Today’s Headlines:
New York Stock Exchange announces development of a tokenized securities platform
Central Political and Legal Work Conference: Conducting forward-looking research on new issues such as virtual currencies, proactively proposing legislative suggestions
Supreme Procuratorate: Increasing efforts in anti-money laundering, focusing on punishing crimes such as underground bank laundering and virtual currency laundering
An IT man’s Bitcoin account seized by police in two regions, worth over 80 million yuan, case charges repeatedly changed
Bermuda announces plans to build the world’s first fully on-chain national economic system
Elon Musk: X algorithm has been open-sourced but still requires significant improvements
YZi Labs launches EASY Residency Season 3, switching to a rolling admission model throughout the year
Whale Garrett Jin: The current Bitcoin market is fundamentally different from 2022; it is premature to be bearish now
Regulation & Macro
Central Political and Legal Work Conference: Conducting forward-looking research on new issues such as virtual currencies, proactively proposing legislative suggestions
According to the Chang’an Sword official account of the Central Political and Legal Affairs Commission, the Central Political and Legal Work Conference was held in Beijing on January 18-19, where the 2026 political and legal work was discussed and deployed. It pointed out that for new issues such as rights protection for new employment groups, virtual currencies, and low-altitude economy, forward-looking research should be conducted, and legislative suggestions should be proactively proposed. It emphasized strengthening research on new technologies, strictly preventing the use of blockchain and other encryption technologies to evade regulation, and cracking down on behaviors such as generating and publishing false information using artificial intelligence technologies.
Supreme Procuratorate: Increasing efforts in anti-money laundering, focusing on punishing crimes such as underground bank laundering and virtual currency laundering
According to Xinhua News Agency, at the National Procurators Conference held in Beijing on January 19, the Supreme People’s Procuratorate made deployments on fully utilizing the rule of law to serve high-quality development. The Supreme Procuratorate requires that procuratorial organs lawfully safeguard economic and financial security, severely punish serious economic crimes, and promote a law-based business environment. It also demands cracking down on crimes such as smuggling strategic minerals for export, safeguarding national strategic interests; working with the Financial Regulatory Administration to govern illegal intermediaries in the financial sector; punishing illegal fundraising and financial fraud; and fighting against financial black and gray industries across the entire chain to ensure stable financial operation and protect people’s property. It emphasizes increasing anti-money laundering efforts, especially punishing crimes involving underground bank laundering and virtual currency laundering. The Supreme Procuratorate also plans to deepen the rule of law in the capital market with the China Securities Regulatory Commission, improve the securities prosecution work mechanism, and strictly punish securities crimes such as financial fraud and market manipulation to safeguard market security.
Ethiopian Prime Minister states the government is seeking investment partners to mine Bitcoin
According to Bitcoin Magazine, the Ethiopian Prime Minister stated that the government is looking for investment partners to mine Bitcoin.
People’s Bank of China: One-year and five-year LPRs remain unchanged
The People’s Bank of China announced that the one-year and five-year Loan Prime Rates (LPR) remain at 3% and 3.5%, respectively, for the eighth consecutive month.
Bermuda announces plans to build the world’s first fully on-chain national economic system
According to Circle’s official website, the Bermuda government announced at the Davos World Economic Forum its plan to build the world’s first fully on-chain national economic system supported by Circle and Coinbase. The plan aims to promote digital payments, asset tokenization, and financial education through the stablecoin USDC, alleviating high local payment costs and infrastructure limitations. Circle and Coinbase will provide blockchain infrastructure and tools for the government, banks, and merchants. This initiative is based on Bermuda’s 2018 digital asset regulatory framework.
South Korea plans to remove the “1 exchange to 1 bank” restriction and promote the legalization of crypto derivatives and corporate accounts trading
According to The Korea Herald, South Korean financial authorities are pushing forward with reforms to the digital asset regulatory system, planning to abolish the “1 exchange–1 bank” binding restriction, allowing crypto derivatives issuance and corporate account participation to break current market monopolies and enhance liquidity. Although not legally mandated, this restriction has persisted due to anti-money laundering requirements, limiting exchange competition and user choice. Future policies will be incorporated into the second phase of the Digital Asset Basic Law, with bipartisan consensus on easing some regulations. PANews notes: South Korea’s “1 exchange to 1 bank” system means each exchange can only partner with one bank for verified deposit and withdrawal accounts, and vice versa. It evolved naturally to strengthen AML and responsibility. Authorities are now discussing abolishing or relaxing this restriction.
Hong Kong industry opposes tightening regulation of virtual asset management licenses, fearing it may hinder traditional institutions’ entry
The Hong Kong Securities and Futures Professionals Association (HKSFPA) publicly opposes the proposal to remove the “exemption threshold” for Type 9 asset management virtual asset licenses, stating that this would force funds with only 1% Bitcoin allocation to apply for full virtual asset management licenses, creating disproportionate compliance costs and potentially discouraging traditional asset managers from exploring crypto assets. The association also criticizes the proposed requirement that assets be held only by licensed custodians, which could restrict Web3 venture fund operations, and calls for flexible arrangements such as self-custody and offshore custody.
An IT man’s Bitcoin account seized by police in two regions, worth over 80 million yuan, case charges repeatedly changed
According to The Paper, Shenzhen IT professional Li Dong was investigated by police in Zhangjiajie, Hunan, and Changge, Henan, on charges of “gambling.” Zhangjiajie police seized 103 BTC and realized nearly 50 million yuan, while Changge police seized 80 BTC, totaling over 80 million yuan. The case was later charged as “theft” and “infringement of citizens’ personal information,” and is currently scheduled for trial at Changge Court, with a court announcement of a recess and a future retrial.
EU to hold emergency summit to respond to Trump’s “island seizure” tariffs
According to Xinhua News Agency, EU Commission spokesperson Oluf Gil said on the 19th that the EU will hold an emergency summit in Brussels on the 22nd to discuss US President Trump’s announcement of tariffs on European countries opposing the US’s actions to seize Greenland, and to assess possible EU countermeasures. Gil said that contact and communication between the EU and US regarding Trump’s tariff threats are ongoing at all levels. The EU is also conducting intensive consultations with member states on possible responses. The EU will “make every necessary effort” to defend its interests. Gil emphasized that the primary goal is “engagement, not escalation.” However, he added that if the US implements the tariffs, “the EU has tools at its disposal and is prepared to respond.”
Project Updates
Elon Musk: X algorithm has been open-sourced but still requires significant improvements
Elon Musk posted on X that, despite many issues with the X recommendation algorithm, the team is working to improve it and has open-sourced the new algorithm for real-time external review and adjustments. The algorithm is based on the same Transformer architecture as xAI’s Grok model. Earlier this month, Musk said he would open-source the new X platform algorithm within 7 days, repeating this process every four weeks.
New York Stock Exchange announces development of a tokenized securities platform
According to Businesswire, NYSE announced it is developing a tokenized securities trading and on-chain settlement platform, seeking regulatory approval. The platform will support tokenized trading experiences, including 24/7 operation, real-time settlement, USD-denominated orders, and stablecoin-based financing. It combines the exchange’s Pillar matching engine with a blockchain-based post-trade system, supporting multi-chain settlement and custody. Once approved, it will provide NYSE with a new trading venue supporting tokenized stocks interchangeable with traditional securities and native digital security tokens. Tokenized shareholders will enjoy traditional dividends and governance rights. The design aligns with market structure principles and will be distributed through non-discriminatory channels to all qualified broker-dealers.
K33 launches crypto asset-backed loan service supporting BTC and ETH as collateral
Norwegian publicly listed company K33 announced the launch of a crypto loan service backed by Bitcoin and Ethereum, initially open to select qualified clients, with loans issued in stablecoins like USDC. K33 also plans to include its own holdings of Bitcoin in the service, creating yield-generating digital asset solutions.
Impossible announces Flying Tulip pre-sale details, public round to start on January 27
According to Impossible Finance, the Flying Tulip project token FT will have an early public sale valued at $1 billion, priced at $0.1 per token, with 100% unlock at TGE and a principal protection mechanism. The pre-sale will be conducted in three rounds: 1) IDIA staker exclusive round: Jan 21-23, limited to $IDIA stakers, totaling $15 million; 2) IDIA staker reward round: Jan 21-23, limited to those staking over 20,000 IDIA with full participation, allocated proportionally; 3) Public round: Jan 27 12:00 to Jan 29 24:00 (UTC+8), starting at 10 USDT, with early deposits receiving bonus weights. All participants must complete KYC and will receive NFTs representing their allocation and refund rights.
Pendle launches sPENDLE mechanism, replacing vePENDLE with liquid staking
According to Pendle’s official announcement, vePENDLE will be fully replaced by the sPENDLE mechanism. sPENDLE is a transferable, composable liquid staking token with a 14-day exit period. Protocol revenue will be used to buy back PENDLE and distribute to active sPENDLE holders; those not participating in governance will lose current rewards. The manual voting emission mechanism will be upgraded to an algorithmic model, expected to reduce emissions by 30%. On Jan 29, a snapshot of existing vePENDLE will be taken, and based on remaining lock-up time, a maximum 4x virtual sPENDLE bonus will be granted, with a two-year gradual transition.
Pump.fun launches investment arm Pump Fund and initiates a $3 million hackathon
Pump.fun announced that its new investment arm Pump Fund will launch a “Build in Public” hackathon with a total prize pool of $3 million, funding 12 projects with $250,000 each, valued at $10 million. Participants must issue tokens and build projects publicly, with user market as the core evaluation criterion. Non-crypto projects are also eligible. Registration closes on Feb 18, and winners will be announced within 30 days.
Zama opens registration for token auction, bidding begins Jan 21 at 16:00
According to Chainwire, privacy protocol Zama announced details of its upcoming public token auction, which will use a sealed-bid Dutch auction with a single price, employing its proprietary fully homomorphic encryption technology. Registration for the auction is now open. Bidding starts on Jan 21, 2026, at 16:00 (UTC+8) and ends on Jan 24, 2026. The token generation event is scheduled for Feb 2, 2026, with tokens purchased via auction expected to be fully unlocked. Participants must register and verify in advance, submit bids in USDT from verified single wallets, specifying total purchase amount and maximum price per token. After the auction, a uniform clearing price will be calculated; bids at or above this price will receive tokens at the clearing price, and unsuccessful bids or excess funds will be refunded.
Previously, Zama launched staking on mainnet with 18 operational nodes.
PancakeSwap: CAKE maximum supply now adjusted to 400 million tokens
PancakeSwap announced on X that its proposal to reduce the maximum supply of CAKE tokens has been approved, now set at 400 million.
Magic Eden: Starting Feb 1, 15% of all revenue will be directly injected into ME token ecosystem
According to official news, Magic Eden announced that from Feb 1, 15% of all platform revenue will be directly injected into the ME token ecosystem to establish long-term value sharing. Half of this revenue will be used to buy back ME tokens on the open market, and the other half will be distributed to $ME stakers in USDC based on staking weight. This replaces the previous buyback mechanism limited to market revenue. USDC rewards can be claimed monthly, with the first claim available in March. Rewards must be claimed within 90 days, or they will expire.
OpenAI plans to launch its first hardware device in late 2026
According to Walter Bloomberg, OpenAI policy chief Chris Lehane revealed that the company plans to launch its first hardware device in late 2026. Since acquiring Jony Ive’s AI hardware company io, CEO Sam Altman has hinted at a simple, screenless AI device, but details remain limited. Lehane said OpenAI expects to release the product by late 2026, but the sales date has not yet been determined.
MakinaFi suffers attack, losing about 1,299 ETH, some funds front-run by MEV
According to PeckShieldAlert, MakinaFi was attacked, with hackers stealing about 1,299 ETH worth approximately $4.13 million. Some transactions were front-run by MEV builders (address 0xa6c2…). The stolen funds are currently stored in two addresses: 0xbed2…dE25 (about $3.3 million) and 0x573d…910e (about $880,000).
Later, MakinaFi advised users to withdraw liquidity from DUSD Curve pool and has enabled a security mode to respond to the vulnerability.
MegaETH to launch mainnet on Jan 22, starting global stress testing
According to MegaETH’s official announcement, its mainnet will launch on Jan 22, initiating a 7-day global stress test aiming to process 11 billion transactions and achieve 15,000–35,000 TPS. Multiple on-chain interactive applications will be deployed during testing to evaluate system stability under high load. The mainnet will then be officially open, with initial integrations of USDM-driven DeFi and consumer applications.
OKX to delist multiple spot trading pairs including ULTI, GEAR, VRA
OKX announced it will delist USDⓈ and USDT trading pairs for ULTI, GEAR, VRA, DAO, CXT, RDNT, ELON, and others. The USDⓈ pairs will be delisted between 16:00-18:00 on Jan 27, 2026 (UTC+8), and the USDT pairs on Jan 30, 16:00-18:00 (UTC+8). Deposits for these tokens were paused at 16:00 on Jan 20. Trading services such as buying, selling, and swapping will be suspended from 16:00 on Jan 24, and withdrawals will be paused from 16:00 on Apr 20.
Binance Alpha opens HeyElsa (ELSA) airdrop registration at 16:00 today, threshold 235 points
According to Binance Wallet, Binance Alpha will open HeyElsa (ELSA) trading today at 16:00 (UTC+8). Users holding at least 235 Alpha points can claim 200 ELSA tokens via a first-come, first-served basis. If rewards are not fully claimed, the threshold will decrease by 5 points every 5 minutes. Claiming the airdrop costs 15 points, and users must confirm within 24 hours, or forfeit.
Binance Alpha launches FIGHT on Jan 22
According to Binance Wallet, Binance Alpha will launch FIGHT (FIGHT) tokens on Jan 22. Eligible users can claim airdrops using Alpha points on the Alpha activity page after trading begins. Details will be announced separately.
Binance Alpha opens Acurast (ACU) airdrop at 18:00 today, threshold 241 points
Binance Wallet states that Binance Alpha will list Acurast (ACU) at 18:00 (UTC+8) today. Users with at least 241 Alpha points can prioritize claiming 320 ACU tokens, first-come, first-served. If rewards are not fully claimed, the threshold will decrease by 5 points every 5 minutes. Claiming costs 15 points and must be confirmed within 24 hours on the Alpha activity page, or the reward will be forfeited.
Analysis & Opinions
Analysis: Crypto market recovery in 2026 depends on ETF expansion, market rally, or retail attention returning
According to Wintermute, the traditional four-year cycle in crypto markets has become invalid. The 2025 market performance indicates the industry is shifting from speculation to a mature asset class. The 2025 market is highly centralized. Bitcoin ETFs and Digital Asset Funds (DAT) form a “capital encirclement,” providing continuous demand for large-cap assets, but capital has not naturally rotated into broader markets. OTC data shows that the wealth transfer effect from Bitcoin to Ethereum, blue chips, and altcoins weakened significantly in 2025. Altcoin rebound cycles shortened from 60 days in 2024 to 20 days. The report states that for 2026 to break the centralization, at least one of three conditions must be met: 1) ETF and DAT expansion to include more assets, with early signs in SOL and XRP ETF applications; 2) Strong rally in large-cap assets like Bitcoin or Ethereum, generating wealth spillover; 3) Retail attention returning from hot topics like AI and rare earths to crypto, bringing new funds and stablecoin issuance. The market in 2026 will depend on whether these catalysts can truly channel liquidity beyond a few large assets.
Whale Garrett Jin: The current Bitcoin market is fundamentally different from 2022; it is premature to be bearish now
Suspected “1011 insider whale” Garrett Jin posted on X that comparing the current Bitcoin market to 2022 is unprofessional. He believes, based on long-term price structure, macro background, investor composition, and chip distribution, there are essential differences.
- He points out that the macro environment is opposite to the 2022 high-inflation rate hike cycle: Ukraine situation easing, CPI and risk-free rates declining, especially the AI revolution likely pushing the economy into a long-term deflation cycle. Rates are in a cut phase, and central bank liquidity is returning to the financial system, defining risk appetite behavior. Since 2020, Bitcoin’s YoY change correlates negatively with CPI, and under AI-driven technological revolution, long-term deflation is highly probable.
- Technically, 2021-2022 saw weekly M-top structures, while 2025 is a break of the upward channel, more likely a “bear trap” before a rebound. To replicate the 2022 bear market, conditions such as inflation shocks reappearing, central banks restarting rate hikes or QT, and price decisively breaking below $80,850 must all be met. Until then, bearish outlook is premature.
- Regarding investor structure, 2020-2022 was dominated by retail leverage speculation, while since the launch of Bitcoin ETF in 2023, long-term institutional holders have entered, locking supply and significantly reducing trading velocity and volatility. Bitcoin’s volatility has shifted from 80-150% to 30-60%, becoming a different asset. The market has entered a more mature institutional era characterized by stable underlying demand, locked supply, and institutional-level volatility.
Investment & Financing
YZi Labs launches EASY Residency Season 3, switching to rolling admissions
According to YZi Labs, their startup acceleration program EASY Residency Season 3 will shift from fixed cohorts to a rolling admission model, establishing long-term startup centers in New York and the San Francisco Bay Area. The program offers up to $500,000 in investment, including $150,000 SAFE and an additional $350,000 on an uncapped SAFE. Selected teams will receive office space, housing stipends, and resources from partners like AWS. Three global demo days will be held throughout the year, with the first in April during TOKEN2049 in Dubai. The focus areas include Web3, AI, biotech, on-chain trading markets, stablecoins and payments infrastructure, tokenization of real-world assets, enterprise AI agents, robotics, and new drug R&D. Mentors and speakers include Binance co-founders CZ and He Yi, Ethereum co-founder Vitalik Buterin, and other industry leaders.
Coinbase reaches agreement to acquire prediction market startup The Clearing Company
According to the official blog, Coinbase announced it has agreed to acquire The Clearing Company, a prediction market startup, to accelerate its “All-in-One Exchange” vision for prediction markets. The acquisition aims to leverage The Clearing Company’s expertise to expand and strengthen prediction market trading on Coinbase. The company has already begun offering prediction market trading to users last week, allowing them to trade on real-world event outcomes within a familiar interface. Coinbase states that integrating professional talent and compliant market channels through this acquisition will lay a foundation for long-term expansion in this field.
Institutions
Strive’s perpetual preferred shares hit $100 par value for the first time, possibly aiding further Bitcoin accumulation
According to CoinDesk, Strive’s perpetual preferred shares (SATA) hit $100 per share last Friday for the first time, enabling it to issue more stock to raise funds for further Bitcoin purchases. The stock offers a 12% dividend yield, with an effective yield of 12.2%. Strive’s assets include 12,797 BTC, with common stock trading at $0.94. SATA’s structure is similar to Strategy’s product Stretch (STRC), and trading above par value indicates the company can raise cash via at-the-money (ATM) issuance to increase Bitcoin holdings. STRC reached par earlier this month, with a weekly trading volume of $755 million, of which $582 million was above par, the highest weekly to date.
Bitmine adds staking of 86,848 ETH, worth about $279.4 million
According to Onchain Lens, Bitmine added staking of 86,848 ETH, valued at approximately $279.4 million. Total staked ETH by this entity now reaches 1,771,936 ETH, worth about $5.65 billion at current prices.
FG Nexus sells another 2,500 ETH, holding over 37,000 ETH
Ethereum treasury firm FG Nexus sold another 2,500 ETH today, worth about $8.04 million. It still holds 37,594 ETH, roughly $119.7 million at current prices. Previously, from Nov 18-19, 2025, the firm transferred 10,975 ETH to Galaxy Digital, valued at about $33.6 million.
Bhutan’s sovereign wealth fund Druk Holdings related address leverages Aave to long ETH
According to Emmett Gallic citing Arkham data, an address linked to Bhutan’s sovereign wealth fund Druk Holdings appears to be engaging in leveraged long ETH: withdrawing 42,000 ETH and $54 million USDT from Binance, converting USDT to ETH, depositing into Aave, and borrowing $275 million USDT to buy more ETH. The current leveraged position is about 117,000 ETH, worth roughly $4.59 billion.
Trend Research borrows 10 million USDT and transfers to Binance, possibly preparing to add more ETH
On-chain data shows that Trend Research’s controlling address borrowed 10 million USDT from Aave five minutes ago and transferred it to Binance, possibly preparing to buy more ETH. The address currently holds 626,778 ETH, with a market value of about $19.4 billion, an average cost basis of $3,105.5, and an unrealized profit of $535.2 million.
Cardone Capital discloses additional $10 million Bitcoin purchase
Real estate investment firm Cardone Capital’s CEO, billionaire Grant Cardone, announced last night on X that Cardone Capital is adding another $10 million worth of Bitcoin to its real estate hybrid portfolio.
Key Data
Sky Protocol repurchased 31.57 million SKY last week, totaling over $102 million
According to Sky’s official release, Sky Protocol bought back about 31.57 million SKY tokens last week at $1.9 million. To date, the decentralized buyback mechanism has invested over $102 million.
Machi Ethereum long position with 25x leverage partially liquidated, losing over $1 million
Suspected whale is selling 13,000 ETH, worth $41.75 million
A whale borrowed 155 million USDT and bought 65,700 stETH within 4 hours
Another whale increased ETH holdings by 8,085, accumulating a total of 50,537.79 ETH in the past 24 hours
Major HYPE long whales are deeply trapped; the top holder “suspected HYPE coin insider” is down $21.3 million
A “buy high, sell low” whale panicked and sold 4,000 ETH, worth $12.44 million
