combination

During the Asian trading session, U.S. Treasury yields fell slightly across the board, driven by expectations related to the nomination of Kevin Warsh as the Federal Reserve Chairman. Erik Liem, an analyst at Deutsche Bank, noted in a report that Trump's nomination of Kevin Warsh has strengthened a market expectation that the Federal Reserve may not rely as heavily on balance sheet measures in the future as it has in the past.Meanwhile, the U.S. Treasury's decision to maintain stable auction sizes aligns with market expectations, although officials stated that they are still assessing the possibility of increasing the auction sizes for bills, bonds, and floating rate notes in the future.

The police remind that as the year-end approaches, a new type of scam involving "offline cash withdrawal + online fraud" has emerged during the peak period of gold consumption. After the victims purchase gold at a jewelry store and have it mailed to a designated location, the scammers will send disguised "runners" to collect the package from the courier. Multiple "runners" relay the package, with the last one taking the gold to a recycling shop to sell it and then delivering the cash to a location specified by the scammers.Some scammers will also instruct the "runners" to find currency dealers to exchange the gold for virtual currency, which is then deposited into a designated account. This virtual currency can be circulated globally using blockchain technology. Once successful, the scammers achieve their goal of stealing gold and laundering money.

Dragonfly managing partner Haseeb Qureshi recently published a post regarding the viewpoint that "the market crash on 10/11 was triggered by Binance and Ethena." He stated that this narrative is difficult to establish in terms of timeline, market dissemination path, and evidence. He pointed out that the price of Bitcoin had already bottomed out about 30 minutes before the anomaly in USDe appeared on Binance, indicating that the causal relationship is clearly inverted. Additionally, the deviation in USDe price only occurred on Binance and did not spread to other trading platforms, which cannot explain the large-scale liquidation across the entire market and is fundamentally different from events like Terra that caused global balance sheet shocks.Haseeb believes that a more reasonable explanation is the combination of multiple factors: Trump's tariff comments disturbed the market on Friday evening, the Binance API anomaly prevented market makers from hedging across platforms, liquidation and the ADL mechanism amplified volatility, and the lack of traditional financial-style circuit breakers and self-stabilizing mechanisms in the crypto market ultimately caused the market to evolve along an unfavorable path. He emphasized that there is no simple and conspiratorial "single culprit" for 10/11; although the market suffered a heavy blow, it has not been permanently damaged in the long run and only needs time to restore liquidity and confidence.

According to Jinshi News, Huatai Macro Research Report pointed out that on January 30, Beijing time, Trump announced the nomination of Kevin Warsh as the next Federal Reserve Chairman. After taking office, Warsh may promote a policy combination of "rate cuts + balance sheet reduction," and communication with the president may be smoother. However, the Trump administration's support for capital markets and liquidity will remain, and the overall orientation of monetary policy will still be loose. In the medium term, the independence of the Federal Reserve may be eroded, and the trend of the dollar's intrinsic value declining may not change.

According to Jinshi reports, Federal Reserve Chairman Powell stated that there are countless possibilities for inflation and employment, which will prompt the Federal Reserve to adopt a combination approach for policy adjustments.

Backpack CEO Armani Ferrante posted on the X platform that Backpack has officially launched its product for entering the prediction market field—Unified Prediction Portfolio, and has initiated a private test limited to invited users.This product employs a cross-margin and cross-collateral mechanism, integrating spot, spot margin, lending, perpetual contracts, prediction markets, as well as crypto and fiat assets into the same sub-account, addressing the issues of long-term fund locking and high opportunity costs in the prediction market.Ferrante stated that this is not a simple encapsulation of existing prediction market platforms, but a brand new system built natively by Backpack, supporting prediction trading, hedging, and various advanced order operations within the same margin account. The current testing phase will focus on validating the risk engine and basic functionalities, with plans to gradually expand features, market scale, and user base in the future.

Vitalik Buterin stated that the current ZK-EVM has entered the alpha stage, demonstrating production-level performance, with the remaining major work focused on security; meanwhile, PeerDAS has officially launched on the Ethereum mainnet. Vitalik pointed out that this is not a gradual optimization, but rather a transformation of Ethereum into a new type of P2P network that simultaneously possesses decentralization, consensus mechanisms, and high bandwidth.He recalled that BitTorrent has high bandwidth but lacks consensus, while Bitcoin has consensus but is bandwidth-limited due to full replication; with the introduction of PeerDAS (data availability sampling) and ZK-EVM, Ethereum is expected to achieve decentralization, consensus, and high throughput simultaneously, solving the trilemma through "real code running on the mainnet." Among these, PeerDAS is already running on the mainnet, and ZK-EVM has reached production-level performance.Vitalik expects that starting in 2026, with the advancement of mechanisms like BAL and ePBS, the gas limit will gradually increase, and there will be practical opportunities to run ZK-EVM nodes; from 2026 to 2028, there will be gas repricing, state structure adjustments, and execution load entering blobs; by 2027 to 2030, ZK-EVM is expected to become the primary method for validating blocks on the network, further promoting an increase in the gas limit. Additionally, he mentioned the importance of distributed block construction, with the long-term goal of avoiding the complete construction of blocks in any single location and decentralizing block construction power through on-protocol or off-protocol means to reduce the risk of centralized intervention and enhance regional fairness.

Binance founder Zhao Changpeng stated regarding "He Yi will serve as co-CEO of Binance," "He Yi should have been the CEO of Binance from day one (8 years ago). Binance has two strong leaders with complementary skills, and there will be a great journey ahead."

ChainCatcher news, Bitwise Chief Investment Officer Matt Hougan posted on social media, "The formula is simple: ETF fund flows + fund companies + a simple story = all-time highs. It applies to Bitcoin, it applies to Ethereum, it applies to Solana."

ChainCatcher news, according to Cointelegraph, billionaire Paul Tudor Jones recently stated, "BTC, gold, and stocks are the best investment portfolio against inflation."

ChainCatcher news, Huobi HTX global advisor and TRON founder Justin Sun was invited to attend the Hong Kong Consensus Conference's roundtable forum themed "Unlocking DeFi for the Masses: A Dialogue with World Liberty Financial and TRON." He stated that over the past five years, the entire crypto industry has spent a significant amount of time and effort to integrate into the mainstream financial world. The role of WLFI in connecting traditional finance with cryptocurrency and the Trump administration's supportive stance on cryptocurrency are what the industry needs, which is why the collaboration with WLFI has been swift and smooth.Regarding the current Meme market, Justin Sun mentioned that Meme coins are the future of cryptocurrency but need to be operated in the right way. "Recently, we have seen some Meme coins experience significant price drops, one reason being that they were not launched in the correct manner. The most successful Meme coins, such as Dogecoin and Shiba, have developed from communities rather than being overvalued at launch. Currently, many Meme coins are being launched at high valuations through VC investments, leading to price crashes and a loss of market trust."Justin Sun also revealed future development plans during the forum:The decentralized stablecoin USDD currently has a market value of $200 million, with plans to double its market value in the short term. Meanwhile, it will continue to offer a high yield return of 20%, with ongoing monitoring and optimization.The potential for the combination of AI and blockchain is enormous, with plans to launch an AI product based on DeepSeek in Q2 2025.