奔跑财经-FinaceRun

Spot gold has risen more than 130 dollars during the day, with prices breaking through 5280 dollars, reaching a historic high.

Gold prices have shown strong momentum in recent market trading, surging more than 130 dollars during the day, pushing gold prices to new historical heights.

According to the latest quotes from TradingView, spot gold has strongly broken through the key level of 5290 dollars/ounce, with an intraday high reaching 5311 dollars/ounce, and a daily increase of up to 2.24%.

Analysts believe the main reasons for the surge in gold prices are as follows: on one hand, the ongoing geopolitical tensions and concerns about the fiscal sustainability of major economies have continuously strengthened the appeal of gold as a safe-haven asset;

on the other hand, the market's expectations for a Fed rate cut cycle have heated up, combined with the ongoing buying behavior of global central banks and institutions (like Tether), creating strong structural buying support.

Overall, the recent continuous surge in gold prices not only confirms its appeal as an ultimate store of value but also indicates that market sentiment and capital allocation are accelerating towards it.

As retail investors, we need to closely monitor subsequent macro data and central bank policy signals to determine whether this round of price increases is an acceleration of the trend or a concentrated release of short-term sentiment.

#黄金暴涨 #金价创新高

Bitwise CIO: The success or failure of the 'Clarity Act' will determine the direction of the cryptocurrency market for the next 3 years

Recently, Bitwise's Chief Investment Officer Matt Hougan issued a warning that the key market structure bill 'Clarity Act', currently under review, is at a 'crossroads' that will determine the fate of the cryptocurrency market for the next 3 years.

Although the bill received bipartisan support in the House of Representatives last July, the review process has been delayed and stalled due to internal disagreements in the Senate over core provisions such as investor protection and the delineation of responsibilities between regulatory agencies (especially the SEC and CFTC).

Hougan pointed out that the final outcome of the bill may reshape the development landscape of the industry: if the bill passes smoothly, the certainty brought by regulation will directly trigger a bull market driven by policy expectations, and the implementation process of mainstream applications like stablecoins and tokenization will also accelerate;

Conversely, if it fails to pass, the market will lose the support of a 'policy-led' bull market and instead enter a self-verification phase lasting three years. At that time, the industry will need to shift from relying on policy narratives to depending on substantial and scalable application growth to prove its core value.

Regarding the industry's path after the bill's failure, Hougan believes that the cryptocurrency industry will remain in a regulatory gray area for several years, leveraging its large user base and disruptive experiences to push for regulatory reform.

However, this push for regulatory reform also faces severe policy risk challenges. At the same time, investors will maintain a wait-and-see attitude until they see clear signals of large-scale applications in the industry.

Overall, Bitwise's analysis reveals that whether the bill passes or not will not only determine the life or death of the bill itself but will also shape the core narrative and growth logic upon which the entire industry will rely for survival in the coming years.

#ClarityAct #政策依赖

The US BTC and ETH spot ETFs saw a cumulative net outflow of over 200 million USD on Tuesday.

On January 28, according to SoSovalue data, the US BTC spot ETF had a net outflow of 147 million USD yesterday, marking the first day of net outflow this week.

Among them, BlackRock's IBIT topped the net outflow list yesterday with nearly 103 million USD (approximately 1,160 BTC), and currently, IBIT has a cumulative net inflow of 62.82 billion USD;

Next, Fidelity's FBTC recorded a net outflow of 44.56 million USD (501.38 BTC) for the day, with a current cumulative net inflow of 11.41 billion USD;

As of now, the total net asset value of Bitcoin spot ETFs is 114.99 billion USD, accounting for 6.44% of Bitcoin's total market value, with a cumulative net inflow of 56.35 billion USD.

On the same day, the US Ethereum spot ETF had a net outflow of 63.53 million USD, also marking the first day of net outflow this week.

Among them, BlackRock's ETHA led the net outflow list yesterday with 58.97 million USD (approximately 19,640 ETH), and currently, ETHA has a cumulative net inflow of 12.43 billion USD;

Next, Grayscale's ETHE had a net outflow of 14.55 million USD (approximately 4,850 ETH) for the day, with a current cumulative net inflow of 5.13 billion USD;

Meanwhile, Grayscale's ETH had a net inflow of 9.99 million USD (approximately 3,330 ETH) for the day, becoming the only ETH ETF with a net inflow yesterday;

As of now, the total net asset value of Ethereum spot ETFs is 18.15 billion USD, accounting for 4.98% of Ethereum's total market value, with a cumulative net inflow of 12.36 billion USD.

#比特币ETF #以太坊ETF

Trump may announce a new Federal Reserve chair nominee this week, timing it to coincide with the January FOMC decision

As the Federal Reserve is set to announce its interest rate decision today, market analysts expect President Trump to potentially choose this sensitive moment to reveal his nominee to replace Powell as chair of the Federal Reserve, aiming to dominate the policy narrative in the coming months.

Currently, there is widespread expectation that the Federal Reserve will maintain interest rates, which provides the White House with a strategic window. The Treasury Secretary previously hinted that a decision could be made "as early as this week," further reinforcing this market expectation.

Analysts believe that announcing personnel changes during the week of the decision could cleverly shift the market's focus from "why isn't the Federal Reserve lowering rates now" to "what path will be adopted for future rate cuts";

This could not only hedge against potential market disappointment due to no rate cut but also convey through personnel arrangements that subsequent policies will lean towards rate cuts, along with a Federal Reserve leadership that aligns with the White House's agenda on the way.

However, any nomination announced during the FOMC policy meeting could be interpreted by the market as a direct challenge to the Federal Reserve's independence and political pressure, potentially triggering a crisis of government credibility and increasing market volatility.

Investors will also face the dual impact this week of having to digest the Federal Reserve's interest rate decision while also grappling with the uncertainty of potential changes in the chair nominee, further exacerbating market volatility.

Additionally, Federal Reserve Governor Stephen Miran's term will expire this weekend. The White House faces the decision of whether to simultaneously nominate a new governor and the potential appointee for Federal Reserve chair, which could influence the market's judgment on the stability of the Federal Reserve's future decision-making body.

In summary, this week’s focus has already transcended the Federal Reserve's interest rate decision itself, becoming a stress test of the future direction and independence of the Federal Reserve's policies.

Whether or not Trump ultimately takes action, the market is fully prepared to embrace the new uncertainties brought about by the deep intertwining of political decisions and monetary policy.

#特朗普 #FOMC会议

The winter storm in the United States has severely impacted Bitcoin's hash rate, sounding the alarm for the geographic centralization risk in mining farms.

According to data from mining pools, Bitcoin's total network hash rate has rapidly dropped from a peak of 1.18 ZettaHash/s to 668 ExaHash/s, marking the largest single drop on record.

Since then, the hash rate has somewhat recovered, currently standing at approximately 809.71 EH/s. This abnormal short-term plunge is believed to be directly related to the extreme weather events currently experienced in the United States.

Analysis suggests that the recent winter storm "Fernan" sweeping across the U.S. is the main cause of the extreme low temperatures, heavy snowfall, and freezing weather, leading to power outages for over 1 million households, with multiple grid operators issuing energy-saving alerts.

Since Bitcoin mining farms are high-energy-consuming facilities and many are located in the U.S., miners have chosen to shut down in response to grid demands during this disaster, or have been forced to stop due to power interruptions, directly causing the sharp decline in the total network hash rate.

This event clearly reveals the vulnerability of the Bitcoin network's hash rate at the physical level and the risks associated with geographic distribution centralization.

Hash rate stability, as a core indicator of network security and health, highly depends on the continuous power supply and stable climate from a few mining areas globally. Therefore, geographical centralization also directly threatens the operational foundation of the entire network's hash rate.

Such events also indicate that climate disasters and energy crises are becoming new types of systemic risks for Bitcoin's network hash rate. This will compel miners and the entire industry to accelerate the diversification of energy supply and the decentralization of geographic layout to enhance network resilience.

#比特币算力 #美国矿场

Trump signals interest rate cuts aimed at the midterm elections, community news awaits official confirmation

On January 28, according to a post by Eric Daugherty focused on current affairs and breaking news, U.S. President Trump claimed in a public speech that once he replaces the current Federal Reserve Chair Powell, he will push for a significant decrease in Federal Reserve interest rates.

He stated, "I will announce it soon! You will see a significant drop in interest rates!" and emphasized that this move will have a huge impact on the midterm elections.

Although this news has sparked high market attention, the independence of Federal Reserve monetary policy is the core foundation of the U.S. financial system. Any speculation that personnel or policies may be subject to political interference could trigger severe market volatility.

Based on this, market participants generally maintain a cautious attitude, closely awaiting official confirmation and further statements from policymakers to assess the authenticity and potential impact of the remarks.

Currently, this news comes solely from a unilateral statement on social media and has not been corroborated by other official sources. Additionally, the personnel appointments and interest rate decisions of the Federal Reserve have established and complex legal procedures that cannot be swayed by personal remarks.

This also means that although short-term market sentiment may be disturbed by this, the establishment of long-term policy paths still requires observation of subsequent formal nominations, congressional hearings, and actual decisions by the Federal Open Market Committee.

It is worth noting that the Federal Reserve's interest rate decision will be announced at 2 PM Eastern Time on January 28 (3 AM Beijing time on Thursday). Subsequently, the Federal Reserve Chair will hold a press conference at 2:30 PM (3:30 AM Beijing time on Thursday).

According to the latest data from the CME FedWatch tool, the market generally believes there is a 97.2% chance of maintaining the status quo on January 28, while the probability of a 25 basis point rate cut is only 2.8%.

Based on this market probability, combined with the community's strong reaction to the interest rate cut topic, there is a possibility that market leaders may be using the Federal Reserve interest rate topic to create hype and manipulate market sentiment for profit.

#特朗普 #利率政策

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

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

Currently, Tether's USDT stablecoin has a circulating market value of approximately $187 billion, 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 about 104 tons (valued at $12.9 billion), accounting for approximately 7%. However, with the increase in the fourth quarter's reserve fund, gold has become one of its key reserve assets.

At the same time, as of the end of 2025, Tether's issued gold 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 world's most active central bank buyers, the Polish central bank only had a net increase of 35 tons during the same period, highlighting Tether's purchasing power in the gold market has entered the heavyweight ranks.

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

In summary, Tether's ongoing gold purchasing behavior not only signifies that the cryptocurrency industry is deeply integrating into the traditional financial system but also indicates that its gold purchasing scale has reached levels comparable to those of central banks and traditional buyers such as ETFs.

This move not only makes it a core force affecting gold prices but also continuously impacts the supply and 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