1.9 Yesterday, the cryptocurrency market and US stocks collectively pulled back, and Trump stated that there are no plans to pardon FTX founder SBF.

What have foreigners been most concerned about in the past 24 hours?

the total market value of gold held by global central banks will surpass that of U.S. Treasury bonds for the first time in 2025, a situation that has not occurred in nearly thirty years since 1996, marking a fundamental change in the international reserve landscape. In 2025, the international financial market witnessed a historic turning point: the total market value of gold reserves held by global central banks exceeded that of their U.S. Treasury bonds for the first time. This change did not happen overnight but is the result of multiple forces acting over a long period. According to the latest statistical data,

The narrative is coming to fruition, certainty is welcoming new variables, and in 2026, structural opportunities in the US stock market/tokenization/Web3 may be emerging.

Author: Mai Tong, MSX Researcher The narrative direction is being realized, and new variables are emerging with certainty. In 2026, structural opportunities in the US stock market / tokenization / Web3 may be emerging. One cannot lament the past, but the future is still within reach. 2025 has swiftly passed. This year, the global financial market has undergone one round after another of "extreme stress tests": repeated geopolitical tensions, fluctuating macro expectations, the retreat of narratives, and the intertwining of liquidity differentiation. Meanwhile, tokenization has quietly accelerated under the impetus of compliance and infrastructure. It can be said that from Tr

The overall market performance (Beta) is more important than excess returns (Alpha), as it is difficult to profit from Alpha when the market is underperforming.

Ray Dalio, the founder of Bridgewater Associates, conducted a systematic reflection on the market in 2025, pointing out that the core story of the past year is not the seemingly strong U.S. stock market, but rather the drastic changes in currency value and the reallocation of global assets.

On January 3, in the East 8 Time Zone, U.S. long-term government bonds experienced a new round of intense volatility during trading. The yield on the 10-year U.S. Treasury bond surged from **above 3.9% to nearly 4.1%**, leading to a synchronized repricing of global risk assets, with cryptocurrency assets also experiencing a significant pullback that day. This repricing of interest rates and the bond market is not an isolated technical adjustment, but rather a concentrated reflection of the resilience of the U.S. economy after the market continuously corrected the optimistic expectations of a "soft landing + rapid interest rate cuts" from the fourth quarter of last year.

On January 4, Eastern Standard Time, the U.S. Securities and Exchange Commission (SEC) officially released new asset custody regulations aimed at banks and broker-dealers, requiring stricter accounting treatment and capital requirements for customer custody assets, including those containing crypto assets. This has drawn significant attention from the crypto industry and traditional financial institutions. This change marks the beginning of U.S. regulators reshaping "who is qualified to safely custody crypto assets" following the collapse of large platforms like FTX through accounting and capital regulatory measures.

In early January, according to the latest internal roadshow and client communication materials from Bank of America’s wealth management division, **BTC** has been included alongside gold and high-quality growth stocks as "strategically holdable assets." For the first time, systematic discussions on the path to engaging with crypto assets through compliant products on the banking side were held in several closed-door salons. This change marks a further shift in the attitude of traditional financial channels towards crypto assets and opens the door for high-net-worth funds to participate in this emerging market through bank balance sheets.

On January 3rd, during the trading hours of the US stock market in the UTC+8 time zone, the funding for Bitcoin spot ETFs showed a significant cooling, with the net inflow for the day far below previous peaks, and market risk appetite also declined. Against the backdrop of weakened capital drive, the price of Bitcoin once again fell below the **$100,000** mark during the session, triggering fluctuations in bullish sentiment. On the market, mainstream cryptocurrencies were generally under pressure, with some high-beta assets that had previously seen significant gains showing more pronounced pullbacks. This round of adjustment is viewed as a reaction following the ETF frenzy.

1. CEX Popular Cryptocurrencies CEX Trading Volume Top 10 and 24-Hour Price Change: BNB: -0.05% BTC: +1.33% ETH: +0.94% SOL: +1.52% PEPE: +0.81% XRP: +1.43% RENDER: +19.71% DOGE: +2.95% CVX: +41.85% ADA: -0.10% 24-Hour Price Increase Ranking (Data Source: OKX): CVX: +41.61% RENDER: ...

Organized: Cora, Techub News TinTinLand Fear and Greed Index: 40 (Neutral) Bitcoin Price: $91,086 BTC/ETH Spot ETF Fund Flow (1.2) BTC Net Inflow: $471.14 M ETH Net Inflow: $174.42 M Hong Kong BTC/ETH Spot ETF Fund Flow (1.3) BTC Net Subscription: 0 BTC ETH Net Subscription: 0 ETH According to the《