected to announce the new chair by the end of January. The probability of hawkish candidate Kevin Wirth winning is relatively high; if elected, it would likely mean a wave of downward pressure in the market.

Risk signals from the international side are also increasing. Japanese government bonds are experiencing sell-offs, Denmark has liquidated its US Treasury holdings, and the European Parliament has frozen the approval process of the previously agreed US-Europe trade agreement. These actions stem from concerns over the Greenland situation, indicating that risk sentiment is heating up.

From a trading perspective, the ETH short position given yesterday was entered at 3158, with a low of 2910, earning 260 points. This wave of market movement fully validates the current high volatility characteristics. The medium- to long-term view is that the market will start to weaken around April this year, with an expected break below 80,000. Therefore, the current strategy is to build positions gradually to hedge against downside risk—establishing the first batch of 30% long positions at 2088 and 72888, and adding another 30% at 1388 and 48888. This laddered position-building approach can better balance risk and reward in an environment of high uncertainty.