奔跑财经-FinaceRun

Tether increased its gold holdings by 27 tons in the fourth quarter of last year, solidifying its important position in the gold market.

According to Reuters, the world's largest stablecoin issuer, Tether, announced on Monday that it increased its gold holdings by about 27 tons for its reserve fund in the fourth quarter of 2025, which is roughly on par with the approximately 26 tons purchased in the third quarter.

Currently, Tether's USDT stablecoin has a circulating market value of about $187 billion and is supported by a 1:1 dollar reserve mechanism, with reserve assets primarily consisting of U.S. Treasury bonds.

As of the end of September last year, USDT's gold reserves amounted to approximately 104 tons (valued at $12.9 billion), accounting for about 7%, but with the increase in the reserve fund in the fourth quarter, gold has become one of its key reserve assets.

At the same time, as of the end of 2025, Tether's gold-backed stablecoin XAUT holds approximately 16.2 tons of physical gold, accounting for 60% of the global supply of gold-backed stablecoins, with a market value of about $2.7 billion.

As one of the most active central bank buyers in the world, the Polish central bank's net increase during the same period was only 35 tons, highlighting Tether's purchasing power in the gold market has reached heavyweight status.

Tether CEO Paolo Ardoino emphasized that the company's current scale of gold investment is now comparable to that of certain sovereign nations, which also brings significant security responsibilities.

In summary, Tether's continuous gold purchasing actions not only signify that the cryptocurrency industry is deeply integrating into the traditional financial system but also indicate that its scale of gold purchases is now on par with the demand from central banks and traditional buyers such as ETFs.

This move not only positions it as a core force influencing gold prices but also continues to affect the supply-demand relationship and pricing logic in the gold market.

#黄金 #Tether

US BTC and ETH Spot ETF saw a total net inflow of nearly 124 million USD on Monday

On January 27, according to SoSovalue data, the US BTC Spot ETF recorded a total net inflow of 6.84 million USD yesterday, marking the first day of net inflow of funds this week.

Among them, BlackRock's IBIT topped the net inflow chart yesterday with 15.93 million USD (181.47 BTC), and currently, IBIT has a total cumulative net inflow of 62.92 billion USD;

Next are Grayscale's BTC and WisdomTree BTCW, which recorded net inflows of 7.75 million USD (88.26 BTC) and 2.79 million USD (31.74 BTC) respectively on the same day;

Conversely, Bitwise BITB, Fidelity FBTC, and Ark 21Shares ARKB experienced net outflows of 10.97 million USD (124.96 BTC), 5.73 million USD (65.34 BTC), and 2.91 million USD (33.20 BTC) respectively on the same day;

As of now, the total net asset value of Bitcoin Spot ETFs is 113.54 billion USD, accounting for 6.48% of Bitcoin's total market capitalization, with a total net inflow of 56.50 billion USD.

On the same day, the US Ethereum Spot ETF recorded nearly 117 million USD, also marking the first day of net inflow of funds this week.

Among them, only Fidelity's FETH recorded a net inflow of 137 million USD (approximately 47,110 ETH) on the same day, and currently, FETH has a total cumulative net inflow of 2.73 billion USD;

Meanwhile, BlackRock's ETHA experienced a net outflow of 20.25 million USD (approximately 6,950 ETH), and currently, ETHA has a total cumulative net inflow of 12.49 billion USD;

As of now, the total net asset value of Ethereum Spot ETFs is 17.62 billion USD, accounting for 5.03% of Ethereum's total market capitalization, with a total net inflow of 12.42 billion USD.

#比特币ETF #以太坊ETF

Vitalik Buterin modifies his position from 2017: full-chain validation has shifted from 'unrealistic' to a feasible technical reality

Recently, Ethereum co-founder Vitalik Buterin publicly released a post correcting his 2017 position, shifting from previously believing that 'ordinary users validating the complete blockchain history is an unrealistic fantasy' to acknowledging that 'full validation has become a reality'.

Buterin's change in stance is directly attributed to breakthroughs in zero-knowledge proofs (especially ZK-SNARK) technology. The view is that with such cryptographic tools, users can verify the correctness of the chain without having to reproduce the complete transaction history, which retains the advantages of independent verification while significantly reducing computational burden.

Vitalik Buterin stated that the core purpose of this protocol correction is to directly address systemic threats that exist in reality, such as network interruptions, service provider shutdowns, excessive concentration of validators, and censorship risks.

He also emphasized that full validation should not be seen as a daily means but rather as an alternative solution to respond to system failures or intermediary malfunctions; the existence of this independent capability can essentially compel third parties to enhance the reliability of their services.

This view resonates with a series of recent assertions by Buterin regarding the direction of Ethereum's development. He first proposed on January 8 that increasing network bandwidth rather than reducing latency is the realistic path to achieving large-scale growth without sacrificing decentralization;

Then on January 19, he warned that the complexity of the protocol could threaten the network's long-term trustlessness, calling for streamlined functions and a focus on simplicity; shortly after, on January 23, he advocated for the widespread adoption of decentralized privacy tools, defining 2026 as the year to regain 'computational autonomy'.

Overall, Buterin's philosophy is shifting from the past assumption that 'users must sacrifice autonomy for convenience' to believing that through new technologies and simplified designs, personal validation can become practically feasible again.

The core of this shift is that personal on-chain validation will only be activated when all conventional systems have completely collapsed, thus it exists merely as a last line of defense and constitutes a critically important security barrier.

#Buterin

Tom Lee: The macro environment should be favorable for BTC and ETH, but deleveraging and the strength of precious metals have suppressed market trends.

On January 27, Fundstrat co-founder Tom Lee stated in an interview with CNBC that despite the weakening U.S. dollar index (DXY) and the Federal Reserve's easing policies being favorable for cryptocurrencies, the current crypto market has entered a deleveraging phase and is unable to gain the expected leveraged upward momentum.

Meanwhile, the continued strength of gold and silver has attracted significant capital, and there is a clear FOMC sentiment towards precious metals, indicating that investors are more inclined to allocate to precious metals rather than crypto assets.

However, Tom Lee believes this is just a leading indicator, as historical data shows that after adjustments in precious metal prices, Bitcoin and Ethereum often see an increase.

Overall, Tom Lee's viewpoint suggests that although the macro environment is favorable, the combined effects of deleveraging and the capital-absorbing power of precious metals have suppressed the performance of Bitcoin and Ethereum.

This indicates that the performance of crypto assets no longer solely depends on macro narratives; the internal deleveraging and competition with assets like precious metals are also key factors determining their short-term trends.

What do you think? Is the ongoing weakness in the crypto market waiting for a correction in precious metals and the completion of deleveraging, or are there deeper reasons? Leave your thoughts in the comments!

#TomLee #加密货币

The Democratic Party is willing to return to the negotiating table, and bipartisan discussions on cryptocurrency legislation may welcome a new turning point.

The U.S. Senate Agriculture Committee was originally scheduled to review and vote on a comprehensive cryptocurrency market structure bill on January 27 (this Tuesday), but due to weather factors, the agenda has been postponed until this Thursday.

Meanwhile, a bipartisan legislative discussion that had once stalled has seen a turning point, with the Democratic Party signaling a willingness to return to the negotiating table.

According to a Democratic source familiar with the negotiations, at the beginning of January, the Republican side drafted a new version of the bill unilaterally without fully consulting the Democrats and planned to push for a vote, which directly led to a blockage in the bipartisan cooperation process.

Despite the aforementioned differences, a group of Democratic lawmakers has expressed a willingness to restart negotiations with the committee chairman, Republican Senator John Boozman's team, striving to reach a bipartisan consensus before the vote on Thursday.

Informed sources added that between November last year and the end of the year, the bipartisan teams had engaged in intensive bilateral discussions regarding the draft bill and organized multiple stakeholder meetings, with the overall negotiation process progressing smoothly. However, after the new year, the Republican side suddenly unilaterally adjusted their plans, breaking the previous cooperation rhythm and causing differences between the two parties.

Regarding the current negotiation progress, a spokesperson for the Senate Agriculture Committee stated that the months-long bipartisan meetings have sufficiently discussed the relevant topics, and the current version of the bill reflects the majority of the negotiation outcomes. For the remaining topics with differences, they have entered a phase where a vote must be pushed forward and should not be delayed indefinitely.

Moreover, Patrick Witt, the Executive Director of the White House Digital Asset Advisory Committee, recently publicly called for seizing the current window of favorable government attitude toward the cryptocurrency industry to accelerate the implementation of the cryptocurrency market structure bill.

In this regard, analysts point out that if the bill ultimately fails to pass smoothly, the U.S. cryptocurrency industry may continue to face "structural risk premiums," significantly suppressing the industry's development potential and affecting long-term development stability.

#加密货币法案 #监管进展

The US-South Korea "trade agreement" is at an impasse. Trump announces an increase in South Korea's counterpart tariff from 15% to 25%.

On January 27, US President Trump announced on the social media platform Truth Social that due to the South Korean National Assembly's failure to fulfill the agreement reached with the United States, the counterpart tariff on certain goods from South Korea would be raised from 15% to 25%.

He mentioned that he reached a mutually beneficial agreement with South Korean President Yoon Suk-yeol on July 30, 2025, and reiterated the relevant terms during his visit to South Korea on October 29 of the same year, but the South Korean National Assembly has yet to approve the agreement.

Trump stated that due to the South Korean National Assembly's failure to pass the historic trade agreement between the two countries, he decided to raise the counterpart tariffs on South Korean automobiles, timber, pharmaceuticals, and other goods from 15% to 25%.

In summary, Trump's upgrade of tariffs on South Korea is an attempt to pressure the South Korean National Assembly to approve and advance the agreement that has already been reached under the guise of "reciprocal trade," directly transforming the stalled trade agreement into unilateral sanctions.

This move may directly impact the South Korean automotive and pharmaceutical industries in the short term, while also warning countries around the world that if trade agreements with the Trump administration do not quickly undergo domestic procedures, they may face similar unilateral punitive consequences.

It also reaffirms the distinct characteristics of US trade policy during the "Trump 2.0" era, which is highly unpredictable, results-oriented, and tends to use tariffs as the preferred tool for diplomacy and negotiation.

#特朗普关税 #美韩贸易

Even though the federal government in Washington temporarily closed on Tuesday, the FOMC meeting will proceed as planned.

According to the latest post from @FederalReserve, despite the impact of severe weather, the federal government offices in Washington, D.C. announced a temporary closure on January 27 (Tuesday), but the Federal Reserve confirmed that its meeting will not be disrupted and will take place as scheduled.

The Federal Reserve stated that all announcements, including statistical data, will be released as per the agenda. Specifically, the monetary policy meeting of the Federal Open Market Committee (FOMC) will be held from January 27 (Tuesday) to January 28 (Wednesday).

Moreover, the timing for the announcement of the meeting results will remain unchanged. The FOMC statement will be released at 2 PM Eastern Time on January 28 (3 AM Beijing Time on Thursday), followed by a press conference with the Federal Reserve Chair at 2:30 PM (3:30 AM Beijing Time on Thursday).

Finally, regarding this decision by the Federal Reserve, are you more eager to hear “hawkish” signals or “dovish” reassurances? Feel free to leave your predictions in the comments!

#FOMC #美联储

Global digital asset ETP experienced a fund outflow of $1.73 billion last week, marking the largest single-week outflow since mid-November of last year.

According to Coinshares' weekly report, the total fund outflow from global digital asset investment products reached a staggering $1.73 billion last week, setting a record for the largest single-week outflow since mid-November 2025. This data indicates that pessimistic sentiment in the market has gradually spread from price levels to institutional fund flows.

In terms of asset classes, Bitcoin recorded a maximum single-week fund outflow of $1.09 billion, the largest since mid-November 2025; followed by Ethereum with a single-week fund outflow of $630 million, reflecting strong risk-averse sentiment towards mainstream crypto assets.

However, Solana bucked the trend with an inflow of $17.1 million, becoming one of the few highlights of net inflow last week. Additionally, BNB and Chainlink recorded small inflows of $4.6 million and $3.8 million respectively, indicating that funds are seeking opportunities in specific projects.

Regionally, the U.S. market remains the absolute leader in fund outflows, dominating the overall trend of net outflow with nearly $1.8 billion.

In contrast, the markets in Switzerland, Canada, and Germany recorded net inflows of $32.5 million, $33.5 million, and $19.1 million respectively for the week. This indicates that some European and North American investors are viewing the recent price weakness as a buying opportunity.

Analysts believe that the ongoing pessimistic sentiment is dominating the market, with a cooling expectation for interest rate cuts, combined with weak price trends, and the reality that digital assets have not truly become mainstream currency depreciation hedging tools, have collectively triggered a temporary exit of funds from institutions seeking safety.

In summary, this weekly report reveals that the current crypto market is in a fragile emotional recovery phase, and whether the market can stabilize may depend on further clarity in macro policies, as well as the emergence of new positive narratives to reassemble institutional consensus for significant fund inflows.

#加密货币ETP #投资趋势

UK cryptocurrency regulation enters final stage: FCA releases 10 core proposals, plans to open license applications in September 2026

On January 26, the UK Financial Conduct Authority (FCA) announced that the potential rules for a comprehensive regulatory proposal for the cryptocurrency industry have entered the final consultation stage.

The agency stated that it is currently seeking feedback on 10 cryptocurrency regulatory proposals, aiming to promote the industry's entry into a development roadmap that complies with regulatory rules.

The final version of the regulatory proposals released by the FCA covers ten core rules, including codes of conduct, asset protection, regulatory reporting, credit-type cryptocurrency asset purchases, and the disposal of retail lending collateral, fully covering key aspects of market operation.

Regulators pointed out that the above rules aim to build an open, sustainable, competitive, and credible market environment. The agency also made it clear that regulation cannot completely eliminate all risks and called on investors to fully understand and confront these risks. It is reported that the public consultation period for this proposal will end on March 12, 2026.

This series of proposals was initially announced last December, with the core idea being to regulate the cryptocurrency industry by referencing the regulatory framework of traditional financial markets. Earlier this month, the FCA also released a specific registration timeline for cryptocurrency service providers under the new licensing system.

According to the timeline, the official application authorization period is expected to begin in September 2026. At that time, all cryptocurrency companies wishing to operate in the UK must obtain FCA authorization and comply with stricter regulatory requirements.

In summary, the UK is seeking a balance between encouraging financial innovation and protecting investors while preventing systemic risks by building this systematic regulatory framework, thus consolidating its competitive position in the cryptocurrency field.

#FCA #加密货币监管

The share of the US dollar in global reserves has fallen to 40%, a new low in 25 years, accelerating the de-dollarization process.

According to Bloomberg Intelligence data, the share of the US dollar in global foreign exchange reserves has declined from 65% in 2001 to the current 40%, marking a new low in 25 years.

Behind this long-term trend is the collective choice of various countries' institutions to systematically reduce exposure to the US dollar, which also signifies a structural weakening of the dollar's status.

Analysts believe that although the US dollar still holds the dominant position as a reserve currency globally, its market share has shown a stepwise downward trajectory over nearly 25 years, indicating that central banks around the world have begun a systematic process of diversifying their reserve assets.

The root of this trend lies, on one hand, in changes in the geopolitical landscape, which have prompted central banks to reduce their reliance on a single currency system. On the other hand, the long-standing massive fiscal deficits and debt levels in the United States have also raised market concerns about the long-term value of the dollar.

Additionally, with the strengthening of emerging economies and the expanded use of other currencies such as the euro and the renminbi in regional trade and financial settlements, central banks have also gained more viable options.

In summary, the capital flows in the global financial landscape are showing a trend towards multipolarity, which not only poses challenges to the long-term demand for dollar assets but also opens up broader strategic opportunities for other reserve assets like the euro, renminbi, and even gold.

In the future, the competitive landscape for reserve currencies may no longer be a simple matter of 'who replaces whom,' but rather evolve into a complex symbiotic system characterized by multipolar coexistence, mutual checks, and complementary advantages.

#全球外汇储备 #去美元化

The price of silver has continued to soar recently, with a market value 3.5 times that of Bitcoin.

On January 26, according to chart data provided by well-known market analyst @KobeissiLetter, the price of silver in Shanghai has surged to $124 per ounce, while the U.S. spot silver price was only $108 during the same period, with a price difference of up to $16, marking one of the largest recorded price gaps.

Specifically, over the past approximately 13 months, silver has risen by 270%, while Bitcoin has fallen by 11%.

Analysts believe that the recent surge in silver is partly due to its characteristics as a traditional safe-haven asset, which has been favored in the context of ongoing global geopolitical tensions and persistent inflation expectations;

On the other hand, the demand for its application in green industries, such as solar photovoltaic, has surged, endowing it with a growth narrative as an "industrial metal."

The weakness of Bitcoin reflects the current market's short-term avoidance of high-risk assets, as well as some capital flowing from the crypto market to more "certain" traditional assets.

Kobeissi Letter also pointed out that the current ratio of silver's market value to Bitcoin's market value has reached 3.5 times, a figure that reflects the increasingly prominent valuation gap between traditional precious metals and digital assets.

In summary, against the backdrop of ongoing global macroeconomic uncertainty and the dual resonance of industrial demand and safe-haven demand, this valuation comparison between precious metals and digital assets may trigger a systematic reassessment of traditional and emerging value storage tools in the market.

#白银 #Bitcoin

Eric Trump's company holds over 500 million dollars in Bitcoin and cryptocurrency assets

Recently, Eric Trump, the son of former US President Donald Trump, revealed that his company currently holds over 500 million dollars in Bitcoin and other cryptocurrency assets. This disclosure directly corroborates recent analyses by several financial media outlets, which indicate that the Trump family is significantly shifting its wealth portfolio towards digital assets.

As a key player in the family’s cryptocurrency business, Eric Trump is not only an important shareholder of the Bitcoin mining company American Bitcoin (ABTC) but also a co-founder of the family-owned DeFi platform World Liberty Financial (WLFI). These investments, along with his public statements, suggest that the family has made a deep and systematic commitment to the cryptocurrency industry.

The content of this news also aligns with earlier in-depth reports by mainstream media outlets like Bloomberg, which stated that "approximately 20% of the Trump family's wealth (around 1.4 billion dollars) is linked to crypto assets." Therefore, it further reinforces the market's perception that "the Trump family has become the first family in the United States deeply tied to the cryptocurrency industry."

Overall, this news further confirms the family's substantial cryptocurrency holdings, indicating that the Trump family's interest in the cryptocurrency industry is becoming increasingly close and transparent. This structure of wealth composition will also continue to serve as an undeniable background factor in future discussions on US digital asset policies.

#特朗普家族 #比特币

Saylor Warning: The biggest threat currently facing BTC is the "speculators" pushing for protocol changes

Recently, Michael Saylor, co-founder of Strategy, publicly stated that the biggest threat to Bitcoin is those "ambitious speculators" who attempt to force protocol changes.

Saylor believes that Bitcoin's monetary property as "digital gold" is its fundamental value, and any significant protocol changes should be considered thoughtfully and with extreme caution. This statement quickly sparked intense debate within the crypto community.

On one side are the "conservatives" represented by Saylor, who wish to solidify Bitcoin's core position as a store of value, believing that pushing for non-monetary uses like storing images or NFTs in blocks will distract from focus and introduce risks.

On the other side are the "radicals" represented by Helius CEO Mert Mumtaz, who criticize this refusal to improve as a "tumor," arguing that the Bitcoin protocol should continuously patch vulnerabilities and expand functionalities (such as quantum-resistant wallets) to adapt to future industry developments.

Behind this debate lies a long-standing divergence in the Bitcoin community regarding proposals like BIP-110. This proposal aims to filter out non-monetary data from the Bitcoin ledger through a temporary soft fork, essentially an attempt by the "conservatives" to defend the network's purity through technical means.

The deeper contradiction in this protocol route dispute is whether Bitcoin should be viewed as a completed, stable value storage protocol or as a foundational technology layer that requires ongoing evolution.

However, another more urgent issue is that the quantum computing threat has also been brought to the forefront. Some individuals warn that Bitcoin must quickly transition to post-quantum cryptographic standards; others believe that the discussions around this are exaggerated, as defensive research is already underway and quantum risks have not yet been fully assessed and priced by the market.

In summary, this debate exposes the deep identity crisis Bitcoin faces after achieving its initial vision. When idealistic "digital gold" meets the real-world demand for technological evolution, the community must choose between "maintaining purity" and "adapting to development."

In the future, whether the community can find a balance between "maintaining purity" and "adapting to development" will profoundly impact Bitcoin's trajectory over the next decade.

#Strategy #BTC

Japan plans to lift the ban on cryptocurrency ETFs in 2028, with SBI and Nomura among giants making early moves

According to the Nikkei, the Financial Services Agency (FSA) of Japan is expected to lift the ban on spot cryptocurrency ETFs such as Bitcoin by 2028, aiming to formally integrate virtual currencies into the mainstream financial system and provide new compliant investment channels for individual and institutional investors.

The FSA plans to revise the enforcement order of the Investment Trust Act, and once it obtains listing approval from the Tokyo Stock Exchange, ordinary investors will be able to trade cryptocurrency ETFs as conveniently as buying and selling stocks or gold ETFs through their brokerage accounts. Currently, at least six asset management companies are actively researching and developing related products.

The key prerequisite for achieving this vision is tax reform. Japan currently classifies virtual asset gains under comprehensive taxation, with a maximum tax rate of 55%; while the new proposed reform direction is to unify it to a separate tax rate of 20%. Only by completing this adjustment can a broader range of mainstream investors be attracted to enter the market.

However, the Financial Services Agency of Japan has previously shown a clear cautious regulatory attitude. For instance, at the end of 2025, the FSA stated that providing derivatives such as contracts for difference (CFDs) based on overseas cryptocurrency ETFs in Japan was "not ideal" before local approval of cryptocurrency ETFs, citing insufficient investor protection as the reason.

Fortunately, large financial institutions represented by SBI Holdings and Nomura Holdings have made early moves and are actively promoting the development of related products. For example, SBI has set a target of achieving an asset management scale of 5 trillion yen through Bitcoin and Ethereum ETFs.

In summary, the intent of Japan's systemic reform this time is not only to expand investors' asset allocation choices but also reflects its desire to establish its position in the cryptocurrency ETF market in the wave of global compliance of crypto assets.

#日本加密ETF #FSA

The total outflow amount of the US BTC and ETH spot ETFs exceeded $1.9 billion this week.

According to SosoValue data, the US BTC spot ETF recorded a net outflow of $1.33 billion, marking the largest single-week outflow since the beginning of the year and the second highest in history; there was no net inflow for any BTC ETFs this week;

Among them, BlackRock's IBIT had a net outflow of $537 million, ranking first in total net outflow this week, with a cumulative inflow of $62.9 billion;

Next are Fidelity's FBTC and Grayscale's GBTC, with net outflows of approximately $452 million and $172 million, respectively;

Following them are ARK 21Shares ARKB, Bitwise BITB, and Franklin EZBC, with net outflows of $76.19 million, $66.25 million, and $10.36 million, respectively;

Valkyrie BRRR and VanEck HODL recorded net outflows of $7.59 million and $6.31 million, respectively;

As of now, the total net asset value of Bitcoin spot ETFs is $115.88 billion, accounting for 6.48% of the total market capitalization of Bitcoin, with a cumulative net inflow of $56.49 billion.

In the same week, the Ethereum spot ETF recorded a net outflow of $6.11 million, also marking the largest single-week outflow this year, and it ranked among the top five historical single-week outflows;

Among them, BlackRock's ETHA had a net outflow of nearly $432 million, ranking first in the net outflow of ETH ETFs for the week.

Next are Fidelity's FETH and Grayscale's ETHE, with net outflows of $78.03 million and $52.76 million, respectively;

Following them are Bitwise ETHW, 21Shares TETH, and VanEck ETHV, with net outflows of $46.24 million, $10.56 million, and $9.90 million, respectively;

It is worth noting that Grayscale's ETH had a net inflow of $17.82 million, becoming the only ETH ETF with a total net inflow this week.

As of now, the total net asset value of Ethereum spot ETFs is $17.70 billion, accounting for 4.99% of the total market capitalization of Ethereum, with a cumulative net inflow of $12.30 billion.

#比特币ETF #以太坊ETF

The SEC and CFTC will discuss the path for cryptocurrency regulation next week to implement the President's goal of making the U.S. the "Crypto Capital of America".

According to the official announcement from the U.S. Securities and Exchange Commission (SEC), the SEC will hold a joint event with the CFTC on January 27 themed "America's Financial Leadership in the Crypto Era".

The core agenda of this event will focus on the coordination and cooperation between the SEC and CFTC to jointly promote achieving President Trump's policy goal of making the U.S. the "World Capital of Cryptocurrency".

The schedule indicates that the meeting will be co-hosted by SEC Chairman Paul Atkins and CFTC Chairman Michael Selig, with both parties delivering keynote speeches and engaging in discussions on specific paths for regulatory coordination.

Additionally, the event will be live-streamed to the public via the SEC's official website and will be open for public participation, demonstrating the U.S. regulatory body's proactive willingness to meet industry transparency and public equal communication needs in cryptocurrency policy implementation.

It is noteworthy that this joint meeting coincides with the U.S. Congress's intensive review of several cryptocurrency market structure bills, and will also be a key practical measure for the SEC and CFTC to clarify regulatory responsibilities and avoid jurisdictional friction.

In summary, this joint event indicates that U.S. regulatory agencies are attempting to transform the high-level "pro-crypto" policy declaration into a clear, coordinated, and executable regulatory framework, aimed at providing certainty for the industry while consolidating its global financial leadership.

#SEC #CFTC

U.S. BTC and ETH Spot ETFs continued to see net outflows on Friday

On January 24, according to SoSovalue data, the U.S. BTC spot ETF recorded a net outflow of nearly $104 million yesterday, marking a consecutive five days of total net outflows. There was no BTC ETF with net inflows yesterday;

Among them, BlackRock's IBIT topped the net outflow list yesterday with nearly $102 million (approximately 1,130 BTC), and the total net inflow of IBIT has accumulated to $62.9 billion;

Following that, Fidelity's FBTC experienced a net outflow of $1.95 million (21.73 BTC) in a single day, and the total net inflow of FBTC has accumulated to $11.46 billion;

As of now, the total net asset value of Bitcoin spot ETFs is $115.88 billion, accounting for 6.48% of Bitcoin's total market value, with a cumulative total net inflow of $56.49 billion.

On the same day, the U.S. Ethereum spot ETF recorded a net outflow of $41.74 million, marking a consecutive four days of net outflows.

Among them, BlackRock's ETHA and Grayscale's ETHE recorded net outflows of $44.49 million (approximately 15,110 ETH) and $10.80 million (approximately 3,670 ETH), respectively;

Meanwhile, Grayscale's ETH and Fidelity's FETH recorded net inflows of $9.16 million (approximately 3,110 ETH) and $4.40 million (approximately 1,490 ETH), respectively;

As of now, the total net asset value of Ethereum spot ETFs is $17.70 billion, accounting for 4.99% of Ethereum's total market value, with a cumulative total net inflow of $12.30 billion.

Overall, BTC and ETH spot ETFs experienced net outflows during all four U.S. trading days this week. This trend indicates that after last week's record inflows, the market has completed a new round of profit-taking and cooling sentiment.

The current market focus has shifted to the Federal Reserve's interest rate meeting decision next Wednesday, and the results of this rate decision and the path of rate cuts may conduct a crucial directional test on confidence in the crypto market.

#比特币ETF #以太坊ETF

Market starts cyclical rebound: geopolitical risks ease, focus shifts to earnings reports and Australian inflation data

According to Pepperstone's research director Chris Weston in a recent post, as geopolitical tensions (especially the US-EU trade dispute) have eased, market risk appetite has significantly warmed up, triggering a classic cyclical rebound.

Meanwhile, defensive positions previously established to hedge against uncertainty have been quickly unwound, indicating that traders' focus is also shifting back to strong economic data and corporate earnings expectations.

On the macroeconomic front, the US third-quarter GDP has been revised up to 4.4%, coupled with robust consumption data, a lower number of unemployment claims, and a 0.5% month-on-month increase in personal spending, which has boosted market risk appetite.

In the stock market, the growth performance of the Russell 2000 index and cyclical S&P 500 sector index, along with the general rise in commodities, all show a broad willingness to take on risk;

In the commodities market, gold and silver maintain their upward momentum; in the forex sector, cyclical currencies such as the Australian dollar and Swedish krona are also attracting funds.

This series of phenomena clearly indicates that capital is flowing back from purely risk-averse positions to assets positively correlated with global economic growth.

However, the sustainability of this rebound still faces challenges. The rise in the S&P 500 index has not been smooth, with intraday volatility showing that some traders are still taking profits at highs, leading to noticeable market divergence.

Despite a rebound in risk sentiment, the volatility of major currency pairs is at a 12-month low, suggesting a generally optimistic market outlook, but also exposing its vulnerability to potential shocks.

Currently, the market's focus has shifted to next week's intensive earnings reports to verify whether this rally has fundamental support; strong employment data is also raising expectations for an interest rate hike in Australia in February, with next Wednesday's fourth-quarter CPI report being particularly critical.

Overall, the market is entering a phase driven by data and performance, with geopolitical issues taking a back seat for now, but the depth and breadth of the rebound will depend on the actual strength of the global economic fundamentals.

#市场风险偏好

The Japanese House of Representatives officially dissolved to prepare for the election on February 8

On January 23, the Speaker of the House of Representatives of Japan officially announced the dissolution of the House of Representatives, aiming to hand over the current government's policy direction to the voters for judgment.

Prime Minister Sanae Takaichi proposed this resolution a few days ago. After the resolution was passed, all cabinet members signed the resolution document, completing all administrative procedures required for the dissolution.

This lightning-fast schedule is seen as an intention to quickly complete the election process. The subsequent election schedule is to announce the election on January 27 and hold voting on February 8.

However, this rapid decision has sparked widespread skepticism. Critics point out that the main motivation for dissolving the House of Representatives is to seize a political window with higher cabinet support rates, to gain an electoral advantage for the ruling party.

But supporters view it as a necessary move to regain public authorization and build consensus. The election results will not only determine the allocation of all seats in the House of Representatives but may also directly affect the composition of the Japanese government.

Regardless of the actual motivation, this lightning election may plunge Japanese politics into a vortex of uncertainty, with the outcome directly determining Prime Minister Sanae Takaichi's approval ratings and the subsequent policy direction of the Japanese cabinet.

#日本众议院解散 #Early Election

The U.S. BTC and ETH spot ETF continued to see net capital outflows on Thursday

On January 23, according to SoSovalue data, the U.S. BTC spot ETF recorded a net outflow of 32.11 million USD yesterday, marking four consecutive days of total net outflows.

Only BlackRock's IBIT and Fidelity's FBTC recorded capital flows, with respective single-day net outflows of 22.35 million USD (249.53 BTC) and 9.76 million USD (108.90 BTC);

As of now, the total net asset value of the Bitcoin spot ETF is 115.99 billion USD, accounting for 6.49% of the total market value of Bitcoin, with a cumulative total net inflow of 56.6 billion USD.

On the same day, the U.S. Ethereum spot ETF recorded a net outflow of 41.98 million USD, marking three consecutive days of net capital outflows.

Among them, BlackRock's ETHA and Bitwise ETHW recorded single-day net outflows of 44.44 million USD (approximately 15,110 ETH) and 15.16 million USD (approximately 5,150 ETH), respectively;

Meanwhile, Grayscale's ETH and ETHE saw single-day net inflows of 9.71 million USD (approximately 3,300 ETH) and 7.92 million USD (approximately 2,690 ETH), respectively;

As of now, the total net asset value of the Ethereum spot ETF is 17.73 billion USD, accounting for 5.00% of the total market value of Ethereum, with a cumulative total net inflow of 12.34 billion USD.

In summary, despite the delay in data release on Wednesday, the data from 21SharesTETH was somewhat delayed yesterday; however, the ETF market continued to show net outflows on Thursday, indicating that selling pressure in the spot ETF market still exists.

#比特币ETF #以太坊ETF