According to Odaily Planet Daily, on-chain and derivatives data indicate that the Bitcoin price surge is primarily driven by spot demand, while the risk of a short squeeze is increasing. Bitcoin has risen approximately 10% year-to-date, with the price remaining below $97,000. This surge has been mainly driven by spot buying, rather than leveraged positions established through futures. Spot-driven rallies are generally healthier than leveraged ones, and the recent price movement from $90,000 to $97,000 has shifted from a leverage-driven rally to one supported by spot buying over the past week. Furthermore, Glassnode data shows that open interest in Bitcoin-denominated futures contracts is 678,000 BTC, comparable to 679,000 BTC on January 8th, indicating that overall leverage in the system remains largely unchanged, and perpetual futures funding rates are currently negative. (CoinDesk)

Odaily Planet Daily reports that Kaito AI has officially announced the transition from the "yaps.kaito.ai" site to "kaito.ai". During this transition, the website will experience a brief outage. Once the migration is complete, the previous domain will be redirected to the new domain.

According to Odaily Planet Daily, the State Taxation Administration has been continuously strengthening its publicity and guidance on tax payment for overseas income by resident individuals. Since last year, taxpayers have been reminded to conduct self-checks on income earned overseas from 2022 to 2024. According to the Tax Collection and Administration Law and other laws and regulations, if a taxpayer fails to file a tax return or makes calculation errors, resulting in underpayment or non-payment of taxes, the tax authorities may pursue the tax payment and late payment penalties within three years; if tax evasion is constituted, it will be dealt with according to law. Paying personal income tax on income earned by resident individuals from both domestic and overseas sources is an internationally accepted practice, which helps prevent cross-border tax evasion and safeguards national tax revenue. The tax authorities remind taxpayers that paying taxes according to law is the obligation of every citizen. If taxpayers find that they have failed to declare their overseas income as required, they should promptly correct the declaration according to law. (Jinshi)

According to an analysis by cryptocurrency exchange Kraken, 2026 will see a major adjustment in the crypto market, with the focus shifting from price volatility to infrastructure development. Kraken Global Economist Thomas Perfumo points out that macroeconomic uncertainty, institutional fund flows, and an increasingly tightly integrated market structure are reshaping the Bitcoin cycle. Perfumo states that while Bitcoin remains a key indicator of risk sentiment, demand, liquidity, and risk channels have changed. Last year, US-listed spot Bitcoin ETFs and digital asset finance companies contributed nearly $44 billion in net spot demand, but market performance fell short of expectations due to a large supply of tradable inventory from long-term holders. This year, US regulatory developments will reshape on-chain liquidity. Without a clear risk appetite backdrop, a slowdown in institutional instrument momentum and premium compression could limit Bitcoin's upside potential. (The Block)

Bitcoin broke through $97,000 this week, surpassing a key resistance level that had held for nearly two months. While it had previously lagged behind the stock market and precious metals, it finally broke through the $95,000 level that had been limiting its gains since November. As potential further devaluation of the US fiat currency pushes up precious metal prices, Bitcoin's low price relative to precious metals may stimulate a rotation of funds into digital assets, and market sentiment has turned "greedy." On the regulatory front, the US Senate Banking Committee delayed its revisions to the Crypto Market Structure Act, and Coinbase withdrew its support for the bill, which could have some impact on the crypto market. (CoinDesk)