2026.1.2
Traditional Financial Markets Closed, Bitcoin Remains Range-Bound

Summary
• Crypto Market: With U.S. and European financial markets closed for the New Year holidays, selling pressure from U.S. trading hours was limited. Bitcoin traded in an upward consolidation around $88,000, while market sentiment recovered from “Extreme Fear” to “Fear.”

Project Updates
• Hot Token: BROCCOLI,PEPE
• BROCCOLI: Market cap at $40 million with $26 million in buy orders; abnormal price fluctuations were observed due to unusual account activity.
• Meme Sector: Broad gains across PEPE, NEIRO, USELESS, POPCAT, FLOKI, among others.
• LADYS: Vitalik changed his X profile picture to a Milady Maker–related image.

Crypto Fear & Greed Index: 28 (20 twenty-four hours ago), level: Fear

Today’s Preview
• U.S. releases December S&P Global Manufacturing PMI
• Ethena (ENA) to unlock approximately 40.63 million tokens, worth about $8.6 million

Macroeconomics
• Trump delays significant tariff hikes on furniture

Policy Direction
• The U.S. Congress may advance crypto regulatory legislation in January 2026

Industry Highlights
• Bitcoin posted a Q4 2025 return of -23.07%, the second-worst Q4 on record; Ethereum returned -28.28%
• Turkish crypto exchange BtcTurk suffered another hacker attack, with losses of $48 million
• Tether accumulated over 8,888 BTC in Q4 2025
• Trump Media Group: Plans to issue Cronos blockchain–based digital tokens to DJT shareholders
• Vitalik: Crypto projects should prioritize decentralized models to avoid excessive concentration of power and related risks

2026.1.5
Limited Impact from Geopolitical Risks; Crypto Market Sentiment Continues to Recover

Summary
• Macroeconomy: The U.S. surprise operation against Venezuela triggered significant geopolitical turbulence, leading to divergence across global financial markets. Safe-haven demand pushed gold prices back above USD 4,400, while silver surged by 5%. However, against the backdrop of oversupply in the oil market, the geopolitical conflict failed to materially disrupt crude prices, which instead declined unexpectedly.

• Crypto Market: The crypto market reacted calmly to the geopolitical developments, with Bitcoin recording gains for four consecutive days. Market sentiment continued to recover, altcoin activity rebounded, and the meme sector led the gainers.

• Project Updates:
◦ Trending Tokens: BONK, PEPE, WIF
◦ BONK: Revenue at the meme launch platform letsBONK.fun surged sharply within just two days, alongside a rebound in on-chain activity
◦ Meme Sector: As meme momentum recovered, tokens including WHITEWHALE, BONK, WIF, PIPPIN, GIGA, USELESS, and PEPE topped the performance rankings
◦ AAVE: Aave plans to explore sharing non-protocol revenue with token holders and to support teams building independent products on top of the protocol
◦ WLFI: A governance proposal to use part of the treasury to accelerate adoption of USD1 has been approved
Major Asset Movements

Crypto Fear & Greed Index: 26 (vs. 25 24 hours ago), classified as Fear

Today’s Outlook
• U.S. December ISM Manufacturing Index
• Maduro may stand trial in the United States
• ENA token unlock: 2.37% of circulating supply, valued at approximately USD 42 million

Macroeconomy
• The United States has apprehended Venezuelan President Nicolás Maduro and removed him from Venezuela

Policy Direction
• OECD’s crypto tax framework (CARF) enters implementation preparation, with 48 countries having initiated crypto tax data collection
• Turkmenistan’s cryptocurrency regulatory law takes effect, legalizing mining and trading
• El Salvador designates the integration of Bitcoin and artificial intelligence as a national policy
• Iran will accept cryptocurrency payments for weapons orders

Industry Highlights
• KuCoin was selected for Bitcoin.com’s “Best Crypto Exchanges to Start 2026” list and received recognition in the categories of Listings, Token Utility, and Trust Expansion, reflecting sustained industry acknowledgment of KuCoin’s strengths in quality project onboarding, ecosystem value creation, and long-term trust building
• KuCoin launched its 2025 Annual User Report campaign, emphasizing personalized trading insights to help users review their yearly trading journeys
• Tom Lee urged BitMine shareholders to approve a proposal by January 14 to increase authorized shares from 500 million to 50 billion
• Michael Saylor once again released Bitcoin Tracker updates, with potential disclosure of additional purchases next week
• Spot trading volume on Solana reached USD 1.6 trillion in 2025, surpassing most centralized exchanges
• ETHGas raised USD 12 million and launched an Ethereum block space futures/auction marketplace
• PwC expanded further into the crypto sector, with regulatory shifts viewed as a key driving force
• Ethereum stablecoin transfer volume reached a quarterly all-time high, exceeding USD 8 trillion

2026.1.6
Risk Assets Brush Off Geopolitical Tensions as Crypto Market Sentiment Continues to Improve

Summary
• Macroeconomy: Risk assets largely ignored developments in Venezuela, with all three major U.S. equity indices closing higher. Tesla led gains among technology stocks, while energy shares pushed the Dow Jones Industrial Average to a new all-time high after former President Trump stated that major U.S. oil companies would invest in Venezuela.

• Crypto Market: Bitcoin extended its rally for a fifth consecutive day, approaching the key resistance level at USD 94,500, as market sentiment continued to recover. Activity in derivatives markets also rebounded, with the notional value of USD 100,000 call options expiring at the end of January increasing sharply. Bitcoin’s market dominance fell below 59%, signaling a broader rebound in altcoin activity.

• Project Updates:
◦ Trending Tokens: XRP, SUI, PRCL, VIRTUAL
◦ PRCL: Polymarket partnered with Parcl to launch a real estate prediction market, using Parcl’s daily housing price index as the settlement reference
◦ JUP: Jupiter launched a reserve-backed USD stablecoin, JupUSD, built on technology developed by Ethena Labs
◦ WOO: WOOFi proposed a governance plan to permanently burn 300 million WOO tokens (approximately 15% of total supply), which has entered the voting phase. If approved, the proposal would eliminate future dilution risk and terminate the “match + burn” mechanism, while maintaining the existing revenue distribution framework (40% to staking rewards, 40% to buyback and burn, 20% to foundation expenses). The voting period is set at 7 days
◦ LIT: Lighter launched perpetual futures trading for the LIT token
◦ UXLINK: The CEO completed a personal buyback of 1% of the token supply and locked it into the strategic reserve pool

Crypto Fear & Greed Index: 44 (vs. 26 24 hours ago), classified as Fear

Today’s Outlook
• U.S. December S&P Global Services PMI (final)
• “Tech Super Bowl” CES 2026 to be held in Las Vegas from January 6–9
• HYPE token unlock: 3.61% of circulating supply, valued at approximately USD 313 million

Macroeconomy
• U.S. December ISM Manufacturing PMI recorded its sharpest contraction since 2024, surprising to the downside

Policy Direction
• Bank of America allows wealth advisors to recommend a 4% allocation to Bitcoin
• The U.S. Department of Justice was accused of improperly selling Bitcoin seized from Samourai Wallet developers
• Japan’s Finance Minister designated 2026 as the “Year of Digital Assets,” supporting the promotion of digital assets via exchanges and signaling potential reference to the U.S. ETF pathway

Industry Highlights
• Strategy disclosed the acquisition of an additional 1,287 BTC and increased its USD cash reserves by USD 62 million
• Bitcoin options open interest is concentrated around the January 30 expiry, with the notional value of USD 100,000 call options more than double that of USD 80,000 put options with the same maturity
• Bitmine added 32,977 ETH last week, valued at approximately USD 104 million; it now holds over 3.43% of total ETH supply, with total assets reaching USD 14.2 billion
• Grayscale’s Ethereum staking ETP/ETF has begun distributing staking rewards to investors
• CME: Average daily notional trading volume of crypto derivatives/products reached approximately USD 12 billion in 2025, marking a record high
• NFT Paris & RWA Paris 2026 have been officially canceled

Jan 7, 2026
MSCI Maintains DATSS Inclusion; Further Catalysts Needed for Bitcoin to Break Key Resistance

Summary
• Macro Economy: Risk appetite in U.S. equities remained intact, with all three major indices closing higher. The S&P 500 and Dow Jones Industrial Average both reached new record highs. In commodities, the metals rally continued to gain traction, with gold, silver, and copper prices moving higher in tandem.

• Crypto Market: MSCI confirmed it will maintain the inclusion of DATSS constituents, including MicroStrategy, removing the largest near-term downside risk and helping stabilize institutional expectations. However, Bitcoin failed to decisively break above the key resistance at 94.5k, ending a five-day winning streak. Structurally, the ETH/BTC ratio rebounded by 2.33%, lifting altcoin market cap share and signaling a marginal improvement in risk appetite.

• Project Updates:
◦ Trending Tokens: JUP, WIF, VIRTUAL
◦ VIRTUAL: Virtuals Protocol launched three agent launch models: Pegasus (designed for rapid experimentation and fair distribution, suitable for early-stage projects), Unicorn (focused on capital formation with performance-linked incentives and enhanced transparency), and Titan (targeting established teams with scale, reputation, and capital, offering a structured market access pathway).
◦ JUP: Jupiter introduced a reserve-backed USD stablecoin, JupUSD, built on technology developed by Ethena Labs.
◦ ZK: Upbit listed the ZKsync token (ZK); the token briefly surged 20% before retracing.
◦ RIVER: River received strategic investment from Arthur Hayes’ Maelstrom Fund; RIVER rose over 20%.
◦ LINK: Bitwise received SEC approval to list a spot LINK ETF on NYSE Arca.

• Crypto Fear & Greed Index: 42 (44 24 hours ago), indicating Fear.

Today’s Outlook
• U.S. December ADP employment report
• Ranger to launch an ICO on MetaDAO with a USD 6 million fundraising floor

Macro Developments
• The U.S. Supreme Court has designated Friday as an “Opinion Release Day,” with a potentially pivotal ruling on the legality of former President Trump’s global tariff measures.
• Trump stated that Venezuela’s interim administration will transfer 30–50 million barrels of sanctioned oil to the U.S., to be sold at market prices.

Policy & Regulation
• The U.S. Senate is advancing crypto market structure legislation; the Banking Committee is reportedly scheduling review/votes as early as next week.
• Japan has implemented the OECD Crypto-Asset Reporting Framework (CARF).
• South Korea is evaluating a “preventive freeze” and trading suspension regime, with crypto enforcement standards potentially aligned more closely with equity markets.
• South Korea plans to impose fines of up to 10% of losses on hacked exchanges.

Industry Highlights
• MSCI will maintain the inclusion of DATSS constituents, including MicroStrategy, deferring any removal decision to the 2026 review. The news lifted MSTR shares by approximately 5%–6% in after-hours trading.
• Walmart launched BTC and ETH trading via OnePay, enabling crypto-to-retail spending conversions.
• Morgan Stanley submitted filings to the SEC for BTC- and SOL-related products, targeting the spot ETF/trust segment.
• Tether introduced a new accounting unit, “Scudo,” for Tether Gold (XAU₮) to streamline transactions.

Jan 8, 2026
Macro Risk Appetite Tightens as Technical Factors Drive Bitcoin’s Pullback

Summary
• Macro Economy: U.S. economic data delivered mixed signals. Ahead of the release of nonfarm payrolls, investor risk appetite converged, leading to a mild pullback across major U.S. equity indices. The previously strong rally in metals cooled on a near-term basis, with silver and platinum seeing sharp corrections. In contrast, gold remained relatively resilient, holding around USD 4,450, indicating that safe-haven demand continues to provide underlying support.

• Crypto Market: Bitcoin extended its pullback, filling the CME gap at USD 90,600 formed over the weekend. This price action suggests that short-term market dynamics are currently dominated by technical factors. The USD 94,500 level remains the key near-term resistance.

• Project Updates
◦ Hot Tokens: BREV, PAAL, CC
◦ BREV: Fully listed on major global exchanges and key South Korean platforms, with KRW trading volume accounting for over 30%. The token rose by 20%.
◦ BABY: a16z invested USD 15 million in Babylon, driving BABY up by 18%.
◦ WLFI: An affiliated WLFI entity applied to the OCC for a national trust bank charter, aiming to directly issue and custody USD1 and expand institutional custody and stablecoin conversion services.
◦ PAAL: Launched its AI-powered quantitative trading product, Quant X.
◦ CC: JPMorgan plans to issue JPM Coin directly on the privacy-focused Canton Network, advancing interoperability for “regulated digital cash.”
◦ Binance Life / ZKP: Binance listed spot trading pairs for Binance Life and ZKP. Price performance diverged—Binance Life saw a brief spike followed by a pullback, while ZKP surged by 90%.

Crypto Fear & Greed Index: 28 (vs. 42 24 hours earlier), signaling Fear

Today’s Focus
• CES 2026 (“Tech Super Bowl”), Jan 6–9, Las Vegas
• Bloomberg Commodity Index (BCOM) rebalancing
• U.S. initial jobless claims for the week ending Jan 3
• Web3 robotics project XMAQUINA to conduct the final public sale of $DEUS in collaboration with Virtuals

Macro Economy
• U.S. December ADP employment: 41k (vs. 47k expected)
• U.S. November job openings: 7.146 million (vs. 7.6 million expected)

Policy Developments
• The U.S. Senate Banking Committee will review the CLARITY crypto market structure bill on Jan 15, with ongoing disagreements around DeFi, official ethics, and stablecoin yield treatment.
• The final Democratic SEC commissioner has stepped down, leaving three Republican commissioners in full control, fueling expectations of a more crypto-friendly regulatory stance.
• RAKBank received in-principle approval from the UAE central bank to issue a dirham-pegged stablecoin.

Industry Highlights
• KuCoin released its Australia market report based on user surveys conducted during the ACC Australia Crypto Conference, showing that over half of local users fund crypto accounts via traditional bank transfers—underscoring strong reliance on compliant and stable fiat on-ramps.
• Polymarket entered its first media partnership with Dow Jones Media, enabling distribution of prediction data to The Wall Street Journal, Barron’s, and Investor’s Business Daily, while exploring new formats such as earnings calendar integrations.
• Tempo introduced the TIP-20 token standard, designed specifically for stablecoin and payment use cases.
• Morgan Stanley filed an Ethereum ETF application with the U.S. SEC.
• JPMorgan will issue JPM Coin directly on the privacy-oriented Canton Network to advance interoperability of regulated digital cash.
• Solana Mobile: SKR will launch on Jan 21, with an airdrop to Seeker users and developers; 20% of total supply is reserved for eligible participants.

2026.1.9
Cautious Sentiment Ahead of NFP; Bitcoin Pulls Back for a Third Consecutive Day

Summary
• Macroeconomy: Ahead of the release of U.S. nonfarm payrolls, overall risk appetite turned cautious and U.S. equities showed a mixed performance. Technology stocks retreated, bringing the Nasdaq’s three-day winning streak to an end, while the S&P 500 and the Dow Jones Industrial Average rebounded.

• Crypto Market: Bitcoin extended its pullback for a third consecutive day, briefly falling below USD 90,000 before rebounding and consolidating around the 90k level. Bitcoin’s market dominance rose back above 59%, while altcoins corrected in tandem with the broader market, indicating a contraction in risk appetite.

• Project Developments
◦ Trending tokens: POL, WHITEWHALE, PIPPIN
◦ OP: Optimism proposed allocating 50% of Superchain revenue to buy back OP tokens.
◦ POL: Polygon Labs launched the Open Money Stack, aiming to build stablecoin-based payment infrastructure.

Crypto Fear & Greed Index: 27 (24 hours ago: 28), classified as Fear

Today’s Watchlist
• U.S. December Nonfarm Payrolls
• U.S. Supreme Court ruling on tariffs
• MOVE token unlock: 5.77% of circulating supply, valued at approximately USD 6.1 million

Macroeconomy
• Bessent stated that the Federal Reserve should not delay rate cuts and expects President Trump to decide on the next Fed Chair in January; Trump noted that he already has a candidate in mind.
• The U.S. labor market showed no clear signs of stress: initial jobless claims edged up slightly to 208,000 last week, below the consensus estimate of 212,000.

Policy Direction
• U.S. Treasury Secretary: the government has begun incorporating law-enforcement-seized Bitcoin into a “strategic reserve.”
• A new proposal in Florida would allow up to 10% of public funds to be invested in Bitcoin and Bitcoin ETFs.
• Wall Street and crypto industry leaders reportedly made “progress” on crypto legislation during closed-door meetings.
• South Korea’s FSC plans to raise capital and compliance requirements for stablecoin issuers and strengthen exchanges’ IT resilience, compensation, and penalty mechanisms.

Industry Highlights
• Morgan Stanley is advancing its digital asset strategy: E*Trade plans to launch crypto trading and introduce a digital wallet this year to support tokenized assets.
• President Trump stated there are currently no plans to pardon FTX founder Sam Bankman-Fried.
• Bitmine re-staked 57,600 ETH, bringing total staked value close to USD 3 billion.
• SOL Strategies disclosed total SOL holdings of 523,134 tokens, with approximately 925 SOL earned as staking rewards in December.
• Approximately USD 2.22 billion worth of BTC and ETH options are set to expire on Friday, with Bitcoin’s max pain level at USD 90,000.

Jan 12, 2026
S&P 500 Hits Record High as the Crypto Market Remains Range-Bound

Summary
• Macroeconomy: The U.S. Supreme Court postponed its ruling on Trump-era tariffs, while nonfarm payroll data came in mixed, reinforcing market expectations that the Federal Reserve will keep interest rates unchanged at its January meeting. The probability of a rate hold in January has risen to 97.2%. All three major U.S. equity indices advanced, with the S&P 500 reaching a new all-time high.

• Crypto Market: Bitcoin continued to trade in a sideways range, with volatility further compressing. Altcoin market cap dominance remained around 59%, indicating no significant change in market structure or risk appetite.

• Project Developments:
◦ Hot Tokens: XMR, RIVER, SOL
◦ Privacy Sector: Broad-based gains across XMR, CC, ZEC, etc., with XMR hitting a new all-time high
◦ SOL: The head of product at X disclosed development of smart asset tags that display real-time asset prices and contract information; Solana will be integrated directly into the X app
◦ HYPE: Grayscale HYPE ETF registered in Delaware

Crypto Fear & Greed Index: 27 (29 24 hours ago), indicating Fear

Today’s Outlook
• The U.S. government funding bill enters a critical phase of Senate review this week

Macroeconomy
• The U.S. Supreme Court postponed its ruling on Trump tariff cases to January 14
• U.S. December seasonally adjusted nonfarm payrolls rose by 50,000 vs. an expectation of 60,000; the December unemployment rate came in at 4.4% vs. an expected 4.5%
• Initial reading of U.S. one-year inflation expectations for January came in at 4.2% vs. an expected 4.1%
• Federal Reserve Chair Jerome Powell is under investigation by federal prosecutors
• Trump again threatened Iran and was reported to have been briefed on potential military strike plans

Policy Direction
• The UK FCA will open applications for crypto firm licenses in September 2026
• Colombia’s tax authority has required crypto platforms to report user data to prevent tax evasion

Industry Highlights
• Michael Saylor released another Bitcoin Tracker update
• The Wall Street Journal: Venezuelan oil exports are increasingly settled in USDT; Tether emphasized strict compliance with international sanctions
• Bank of New York Mellon, the world’s largest custodian bank, will offer tokenized deposit services to institutional investors
• Holdings of large Bitcoin investors recorded the fastest decline since early 2023
• Solana: To be integrated into the X app in the near future
• The U.S. SEC may process Morgan Stanley’s Bitcoin ETF application as early as March 23

2026.1.13
Equities Hit New Highs, Small Caps Outperform; Bitcoin Continues to Consolidate

Summary
• Macro: Reports that the U.S. Department of Justice is investigating Federal Reserve Chair Jerome Powell triggered a broad sell-off across U.S. equities, bonds, and the dollar at Monday’s open, while gold and silver rose on safe-haven demand. As markets gradually digested the news, U.S. equities rebounded, with the S&P 500 extending to fresh record highs. Small-cap stocks posted their longest winning streak versus large caps in seven years, suggesting excess liquidity is beginning to spill over.

• Crypto Market: During the temporary shock to perceived Fed independence, Bitcoin briefly exhibited safe-haven characteristics, breaking above $92,000 in Asian trading hours. As sentiment stabilized and re-anchored to equity market moves, Bitcoin pulled back and then rebounded to close higher. Altcoin market share remained broadly stable, with price action largely tracking the broader market—indicating no structural shift in crypto risk appetite.

Project Updates
• Hot Tokens: XMR, RIVER, DUSK
• Privacy Sector Strength: XMR hit a new all-time high, driving rotational gains in DASH, DUSK, XVG, and others.
• WLFI: WLFI launched a lending market powered by Dolomite.
• PUMP: Pump.fun introduced a creator fee-sharing feature.

Crypto Fear & Greed Index: 26 (vs. 27 24 hours ago) — Fear

Today’s Watchlist
• U.S. December CPI
• JPMorgan kicks off the U.S. bank earnings season
• Fogo (L1): At network launch on Jan 13, 38.98% of tokens will unlock alongside a community airdrop

Macro Developments
• Trump: Any country doing business with Iran will face a 25% U.S. tariff.
• JPMorgan: No longer expects the Fed to cut rates in 2026.
• Trump: To interview Rick Rieder, BlackRock’s CIO of Global Fixed Income, for the Fed Chair position.

Policy Signals
• U.S. CFTC establishes an Innovation Advisory Committee focused on crypto assets and prediction markets.
• Bipartisan U.S. lawmakers reintroduced the Blockchain Regulatory Certainty Act, seeking regulatory safe harbor for DeFi software developers.
• U.S. Senate Agriculture Committee delays consideration of the crypto market structure bill to late January.
• South Korea lifts a nine-year ban on corporate crypto investment, allowing listed companies to invest in digital assets.
• Dubai bans privacy coins and tightens stablecoin regulations.

Industry Highlights
• Strategy added 13,627 BTC last week for ~$1.25B at an average price of $91,519, bringing total holdings to 687,400 BTC.
• BitMine added ~24,200 ETH last week; total holdings exceed 4.16M ETH, about 3.45% of Ethereum’s circulating supply (~120.7M ETH).
• Indonesia approves ICEx, backed by $70M, as the country’s second official crypto exchange.
• BitGo plans a U.S. IPO to raise approximately $201M.
• Standard Chartered plans to launch a crypto prime brokerage business, expanding its digital asset footprint.

2026.1.14
Cooling Inflation Leaves Rate-Cut Expectations Intact; Bitcoin Breaks Key Resistance

Summary
• Macroeconomy: U.S. CPI data showed continued disinflation, but did not materially alter market expectations for the Fed’s rate-cut path. JPMorgan’s earnings guidance came in below expectations, weighing on banks and the broader financial sector, with the three major equity indices closing lower. Meanwhile, President Trump announced the cancellation of all meetings with Iranian officials, escalating geopolitical tensions and lifting oil prices. Precious metals remained strong, with both gold and silver hitting new all-time highs.

• Crypto Market: Bitcoin decisively broke above the key 94.5k resistance, peaking near 96k and rising 4.5% on the day to a nearly two-month high. Overall market volatility picked up and sentiment recovered from fear to neutral. Bitcoin’s market dominance remained stable, indicating no clear spillover of risk appetite into altcoins.

• Project Updates
◦ Hot tokens: BTC, DASH, AIDEN
◦ Privacy sector: DASH, DCR, STRK, ZEN and other privacy-related tokens rotated higher
◦ ZK: zkSync released its 2026 roadmap, focusing on Prividium (bank-grade privacy), ZKStack (coordinated systems), and Airbender (a universal standard)
◦ CAKE: PancakeSwap proposed reducing CAKE’s maximum supply from 450 million to 400 million
◦ ENA: Safe Foundation announced a strategic partnership with Ethena Labs to lower USDe mainnet transaction costs; USDe held in Safe will receive a 10x points multiplier
◦ RAY: Coinbase to list Raydium (RAY) for spot trading

Crypto Fear & Greed Index: 48 (24 hours ago: 26), Neutral

Today’s Outlook
• U.S. Supreme Court postpones its ruling on Trump tariff cases to January 14
• U.S. releases November retail sales (MoM) and November PPI (YoY/MoM)
• Federal Reserve releases the Beige Book
• Tom Lee urges BitMine shareholders to approve increasing authorized shares from 500 million to 50 billion by January 14

Macroeconomy
• U.S. December CPI YoY rose 2.7%, in line with expectations; core CPI YoY rose 2.6%, below expectations
• “Fed whisperer”: December CPI is unlikely to change the Fed’s current wait-and-see stance
• Trump praised December inflation data, saying “Powell should cut rates aggressively”
• Trump said the Fed chair nominee will be decided in the coming weeks
• Trump confirmed the cancellation of all meetings with Iranian officials

Policy Direction
• The U.S. Senate Agriculture Committee rescheduled the crypto bill hearing to January 27
• SEC Chair Paul Atkins said he is confident the crypto market structure bill “CLARITY” will be sent to Trump for signing this year
• Thailand tightens digital asset regulation, emphasizing the Travel Rule and wallet-to-wallet identity verification, and plans to establish a national data bureau

Industry Highlights
• Polygon Labs spent over $250 million acquiring crypto startups Coinme and Sequence, strengthening its stablecoin and on-chain payments stack
• A Bitwise survey of financial advisors showed client crypto allocations surged to a record high last year
• Franklin Templeton upgraded two institutional money market funds to align with “stablecoin reserve asset standards” and launched on-chain share classes

2026.1.15
Bitcoin Breaks Above 97k, Market Sentiment Returns to the “Greed” Zone

Summary
• Macroeconomy: The tariff ruling was postponed again, while PPI and retail sales data surprised to the upside. U.S. equities fell for a second consecutive session, with the Nasdaq down 1%, marking its largest daily decline in nearly a month. The metals rally continued, with gold and silver hitting record highs for three consecutive days.

• Crypto Market: Crypto market sentiment turned “Greed” for the first time in three months. Bitcoin extended its rally and broke above the USD 97,000 level. Bitcoin’s market dominance rose 0.58% day-over-day, indicating that capital remains concentrated in BTC, while altcoins failed to keep pace. Overall risk appetite across crypto assets remains clearly fragmented.

• Project Updates
◦ Hot tokens: DASH, ICP, ZEC
◦ ZEC: The U.S. SEC concluded its multi-year investigation into the Zcash Foundation and confirmed no enforcement action will be taken. ZEC rose 5%, while privacy-sector tokens such as DASH, XMR, DCR, and ZEN continued to gain momentum.
◦ ICP: The DFINITY Foundation released a new white paper outlining a plan to reduce new ICP issuance by 70% in 2026 to curb inflation and enhance utility.
◦ WLFI: Pakistan has signed an agreement with a WLFI-affiliated company to explore the use of stablecoins for cross-border payments.
◦ ENA: Upbit and Bithumb listed USDE/KRW trading pairs.
◦ ASTER: Binance Wallet (web version) launched perpetual futures trading powered by Aster.
◦ LINK: Bitwise’s spot Chainlink ETF (CLNK) received regulatory approval and will begin trading on NYSE Arca on January 15.

Crypto Fear & Greed Index: 61 (48 24 hours ago), level: Greed

Today’s Outlook
• Aster Phase III airdrop ends on January 15, 2026
• BitMine plans to hold its annual shareholders’ meeting on January 15 to elect eight directors and amend its articles of incorporation
• STRK unlock: 4.83% of circulating supply, ~USD 10.4 million
• SEI unlock: 1.05% of circulating supply, ~USD 6.7 million

Macroeconomy
• U.S. November retail sales rose 0.6% MoM, above expectations
• Federal Reserve Beige Book: Overall economic conditions improved, with most districts expecting modest to moderate growth in the coming months
• The U.S. Supreme Court did not issue a ruling on Trump’s tariff policy on Wednesday

Policy Direction
• Selected amendments to the market structure bill will be put to a vote on Thursday, with the main hearing rescheduled to January 27
• A proposed Russian bill would open crypto markets to non-qualified investors

Industry Highlights
• JPMorgan expects crypto inflows to continue growing in 2026, led primarily by institutional investors
• Visa partnered with BVNK to launch stablecoin payment services
• Ethereum Beacon Chain staking exceeded 36 million ETH, reaching a new high, with nearly 30% of total ETH supply now locked
• MetaMask posted a teaser tweet containing only “Coming soon.” with no further details
• Solana Mobile launched the SKR airdrop eligibility checker, with nearly 2 billion SKR tokens to be distributed to the community

Jan 16, 2026
Small-Cap Stocks Continue to Outperform; Bitcoin Ends Four-Day Rally

Summary
• Macroeconomy: TSMC delivered strong earnings, significantly boosting market risk sentiment and driving a broad rebound in U.S. equities, with all major indices closing higher. Notably, the Russell small-cap index has outperformed the S&P 500 for ten consecutive trading days, signaling a continued expansion in risk appetite.

• Crypto Market: For the third consecutive day, the crypto market and U.S. equities alternated in relative strength. Bitcoin faced resistance near the 97k level and pulled back, ending its prior four-day winning streak. Bitcoin’s market dominance continued to rise, approaching the 60% threshold, indicating that capital remains concentrated in BTC while altcoins weakened broadly, intensifying structural divergence.

• Project Updates
◦ Trending tokens: BYTE, FHE
◦ Privacy sector led the gainers, with tokens such as DCR, ZEN, FHE, and H rotating higher
◦ CME to launch ADA, LINK, and XLM futures
◦ TRX / AVAX: Deribit listed options products for AVAX and TRX

• Crypto Fear & Greed Index: 49 (vs. 61 24 hours ago), level: Greed

Today’s Outlook
• ARB token unlock: 1.86% of circulating supply, valued at approximately USD 19.2 million

Macroeconomy
• Trump: While investigating Powell, he has no plan to remove him directly
• U.S. initial jobless claims fell to 198,000 last week, the lowest level since November last year
• U.S. aircraft carrier strike group headed to the Middle East; Trump reportedly seeks a “quick resolution,” while the U.S. Treasury announced new sanctions on Iran

Policy Direction
• South Korea’s National Assembly passed amendments to the Capital Markets Act and the Electronic Securities Act, formally establishing a regulatory framework for the issuance and circulation of security tokens (STOs)

Industry Highlights
• Bitmine announced a USD 200 million investment in Beast Industries, owned by MrBeast
• Tom Lee: Vitalik Buterin and Sam Altman will attend the BitMine shareholders’ meeting
• CME to launch ADA, LINK, and XLM futures
• State Street to roll out a tokenization platform, planning tokenized funds and stablecoin products
• Goldman Sachs CEO stated on the latest earnings call that the firm is increasing efforts to research tokenization, stablecoins, and prediction markets
• DTCC (U.S.) plans to digitize 1.4 million securities, advancing comprehensive tokenization of capital markets
• Interactive Brokers enabled 24/7 USDC deposits and will support Ripple and PayPal stablecoins next week
• BSC Foundation made additional purchases of ecosystem tokens “Binance Life” and “Wo Ta Ma Lai Le,” totaling nearly USD 200,000

Jan 19, 2026
Rising Tariff and Policy Uncertainty Drives Risk-Off Sentiment

Summary
• Macroeconomy: Developments around Greenland have reignited tariff risks between the U.S. and Europe, while changes in the Federal Reserve chair nomination have undermined rate-cut expectations. U.S. equity index futures fell more than 1%, risk-off sentiment intensified, gold surged toward the 4,700 level, and silver hit a new record high.

• Crypto Market: As macro risks were released in a concentrated manner, Bitcoin sold off in tandem with U.S. equity futures on Monday, falling below USD 93,000, pushing market sentiment back into fear territory. Bitcoin dominance briefly exceeded 60%, while altcoins broadly retraced with the market, reflecting a contraction in risk appetite.

• Project Updates
◦ Hot tokens: DUSK, RIVER, VRA
◦ Safe-haven sentiment drove gold and silver to new highs, with tokenized gold and silver (XAUT, PAXG, SILVER) seeing a surge in trading volume
◦ XLM: The Stellar Community Fund announced an upgrade and optimization of its funding disbursement mechanism
◦ BERA: The Berachain community proposed reducing the annual inflation rate of the BGT token from 8% to around 5%
◦ KAITO: X removed post-based rewards and banned “InfoFi” applications from attracting users via incentivized posting; KAITO faced controversy over alleged early token selling by the team
◦ GAS: The fee-subsidized AI project GAS saw its market cap briefly exceed USD 50 million, driving a spike in on-chain activity over the weekend and pushing Solana Launchpad Bags to a recent high in token creation

Crypto Fear & Greed Index: 44 (vs. 49 24 hours earlier), Fear
Today’s Outlook
• U.S. equity markets closed all day for Martin Luther King Jr. Day
• MANTRA: Token ticker change and 1:4 token split on Jan 19
• ETHGas: Governance token $GWEI snapshot on Jan 19
• World Economic Forum – Winter Davos (Jan 19–23)

Macroeconomy
• Trump stated that from Feb 1 the U.S. will impose additional tariffs on eight European countries until Greenland is “fully acquired”; several EU countries are considering retaliatory tariffs on EUR 93 billion worth of U.S. exports
• Bessent: The likelihood of the Supreme Court overturning Trump’s tariffs is low
• Sudden shift in the Fed chair race: Hassett hinted at exiting, while Warsh’s odds rose sharply
• U.S. Treasury Secretary Bessent: The Fed chair nominee may be announced around Davos

Policy Watch
• Google will remove unregistered overseas crypto exchange apps from the Korean app store starting Jan 28
• Kazakhstan’s president signed new legislation bringing digital financial assets under regulation and allowing circulation. DFAs are classified into three categories: stablecoins, asset-backed tokens, and electronic financial instruments. The law also formally regulates unbacked digital assets (e.g., Bitcoin) and permits the establishment of central-bank-licensed crypto exchanges
• Nigeria SEC: New rules raise the capital requirement for digital asset platforms to NGN 2 billion
• Belgium’s second-largest bank, KBC, became the country’s first bank to offer crypto trading services to retail clients

Industry Highlights
• Michael Saylor released another Bitcoin Tracker update, with potential disclosure of additional purchases next week
• X removed post rewards and banned “InfoFi” applications that rely on incentivized posting
• Chainalysis: Iran’s crypto ecosystem approached USD 8 billion in 2025
• Bitwise survey: 32% of financial advisors have allocated crypto for clients, and 56% hold crypto in their personal portfolios
• Solana Launchpad Bags app token creation hit its highest level since early August last year

2026.1.20
Tariff Risks Intensify Risk-Off Sentiment as Bitcoin Retests Key Support

Summary
• Macro Economy: Tariff threats continued to weigh on markets, dealing a heavy blow to European equities. Although U.S. equity markets were closed, index futures traded lower, signaling sustained pressure on risk appetite. Safe-haven flows accelerated into commodities, with the metals complex rebounding across the board as gold and silver extended gains and set fresh all-time highs.

• Crypto Market: Against the backdrop of persistent macro risk, Bitcoin fell for a fifth consecutive session, retesting key support around USD 92,000. Market sentiment slid back into the “fear” zone. Bitcoin’s market dominance remained relatively stable, with fear not materially spreading into altcoins; instead, altcoins broadly retreated in tandem with the broader market, underscoring continued structural weakness.

• Project Updates
◦ Hot tokens: DUSK, STRK, ROSE
◦ Privacy sector: Tokens including KEEP, ROSE, FHE, and SCRT rotated higher
◦ Magic Eden: Starting February 1, 15% of revenue will be allocated to ME token buybacks and ecosystem development. Based on current revenue, monthly buybacks are estimated at around USD 20,000 worth of ME tokens
◦ INJ: The Injective community approved a major overhaul of INJ tokenomics with a 99.89% staking vote. The proposal reduces token issuance and continues protocol-revenue-funded buybacks and burns, accelerating the removal of tokens from circulation
◦ PUMP: PumpFun launched the Pump Fund and announced a USD 3 million “Build in Public” hackathon
◦ CAKE: PancakeSwap passed a proposal to reduce CAKE’s maximum supply from 450 million to 400 million

Crypto Fear & Greed Index: 32 (vs. 44 24 hours ago), Fear

Today’s Agenda
• The U.S. Supreme Court has designated January 20 as the next date to issue an opinion on tariffs, potentially ruling on Trump-era tariff cases
• ZRO: Token unlock of 6.36% of circulating supply, valued at approximately USD 44.5 million
• World Economic Forum — Winter Davos (Jan 19–23)
Macro Economy
• Powell is set to appear at a U.S. Supreme Court hearing and is expected to publicly support Fed Governor Lisa Cook on Wednesday

Policy Outlook
• White House: Establishing a “Strategic Bitcoin Reserve” remains a priority; seized BTC will not be sold, and frameworks for balance-sheet inclusion are under study
• Bermuda: Partnering with Coinbase and Circle to advance a fully on-chain national economy pilot
Industry Highlights
• NYSE: Developing a tokenized U.S. equities trading and settlement platform supporting 24/7 operations, instant settlement, dollar-denominated order sizing, and stablecoin-based fund transfers
• X: Updated creator revenue-sharing rules—reply posts no longer generate income; only homepage timeline impressions count
• ETHGas: GWEI airdrop eligibility checks open January 20, with the community airdrop scheduled for January 21
• CoinShares: Digital asset investment products recorded net inflows of USD 2.17 billion last week
• Ethereum: Daily transaction count hit a record 2.89 million

2026.1.21
Geopolitical Risks Trigger Turmoil Across Global Assets, Crypto Market Falls into Extreme Fear

Summary
• Macro Economy: Geopolitical tensions surrounding Greenland intensified, with Denmark planning to sell U.S. Treasuries, while growing concerns over Japan’s domestic fiscal outlook ignited turmoil in global bond markets. U.S. financial markets experienced a simultaneous sell-off across equities, bonds, and currencies. Major U.S. equity indices plunged across the board, with the S&P 500 dropping more than 2%, marking its largest single-day decline in over three months. The VIX volatility index surged to its highest level since last November, as risk-off sentiment drove safe-haven flows into gold, pushing prices above a record high of USD 4,800.

• Crypto Market: Against the backdrop of concentrated macro risk releases, sentiment in the crypto market deteriorated sharply. Bitcoin fell below the USD 88,000 level, posting its worst single-day performance in nearly two months and extending losses to a sixth consecutive day. Market sentiment slid back into the Extreme Fear zone. Structurally, Bitcoin’s market dominance remained relatively stable, while altcoins broadly declined in line with the market without showing signs of accelerated panic selling.

• Project Updates
◦ Hot Tokens: PAXG, XAUT
◦ PAXG / XAUT: Heightened macro risks and rising risk-aversion drove gold demand to new historical highs
◦ LINK: Chainlink launched 24/5 U.S. equity data feeds, bringing U.S. stock market data on-chain
◦ DOGE: The Dogecoin Foundation–backed House of Doge initiative launched a DOGE payment application, “Such”
◦ NEAR: Grayscale submitted an S-1 filing to the U.S. SEC to launch a Grayscale Near Trust
◦ ADA: The Cardano Foundation completed the first milestone of its governance roadmap, delegating 360 million ADA to community representatives, with a focus on ecosystem adoption and operations

• Crypto Fear & Greed Index: 24 (32 twenty-four hours ago), classified as Extreme Fear

Today’s Outlook
• The U.S. Supreme Court will hold a hearing on the case involving Trump’s dismissal of Federal Reserve Governor Lisa Cook
• ZAMA token auction postponed to January 21–24
• Solana Mobile to airdrop 2 billion SKR tokens to Seeker users on January 21
• PLUME token unlock: 39.75% of circulating supply, valued at approximately USD 22.3 million

Macro Economy
• Danish pension fund Akademiker Pension to exit the U.S. Treasury market
• The European Parliament freezes the approval process of the EU–U.S. trade agreement in response to recent Trump tariffs
• U.S. President Trump: Plans to impose a 200% tariff on French wine and champagne
• Bessent on the Federal Reserve: Trump may decide on the next Fed Chair as early as next week
• The U.S. Supreme Court has not yet ruled on the legal challenge to Trump’s global tariffs; a decision may take at least another month
• Japan’s aggressive fiscal expansion plans sparked market panic, with weak demand at JGB auctions intensifying sell-offs

Policy Direction
• U.S. CFTC Chair Michael Selig launched the “Future Proof” initiative to upgrade crypto regulation
• U.S. CFTC Chair: Congress is “close to passing the Digital Asset Market Clarity Act”
• U.S. Treasury Secretary Bessent reiterated Trump’s objective to build world-leading crypto regulation and advance a strategic Bitcoin reserve

Industry Highlights
• Trump Media & Technology Group announced February 2 as the registration date for its digital token initiative
• Bitmine received investor support to expand its share issuance cap
• Delaware Life introduced a Bitcoin index into its fixed indexed annuities, with IBIT used as an allocation tool
• Crypto payment card transaction volumes surged, with daily transaction counts up approximately 22× compared with late 2024

Jan 22, 2026
“TACO Trade” Returns as Risk Assets Rebound in Sync

Summary
• Macroeconomy: Trump stated he has no intention of acquiring Greenland through military means and said a framework agreement on Greenland has been reached with NATO, with no related tariffs to be imposed. The “TACO (Trump Always Chickens Out) trade” re-emerged, quickly restoring risk appetite. All three major U.S. equity indices rebounded and largely recouped the prior session’s losses, while the small-cap Russell 2000 index hit a new all-time high.

• Crypto Market: Bitcoin moved closely in line with U.S. equities, staging a V-shaped rebound driven by the “TACO trade.” It closed up 1.16% on the day, ending a six-session losing streak. Altcoins followed with a modest rebound, while overall market-cap dominance remained stable, indicating that risk appetite has yet to meaningfully rotate into higher-volatility assets.

• Project Updates
◦ Hot tokens: GWEI, ROSE, SKR
◦ SKR: Solana Mobile airdropped its SKR token, which surged 230%, with market capitalization surpassing $150m
◦ GWEI: ETHGas completed its community airdrop; GWEI rose 90%, with market cap stabilizing around $50m
◦ AXS: Closed up 23%, leading gains among the top 100 tokens; Korean trading volume surged, accounting for over 40%
◦ KTA: Payments-focused public chain Keeta reached an agreement to acquire a bank, allocating 35 million KTA to support the acquisition process

Crypto Fear & Greed Index: 20 (24 one day ago), Extreme Fear

Today’s Outlook
• U.S. November Core PCE data
• Immunefi to launch its platform token IMU on January 22

Macroeconomy
• Trump reiterated that he does not intend to use military force regarding Greenland
• Trump: A framework agreement on Greenland has been formed; related tariffs will not take effect
• U.S. Treasury Secretary Bessent: Not concerned about any U.S. Treasury sell-off triggered by the Greenland issue
• Trump: Will soon announce a new Fed Chair nominee, but expressed concern about potential “disloyalty” after appointment
Policy Direction
• U.S. Senate Agriculture Committee to release the latest draft of the crypto market structure bill
• David Sacks: Once the market structure bill passes, banks will fully enter the crypto sector
• Trump: Hopes to sign crypto legislation as soon as possible and ensure the U.S. remains the world’s crypto capital
• Vietnam has begun piloting a formal licensing regime for crypto asset trading platforms

Industry Highlights
• Bloomberg: Wall Street institutions are exiting Bitcoin arbitrage trades
• Galaxy plans to launch a $100m hedge fund in Q1, targeting profits from digital asset price volatility
• Vitalik: 2026 will mark a full return to decentralized social networks
• Strive to issue $150m in preferred shares to purchase more Bitcoin
• Neynar acquires and takes over Farcaster, with protocol and application assets transferred in full
• Ondo Global Markets announces expansion to Solana, bringing 200+ tokenized U.S. stocks and ETFs into the Solana ecosystem

Jan 23, 2026
Macro Risks Ease Gradually, Crypto Assets Stabilize

Summary
• Macroeconomy: U.S. data continue to point to solid economic momentum and stable inflation. Together with fading concerns over geopolitical tensions, market risk appetite has rebounded. Major U.S. equity indices have closed higher for two consecutive sessions, while small-cap stocks have outperformed the S&P 500 for the 15th straight trading day, setting fresh highs—signaling a further extension of risk appetite toward higher-beta assets. Meanwhile, gold has maintained its strong uptrend, repeatedly hitting record highs and approaching the USD 5,000 level.

• Crypto Market: As macro uncertainty gradually recedes, Bitcoin has moved largely in lockstep with Nasdaq futures, posting a marginal daily gain of 0.12%. While prices have temporarily stabilized, altcoins remain broadly weak. Market sentiment is still stuck in the “extreme fear” zone, with risk appetite cautious and any meaningful recovery likely to depend on time or new positive catalysts.

• Project Updates
◦ Trending Tokens: TROLL, RIVER, ELSA
◦ XAUT / PAXG: Gold broke above USD 4,950, extending to new all-time highs
◦ ELSA: Upbit listed ELSA in KRW, BTC, and USDT pairs; ELSA surged 35% on the day
◦ RIVER: RIVER rose 30% on a short squeeze; funding rates have remained negative for three consecutive days, with the 24-hour average funding rate dipping to as low as -1.8%
◦ SKR: With multiple mentions of Seeker by the Solana founder and continued listings on additional exchanges, SKR’s market capitalization briefly exceeded USD 500 million

Crypto Fear & Greed Index: 24 (vs. 20 twenty-four hours earlier), still classified as Extreme Fear

Today’s Outlook
• U.S. January S&P Global Manufacturing / Services PMI (preliminary)
• U.S. January University of Michigan Consumer Sentiment Index (final)
• U.S. January 1-year inflation expectations (final)
• SOON: Token unlock of 5.63% of circulating supply (~USD 7.4 million)
• ANIME: Token unlock of 13.84% of circulating supply (~USD 6.3 million)

Macroeconomy
• U.S. November PCE price index rose 2.8% YoY, in line with expectations
• U.S. Q3 real GDP (final) was revised slightly higher to 4.4% QoQ, the fastest pace in two years; core PCE inflation held at 2.9%
• Trump: A 25% tariff on countries engaged in (trade) dealings with Iran will take effect soon
• The U.S. House of Representatives passed the fiscal-year appropriations bill, further reducing the risk of a government shutdown

Policy Direction
• The latest crypto market structure bill from the U.S. Senate Agriculture Committee failed to reach an agreement with Democrats
• Kansas proposed a Bitcoin Strategic Reserve bill
• The U.S. SEC and CFTC will jointly advance regulatory coordination on crypto, in line with Trump’s pro-crypto stance
• The Netherlands plans to introduce an “unrealized capital gains tax” on assets such as cryptocurrencies by 2028, with rates potentially as high as 36%

Industry Highlights
• KuCoin reached an investment intention agreement with Jinjun Services, planning to jointly promote an integrated gold industry platform in collaboration with the Hong Kong Gold Exchange.
• KuCoin co-hosted the 2026 World Laureates Forum, advancing the integration of digital infrastructure with AI–blockchain technologies.
• X (formerly Twitter) added a dedicated meme category to its “Global Trends” page
• Nomura-backed Laser Digital launched a tokenized Bitcoin yield fund
• BitGo, a crypto asset custody firm, completed the first crypto IPO of 2026, listing on the NYSE
• Bitwise launched the Bitwise Proficio Currency Debasement ETF, covering gold, Bitcoin, silver, other precious metals, and mining equities
• SpaceX has reached agreements with four banks in preparation for a potential “mega IPO”
• Major South Korean banks are accelerating alliances ahead of stablecoin legislation, positioning for KRW-denominated stablecoin issuance

2026.1.27
Yen Stabilization Eases Panic as Risk Assets Rebound, While Crypto Remains Range-Bound

Summary
• Macro Economy: USD/JPY stabilized around the 153 level, effectively easing market panic triggered by earlier FX volatility during the Asian session. At the same time, U.S. durable goods orders posted their largest month-over-month increase in nearly six months, signaling resilient economic fundamentals and lifting risk appetite across U.S. equities, with all three major indices closing higher. Precious metals remained strong: gold briefly broke above the $5,000/oz threshold for the first time intraday, silver surged as much as 14% at its peak, and LME copper rose for a second consecutive session, approaching record highs. However, gains were partially retraced as risk sentiment cooled.

• Crypto Market: Bitcoin moved largely in tandem with U.S. equity index futures, rebounding above $88,000 but remaining confined within a consolidation range. Bitcoin dominance stayed broadly stable, while altcoins showed muted performance, indicating no clear expansion in risk appetite toward higher-beta assets. Although prices saw a modest recovery, market sentiment improved only from “Extreme Fear” to “Fear.” The lack of fresh catalysts continues to cap upside momentum. In addition, the U.S. Senate Agriculture Committee postponed its hearing on the crypto market structure bill to January 29 due to weather-related disruptions, further extending the consolidation phase.

• Project Updates
◦ Hot Tokens: WHITEWHALE, RIVER, AXS
◦ MORPHO: Bitwise launched its first on-chain vault strategy via Morpho.
◦ HYPER: Hyperliquid HIP-3 open interest climbed to approximately $790 million, marking a new all-time high.
◦ RIVER: A single entity reportedly controls 2,418 addresses, with highly concentrated token holdings. Average funding rates again touched -1.8%, suggesting potential price manipulation via short-term liquidations.

• Crypto Fear & Greed Index: 29 (vs. 20 24 hours ago), level: Fear

Today’s Outlook
• SEC and CFTC to host a joint “regulatory coordination” event focused on crypto
• U.S. Senate Agriculture Committee rescheduled its crypto market structure bill hearing to January 29

Macro Economy
• U.S. November durable goods orders rose 5.3% MoM, the largest increase in nearly six months
• Trump: Raising reciprocal tariffs on South Korea from 15% to 25%
• OPEC+ delegates: Production increases may remain paused in March; oil supply largely unaffected by geopolitical risks
• Prediction markets indicate the probability of a new U.S. government shutdown is approaching 80%

Policy Direction
• Japan may approve spot crypto ETFs as early as 2028
• U.S. SEC to withdraw its 2023 lawsuit against Gemini Trust Co.
• U.S. Senate Agriculture Committee plans to revisit the crypto market structure bill at 10:30 a.m. local time later this week

Industry Highlights
• Strategy spent $264.1 million last week to acquire 2,932 BTC at an average price of ~$90,061
• BitMine increased its ETH holdings by ~40,300 ETH last week, bringing total holdings above 4.24 million ETH; total ETH staked surpassed 2 million
• South Korea’s third-largest crypto exchange, Coinone, is seeking to sell part of its equity stake
• Bitwise launched its first on-chain vault strategy via Morpho

Jan 28, 2026
Dollar Weakens, Gold Hits New Highs, BTC Rebounds to 89k

Summary
• Macro Economy:Rising macro uncertainty and Trump’s remarks on the US dollar pushed the Dollar Index (DXY) below 96. US equities showed divergence: the S&P 500 and Nasdaq gained 0.41% and 0.91%, while the Dow fell 0.83%. US consumer confidence came in below expectations, and Treasury yields dipped to intraday lows. Geopolitical tensions in the Middle East supported a rebound in crude oil. Gold marked its sixth consecutive day of record highs, breaking above $5,200/oz for the first time.

• Crypto Market:BTC dipped to $86,000 before rebounding slightly toward $89,000. Overall sentiment remains in the “Fear” zone. Altcoins were relatively muted, with no clear expansion in risk appetite. The $85,000 level has become a key battleground after multiple retests, holding as support so far. The market remains in a consolidation phase, with bulls and bears locked in stalemate awaiting a directional break.

• Project Updates:
◦ Trending Tokens: XAUT/PAXG, HYPE, PENGUIN, PUMP
◦ XAUT/PAXG: Gold continues making new highs above $5,200/oz
◦ HYPE: HIP-3 trading volume reached a new record; HYPE surged over 25% in a single day
◦ PENGUIN: Solana co-founder changed their X profile picture to a penguin-themed concept image, triggering a short-term token rally
◦ PUMP: Meme token sentiment on Solana has recovered; Pump.fun protocol revenue surpassed Hyperliquid over the past 24 hours
◦ BIRB: NFT project Moonbirds released the BIRB tokenomics model
◦ COPPERINU: Echo.xyz founder Cobie posted about “Copper Inu” on X, driving a rise in the similarly named token

• Crypto Fear & Greed Index: 29 (unchanged from 24 hours ago) — Level: Fear

Today’s Watchlist
• Federal Reserve FOMC meeting
• Fed Chair to hold a monetary policy press conference
• US Treasury: Trump to attend the Trump Account Summit
• Google to remove unregistered overseas crypto exchange apps from the Korean app store starting Jan 28
• Optimism token buyback proposal vote ends on Jan 28
• SIGN unlock: 17.68% of circulating supply (~$12.2M)
• JUP unlock: 1.70% of circulating supply (~$10.6M)

Macro Economy
• South Korea’s special envoy will visit the US to discuss trade agreement implementation; Trump announced higher tariffs on Korea this morning
• Dollar Index DXY fell below 96, now at 95.886, the lowest since Feb 2022

Policy Direction
• South Korea is considering allowing domestic institutions to issue virtual assets; stablecoins remain controversial
• Japan plans to classify XRP as a regulated financial product before Q2 2026
• US senators agreed to withdraw the credit card swipe-fee amendment to avoid jeopardizing the CLARITY Act review
• Australia listed regulatory gaps in crypto oversight as a key risk for 2026
• Arizona draft bill proposes exempting “virtual currency” from property tax

Jan 30, 2026
U.S. Equities and Precious Metals Plunge from Highs, Crypto Market Sees Panic Sell-Off

Summary
• Macro Economy:U.S. equities have entered a clear downward phase, with the S&P 500 and Nasdaq seeing sharp pullbacks. Rising macro uncertainty, shifts in monetary policy expectations, and geopolitical risks have jointly amplified market volatility. Microsoft at one point plunged 12%, marking its largest single-day decline since the pandemic, wiping out roughly USD 430 billion in market capitalization. Precious metals also saw violent corrections from elevated levels: gold fell nearly 9% intraday after approaching a record high near USD 5,600, while silver dropped more than 12% after briefly hitting a new high of USD 121.

• Crypto Market:The crypto market came under broad pressure, with Bitcoin falling more than 5% in a single day and major assets such as Ethereum generally dropping over 6%. Amid continued outflows from spot Bitcoin ETFs, BTC briefly slid to its lowest level since last November, triggering concentrated sell-offs and prompting some crypto institutions to begin adjusting their asset allocations. This downturn was primarily sparked by a sharp, simultaneous sell-off in U.S. equities and gold during the early U.S. session, with risk-off sentiment quickly spilling over into the crypto market. Market sentiment has now entered the extreme fear zone, with altcoins seeing even steeper losses and overall liquidity tightening noticeably.

• Project Updates
◦ Trending Tokens: PIGGY, BP, WLD, SENT
◦ PIGGY: After being delisted following a sharp crash on Dec 5 due to a suspected token hack, PIGGY was relisted on Binance Alpha on Jan 29, surging approximately 750% within one hour.
◦ BP: Kevin Gill, brother of well-known trader Keith Gill, publicly confirmed that his pet dog is named “Puppy,” driving a sharp price rally.
◦ WLD: Rumors suggest OpenAI is evaluating multiple “proof-of-personhood” solutions, including Worldcoin’s Orb iris-scanning device. In addition, World released World ID v4.0, introducing account abstraction and multi-key support. WLD posted a peak gain of nearly 40% on the 29th.
◦ SENT: Listed on Upbit and Bithumb, rising over 60% on the day.

• Crypto Fear & Greed Index: 16 (vs. 26 twenty-four hours earlier), classified as Extreme Fear

Today’s Watchlist
• U.S. December PPI data release
• Apple earnings report
Macro Economy
• Trump threatens to impose a 50% tariff on Canadian aircraft
• U.S. President Trump: Will pursue bipartisan cooperation to avoid a government shutdown
• U.S. initial jobless claims for the week ending Jan 24: 209,000 (vs. 205,000 expected)
• Trump declares a national emergency and imposes tariffs on countries exporting oil to Cuba

Policy Developments
• The U.S. Senate Agriculture Committee advanced key CLARITY Act procedures in a 12–11 party-line vote, pending review by the Banking Committee
• The UAE Central Bank approved the country’s first USD-pegged stablecoin, USDU, issued by Universal Digital
• The UK government stated that banks should not deprive crypto clients of basic banking services
• The UK Financial Services Regulation Committee launched a regulatory inquiry into stablecoins
• The U.S. SEC released new guidance on tokenized securities, clarifying that tokenization does not alter the application of securities laws
• Russia will roll out a crypto regulatory framework in July, allowing retail investor participation

Industry Highlights
• Moonbirds airdrop claim site goes live alongside the launch of Nesting 2.0
• MetaPlanet to raise USD 137 million via share issuance and warrants to increase BTC holdings
• Fidelity to launch a GENIUS-compliant stablecoin, FIDD, on Ethereum
• AC’s new project Flying Tulip has raised a total of USD 225.5 million
• Lighter adjusts LLP access requirements, requiring LIT staking with gradual refunds of excess allocation
• Uniswap: Token auction feature to go live on the web app on Feb 2
• MegaETH: Public mainnet scheduled to launch on Feb 9

2026.2.2
Multiple Uncertainties Weigh on Risk Assets as Crypto Sells Off on Heavy Weekend Volume

Summary
• Macro Economy: Trump stated that the U.S. and Iran are in talks and that negotiations over Greenland are nearing an agreement, easing geopolitical risks temporarily. However, the U.S. Senate passed a roughly $1.2 trillion government spending bill, while a brief government shutdown still appears unavoidable. At the same time, Trump nominated Kevin Warsh as Federal Reserve Chair, and December PPI data came in hotter than expected, further reinforcing hawkish expectations. These overlapping uncertainties pressured risk appetite, sending all three major U.S. equity indices lower. Precious metals were also hit by the “Warsh shock,” with gold falling below $4,700/oz.

• Crypto Market: Amid Middle East geopolitical volatility, U.S. government shutdown uncertainty, and increasingly cautious internal crypto sentiment, the crypto market saw a sharp, high-volume sell-off. Total market liquidations on Saturday hit the highest single-day level since the “10/11 crash,” with Bitcoin plunging intraday to $75.7k. Altcoins declined in tandem on surging volume, and market sentiment quickly deteriorated into extreme fear.

• Project Updates:
◦ Hot tokens: ZK, VIRTUAL, JUP
◦ ZK: zkSync released its 2026 roadmap, including Prividium integrating enterprise systems and workflows, and Airbender expanding application scenarios.
◦ VIRTUAL: Virtuals Protocol announced that OpenClaw will soon integrate ACP, with the initial version supporting “buyer mode” and x402 micropayment settlement.
◦ JUP: Jupiter launched “Jupiter Global,” integrated Polymarket, and announced that the GUM private beta is coming soon, with APIs supporting login, swaps, general deposits, cross-chain spot trading, and perpetuals.
◦ LUNC: An FTX creditor representative stated that the next round of distributions is expected on March 31.

Crypto Fear & Greed Index: 14 (unchanged from 24 hours ago), Extreme Fear

Today’s Outlook
• The White House will convene banks and crypto firms to seek legislative compromise
• Uniswap to launch auction functionality on its web app
• Record date for Trump Media & Technology Group’s digital token plan
• Aster begins Phase 6 airdrop, allocating 0.8% of total supply
• Ethena (ENA) unlock of ~40.63 million tokens (~$5.7m)

Macro Economy
• U.S. President Trump: Kevin Warsh to serve as Fed Chair; Warsh reportedly implicated in the Epstein case
• U.S. Senate passed a $1.2 trillion government spending bill, but a brief shutdown remains unavoidable; House Speaker Johnson said he is “confident” the government will resume operations by Tuesday
• U.S. December PPI m/m at 0.5% (vs. 0.2% expected); PPI y/y at 3.0% (vs. 2.7% expected)
• Fed’s Bostic: No need for rate cuts at present
• Trump said the U.S. and Iran are negotiating; an adviser to Iran’s Supreme Leader said a “negotiation framework” is taking shape; Trump also said Greenland talks are close to an agreement

Policy Direction
• U.S. Treasury sanctioned crypto exchanges Zedcex and Zedxion over Iran-related transactions
• A Tennessee state lawmaker proposed legislation to establish a “Tennessee Strategic Bitcoin Reserve”
• A U.S. judge ruled that a shareholder lawsuit alleging insider trading by Coinbase directors may proceed
• Hong Kong’s Financial Services and the Treasury Bureau plans to submit four virtual asset service provider regulatory bills within the year
• SEC Chair: The time is ripe to allow cryptocurrencies into 401(k) retirement accounts

Industry Highlights
• The WLS 2026 Mobius Forum, hosted by WLA and co-hosted by KuCoin, opened in Dubai
• Network-wide liquidations on January 31 reached $2.5615 billion, the highest single-day total since the “10/11 crash”
• Michael Saylor again released Bitcoin Tracker updates, potentially signaling another purchase disclosure next week
• Close associates of the Abu Dhabi royal family reportedly invested $500 million to acquire a 49% stake in the Trump family’s WLFI company

2026.2.3
US Stocks Resume Gains, Precious Metals Rebound; Bitcoin Swings Widely and Tests 79K

Summary
• Macroeconomy:
The US and India reached a trade agreement that reduces tariff barriers between the two sides, boosting market sentiment that had recently been repeatedly hit by geopolitical disruptions.
The US January ISM Manufacturing Index surged to 52.6, far exceeding expectations, reinforcing the resilience of the US economy.
Supported by multiple tailwinds, US equities regained upward momentum and kicked off February with a strong start, with all three major indices closing higher.
After a sharp sell-off, precious metals rebounded, with gold returning to $4,800/oz.

• Crypto Market:
Following a major pullback, the battle between bulls and bears intensified significantly. Bitcoin posted an intraday amplitude of 6.3%, reaching a session high of $79.4K.
Altcoin markets continued to see heavy volume, with trading activity hitting a new year-to-date high, maintaining around 60% of total market share.
Market sentiment recovered slightly from the weekend but remains stuck in the “Extreme Fear” zone.

• Project Updates
◦ Trending Tokens: HYPE, XRP, ZAMA
◦ HYPE: Hyperliquid announced that HyperCore will support outcome trading (HIP-4).
◦ XRP: Ripple obtained a “full EMI license” from Luxembourg’s CSSF, enabling expansion of blockchain payments and digital asset services across the EU.
◦ ZAMA: Coinbase, Binance, Bybit, HTX, Bitget, and others have rapidly listed spot and derivatives products, while disclosing staking and DPoS mechanisms.
◦ UNI: Uniswap launched an on-chain auction feature (CCA) on its web interface; Rainbow token RNBW will be auctioned via CCA.
◦ JUP: Jupiter is bringing Polymarket to Solana and secured a $35M strategic investment in JUP from ParaFi.
◦ CLANKER: Activity in the Base ecosystem remains strong, with Clanker generating over $8M in protocol fees last week, a record high.
◦ DEEP/WAL: Coinbase added DeepBook (DEEP) and Walrus (WAL) to its listing roadmap.
◦ Purch: Circle CEO Jeremy Allaire mentioned the Purch project on X, triggering a rapid market cap surge for the Solana-based token PURCH.

• Crypto Fear & Greed Index: 17 (14 twenty-four hours ago) — Level: Extreme Fear
Today’s Watchlist
• 2027 FOMC voter and Atlanta Fed President Raphael Bostic will deliver remarks
• CoinList will launch the public sale of AC’s new project Flying Tulip (FT)
• US December JOLTs job openings data postponed due to the government shutdown

Macroeconomic Development
• Trump released positive tariff-related signals: US tariffs on India reduced to 18%
• US January ISM Manufacturing Index jumped to 52.6, the highest since February 2022
• Due to the partial US government shutdown, January employment data will not be released on schedule
• Fed’s Bostic: Inflation remains elevated; rate cuts are unlikely in 2026

Policy & Regulatory Signals
• Hong Kong Monetary Authority plans to issue the first batch of stablecoin licenses in March
• EU warned 12 member states for failing to implement crypto tax rules
• Bhutan’s sovereign wealth fund reduced holdings by another 26,535 ETH over the past 24 hours

Industry Headlines
• Trump on Abu Dhabi royal family’s $500M investment into WLFI: Unaware; matters handled by his son
• WSJ: Cboe plans to relaunch binary options trading to compete directly with prediction markets
• BitMine added 41,788 ETH last week; Tom Lee said weak sentiment still reflects the lingering shock from the 10/11 crash
• Strategy bought another 855 BTC at elevated levels, raising its average cost basis to $76,052
• CoinShares: Digital asset investment products saw $1.7B net outflows last week, turning year-to-date flows negative
• Ripple obtained Luxembourg CSSF’s full EMI license, enabling EU-wide expansion of blockchain payment and digital asset services