The latest statement from the ECB Chief Economist has sparked market reflection. He pointed out that if Federal Reserve policy-making is excessively influenced by politics, it will inevitably weaken its decision-making independence and credibility. Once this occurs, it will directly push up the term premium—investors demanding higher compensation for bearing longer-term risks—thereby undermining the US dollar's status as the global reserve currency.

In the face of such uncertainties, market participants are beginning to reassess asset allocation. Bitcoin, with its decentralized nature, is increasingly seen as a tool to hedge against policy risks, playing a sort of "escape valve" role.

From a data perspective, market reactions are already evident. January's spot ETF net inflows exceeded $1.6 billion, creating significant buying momentum, reflecting institutional investors' continued optimism about crypto asset allocation. Against the backdrop of rising macro policy uncertainty, these capital flows are worth paying attention to.