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The Gate Research Institute recently released the report "Cryptocurrency Market Review for January 2026," which points out that in January, the market capitalization distribution of stablecoins on public chains remains highly concentrated. Ethereum accounts for more than half of the share, continuing its position as a core clearing and DeFi liquidity hub; Tron firmly holds second place, playing a key role as a high-frequency settlement channel in cross-chain payments and token transfers.In terms of macro assets, gold and silver prices have risen to historical highs, driving significant expansion in the tokenized commodity sector. The total market capitalization of related tokens has surpassed $5 billion, with an increase of over 35% in the past 30 days, and monthly on-chain transfer volume exceeding $13 billion, with gold-related tokens being the main growth driver. Meanwhile, the trading volume in prediction markets reached a new high of $12 billion in January, with total on-chain transaction fees exceeding $11 million. With the support of incentive mechanisms and short-cycle high-frequency contracts, trading activity and protocol revenue have both increased.On the capital side, the Web3 industry completed a total of 53 financing rounds in January, with a cumulative scale of approximately $1.82 billion, primarily flowing into blockchain services and CeFi-related sectors.In terms of security, Web3 risk events exhibit a "few large amounts, dispersed small amounts" loss structure. Contract vulnerabilities remain the primary source of risk, accounting for 34.5%; among them, Step Finance suffered a supply chain attack, resulting in asset losses of approximately $40 million, making it the largest security incident of the month.

According to observations from Gate Research Institute, the current implied volatility (IV) for BTC and ETH is approximately 53% and 69%, respectively. The BTC IV is near the 88th percentile of the past year, reflecting a significant increase in the options market's expectations for short-term price volatility. Over the past week, the 25-Delta Skew for BTC and ETH has remained in negative territory, initially converging before sharply dropping to -18 vol on the short end around the 23rd to 24th, indicating a temporary rise in risk aversion; subsequently, the Skew quickly recovered, showing that the impact is driven by short-term events.From the GEX distribution perspective, Gamma is concentrated around the end of February expiration, putting pressure on short-term volatility; there is negative Gamma in mid-March, and if this range is reached, volatility may be amplified, posing a structural switching risk. In the past 24 hours, large options trades for BTC and ETH have been predominantly bullish: the largest structure is BTC 27MAR26 buy 90k-C / sell 100k-C, approximately 600 BTC, with a net premium expenditure of $70,000; for ETH, it is 27MAR26 buy 2500-C, approximately 9,000 ETH, with a net premium payment of $220,000.Gate has fully upgraded its options VIP fee structure, covering all options products, achieving substantial fee reductions for users from beginners to professionals. VIP0 can enjoy lower rates without asset or transaction thresholds, giving newcomers a cost advantage from the start; during the growth phase, users with "hundred-thousand assets, million transactions" can upgrade to lower rates, with thresholds far below the billion-level transaction or high asset requirements of mainstream platforms; professional and institutional users at VIP10+ can enjoy extremely low rates of Maker 0% and Taker 0.015%, truly achieving cost optimization across all stages.

Binance Research posted on social media that the leverage ratio of Bitcoin has surged to its highest level since November last year, as the speed of price decline has outpaced the process of active deleveraging.This passive increase in leverage indicates that the market is under peak pressure, and as the deleveraging process slows down and liquidity gradually concentrates, this may signal that a short-term bottom is approaching.

According to the latest weekly report from Binance Research, the U.S. Supreme Court's tariff ruling initially increased uncertainty, but quantitative analysis suggests that the direct impact may be quite limited, and the market may have exaggerated the downside risks of inflation and economic fundamentals.Concerns about AI disrupting software may be overstated. Once software stocks form a durable bottom, the mechanical correlation between tech stocks and Bitcoin will fade. This week's Nvidia earnings report and updates on the Anthropic corporate partnership may be early signals in this direction.Currently, Bitcoin is experiencing the longest and most significant divergence from global M2 money supply in history, stemming from three major structural distortions: a weak dollar mechanically inflates the nominal value of M2 through exchange rate conversion; the approval of spot ETFs has led institutions to classify Bitcoin alongside software stocks as part of the same high-volatility tech factor; and high real interest rates have made money market funds a competitive alternative to risk assets.The convergence of this divergence requires three conditions to be met: stabilization of tech stocks, a decline in real interest rates, and stability of the dollar, which may be achieved between the second half of 2026 and early 2027.Multiple technical indicators point to the market being close to a structural bottom: the realized profit-loss ratio has fallen below 1 for the first time since 2023, leverage has risen to November highs, and defensive positions in options have reached the most extreme levels since the FTX collapse.Fourth-quarter 13F holdings data shows that price-sensitive capital (investment advisors, banks, hedge funds) has net sold about 34,000 BTC, while long-term institutional capital (governments, holding companies, private equity) continues to accumulate.

10x Research's analysis on platform X indicates that the core driver of Circle's stock price increase is not the earnings report data itself, but rather the market positioning structure, which is more likely to trigger a high-probability short squeeze rather than a simple fundamental reassessment. It is reported that a hedge fund established a large short position before the earnings report was released; however, as Circle's stock price soared in a single day, it triggered a severe short squeeze, resulting in the hedge fund losing approximately $500 million in one day.10x Research further stated that this round of extreme volatility not only affects Circle but also impacts Coinbase and Bitcoin. Although Circle is a clear bullish target, the overall magnitude of the market is primarily driven by the imbalance in the overall positioning structure of the crypto market. New market catalysts may be on the horizon, potentially reshaping the market narrative, after which market trading logic may return to fundamentals.

According to GlobeNewswire, the AI-driven financial and cryptocurrency market research platform Finrob announced the completion of a $3.9 million seed round financing, with participation from Maven 11, Placeholder VC, Node Capital, Archetype, Dispersion Capital, and Fabric Ventures.The company provides real-time on-chain analysis, market intelligence, and in-depth research through a single conversational interface by connecting platforms like Glassnode, CoinGecko, and DefiLlama. The new funding will be used to accelerate product development, expand data integration, and enhance the platform's research capabilities.

10x Research posted on platform X that the dynamics of Bitcoin options expiration, political uncertainty, and position concentration will jointly determine whether the $60,000 price level will hold or break in the coming days.The market has not priced in tail event risks, but instead is positioning based on the baseline scenario. Understanding the probabilities, capital flows, and incentive structures under this framework is crucial, as price movements can far exceed fundamental drivers when gamma turns negative and positions are crowded. The report re-examines how the current political backdrop is driving the consolidation of risk assets and emphasizes that recent significant shifts could have market implications.Positioning, policy uncertainty, and volatility dynamics suggest the need for patience and realism. The report assesses whether $60,000 should be viewed as a tail risk or an increasingly reasonable baseline scenario. In the current environment, preparation rather than prediction is most important, and understanding probabilities is essential.

The head of the Civil Division II of the Supreme People's Court, Wang Chuang, stated during a press conference on "The Situation of People's Courts in Civil and Commercial Trials Supporting High-Quality Economic and Social Development" in response to a question, "In the future, we will focus on advancing the formulation of judicial interpretations for civil compensation related to insider trading and market manipulation in the securities market, conduct in-depth research on judicial responses to new financial cases such as private equity funds and virtual currencies, and improve the financial judicial protection system."

The cryptocurrency research institution 10x Research published an analysis on the X platform, pointing out that Ethereum is at a critical stage of dual testing in terms of valuation and fundamentals. The market needs to determine whether its current slump is a cyclical bottom or if it is facing deeper structural damage.The Ethereum treasury company Bitmine is currently bearing a paper loss of about $8.8 billion, exceeding the loss scale of approximately $8 billion experienced by clients at the initial stage of the FTX collapse. The company's significant accumulation of ETH amid weakening demand and ETH prices approaching April 2021 levels has further intensified market controversy. This comparison highlights the potential for significant divergence in capital allocation outcomes and how timing and governance decisions determine the ultimate attribution of long-term value creation.Ethereum's current trading price is nearing a critical valuation and cost range, and its core value proposition is facing structural scrutiny. Investors need to carefully assess whether Ethereum is indeed in a cyclical trough or is entering a deeper stage of structural damage.

According to Cointelegraph, a recent study by TRM Labs shows that despite mainstream cryptocurrency exchanges delisting privacy coins, the activity of Monero remains stable. Research data indicates that transaction usage in 2024 and 2025 is still higher than levels before 2022.TRM Labs noted in its analysis of market trends and underlying network infrastructure that demand has not waned even after many large trading platforms removed or restricted the token due to traceability issues. In 2024, mainstream platforms, including Binance and Kraken, have successively delisted or gradually phased out Monero for compliance reasons. This year, Dubai's financial regulatory authority has prohibited licensed platforms in the Dubai International Financial Centre from listing Monero, Zcash, and other privacy coins, further increasing the pressure.The findings also reveal that Bitcoin remains the preferred currency for real-world ransomware payments. Ransomware operators typically request Monero and sometimes even offer discounts, but victims still tend to pay with Bitcoin. However, the dark web market seems to be evolving in the opposite direction. Researchers found that among new markets launched in 2025, 48% only support Monero, a significant increase compared to previous years.

According to official news, the Gate Research Institute has released the "Bingwu Year of the Horse Cryptocurrency Feng Shui Guide," which combines traditional Chinese zodiac elements and the current cryptocurrency market environment. It outlines the changes in fortunes for different zodiac signs during the Year of the Horse and analyzes the market trends and rhythms throughout the year. The report points out that the Year of the Horse will have a strong fire element, which may accelerate market rhythms, increase the frequency of capital rotation and narrative switching, and amplify volatility as a potential characteristic.The report also reviews the structural changes in the market during the Year of the Snake and provides layout ideas based on different risk preferences and asset classes, covering mainstream assets, on-chain tools, and stable income strategies. The overall research attempts to map the logic of cryptocurrency market structural evolution from a traditional cyclical perspective, offering multi-dimensional references for investors in making rhythm judgments and risk management in a high-volatility environment.

Binance Research posted on the X platform that, from Bitcoin's historical peak in October 2025, a 50% drop is merely a mild adjustment compared to previous cycles, reflecting a decrease in volatility as the market matures.

OpenAI today released the GPT-5.3-Codex-Spark research preview, a streamlined version of GPT-5.3-Codex, and the first model designed specifically for real-time coding, supporting targeted editing, reshaping logic, or optimizing interfaces, with immediate result visibility.Codex-Spark has been optimized to run on ultra-low latency hardware, achieving near-instantaneous responses—delivering over 1000 tokens per second while still handling actual coding tasks.