整理：Cora，Techub News
**TinTinLand
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Fear and Greed Index: 45 (Neutral)
Bitcoin Price: $92,685
BTC/ETH Spot ETF Fund Flow (Last Week)
BTC Net Inflow: $1.42 B
ETH Net Inflow: $479.04 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (Last Week)
BTC Net Subscription/Redemption: 0 BTC
ETH Net Redemption: 0.02 ETH
Hong Kong's Financial Secretary Paul Chan stated in a blog that Hong Kong is accelerating the establishment of a gold central settlement system as an important financial infrastructure to enhance the reliability and efficiency of gold trading and physical delivery, reduce transaction costs, and increase liquidity, with the goal of launching a trial operation by 2026 and inviting the Shanghai Gold Exchange to participate.
ING Group Prepares Compliant Digital Asset Trading Platform and Wallet Technology
ING Group plans to launch a compliant digital asset exchange and develop wallet and public chain technology in the short term, creating a one-stop platform covering trading, clearing, and custody. ING Group primarily focuses on biometric identification and security software services and was renamed ING Group in December 2025, currently valued at approximately HKD 123 million.
Hong Kong Fintech Company WeLab Completes $220 Million Series D Financing, Led by HSBC
Hong Kong fintech company WeLab has completed $220 million in Series D financing, led by HSBC, with participation from Prudential Hong Kong, Fubon Bank, Hong Kong Investment Company, Allianz X, TOM Group (Cheung Kong Group), and others. The funds will be used to expand into the Southeast Asian market and for acquisitions. WeLab is a Hong Kong fintech company, and its WeLab Bank received a virtual banking license (now known as a digital bank) from the Hong Kong Monetary Authority in 2019 and is a member of the Hong Kong Institute of Bankers (HKIB).
Selected Events in Hong Kong for January
We have specially compiled noteworthy events in the cryptocurrency field in Hong Kong for January, which will open a window to the future of Web3 for you.
We have specially compiled noteworthy events in the cryptocurrency field in Hong Kong for January, which will open a window to the future of Web3 for you.
Vietnamese police arrested 5 suspects in Da Nang who were allegedly operating a cryptocurrency fraud gang, involving approximately 140 billion Vietnamese dong (about $530,000). The gang reportedly used Cambodia as a base, disguised as a trading platform similar to "Nasdaq," and created numerous fake accounts through channels like Zalo and Telegram, posing as investment experts to lure victims into depositing funds and falsely reporting profits. Police stated that the funds were transferred through multiple bank accounts after being misappropriated and were ultimately exchanged for cryptocurrency to conceal their source.
The multilateral central bank digital currency bridge mBridge, led by China and in cooperation with multiple central banks, has processed cross-border payment transactions exceeding $55 billion. mBridge aims to enhance the efficiency of cross-border settlements, reduce costs, and decrease reliance on traditional correspondent banking systems through multilateral central bank digital currency infrastructure.
The Nigerian Securities and Exchange Commission (SEC) has issued new regulations raising the minimum capital requirements for digital asset exchanges and custodians to 2 billion naira, significantly higher than the previous 500 million naira and above the previously discussed 1 billion naira proposal.
In a fraud case in North Jeolla Province, South Korea, where the scam was pitched as "AI automated trading of virtual currency with high returns," the main accused was sentenced to 3 years and 6 months in prison in the second trial. The gang reportedly carried out approximately 2,800 scams under the guise of "AI cross-border arbitrage trading of Bitcoin" from 2017 to 2019, defrauding investors of about 19 billion won. Four other recruiters received prison sentences ranging from 1 to 2 years or probation.
Kazakhstan's President Tokayev has signed amendments to the "Law on Banks and Banking Activities" and the "Financial Market Regulation and Development Amendment," aiming to adjust the regulatory framework for digital assets in the country. Reports indicate that the new law will define "Digital Financial Assets" (DFA) as a new asset class, divided into stablecoins, asset-backed tokens, and electronic financial instruments, with the National Bank of Kazakhstan responsible for issuing cryptocurrency exchange licenses, creating a list of tradable cryptocurrencies, and anti-money laundering regulation. Commercial banks are permitted to invest in fintech companies and develop innovative financial products, including mobile payment and digital tenge-related systems.
US Senate Democrats to Restart Negotiations on Cryptocurrency Market Structure Bill
US Senate Democrats have re-engaged with representatives from the cryptocurrency industry to discuss the next steps for the "CLARITY Act" (Cryptocurrency Market Structure Bill). The Senate Banking Committee's initial amendment meeting originally scheduled for January 15 has been postponed, but the Agriculture Committee's vote is still planned for January 27, and the bill must be passed separately by both the Banking and Agriculture Committees before being combined for a full Senate vote. The draft of the bill released this week has drawn significant criticism, with Coinbase stating that the company cannot support this version.
Project/Company Updates
ZachXBT: Trove Team Transfers $45,000 from Angel Round Financing to Prediction Market
According to monitoring by ZachXBT, the Trove team transferred $45,000 from their angel round financing directly to a prediction market-related address on January 11.
The dYdX Foundation released its 2025 ecosystem annual report, revealing that dYdX's cumulative trading volume has exceeded $15.5 trillion. Quarterly trading volume rebounded from approximately $16 billion in Q2 2025 to $34.3 billion in Q4 2025, marking the highest quarterly performance of the year; meanwhile, governance has approved increasing the DYDX buyback scale to 75% of protocol net revenue. Additionally, the report shows that by the end of 2025, the number of DYDX holders is approximately 98,000.
US Fast Food Chain Steak 'n Shake Increases Bitcoin Reserves by $10 Million
US fast food chain Steak 'n Shake tweeted that it has added $10 million to its Bitcoin reserves today. Steak 'n Shake began accepting Bitcoin payments eight months ago, and since then, its sales have significantly increased.
Insiders have stated that if Coinbase cannot present an effective proposal and return to negotiations, the White House may consider withdrawing its support for the CLARITY Act. The White House is reportedly angry about Coinbase's previous "unilateral" actions, claiming it was not notified in advance. Insiders indicated that the White House believes a single company cannot represent the entire cryptocurrency industry, stating, "Ultimately, this is President Trump's bill, not Brian Armstrong's bill."
Anchorage Digital Plans to Raise $200 to $400 Million Before Next Year’s IPO
US cryptocurrency bank Anchorage Digital is seeking a new round of financing while exploring potential plans for an initial public offering (IPO). Anchorage plans to raise $200 to $400 million before a possible IPO next year and is still finalizing its valuation plan. Anchorage Digital Bank is the first federally chartered cryptocurrency-native bank in the US, regulated by the Office of the Comptroller of the Currency (OCC).
In-Depth & Outlook
Sources of Income in Cryptocurrency
By 2026, two questions may determine the direction of these income drivers: Will the share of stablecoins in industry revenue decline from around 60% as interest rate cuts weaken arbitrage trading? Will the market share of perpetual trading venues break through the 7-8% bottleneck as trading execution consolidates?
Cutting Off the Source, The Era of Easy Gains Comes to an End
In recent years, Web3 has popularized this entrepreneurial mindset: leveraging Web2 traffic to create momentum for Web3. Users are on Twitter, data is on Twitter, attention is on Twitter, but the tokens are issued by oneself, and the money is earned by oneself. It sounds clever, like using a small force to move a great weight. But ultimately, other people's traffic belongs to them. The platform allows you today because it hasn't been a hindrance to them yet. The day it becomes a hindrance, the vampire-like business will truly be unsustainable. This serves as a wake-up call for all Web3 projects that started by borrowing platform traffic.
Opinions
Why Did Coinbase "Back Down" at the Last Minute on the Genius Act?
The CLARITY Act attempts to walk a tightrope between encouraging innovation and preventing risks, but this balance is nearly impossible to satisfy everyone. For Coinbase, the bill is too restrictive; for traditional banks, the bill is too lenient; for other crypto companies, the bill may be just right.
On-Chain Audit Record: How to Understand the 2025 Prediction Market Like a Professional Analyst?
Prediction markets seem to always run faster than the news. From the U.S. elections to geopolitical "black swans," everything is tradable. Everyone is talking about Polymarket, and some are optimistic about the compliant Kalshi or the newcomer Limitless. These platforms are located in the U.S. or Panama; some settle in U.S. dollars, while others use cryptocurrency; some record transactions in internal databases, while others use blockchain.
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