PANews reported on January 21 that Garrett Jin, an agent for "1011 Insider Whale," stated on the X platform that Tuesday's US stock market decline was not strongly related to the Greenland crisis. Although US stock indices fell on Tuesday, the decline was led by sectors related to artificial intelligence. In principle, this was merely a fundamental-driven sector rotation within the technology industry, a micro-level logic, and did not involve any obvious panic selling driven by macroeconomic factors.

The global bond market sell-off was the primary driver of asset price volatility that day. The decline in European and American bonds was related to the Greenland crisis, while the drop in Japanese government bonds was triggered by the Prime Minister's proposal to abolish the food consumption tax as an independent issue. Today, Japanese financial institutions announced market stabilization operations, and the Finance Minister met with the US to reassure the market, leading to a rebound in Japanese bonds. The main reason for the volatility in European and American bonds was a report by Deutsche Bank analysts that was bearish on the dollar and US Treasuries, which triggered market concerns about the reallocation of dollar assets. The US Treasury Secretary subsequently responded that the Deutsche Bank CEO had called to express disagreement with the report's views, a move aimed at preventing a potential dollar credibility crisis caused by a sharp sell-off in US Treasuries. Following this, Trump stated that he would not use force against Greenland, and the stock market rebounded.

In summary, attributing the short-term decline of ETH to the Greenland incident is not a solid argument: the main reason for the decline in US stocks is the rotation within the technology sector; Trump has begun to reassure the stock market; and the US and Japanese finance ministers have also taken action to stabilize the government bond market.