On January 27, Geoffrey Kendrick, head of foreign exchange and digital asset research at Standard Chartered, released the latest market analysis, pointing out that the correlation between bitcoin and the Nasdaq index is significantly higher than that with gold. AI startup DeepSeek released a low-cost R1 model comparable to OpenAI, causing the Nasdaq futures to fall by 3.3%, triggering a large-scale liquidation of the cryptocurrency market. Mr. Kendrick said the market faced two big risks: a continued decline in the Nasdaq ahead of earnings reports from Microsoft, Meta and Tesla on Wednesday, and a disappointment from the Federal Reserve's FOMC meeting. He also focused on the key level of the average purchase price of bitcoin ETFs since listing at $96,400. Regarding the Trump administration's recent executive order on cryptocurrencies, Kendrick believes that the wording of "digital asset reserves" to "reserves" implies that it may involve confiscation rather than purchase of assets, and that follow-up actions subject to congressional approval will take a long time. Nonetheless, he maintained his end-of-year price targets for Bitcoin at $200,000 and Ethereum at $10,000, noting that "buy the dip" is now underway. Institutional money is expected to dominate the market, and he recommended looking at new ETFs and targets benefiting from regulatory changes, such as Litecoin and Uniswap.