The cryptocurrency market continued its recent volatility pattern on Friday, with Bitcoin (BTC) prices briefly dropping to a two-month low of around $82,300, down approximately 2.5% from the previous day's close, and facing a fourth consecutive month of losses, which would mark the longest monthly decline streak since 2018. The entire market capitalization shrank by about 6%, with total liquidations soaring to $1.7 billion, affecting over 270,000 traders, with long positions accounting for as much as $1.574 billion. Ethereum (ETH) also faced pressure, dropping to around $2,737. Today's market will also see the expiration of $8.8 billion in Bitcoin and Ethereum options, which could further amplify short-term price sensitivity. Despite the heightened short-term panic (the fear index hitting a low not seen since 2026), positive developments at the regulatory and corporate levels have injected some long-term optimism into the market. Here are the key updates for today.
Regulatory and Policy Developments
The U.S. regulatory environment has seen several updates, pushing the crypto industry towards a more mature direction. Commodity Futures Trading Commission (CFTC) Chairman Michael Selig announced that new rules will be formulated for the prediction market industry, while withdrawing the proposal to ban sports and political prediction contracts in 2024, as well as the warning document regarding sports contracts in 2025. Selig emphasized that the CFTC will support legitimate innovation and reiterated its exclusive jurisdiction over commodity derivatives. Additionally, the CFTC will collaborate with the Securities and Exchange Commission (SEC) to develop cryptocurrency rules and align with Congress's digital asset legislative efforts. Although regulators can independently issue rules, Selig pointed out that formal legislation remains essential.
Meanwhile, the U.S. Senate Agriculture Committee passed the cryptocurrency market structure bill with a partisan vote of 12-11, marking the first progress for the bill at the Senate committee level. However, due to the vote being entirely along party lines and lacking Democratic support, the bill still faces significant hurdles for full Senate approval. Committee Chairman and Republican John Boozman stated that significant progress has been made after months of negotiations, but Democratic lead negotiator Corey Booker criticized the Republicans for withdrawing from negotiations and accused President Trump and his family of profiting from the crypto industry while promoting a framework lacking ethical constraints. Democrats unanimously oppose the current version but expressed willingness to continue negotiations for bipartisan consensus. The bill also needs to be reviewed by the Senate Banking Committee, where its version has progressed slowly due to controversial provisions related to stablecoin yields. The White House plans to convene a meeting next week to coordinate positions among the crypto industry, banking sector, both parties, and the government. If ultimately passed, it will be integrated with the version that has already received a high vote in the House of Representatives and submitted for the President's signature.
In terms of high-level personnel, sources indicate that the Trump administration is preparing to confirm Kevin Warsh as the Federal Reserve Chairman. Previously, Trump announced that he would reveal the nominee tomorrow morning local time (tonight Hong Kong time). This nomination has sparked speculation in the market regarding Federal Reserve policy, which may affect the risk appetite for crypto assets. Additionally, the CFTC and SEC have launched a joint initiative called "Project Crypto" to further strengthen regulatory collaboration.
Exchange and Fund Dynamics
Binance announced adjustments to the asset structure of its SAFU (Secure Asset Fund for Users), gradually converting its existing $1 billion stablecoin reserve into Bitcoin reserves, with plans to complete the exchange within 30 days of the announcement. Binance stated that it will regularly review the fund's size, and if the market value falls below $800 million due to Bitcoin price fluctuations, it will replenish Bitcoin to restore it to $1 billion. This move highlights the exchange's confidence in Bitcoin's long-term value but also increases exposure to price volatility.
Upcoming Launches and Project Updates
Binance Alpha will launch the Infinex token INX on January 31. Eligible users can claim airdrops using Binance Alpha points after trading opens, with further details to be announced separately. This launch is expected to attract more liquidity into the DeFi ecosystem.
Corporate and Institutional Actions: Continued Expansion of Bitcoin Holdings
Despite the market pullback, corporate enthusiasm for strategic allocations in Bitcoin remains strong, with several publicly listed companies announcing increases or adjustments to their strategies, reinforcing the "Bitcoin treasury" model.
U.S. chain restaurant brand Steak ’n Shake is advancing its "Hamburgers to Bitcoin" transformation plan, adding $5 million in Bitcoin holdings at nominal value, stating that all Bitcoin sales revenue will be deposited into a strategic Bitcoin reserve.
U.S. publicly listed company DDC Enterprise announced two increases, purchasing a total of 200 Bitcoins, bringing its total holdings to 1,783 Bitcoins. (Note: Earlier announcements indicated 1,683 Bitcoins, later corrected.)
Tron Inc. purchased 170,594 TRX at an average price of $0.29, increasing its total holdings to over 678 million.
Strive completed a SATA stock issuance and Semler note exchange, increasing its holdings by 333.89 Bitcoins at an average price of $89,851, bringing its total holdings to 13,131.82 Bitcoins, making it the tenth largest Bitcoin holder globally.
Japanese publicly listed company Metaplanet plans to issue 24.529 million new shares on February 13, raising approximately 12.2 billion yen to further increase its Bitcoin holdings.
The investment subsidiary of the National Bank of Kazakhstan, NIC, announced plans to utilize cryptocurrencies, foreign exchange, and gold reserves seized by law enforcement to bolster the national crypto reserve fund. An initial allocation of $350 million is set aside, not for direct cryptocurrency purchases, but for investments through five hedge funds and venture capital funds. President Kassym-Jomart Tokayev revealed that police have shut down 130 illegal platforms, seizing assets exceeding $5 million.
On the other hand, U.S. publicly listed Ethereum treasury company Bit Digital announced the complete cessation of its Bitcoin mining operations, further focusing on the Ethereum ecosystem and high-performance computing infrastructure. The company's CEO stated in a letter to shareholders that mining has become a strategy with lower capital efficiency, and they have integrated their digital asset exposure into Ethereum, focusing on AI infrastructure through its subsidiary WhiteFiber. Since entering mining in 2020, the company first hinted at an exit in June 2025 and has since gradually sold off assets.
Market Performance and Hotspots
Bitcoin today hit a new low of $81,000, dropping nearly $10,000 within 24 hours. Overall market panic has spread, with frequent liquidation events involving top assets like Bitcoin, ETH, XRP, and SOL, totaling $2 billion. Despite this, some tokens have risen against the trend: Oasis Network (ROSE) surged by 16.26%, and Sun Token became the focus of the day. Gold prices surpassed $5,000, highlighting the reality of crypto as a risk asset, contrasting sharply with safe-haven assets.
Coinbase has strengthened its security measures by expanding threat intelligence sharing through Crypto ISAC, shifting from temporary to automated continuous sharing to enhance platform security. Additionally, Trump regulators have indicated readiness to introduce new rules to promote crypto growth, despite facing unexpected legislative setbacks.
Outlook
Although today's market is under pressure from speculation regarding the Federal Reserve Chairman nomination and options expiration, regulatory progress and corporate accumulation demonstrate industry resilience. In the short term, investors should be wary of further volatility; in the long term, bipartisan legislative coordination and institutional adoption may drive a rebound. Attention should be paid to the results of next week's White House meeting and whether Bitcoin prices can hold the $81,000 support level.
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