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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 CoinDesk, as the U.S. Congress failed to complete the full legislative process for the funding bill, the U.S. government is expected to enter a short-term, partial shutdown starting Saturday Eastern Time. However, this event also highlights the issue of "definition precision" in prediction markets. The prediction contracts on Polymarket and Kalshi regarding "whether the U.S. government will shut down" show differences due to varying definitions of triggering conditions. The relevant contracts on Polymarket indicate a shutdown probability of about 88%, while similar contracts on Kalshi have a probability as high as approximately 93%. This discrepancy may be because some contracts consider the formal announcement of a shutdown by the Office of Personnel Management (OPM) as the basis for settlement, meaning that even a partial shutdown is regarded as valid. This event underscores the sensitivity of prediction markets to contract triggering conditions, official confirmation entities, and timelines in macro events, with the details of the contracts themselves becoming an important factor influencing the odds.

According to Jinshi News, David Miller, Chief Investment Officer of Catalyst Funds, pointed out in a report that the two dissenting votes in support of a rate cut at this Federal Reserve meeting highlight growing concerns that the policy may already be sufficiently tight.Although inflation is cooling and the labor market momentum is weakening, the broader committee indicates that it will adopt a cautious, incremental decision-making approach in 2026. Miller believes that the outcome of this meeting resembles a status quo maintenance pattern.

On January 27, Gate officially announced the 2025 Year-End Community Gala Peak Streamer and Content Creator Rankings. The rankings are based on platform data and community performance, aiming to recognize creators who excel in live content creation and community influence. Among them, the top three in the Peak Streamer Rankings are Yu Le Trading Diary, Liang Xi Killer 2, and u Yue Lai Yue Hao; the top three in the Shining New Star Rankings are Genius Trader Brother Jie, Old AGood, and Old Ink; the top three in the Content Creator Rankings are Ryakpanda, xxx40xxx, and Nice Next Door Uncle Wang.In terms of the reward mechanism, Gate has established a clear tiered incentive system for different rankings, covering multiple dimensions such as physical gifts, trading experience rights, and platform identity recognition. Creators in the top ranks of the Peak Streamer and Shining New Star Rankings can receive rewards including the Xiaomi Mi Band 9 Pro, official merchandise, and up to $500 trading experience vouchers, along with a unified VIP5 designation; the Content Creator Rankings further introduce a certified creator designation, with rewards extending to the top twenty.Through multi-level incentives and long-term identity support, Gate aims to continuously encourage high-quality content creation, activate community interaction, and promote the robust development of the platform's content ecosystem.

The Chairman of BitMine and co-founder of Fundstrat, Tom Lee, stated at the latest BitMine shareholders' meeting that Ethereum is at the core of a new wave of financial infrastructure transformation, and 2026 may be a key year for Ethereum's full explosion. Tom Lee pointed out that Ethereum reached a historical high in the ETH/BTC exchange rate in 2021, and with the tokenization of real assets and the accelerated adoption by mainstream financial institutions and users, this ratio is expected to break previous highs again in 2026.Standard Chartered also views 2026 as the "Year of Ethereum," predicting that the price of Ethereum will reach $12,000. Against this backdrop, Tom Lee emphasized that BitMine's business model will directly benefit from the rise in Ethereum prices. Based on historical correlations, if the ETH price reaches $12,000, BitMine (BMNR) stock price theoretically corresponds to about $500. In addition, BitMine will gain substantial cash flow from Ethereum staking rewards and ample cash reserves. The company currently holds approximately 4.2 million ETH and has about $1 billion in cash. Under current conditions, it is expected to generate pre-tax income of $402 million to $433 million; if the ETH price rises to $12,000 and the company controls about 5% of the Ethereum supply, the pre-tax income scale is expected to expand to $2 billion to $2.2 billion.

According to the latest cryptocurrency weekly report released by Gate Ventures, the overall cryptocurrency market maintained a volatile pattern last week, with mainstream assets showing lackluster performance. BTC and ETH slightly retreated, dropping by 0.69% and 0.8% respectively, while overall market sentiment remained in a cautious range. ETF funds continued the trend of net outflows, with BTC ETF experiencing a net outflow of approximately $681 million and ETH ETF a net outflow of about $68.6 million; the Fear and Greed Index remained at 27, indicating a weak risk appetite in the market. The total market capitalization of the cryptocurrency market remained basically flat, with small and mid-cap tokens facing relative pressure. Notably, as social platforms launched new features related to asset market displays, on-chain meme activity saw a temporary increase, with some tokens experiencing significant volatility; the overall changes among the top 30 assets were limited, although privacy-related and some high-performance public chain assets recorded relatively prominent gains.On the industry front, progress related to institutions and infrastructure continued to advance. The Ethereum staking ecosystem experienced structural changes, with the pressure from validator exits significantly alleviated, and the scale and participation in staking remained high. Meanwhile, traditional financial institutions have promoted on-chain deposit and settlement solutions, highlighting the increasing adoption of blockchain infrastructure in institutional-level application scenarios. In terms of investment and financing, a total of 9 transactions were disclosed last week, with a cumulative disclosed financing amount of approximately $275 million, primarily flowing into infrastructure, stablecoin payments, and Bitcoin-related foundational protocols, indicating ongoing capital interest in underlying and application-oriented infrastructure.

As the Iranian rial's exchange rate against the dollar has fallen to a historic low, large-scale protests have erupted in Tehran recently, with the public attributing the continuous devaluation of the local currency to the central bank's long-term fiscal and monetary policy failures. In response, Bitwise CEO Hunter Horsley stated on the X platform that economic mismanagement has been a constant throughout the past, present, and future, while Bitcoin provides a new way for ordinary people around the world to protect their wealth amid significant devaluation of fiat currencies.Reports indicate that since the two-week conflict with Israel in June of this year, the purchasing power of the Iranian rial has shrunk by over 40%, with the current official exchange rate at approximately 1.4 million rials to 1 dollar. Alex Gladstein, Chief Strategy Officer of the Bitcoin Human Rights Foundation, also mentioned that in the early 1980s, the official exchange rate in Iran was only 70 rials to 1 dollar, highlighting the significant depreciation. Meanwhile, the governor of the Iranian central bank has resigned under protest pressure, further exacerbating market uncertainty.Additionally, although Iran allows cryptocurrency trading, the regulations on custody and mining remain relatively strict. VanEck's research director Matthew Sigel pointed out that Iran has recently cracked down on unregistered Bitcoin mining activities and even encouraged citizens to report their neighbors. Analysts believe that against the backdrop of sanctions, pressure on the banking system, and continuous devaluation of the local currency, discussions around Bitcoin as a decentralized store of value are on the rise.

In 2025, crypto companies raised $3.4 billion through IPOs, with Circle and Bullish each raising over $1 billion. In 2026, IPOs will primarily focus on compliant infrastructure companies.Kraken: Submitted IPO application documents to the SEC in November 2025, aiming for a listing in the first half of 2026, with a valuation of $20 billion and projected revenue of $1.5 billion in 2024, seen as the most compliant listing route outside of Coinbase.Consensys: The parent company of MetaMask and Infura is preparing for an IPO in collaboration with JPMorgan and Goldman Sachs, planning to go public in mid-2026. MetaMask has 30 million monthly active users, with a company valuation of $7 billion, providing investors with a pure crypto software investment opportunity.BitGo: Has submitted an updated IPO application to the SEC, targeting a listing in the first quarter of 2026, with a valuation of $1.75 billion. Revenue has quadrupled over the past two years, focusing on institutional custody and compliant staking services.Animoca Brands: Will go public on NASDAQ through a reverse merger with Currenc Group, with an expected valuation of $6 billion.Ledger: A French hardware wallet manufacturer, preparing for a significant financing round in 2026, has sold 6 million devices, positioning itself as the Apple of crypto security.Bithumb: Plans to go public in South Korea by the end of 2025, with market share expected to rebound to 25% in 2024, underwritten by Samsung Securities.

According to a report by Businesswire, the New York Stock Exchange has released its 2025 business highlights, revealing that the exchange has secured seven of the top ten IPOs of the year and paved the way for cryptocurrency market access.This year, the NYSE listed Circle Internet Group, Inc. (NYSE: CRCL), Bullish (NYSE: BLSH), and Twenty One Capital, Inc. (NYSE: XXI), as well as 25 digital asset ETFs, including: Grayscale CoinDesk Crypto 5 ETF (NYSE Arca: GDLC), Bitwise Solana Staking ETF (NYSE Arca: BSOL), Franklin XRP ETF (NYSE Arca: XRPZ), among others, and has now become the preferred platform for cryptocurrency ETF trading in the United States.In addition, the first closed-end cryptocurrency fund listed on a U.S. exchange, C1 Fund, also chose the NYSE.

According to Jinshi News, the key highlights of the Federal Reserve meeting show a divergence in voting. Barclays expects the policy statement to include hawkish language, suggesting a pause in rate cuts in January next year.JPMorgan believes the statement's wording may be adjusted to "focus on the magnitude and timing of further adjustments," implying a lower likelihood of rate cuts. Powell may avoid clear hawkish guidance, emphasizing that the threshold for rate cuts in early 2026 is very high, signaling a short-term pause in rate cuts.

ChainCatcher news, according to Bloomberg, the digital asset venture fund a16z crypto under Andreessen Horowitz pointed out in the "2025 Cryptocurrency Status Report" released on Wednesday that the issuance of over 13 million meme coins in 2025 indicates a regulatory vacuum in the cryptocurrency space, highlighting the urgent need for the U.S. to pass market structure legislation.a16z crypto emphasized that the passage of regulatory legislation will provide a clearer framework for cryptocurrency builders and investors. The passage of the Digital Asset Market Clarity Act currently under consideration in Congress will enhance consumer protections through increased safeguards, enable oversight of blockchain-based intermediaries, and create a clearer regulatory path for digital goods.