January 26th. HTX DeepThink columnist and HTX Research researcher Chloe analyzed that the macro theme of the crypto market this week still revolves around the Federal Reserve's inaction, ongoing economic resilience, and the strengthening trend of precious metals. The FOMC meeting on Thursday is highly likely to keep interest rates unchanged. The market's focus is on Powell's statement strength and whether he will leave room for further rate cuts in 2026 in the dot plot or policy statement.From a macro perspective, the persistent decline in inflation has given the Federal Reserve room to be patient. December CPI and core CPI both confirmed a downward trend in inflation, with the price pressure from tariffs being seen as a one-time disturbance by officials. At the same time, the labor market is in a state of "neither expansion nor contraction." Against the backdrop of steady GDP growth momentum, this has significantly reduced the urgency of a policy shift. This has made it difficult for the Federal Reserve to find a real driver to signal a more aggressive easing in the short term.For crypto assets, this means that liquidity expectations are unlikely to open up further, but risk appetite has not been significantly dampened. The dollar has maintained a weak bias under the impact of tariffs and geopolitical uncertainties, forming medium-term support for Bitcoin and the crypto market. However, if the FOMC does not signal more dovishness than expected, the market is more likely to remain in a high-level oscillation rather than quickly breaking out into a unilateral trend.It is worth noting the continued strength of precious metals. Gold and silver are showing a rare "self-consistent rise" feature—prices continue to rise regardless of the ups and downs of risk assets. This reflects structural supply-demand imbalances, trend fund intervention, and the long-term repricing of fiat credit. Historical experience shows that after precious metals enter this stage, Bitcoin often exhibits a lag effect and is more likely to start the next phase of market evolution after the exuberance in precious metals sentiment.