Fear and Greed Index: 42 (Neutral)
Bitcoin Price: $92,756
BTC/ETH Spot ETF Fund Flow (1.2)
BTC Net Inflow: $471.14 M
ETH Net Inflow: $174.43 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (1.4)
BTC Net Subscription: 0 BTC
ETH Net Subscription: 0 ETH
[]( Starting January 1, Basel standards will be adopted, and banks' crypto assets will face the strongest capital constraints!
Hong Kong's role in this process is becoming increasingly clear. On one hand, Hong Kong maintains regulatory advancement and international recognition by implementing international standards; on the other hand, it provides a testing ground for digital financial development through localized innovation and policy flexibility.
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[]( Starting January 1, Basel standards will be adopted, and banks' crypto assets will face the strongest capital constraints!
Hong Kong's role in this process is becoming increasingly clear. On one hand, Hong Kong maintains regulatory advancement and international recognition by implementing international standards; on the other hand, it provides a testing ground for digital financial development through localized innovation and policy flexibility.
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]( Selected Activities in Hong Kong for January
We have specifically compiled noteworthy activities in the crypto field in Hong Kong for January, which will open a window to the future of Web3 for you.
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[Regulation/Macro]( Selected Activities in Hong Kong for January
We have specifically compiled noteworthy activities in the crypto field in Hong Kong for January, which will open a window to the future of Web3 for you.
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Financial data company S3 Partners reported that after Trump Media & Technology Group announced its merger with Google-invested TAE Technologies, its stock's short positions surged by 31%, nearing the highest level since October last year. The data shows that Trump himself holds 115 million shares, accounting for about 40% of the company's shares. In the merged company, his shareholding ratio will be about 20%.
The People's Procuratorate of Baoshan District, Shanghai, successfully filed supervision on 24 cases involving 24 individuals in a job-related crime case by tracing the flow of funds through a penetrating review. Prosecutors stated that the case involved numerous accounts of an underground bank gang, with a massive transaction scale, and the money laundering amount reached 1.8 billion yuan, with relevant personnel using virtual currency to achieve cross-border transfer of illicit funds. Ultimately, the procuratorial organs cracked down through pursuit and prosecution, guiding public security organs to penetrate fund accounts, clarify the sources and destinations of funds, and secure electronic data to enhance the effectiveness of combating new types of money laundering crimes such as underground banks and virtual currencies.
U.S. Congressman Ritchie Torres plans to propose the "2026 Financial Prediction Market Public Integrity Act," which prohibits federal officials from participating in political prediction market trading while possessing significant non-public information. This proposal stems from a Polymarket account that bet on Maduro's ousting before the U.S. military raid that arrested him, profiting over $400,000 from just $32,500, raising concerns about insider trading in the market. The total trading volume of prediction markets in 2025 reached $44 billion.
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U.S. Congressman Ritchie Torres plans to propose the "2026 Financial Prediction Market Public Integrity Act," which prohibits federal officials from participating in political prediction market trading while possessing significant non-public information. This proposal stems from a Polymarket account that bet on Maduro's ousting before the U.S. military raid that arrested him, profiting over $400,000 from just $32,500, raising concerns about insider trading in the market. The total trading volume of prediction markets in 2025 reached $44 billion.
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U.S. Congressman Ritchie Torres plans to propose the "2026 Financial Prediction Market Public Integrity Act," which prohibits federal officials from participating in political prediction market trading while possessing significant non-public information. This proposal stems from a Polymarket account that bet on Maduro's ousting before the U.S. military raid that arrested him, profiting over $400,000 from just $32,500, raising concerns about insider trading in the market. The total trading volume of prediction markets in 2025 reached $44 billion.
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[](
U.S. Congressman Ritchie Torres plans to propose the "2026 Financial Prediction Market Public Integrity Act," which prohibits federal officials from participating in political prediction market trading while possessing significant non-public information. This proposal stems from a Polymarket account that bet on Maduro's ousting before the U.S. military raid that arrested him, profiting over $400,000 from just $32,500, raising concerns about insider trading in the market. The total trading volume of prediction markets in 2025 reached $44 billion.
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[](
U.S. Congressman Ritchie Torres plans to propose the "2026 Financial Prediction Market Public Integrity Act," which prohibits federal officials from participating in political prediction market trading while possessing significant non-public information. This proposal stems from a Polymarket account that bet on Maduro's ousting before the U.S. military raid that arrested him, profiting over $400,000 from just $32,500, raising concerns about insider trading in the market. The total trading volume of prediction markets in 2025 reached $44 billion.
Slow Mist monitoring has discovered potential serious security vulnerabilities at HitBTC exchange. Slow Mist stated that it had disclosed relevant information to HitBTC in advance through private messages but has not yet received a response.
Cryptocurrency exchange Coinbase has decided to suspend its local services in Argentina. A company spokesperson stated that this decision stems from the company's internal assessment of local market performance. Starting January 31, 2026, the platform will no longer support buying and selling the stablecoin USDC using the Argentine peso. However, this suspension is only a strategic pause, not a complete withdrawal, as the company plans to re-enter the market in the future with a better user experience.
Chainalysis noted in the "2025 Cryptocurrency Adoption Index Report" that between July 2024 and June 2025, Bitcoin attracted over $1.2 trillion in fiat funds, firmly establishing itself as the preferred asset for fiat entry into the crypto market. Ethereum attracted approximately $724 billion during the same period, while Layer 1 public chain tokens and stablecoins ranked third and fourth with $564 billion and $497 billion, respectively.
The Flow network has fully resumed operation, with its Cadence and EVM environments now online. Currently, over 99.9% of accounts have full operational access in both execution environments, and account recovery and fraudulent token repair work are ongoing. Additionally, the DeFi ecosystem on Flow is resuming operations, with cross-chain bridge partners expected to restore after final verification. A technical post-incident analysis report detailing the attack medium, forensic analysis, and repair methods will be released within 48 hours. A comprehensive recovery of the ecosystem is expected to be completed this week.
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The Trump administration recently unilaterally launched a military strike against Venezuela and arrested President Nicolás Maduro, provoking strong dissatisfaction from the U.S. Democratic Party. Several Democratic lawmakers accused the administration of bypassing Congress and lacking transparency, with some even calling for impeachment proceedings against Trump. Democratic leaders on the House Foreign Affairs Committee stated they had not received any briefings beforehand and learned about the operation details only through the media. Senate and House Democratic leaders have requested the administration to provide an explanation to Congress as soon as possible. The U.S. Attorney General stated that the Maduro couple will face federal charges. The majority of Republicans expressed support for the action, but a few lawmakers voiced skepticism.
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[In-Depth & Outlook
]( The number of Ethereum in the PoS network has dropped to 80,000, with over 1 million Ethereum waiting to be staked
According to Yu Jin's post on X, "In mid-September, the price of Ethereum surged to this year's highest point of around $4,700, with as many as 2.66 million Ethereum choosing to exit staking. After three and a half months of digestion, the Ethereum waiting to exit staking has now been basically digested, leaving only 80,000. The price of Ethereum dropped by 34% after digesting about 2.6 million Ethereum exiting staking: from $4,700 in mid-September to now $3,100. The current situation is completely the opposite, with the number of Ethereum waiting to be staked far exceeding the number exiting: because the Ethereum treasury company Bitmine (BMNR) has recently staked a large amount of Ethereum (depositing 593,152 in the last 8 days), currently, the number of Ethereum waiting to be staked exceeds 1 million."
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[]( The number of Ethereum in the PoS network has dropped to 80,000, with over 1 million Ethereum waiting to be staked
According to Yu Jin's post on X, "In mid-September, the price of Ethereum surged to this year's highest point of around $4,700, with as many as 2.66 million Ethereum choosing to exit staking. After three and a half months of digestion, the Ethereum waiting to exit staking has now been basically digested, leaving only 80,000. The price of Ethereum dropped by 34% after digesting about 2.6 million Ethereum exiting staking: from $4,700 in mid-September to now $3,100. The current situation is completely the opposite, with the number of Ethereum waiting to be staked far exceeding the number exiting: because the Ethereum treasury company Bitmine (BMNR) has recently staked a large amount of Ethereum (depositing 593,152 in the last 8 days), currently, the number of Ethereum waiting to be staked exceeds 1 million."
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[]( The number of Ethereum in the PoS network has dropped to 80,000, with over 1 million Ethereum waiting to be staked
According to Yu Jin's post on X, "In mid-September, the price of Ethereum surged to this year's highest point of around $4,700, with as many as 2.66 million Ethereum choosing to exit staking. After three and a half months of digestion, the Ethereum waiting to exit staking has now been basically digested, leaving only 80,000. The price of Ethereum dropped by 34% after digesting about 2.6 million Ethereum exiting staking: from $4,700 in mid-September to now $3,100. The current situation is completely the opposite, with the number of Ethereum waiting to be staked far exceeding the number exiting: because the Ethereum treasury company Bitmine (BMNR) has recently staked a large amount of Ethereum (depositing 593,152 in the last 8 days), currently, the number of Ethereum waiting to be staked exceeds 1 million."
The cycle of 2026 is likely to see the emergence of winners who can accurately identify new value acquisition dynamics. Successful infrastructure projects will focus on optimizing application economic benefits rather than protocol value acquisition.
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The birth of a new trading market inevitably means the emergence of arbitrage opportunities due to information asymmetry, affecting the market's ability to solve the problems it aims to address. For ETHGas, balancing this issue to prevent the "positive cycle" from turning into a "death spiral" may require some necessary restrictions.
]( Gas futures market, ETHGas aims to be a real-time execution layer <div class=)
[Perspective]( Gas futures market, ETHGas aims to be a real-time execution layer <div class=)
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The cryptocurrency world is flat and open, giving everyone a chance to voice their opinions. Many insightful opinion leaders have grown from obscurity. As long as you can find these individuals and recognize the value of their content, the charm of crypto will be revealed. Of course, one must also remain vigilant to avoid being deceived.
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In this article, he does not attempt to provide definitive answers but rather, from the perspective of a buyside researcher and trader, reviews the gains and losses of 2025's judgments and confronts a more realistic question: in an era dominated by retail investors, accelerated narratives, and changing return structures, how should investors review, migrate, and reshape their investment frameworks?
]( Should we turn to the stock market this year? A new year's strategy from an analyst <div class=)