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The panoramic exchange Bitget released its January transparency report. The report shows that the TradFi business achieved rapid growth in its early launch phase, becoming an important engine driving the implementation of the panoramic exchange UEX (Universal Exchange) model. Within weeks of launching Bitget TradFi, the daily trading volume exceeded $4 billion and doubled within two weeks.The report also pointed out that crypto assets remain the core source of liquidity for Bitget, accounting for 88.25% of the platform's total trading volume in January; non-crypto products accounted for 11.75%, with TradFi products contributing 11.42%, indicating that the new asset class is gradually integrating into the overall trading structure.

According to Jinshi reports, ECB Governing Council member Nagel stated that the European Central Bank is unlikely to react to a temporary slowdown in inflation, as the current inflation risks are roughly balanced and the current interest rate level is appropriate.

Trader Eugene Ng Ah Sio posted on his personal channel that one should buy when the streets are running with blood, even if it’s your own blood.

According to Jinshi News, Nasdaq is considering introducing a "fast track" rule to accelerate the inclusion of newly listed large companies. This amendment allows newly listed companies to join the Nasdaq 100 Index after the first 15 trading days, significantly shorter than the current waiting period of at least three months. This move aims to make the index more timely in reflecting the market. In the current environment, companies often delay going public for years, and once they enter the public market, they can release a massive market capitalization.Companies expected to go public this year include SpaceX, which has a potential valuation of up to $1.3 trillion, making it one of the largest companies by market capitalization in the Nasdaq 100 Index. The "fast track" rule is part of an industry consultation plan, with relevant discussions expected to conclude later this month. If approved by the Nasdaq Index Management Committee after the consultation, the adjustment will take effect after the March quarterly rebalancing.

DogeDesigner posted that X has added a small rocket like button animation, possibly in response to the progress of the merger between SpaceX and xAI.

According to Jin Shi's report, the research report from China International Capital Corporation points out that it is difficult to shake the normalization of balance sheet expansion regardless of who is chosen as the Federal Reserve Chairman. Although the Federal Reserve began expanding its balance sheet last December, and there has been a marginal improvement in liquidity, narrow liquidity remains well below the lower limit of the "ample level," and the dollar liquidity indicators still show a relatively tight state since the pandemic.Under the pressures of debt and financial market stability, the trend of liquidity expansion is likely to be a high-probability event, and there is a possibility of a sustained global asset bull market.

Wintermute posted on X that it is clear we are in a bear market, which has actually been ongoing for some time—especially considering the performance of altcoins, the extreme concentration of rebounds, and the market sentiment on X. However, what distinguishes this bear market is that it is not triggered by structural collapses like FTX, Luna, or 3AC, but rather driven by changes in the macro environment and cyclical trends, representing a relatively natural deleveraging process, with its core driving forces stemming from changes in positions, risk appetite, and market narratives.This point is crucial. Due to the absence of bankruptcies and systemic contagion, this cycle may end more quickly than previous bear markets. The infrastructure is more robust, the adoption of stablecoins is still growing, and institutional interest has not disappeared; it has merely retreated to a wait-and-see stance. Once the environment improves, attention and capital may quickly return—most likely occurring in the second half of 2026, when macro uncertainty decreases and the Federal Reserve's policy path becomes clearer.In the short term, positions have clearly lightened after the liquidation, but market confidence remains insufficient. After two months of range-bound fluctuations, we have returned to the price discovery phase. It is still too early to talk about any meaningful upward trends, but if they do occur, their form may be clearer than the reversals seen in previous bear markets—because this time, the crypto ecosystem has not suffered structural damage.

Hyperliquid announced on X that it will introduce "Outcome Contracts" trading in HIP-4. Outcome Contracts are fully collateralized contracts that settle within a predefined range. They are a general-purpose primitive suitable for applications such as prediction markets and range-bound options-like instruments. There is already significant user demand for these two types of applications, and developers are likely to conceive more innovative use cases based on this primitive.Outcome Contracts introduce a nonlinear payoff structure, expiration contracts, and an alternative derivative trading form that does not involve leverage or liquidation mechanisms. This primitive expands the expressive power of HyperCore and can be combined with other primitives (such as the composite margin mechanism and HyperEVM). Outcome Contracts are currently still in development and are being tested only on the testnet at this stage. Once the technical development is complete, standardized (Canonical) markets based on objective settlement sources will be deployed, which will be priced in USDH. After collecting user feedback, the relevant infrastructure will further expand to a permissionless deployment model.

According to Jinshi reports, Federal Reserve's Bostic stated that if interest rates are cut, it is highly unlikely that inflation will drop to 2%.

According to Bloomberg, cryptocurrency exchange Bybit plans to offer banking-like services by launching accounts that support fiat currency balances such as the US dollar.Bybit CEO Ben Zhou stated that the exchange will collaborate with licensed institutions like Pave Bank in Georgia to launch "MyBank" accounts. These accounts will have International Bank Account Numbers (IBAN) and support the deposit and withdrawal of 18 currencies, expected to go live in February 2026. At that time, users will be able to directly convert incoming fiat currency into cryptocurrency.In addition, Bybit plans to launch new custody products for institutional investors to support the tokenization of real-world assets (RWA). Ben Zhou also revealed that Bybit is researching entry into the US market and considers a US listing a long-term goal, currently negotiating with major banks regarding potential consulting work.

According to Decrypt, representatives from Wall Street giants JPMorgan, Citadel, and the Securities Industry and Financial Markets Association (SIFMA) held a meeting with the U.S. Securities and Exchange Commission (SEC) crypto working group on Tuesday to discuss concerns raised by the regulator's lenient stance on digital assets.Attendees expressed worries that the SEC's upcoming plan to provide exemptions for tokenized securities could harm the overall U.S. economy and voiced concerns about the SEC's plan to exclude certain DeFi projects from securities law compliance obligations. SIFMA noted in the meeting materials that regulatory treatment should be based on economic characteristics rather than technology or labels, and that broad exemptions for tokenized trading activities could undermine investor protection and lead to market chaos, citing the potential risks illustrated by the crypto market crash in October 2025.

QCP published a daily market analysis stating, "Bitcoin has rebounded above the key level of $88,000. Recently, a drop below this level often triggers a rapid downward move dominated by liquidations; however, if it can quickly recover, it will pull the price back into the consolidation range. Next, the market will face a series of intense U.S. macro events: the FOMC interest rate decision; the government funding deadline, which keeps the risk of a shutdown alive; and the Senate rescheduling discussions on cryptocurrency market structure legislation. The options market clearly reflects this asymmetry. Overall volatility remains controlled, and the term structure maintains a positive spread, so the baseline scenario remains consolidation rather than a crash.In terms of fiscal risk, the key issue is whether Washington can successfully resolve the funding issue. If a temporary solution can be passed in time, short-term risk premiums are expected to compress, and crypto assets will resemble pure Beta trades; if there is a brief misstep, the market may initially fluctuate but will rebound after an agreement is reached; if the deadlock continues, it could tighten liquidity and force the market to undergo broader de-risking. A closer key point is the Federal Reserve. The baseline expectation remains unchanged interest rates, with market focus on when rate cuts will resume. Inflation is still above 2%, while employment is starting to weaken, causing the committee to remain cautious and data-dependent.Against the backdrop of concerns about the independence of the Federal Reserve, it is expected to emphasize its independence and reiterate the statement of "waiting for more data"; if there is a hawkish pause, it may trigger a rebound in the dollar and lead to short-term volatility in risk assets."

BitMEX co-founder Arthur Hayes published an in-depth analysis in his latest article regarding the recent depreciation of the yen and the decline in Japanese government bond prices, which has caused "anomalies" in the global market. He believes this indicates that the Federal Reserve and the Treasury may soon collaborate to directly intervene in the yen and Japanese government bond markets through "money printing" to inject new liquidity into the global fiat currency system.Hayes specifically outlined the possible intervention path: the New York Fed creates dollar reserves and instructs primary dealers like JPMorgan to sell dollars and buy yen in the foreign exchange market to support the exchange rate, and may invest the acquired yen in Japanese government bonds to lower their yields. This operation will lead to an expansion of the "foreign currency-denominated assets" item on the Fed's balance sheet, essentially meaning that the Fed is taking on the interest rate risk of the yen exchange rate and Japanese government bonds through money printing.He analyzed the motives and consequences of this move: aimed at stabilizing the yen and lowering Japanese government bond yields to prevent Japanese investors from massively selling U.S. Treasuries, avoiding uncontrolled increases in U.S. Treasury yields, while enhancing the competitiveness of U.S. exports.This process will increase global dollar liquidity and may simultaneously boost the euro and yuan exchange rates. Hayes pointed out that this "non-QE" style of balance sheet expansion will ultimately provide upward momentum for risk assets, including Bitcoin. In terms of trading strategy, he stated that a rapid strengthening of the yen against the dollar is usually a signal for reducing risk assets. Bitcoin's decline due to the strengthening yen means he will not increase his risk exposure until it is confirmed that the Fed is intervening in the yen and Japanese government bond markets by expanding its balance sheet.He has closed positions in leveraged Bitcoin-related assets such as Strategy and Metaplanet, stating that he will re-enter if his judgment proves correct. In the meantime, his fund Maelstrom continues to increase its holdings in Zcash, while positions in other quality DeFi tokens remain unchanged. He indicated that if the Fed indeed expands its balance sheet to intervene in the currency and bond markets, he will increase his holdings in DeFi assets such as ENA, ETHFI, PENDLE, and LDO.

According to Jinshi News, Huatai Securities' research report states that at 2 a.m. Beijing time on January 29 (Thursday), the Federal Reserve will announce the decision from the January monetary policy meeting. It is expected that the Federal Reserve will likely pause interest rate cuts and maintain the forward guidance for December 2025, with little new information. Attention will be on Powell's statements regarding the interest rate path, the independence of the Fed, and whether he will remain as a governor.

Web3 asset data platform RootData published a daily transparency alert on Twitter (X), raising concerns about the funding information of projects such as Beatcoin, Ink Finance, NXT, XDC Network, and Eventflo. It calls on project teams to submit/update their information on RootData to improve their transparency scores. Additionally, RootData stated that it will continue to monitor and expose "black box" projects that lack core information.It is reported that the RootData transparency score is used to measure the integrity and timeliness of projects, aiming to reflect the information disclosure status of the projects. The transparency score is divided into five levels from A to F, with lower scores indicating less complete information disclosure and higher risks of wrongdoing, requiring investors to exercise heightened caution.

Senior Commodity Strategist at Bloomberg Intelligence, Mike McGlone, stated, "Ethereum seems to be moving towards the lower end of the $2000 to $4000 range since 2023. I believe the risk of it falling below $2000 is higher than the possibility of regaining $4000, especially in the context of renewed volatility in the stock market."

Senior Commodity Strategist at Bloomberg Intelligence, Mike McGlone, stated, "Ethereum seems to be heading towards the lower end of the $2000 to $4000 range since 2023. I believe the risk of it falling below $2000 is higher than the possibility of regaining $4000, especially in the context of renewed volatility in the stock market."

a16z Crypto published a long article on platform X stating that the timeline for the emergence of quantum computers capable of breaking cryptocurrencies (CRQC) is often exaggerated, and the likelihood of their appearance before 2030 is extremely low. The risk status of different cryptographic primitives varies.Post-quantum encryption needs to be deployed immediately due to the "harvest now, decrypt later" (HNDL) attack. In contrast, post-quantum signatures and zkSNARKs are less susceptible to HNDL attacks; migrating too early could bring risks such as performance overhead, immature implementation, and code vulnerabilities. Therefore, a cautious rather than hasty migration strategy should be adopted.For blockchains, most non-privacy public chains like Bitcoin and Ethereum primarily use digital signatures for transaction authorization, so there is no HNDL risk. The pressure to migrate mainly comes from non-technical challenges such as slow governance, social coordination, and technical logistics.Bitcoin faces unique issues, including its slow governance speed and the existence of millions of quantum-vulnerable tokens worth hundreds of billions of dollars that may be abandoned. In contrast, privacy chains, due to their encryption or concealment of transaction details, do face HNDL attack risks and should transition as soon as possible.a16z Crypto emphasizes that in the coming years, implementation security issues such as code vulnerabilities, side-channel attacks, and fault injection attacks are more urgent and significant security risks compared to the distant threat of quantum computers. Developers should prioritize investment in code audits, fuzz testing, and formal verification.

Liquid Capital founder Yi Lihua posted on platform X that crypto-friendly policies are gradually being realized, especially with the high likelihood of the crypto structural bill passing. This means that the crypto industry has ended its previously obstructed state and entered a new phase of healthy development in a favorable macro environment, where a large number of excellent founders and high-quality projects will emerge. At the same time, it clears the obstacles for U.S. financial institutions to participate on a large scale in the construction of crypto finance, allowing the crypto industry to fully integrate into the mainstream financial system.

Yi Lihua posted on platform X, stating that crypto-friendly policies are gradually being realized, especially with the high probability of the passage of the crypto structural bill. This means that the crypto industry has ended its previously obstructed state and entered a new stage of healthy macro development, where a large number of outstanding founders and quality projects will emerge. At the same time, it clears the obstacles for large-scale participation of U.S. financial institutions in crypto financial construction, and the crypto industry will fully integrate into the mainstream financial system.