【February 10th Market News and Data Analysis】

1. Reuters warns: #TRUMP economic statements are chaotic, which may drag down the Republican midterm elections;

2. #FED considers opening the payment system to non-bank institutions, causing industry disputes;

3. Glassnode: #BTC selling pressure temporarily eases, market recovery requires renewed spot demand;

4. US tech funds recorded an inflow of $6 billion last week, the largest inflow in nearly two months.

Media analysis points out that Trump's statements on inflation and cost of living are unfocused, laying a hidden danger for the Republican midterm elections. Multiple Republican strategists warn that Trump may repeat Biden's mistakes, damaging party credibility in the economic areas most concerning to voters. Data shows that in the five economic speeches since December last year, Trump claimed inflation was under control nearly 20 times and emphasized price declines 30 times, but reality is significantly diverging from public perception—over the past year, the inflation rate remains at 3%, with ground beef and coffee prices rising by 18% and 29%, respectively. Statistics indicate that nearly half of Trump's approximately 5-hour speech deviated from economic themes, shifting to immigration and political attacks. There are concerns within the Republican Party that his "interspersed" style is diluting core economic messages. Polls show only 35% of Americans approve of Trump's economic management. Former officials point out that in an election year, empathy must be communicated to voters; ignoring this point is precisely the lesson of Biden's defeat.

The Glassnode report shows Bitcoin rebounded from $60,000 to $70,000, with spot trading volume expanding but still at low levels, indicating reduced selling pressure while buyers remain cautious, and the market shows characteristics of chip exchange. Derivative positions lean towards defense, with ETF trading volume surging to $45.5 billion but accompanied by capital outflows, reflecting low risk appetite. On-chain data reflects a warming of fundamental activity, but net capital inflows are negative and unrealized losses dominate supply. The key to continuous market recovery lies in restoring spot demand to stabilize prices above recent lows.