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Agora, a blockchain governance startup, is set to acquire its competitor Boardroom. The company framed the acquisition as a strategic move to enhance governance within the broader Ethereum ecosystem, citing expectations of renewed growth in decentralized governance due to President Trump’s promise of regulatory clarity for the blockchain industry.

« 2025 is the year we make good governance the standard for all protocols in Ethereum, » Agora co-founder Yitong Zhang told CoinDesk.

Agora was founded in 2022 by Zhang, Charlie Feng, and Kent Fenwick. The trio initially started working on governance tooling at Nouns DAO, one of the buzzier blockchain protocols to emerge from 2021’s DAO (decentralized autonomous organization) and NFT hype cycle.

The term « DAO » generally describes crypto communities that are governed by their token holders. They’re a favorite among those who believe crypto’s decentralization ethos can be a world-changing force, albeit an unwieldy way to run a pseudo-company. That’s created an opening for support projects like Agora.

Agora was founded on the premise that token governance is central to the value of crypto protocols. It aims to provide user-friendly, open-source governance tools for DAOs like Uniswap and Optimism, which both currently use Agora to organize token holders and hold governance votes.

Boardroom, which predated Agora and has similar goals, took a more horizontal approach to blockchain governance. Boardroom has gradually transitioned from an Agora-style DAO tooling software to a data feed—similar to a « Bloomberg » for crypto governance data.

Agora declined to disclose how much it paid to acquire Boardroom. Boardroom’s employees have been offered roles at Agora, and Boardroom’s founder, Kevin Nielsen, will remain as an advisor. « There’s no plan to deprecate » Boardroom, according to Zhang. Rather, the Agora team will keep both platforms running and will work with users to determine how the tools might gradually be integrated.

A new day for DAOs?

« DAO » is less of a buzzword in 2025 than it was a few years ago. They were pitched as a way to leverage blockchain’s core strengths in decentralized coordination to advance a new kind of community-owned company, but they’ve been implemented in various ways and to varying degrees of success.

Many DAOs have floundered due to organizational difficulties; it can be hard to coordinate thousands of token-holders around a single goal. Improving DAO tooling can help to address this, but it is only one side of the equation. Another barrier for DAOs has been a lack of regulatory clarity, which has left open questions of legal liability and has made it difficult for DAOs to determine how tokens should be issued, and how decisions should be divided between token holders and a platform’s core developers.

« From a business perspective, DAOs are coming back in a really, really large way, » said Zhang, who says his own business has grown « 10X » over the past year. « People haven’t noticed yet because people have so much trauma over DAO bulls**t. »

The Trump administration has signaled its intention to create clearer guidelines for cryptocurrency issuance, which has led to optimism among Zhang and some of his competitors.

« I think we’re gonna finally get reasonable definitions for sufficient decentralization, security, and compliant ways of doing a token, » said Zhang. »

Animecoin, the governance token tied to non-fungible token (NFT) project Azuki, has debuted at a fully diluted value (FDV) of $1.2 billion with tokens trading at $0.12 on HyperLiquid.

The total supply of the token is set at 10 billion, and holders of the Azuki NFT can claim the airdrop.

Users reported that the official airdrop claims website suffered downtime moments after it went live.

Le prix du PENGU augmente alors que la communauté se prépare au lancement du réseau Abstract.
Les ventes de NFT de Pengu Penguin sont en hausse de 80 %, malgré une baisse plus large du marché des NFT.
L’analyse technique laisse entrevoir une correction prochaine pour PENGU.

Le prix du jeton Pudgy Penguins, PENGU, est à nouveau sous les feux des projecteurs après avoir enregistré une hausse de 8,7 % le 23 janvier, atteignant un sommet intraday de 0,0264 $, ce qui en fait l’un des acteurs les plus performants parmi les 100 premières crypto-monnaies par capitalisation boursière.

Ce rallye a propulsé la capitalisation boursière de PENGU au-delà de 1,6 milliard de dollars, avec des volumes d’échanges en hausse de 20 % à plus de 411 millions de dollars.

L’attente entourant le lancement du réseau Abstract

Le principal catalyseur de la flambée des prix de PENGU est l’anticipation de la communauté concernant le lancement d’Abstract, un réseau Ethereum de couche 2 développé par Igloo Inc., la société mère derrière PENGU et la collection Pudgy Penguins NFT.

Il y a un buzz palpable au sein de la communauté crypto, alimenté par des rapports selon lesquels les détenteurs de PENGU pourraient être éligibles à un airdrop du jeton natif d’Abstract lors de son événement de génération de jetons.

Cela constituerait un énorme coup de pouce pour PENGU étant donné que cela intervient un mois après l’ airdrop de 1,5 milliard de dollars de PENGU sur Solana .

Bien que les rapports d’airdrop restent non confirmés, l’ annonce d’un lancement du réseau principal en janvier pour Abstract a suscité un intérêt significatif des investisseurs, ce qui a conduit les détenteurs de PENGU à se positionner tôt pour capitaliser sur les avantages potentiels.

Les ventes de NFT de Pengu Penguin augmentent

La hausse de la valeur de PENGU est également soutenue par une augmentation notable des ventes de NFT Pudgy Penguin, qui ont augmenté de près de 80 %, ce qui en fait l’une des collections les plus performantes selon les données de CryptoSlam .

Il convient de noter que la hausse des ventes intervient malgré le fait que le marché NFT dans son ensemble ait connu une baisse de 3,8 % au cours de la dernière journée.

Cette augmentation du volume des transactions et de l’intérêt pour les NFT eux-mêmes a encore souligné la confiance des investisseurs dans l’avenir du projet, en particulier avec l’intégration prochaine dans l’écosystème Abstract.

Correction potentielle à l’horizon

Bien que la flambée des prix du PENGU ait suscité l’enthousiasme des traders/investisseurs, tous les signes ne laissent pas présager d’une croissance continue.

Les indicateurs techniques suggèrent une correction potentielle imminente pour le PENGU. Le prix du jeton a été observé près de la bande de Bollinger inférieure, signalant un contrôle baissier, et l’indice de force relative (RSI) à 41 laisse entrevoir une dynamique baissière.

De plus, l’indicateur Supertrend et un Chaikin Money Flow négatif suggèrent que la pression d’achat pourrait diminuer, ce qui pourrait conduire à un repli des prix vers des niveaux de support à 0,022 $ ou même 0,020 $.

Un facteur externe qui pourrait modifier ce scénario baissier implique des changements de politique spéculatifs sous la présidence de Donald Trump, notamment la fin potentielle de l’impôt sur les plus-values sur les bénéfices des crypto-monnaies basées aux États-Unis.

Un tel changement de politique pourrait bénéficier considérablement à des projets comme Igloo Inc., offrant un avantage pour le PENGU. Bien que l’avenir soit à la fois prometteur et prudent, l’impact immédiat a indéniablement été une augmentation de l’intérêt et de la valeur pour le PENGU.

The post Le lancement du réseau abstrait déclenche une hausse du prix des Pudgy Penguins (PENGU) appeared first on CoinJournal.

By Omkar Godbole (All times ET unless indicated otherwise)

Bitcoin and most major cryptocurrencies are weaker after Chicago Mercantile Exchange, a proxy for institutional activity, denied reports of listing futures tied to XRP and SOL. Traditional markets are also holding their breath for the expected Bank of Japan interest-rate increase on Friday.

Despite BTC’s continued range play above $100,000, retail demand remains robust. Glassnode’s shrimp-Crab cohort, which includes addresses holding up to 10 BTC, have absorbed 1.9 times the newly mined supply last month, totaling over 25,600 BTC. Meanwhile, long-term holders have slowed their spending and profit-taking activities, indicating a cautious, but firm, commitment to their investments.

Still, dropping below $100,000 might prove costly. According to Wintermute’s OTC trader Jake Ostrovskis, that would « frame Monday’s inauguration as a sell-the-news event and the narrative could switch pretty quickly. »

Reports suggest the number of whale wallets holding between 1 million and 10 million XRP has surged to an all-time high of 2,083, signaling increased accumulation and confidence in its future performance.

In the world of innovation, chatter around Bitcoin Synths is gaining traction on X. These synthetic assets allow users to benefit from bitcoin’s price movements without actually owning the cryptocurrency. Bitcoin Synths can be traded or used as collateral in lending protocols, avoiding the complexities associated with wrapped tokens and specialized bridges.

Ethereum layer-2 protocols are also making headlines with record transaction volumes, even as concerns about their capacity nearing limits persist.

On the macroeconomic front, recent data from the Labor Department shows that the « all tenant rent » index, an indicator of shelter inflation in the Consumer Price Index (CPI), rose at a slower pace last quarter. The data suggest that recent worries about inflation may be overdone and the Fed could pivot away from its hawkish forecast, which would be a positive sign for risk assets. Stay alert!

What to Watch

Crypto

Jan. 23: First deadline for SEC decision on NYSE Arca’s proposal to list and trade shares of Grayscale Solana Trust (GSOL), a closed-end trust, as an ETF.

Jan. 25: First deadline for SEC decisions on proposals for four spot solana ETFs: Bitwise Solana ETF, Canary Solana ETF, 21Shares Core Solana ETF and VanEck Solana Trust, which are all sponsored by Cboe BZX Exchange.

Jan. 29: Ice Open Network (ION) mainnet launch.

Feb. 4: MicroStrategy Inc. (MSTR) reports Q4 2024 earnings.

Feb. 4: Pepecoin (PEPE) halving. At block 400,000, the reward will drop to 31,250 pepecoin.

Feb. 5, 3:00 p.m.: Boba Network’s Holocene hard fork network upgrade for its Ethereum-based L2 mainnet.

Macro

Jan. 23, 8:30 a.m.: The U.S. Department of Labor releases the Unemployment Insurance Weekly Claims Report for the week ended Jan. 18.

Initial Jobless Claims Est. 215K vs. Prev. 217K.

Jan. 23, 10:00 a.m.: The National Association of Realtors releases December 2024 U.S. Existing Home Sales report.

Existing Home Sales Est. 4.16M vs. Prev. 4.15M.

Existing Home Sales MoM Prev. 4.8%.

Jan. 23, 4:30 p.m.: The Fed releases the H.4.1 report, the central bank balance sheet, for the week ended Jan. 22.

Total Reserves Prev. $6.83T.

Jan. 23, 6:30 p.m.: Japan’s Ministry of Internal Affairs and Communications releases December 2024’s Consumer Price Index (CPI) report.

Inflation Rate MoM Prev. 0.6%.

Core Inflation Rate YoY Est. 3% vs. Prev. 2.7%.

Inflation Rate YoY Prev. 2.9%.

Jan. 23, 10:00 p.m.: The Bank of Japan (BoJ) releases Statement on Monetary Policy.

Interest Rate Decision Est. 0.5% vs. Prev. 0.25%.

Token Events

Governance votes & calls

Morpho DAO is discussing reducing incentives by 30% across all networks and assets.

Yearn DAO is discussing funding and endorsing a subDAO called Bearn to focus on building and launching products on Berachain.

Frax DAO is discussing a $5 million investment in World Liberty Financial (WLFI), the crypto project backed by the family of U.S. President Donald Trump.

Jan. 23: Livepeer (LPT) is hosting a Core Dev call.

Jan. 24: Arbitrum BoLD’s activation vote deadline. BoLD allows anyone to participate in validation and defend against malicious claims to an Arbitrum chain’s state.

Jan. 24: Hedera (HBAR) is hosting a community call at 11 a.m.

Unlocks

Jan. 31: Optimism (OP) to unlock 2.32% of circulating supply worth $52.9 million.

Jan. 31: Jupiter (JUP) to unlock 41.5% of circulating supply worth $626 million.

Token Launches

Jan. 23: Sky (SKY) is being listed on Bitget.

Jan. 23: Animecoin (ANIME) is launching, with claims starting at 8 a.m. The token will be listed on multiple exchanges including Binance, OKX and KuCoin.

Conferences:

Day 11 of 12: Swiss WEB3FEST Winter Edition 2025 (Zug, Zurich, St. Moritz, Davos)

Day 4 of 5: World Economic Forum Annual Meeting (Davos-Klosters, Switzerland)

Jan. 24-25: Adopting Bitcoin (Cape Town, South Africa)

Jan. 25-26: Catstanbul 2025 (Istanbul). The first community conference for Jupiter, a decentralized exchange (DEX) aggregator built on Solana.

Jan. 30, 12:30 p.m. to 5:00 p.m.: International DeFi Day 2025 (online)

Jan 30-31: Plan B Forum (San Salvador, El Salvador)

Jan. 30 to Feb. 4: The Satoshi Roundtable (Dubai)

Feb. 3: Digital Assets Forum (London)

Feb. 5-6: The 14th Global Blockchain Congress (Dubai)

Feb. 7: Solana APEX (Mexico City)

Feb. 13-14: The 4th Edition of NFT Paris.

Feb. 18-20: Consensus Hong Kong

Feb. 23 to March 2: ETHDenver 2025 (Denver, Colorado)

Token Talk

By Francisco Rodrigues

Azuki, a non-fungible token (NFT) collection, is introducing its Animecoin (ANIME) today on Ethereum and Arbitrum. The token was announced on Jan. 13.

An airdrop will encompass Azuki NFT holders, Hyperliquid HYPE stakes, some Arbitrum ecosystem participants and Kaito yappers.

It will also include certain anime communities and BNB token holders who, between Jan. 17 and Jan. 20, subscribed to Simple Earn with their tokens on Binance.

The debut builds on a growing trend of NFT collections launching their own tokens, a trend that started in 2021 when Bored Ape Yacht Club (BAYC) launched ApeCoin.

Other examples include DeGods’ DUST and Pudgy Penguins’ PENGU tokens, which have a $1.6 billion market capitalization.

Other signs indicate the NFT market is heating up, with Nansen recently pointing out that a Crypto Punk was sold for 170 ETH (around $540,000) while an Azuki was sold for 165 ETH. The Azuki NFT had been bought a month before for 105 ETH.

Derivatives Positioning

The cumulative volume delta indicator reveals that major cryptocurrencies, with the exception of TON, have experienced net selling pressure in the perpetual futures markets over the past 24 hours.

Block flows on Deribit and Paradigm featured long positions in short-dated BTC puts at $100K, $95K and $70K. An entity bought ETH put at $2.9K.

Front-end BTC and ETH calls now traded at par with puts.

Market Movements:

BTC is down 4.1 % from 4 p.m. ET Wednesday to $102,020 (24hrs: -2.71%)

ETH is down 3.85% at $3,206.18 (24hrs: -2.83%)

CoinDesk 20 is down 3.61% to 3,799.21 (24hrs: -3.58%)

CESR Composite Ether Staking Rate is down 15 bps to 3.15%

BTC funding rate is at -0.0019% (-2.08% annualized) on OKX

DXY is unchanged at 108.25

Gold is down 0.35% at $2,761.10/oz

Silver is down 0.73% to $30.57/oz

Nikkei 225 closed up 0.79% at 39,958.87

Hang Seng closed down 0.4% at 19,700.56

FTSE is unchanged at 8,538.7

Euro Stoxx 50 is unchangedat 5203.6

DJIA closed +0.3% to 44,156.73

S&P 500 closed +0.61% at 6,086.37

Nasdaq closed +1.28% at 20,009.34

S&P/TSX Composite Index closed +0.12% at 25,311.5

S&P 40 Latin America closed +1.21% at 2,297.32

U.S. 10-year Treasury is up 3 bps at 4.59%

E-mini S&P 500 futures are down 0.19% to 6,109.00

E-mini Nasdaq-100 futures are down 0.56% to 21,876.75

E-mini Dow Jones Industrial Average Index futures are unchaged at 44,384.00

Bitcoin Stats:

BTC Dominance: 58.59

Ethereum to bitcoin ratio: 0.031

Hashrate (seven-day moving average): 781 EH/s

Hashprice (spot): $58.9

Total Fees: 8.5 BTC/ $876,410

CME Futures Open Interest: 188,396 BTC

BTC priced in gold: 37.1 oz

BTC vs gold market cap: 10.56%

Technical Analysis

BTC’s retreat from Monday’s high is teasing a formation of a double top bearish reversal pattern.

A move below the horizontal line would confirm the pattern, potentially bringing more chart-led sellers to the market.

Crypto Equities

MicroStrategy (MSTR): closed on Wednesday at $377.31 (-3.03%), down 1.89% at $370.19 in pre-market.

Coinbase Global (COIN): closed at $295.85 (+0.56%), down 2.59% at $288.18 in pre-market.

Galaxy Digital Holdings (GLXY): closed at C$32.81 (+4.99%)

MARA Holdings (MARA): closed at $19.69 (+0.66%), down 2.54% at $19.19 in pre-market.

Riot Platforms (RIOT): closed at $13.14 (+3.14%), down 1.75% at $12.91 in pre-market.

Core Scientific (CORZ): closed at $15.97 (+4.58%%), down 1.63% at $15.71 in pre-market.

CleanSpark (CLSK): closed at $11.14 (+1.64%), down 2.51% at $10.86 in pre-market.

CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $25.53 (+2.24%), up 2.58% at $28.27 in pre-market.

Semler Scientific (SMLR): closed at $62.11 (-4.36%), up 2% at $64.90 in pre-market.

Exodus Movement (EXOD): closed at $41.00 (+2.5%), down 2.07% at $40.15 in pre-market.

ETF Flows

Spot BTC ETFs:

Daily net flow: $248.7 million

Cumulative net flows: $39.23 billion

Total BTC holdings ~ 1.161 million.

Spot ETH ETFs

Daily net flow: $70.7 million

Cumulative net flows: $2.81 billion

Total ETH holdings ~ 3.648 million.

Source: Farside Investors

Overnight Flows

Chart of the Day

The chart shows a spike in the number of active addresses on Solana.

Addresses holding USDC led the growth as TRUMP token frenzy gripped the market over the weekend.

While You Were Sleeping

Bitcoin Is Like Coiled Spring Nearing Burst of Price Volatility, Key Indicator Suggests (CoinDesk): Bitcoin’s tight 60-day price range suggests impending volatility, according to Glassnode and bullish options activity signals market optimism.

Trump’s CFTC Pick Clears Top Ranks of Key US Crypto Regulator (CoinDesk): Newly appointed CFTC Chair Caroline Pham has overhauled the agency’s leadership. The changes could reshape the CFTC’s role in cryptocurrency oversight.

Bitwise Registers Delaware Entity for Potential Dogecoin ETF (Decrypt): Bitwise Asset Management has registered a statutory trust in Delaware named “Bitwise Dogecoin ETF,” a preparatory step toward potentially filing a Form S-1 with the U.S. Securities and Exchange Commission.

Dollar Treads Water as Trump Tariff Clarity, Central Banks Awaited (Reuters): The dollar held steady as traders awaited clarity on Trump’s tariff plans. Focus is shifting to rate decisions from the Bank of Japan, Fed and ECB.

China Ramps Up Support for Its Stock Markets (The Wall Street Journal): Chinese regulators said state-owned insurers and mutual funds would invest at least 100 billion yuan ($13.7 billion) into the A-shares market. The central bank also pledged to support the stock market.

Davos Hits ‘Peak Pessimism’ on Europe as U.S. Exuberance Rises (Financial Times): U.S. executives at Davos expressed optimism over Donald Trump’s “America First” policies, while their European counterparts voiced pessimism about the potential harm to struggling EU economies from tariffs and regulatory changes.

In the Ether

Among the most vocal critics of TRUMP, the controversial and wildly popular memecoin launched by Donald Trump on the eve of his 2025 inauguration, are the very crypto enthusiasts he may have hoped to court.

The TRUMP coin, launched on Jan. 17, saw a dramatic price surge, climbing from $7 to an all-time high of $75 within 24 hours before settling at $38. While the token’s volatile trajectory has minted a few overnight millionaires, it has also drawn sharp criticism from industry insiders.

Two days after TRUMP’s debut, MELANIA, a coin endorsed by First Lady Melania Trump, entered the market. Unlike its predecessor, MELANIA has struggled, starting around $7 and plummeting below $4 after a briefly peaking at $14.

The potential for conflicts of interest has been a focal point of the backlash, with critics — including members of the U.S. senate — raising concerns that the token could enable individuals to curry favor with the president.

Anthony Scaramucci, a former White House communications director turned crypto advocate, voiced his apprehensions on X (formerly Twitter): “The most perilous aspect of Trump coin for the nation is what follows. Now, anyone globally can effectively deposit money into the bank account of the President of the United States with just a few clicks. Every favor—be it geopolitical, corporate, or personal—is now openly for sale.”

The decision to launch a memecoin has also sparked broader criticism within the crypto industry. While memecoins have become a prominent use-case for blockchain technology, many developers argue they reinforce a get-rich-quick perception that undermines the sector’s credibility.

Gabor Gurbacs, founder of digital asset firm Pointsville, posted on X: “Trump needs to dismiss his crypto advisors, from top to bottom.”

Nic Carter, a general partner at a crypto investment firm and a vocal Trump supporter, was similarly scathing: “It’s absolutely preposterous that he would do this, » he told Politico. “They’re plumbing new depths of idiocy with the memecoin launch.”

Specific concerns have been raised about the coin’s distribution. 80% of TRUMP tokens are concentrated in a small number of blockchain addresses controlled by CNC Digital, the firm that launched the coin. Such concentration is a hallmark of potential « pump-and-dump » schemes, where insiders inflate a token’s value before selling off their holdings, leaving other investors with losses.

There’s no evidence that Trump’s team plans to « dump » its tokens. Nicolas Vaiman, CEO of blockchain analytics firm Bubblemaps, noted to CoinDesk that the distribution of TRUMP tokens at least matched what was outlined on its official website. Additionally, the insider-held tokens align with prior distributions of Trump’s NFT trading cards, which were also managed by CNC Digital, meaning the tokens may be reserved for the president’s NFT holders.

The same transparency does not apply to MELANIA, however. About 89% of MELANIA tokens are controlled by insiders, according to Bubblemaps. The on-chain supply does not match an official distribution breakdown on the token’s website, which earmarked 35% of tokens for « public distribution » and « community. »

Vaiman said the First Lady’s memecoin has cast a shadow over the original TRUMP coin: “TRUMP could have been a statement from President Trump saying, ‘I endorse crypto,’” Vaiman said. “Melania launching her tokens feels like they just want to make as much money as they can on this, and then forget about it. It gives this a different flavor.”

This is not the first time the crypto community has questioned Trump’s forays into the industry. In August, Trump and his sons launched World Liberty Financial (WLFI), a platform that promised to develop a lending product. The project drew backlash for pre-selling tokens before delivering any tangible value, and critics were quick to point out the involvement of a former dating coach and memecoin promoter on the WLFI team, as well as the allocation of a percentage of presale proceeds directly to a Trump-controlled company.

The conflict-of-interest potential was also immediately apparent. Tron blockchain-founder Justin Sun recently became WLFI’s largest investor, making a $30 million purchase of the project’s tokens. In an X post on Tuesday, Donald Trump Jr. announced that World Liberty Financial would acquire some of Tron’s TRX tokens for its treasury.

A Hong Kong-based crypto billionaire, Sun was previously charged with fraud by the Securities and Exchange Commission — a department now under the control of Trump’s White House.

Bitcoin mainstream ? Alors que Bitcoin est toujours à plus de 100 000 dollars, un nouveau rapport de WisdomTree confirme une tendance que nous observons depuis un certain temps : Bitcoin n’est plus un investissement de niche. Avec l’adoption croissante des institutions et le lancement des ETF au comptant, le roi des cryptos s’impose comme un actif incontournable dans les portefeuilles d’investissement. Voyons ensemble ce que cela signifie pour le marché.

Bitcoin aux USA : De l’underground à Wall Street

Selon le rapport de WisdomTree, Bitcoin est passé du statut d’investissement de niche à celui d’actif institutionnel. Les portefeuilles incluant Bitcoin surpassent systématiquement ceux qui l’ignorent, donc, en clair, si vous ne détenez pas de BTC, vous risquez de prendre du retard :

« Les gestionnaires d’actifs doivent intégrer Bitcoin dans leurs portefeuilles multi-actifs ou risquer de prendre du retard dans un paysage financier en évolution rapide. »

Dovile Silenskyte, analyste chez Wisdom Tree – Source : Coindesk

Le lancement des ETF Bitcoin au comptant aux États-Unis a été un tournant majeur, ouvrant la voie à une adoption plus large. Et ce n’est que le début. Avec un environnement réglementaire de plus en plus favorable, notamment sous l’administration Trump, et l’approbation potentielle d’ETP pour d’autres cryptos comme Solana (SOL) et XRP, le marché est prêt pour une nouvelle vague d’investissement.

Bitcoin est sorti de sa niche pour devenir quasiment mainstream selon Wisdom Tree

Ethereum, Solana et la tokenisation : Les tendances à surveiller

Outre Bitcoin, le rapport de WisdomTree met en lumière d’autres tendances clés que voici résumées :

Ethereum reste ainsi le pilier de la DeFi, des NFT et du Web3, malgré des problèmes de scalabilité. Les améliorations récentes, comme Dencun, devraient toutefois stimuler l’adoption des solutions de couche 2 et donc améliorer ce souci.

De leur côté, les stablecoins deviennent indispensables au système financier mondial et des réseaux comme Solana sont particulièrement bien adaptés pour les paiements et les transferts de fonds

Enfin, la tokenisation des actifs du monde réel (RWA) est sur le point de transformer des secteurs entiers de la finance et particulièrement celui de l’investissement.

L’adoption institutionnelle de Bitcoin et des cryptomonnaies marque une nouvelle ère pour ces actifs numériques. Ce qui était autrefois considéré comme un pari risqué est désormais un élément clé des portefeuilles d’investissement modernes. Et avec l’émergence de nouvelles technologies et produits financiers, comme les ETP pour les altcoins et la tokenisation des RWA, le marché des cryptos continue d’évoluer à une vitesse fulgurante. Alors, êtes-vous prêt à suivre le mouvement ?

L’article Bitcoin n’est plus un investissement de niche et les institutionnels se ruent sur la crypto est apparu en premier sur Journal du Coin.

By Omkar Godbole (All times ET unless indicated otherwise)

Bitcoin remains well supported above $100,000 as it eyes record highs, buoyed by reports that the new SEC leadership has established a task force to develop a framework for crypto assets. Pundits have long said regulatory clarity could pave the way for further price appreciation.

Gold’s price rebound from December lows has also gathered pace and is now just 1% shy of setting new highs above $2,790 per ounce. That’s unusual: Bitcoin typically rallies when the price of gold stagnates.

Perhaps gold is saying the Fed will walk back on its hawkish December bias that signaled fewer rate cuts, helping keep BTC bid. And why not? Reports indicate that Trump’s tariffs will be lighter than anticipated and research from MacroMicro shows that their inflationary impact during his previous presidency was minimal.

In the broader crypto market, on-chain data from IntoTheBlock reveals that 80% of addresses holding LINK, one of the recent top performers, are in profit at the going market rate of $25.70. Key resistance levels have been identified at $27 and $29, which acted as barriers last year.

The movement of XRP, another recent outperformer, between addresses owned by whales and centralized exchanges has slowed considerably from the record levels earlier this month. That may be a sign these large holders have slowed their profit-taking activity.

Meanwhile, traders are expressing enthusiasm with sentiments like « we are so back, » especially after Bloomberg’s James Seyffart shared filings for ETF applications involving coins including LTC, SOL, DOGE, XRP and others. It seems the momentum in both the crypto and traditional markets could be setting the stage for an exciting period ahead. Stay alert!

What to Watch

Crypto

Jan. 22, 10:30 a.m.: Solana-powered decentralized exchange (DEX) aggregator Jupiter’s JUP airdrop claim goes live. Jupiter’s users have three months to claim.

Jan. 22, 10:25 p.m.: dYdX Chain (DYDX) will undergo a software upgrade to v8.0 on block 35,602,000.

Jan. 23: First deadline for SEC decision on NYSE Arca’s proposal to list and trade shares of Grayscale Solana Trust (GSOL), a closed-end trust, as an ETF.

Jan. 25: First deadline for SEC decisions on proposals for four spot solana ETFs: Bitwise Solana ETF, Canary Solana ETF, 21Shares Core Solana ETF and VanEck Solana Trust, which are all sponsored by Cboe BZX Exchange.

Jan. 29: Ice Open Network (ION) mainnet launch.

Feb. 4: MicroStrategy Inc. (MSTR) reports Q4 2024 earnings.

Feb. 4: Pepecoin (PEPE) halving. At block 400,000, the reward will drop to 31,250 pepecoin.

Feb. 5, 3:00 p.m.: Boba Network’s Holocene hard fork network upgrade for its Ethereum-based L2 mainnet.

Feb. 12: Hut 8 Corp. (HUT) reports Q4 2024 earnings.

Feb. 15: Qtum (QTUM) hard fork network upgrade is scheduled to take place at block 4,590,000.

Feb. 20: Coinbase Global (COIN) reports Q4 2024 earnings.

Macro

Jan. 22, 8:30 a.m.: Statistics Canada releases December’s Industrial Product Price Index.

PPI MoM Est. 0.8% vs. Prev. 0.6%.

PPI YoY Prev. 2.2%.

Jan. 22, 10:00 a.m.: The Conference Board releases December’s Leading Economic Index (LEI) report for the U.S.

MoM Est. -0.1% vs. Prev. 0.3%.

Jan. 23, 8:30 a.m.: The U.S. Department of Labor releases the Unemployment Insurance Weekly Claims Report for the week ended Jan. 18.

Initial Jobless Claims Est. 215K vs. Prev. 217K.

Jan. 23, 10:00 a.m.: The National Association of Realtors releases December 2024 U.S. Existing Home Sales report.

Existing Home Sales Est. 4.16M vs. Prev. 4.15M.

Existing Home Sales MoM Prev. 4.8%.

Jan. 23, 4:30 p.m.: The Fed releases the H.4.1 report, the central bank balance sheet, for the week ended Jan. 22.

Total Reserves Prev. $6.83T.

Jan. 23, 6:30 p.m.: Japan’s Ministry of Internal Affairs and Communications releases December 2024’s Consumer Price Index (CPI) report.

Inflation Rate MoM Prev. 0.6%.

Core Inflation Rate YoY Est. 3% vs. Prev. 2.7%.

Inflation Rate YoY Prev. 2.9%.

Jan. 23, 10:00 p.m.: The Bank of Japan (BoJ) releases Statement on Monetary Policy.

Interest Rate Decision Est. 0.5% vs. Prev. 0.25%.

Token Events

Governance votes & calls

CoW DAO is discussing the potential allocation of 80 million COW to empower the core treasury team for further liquidity provisioning, economic opportunities, and the development of the DAO’s product roadmap from 2025 to 2028.

Morpho DAO is discussing reducing incentives by 30% across all networks and assets.

Yearn DAO is discussing funding and endorsing a subDAO called Bearn to focus on building and launching products on Berachain.

Jan. 22: Mantle (MNT) will host a livestream with updates on its 2025 roadmap at 8 a.m.

Jan. 23: Pendle (PENDLE) is hosting Pendle Swing Hour at 7 a.m.

Unlocks

Jan. 31: Jupiter (JUP) to unlock 41.5% of circulating supply worth $626 million.

Token Launches

Jan. 22: Jambo (J) is listing on OKX, Gate.io, Bitfinex and Bybit.

Jan. 22: Liquity (LQTY) and Gravity (G) are being listed on Kraken.

Jan. 22: Telegram Gifts are launching as NFTs on TON.

Conferences:

Day 10 of 12: Swiss WEB3FEST Winter Edition 2025 (Zug, Zurich, St. Moritz, Davos)

Day 3 of 5: World Economic Forum Annual Meeting (Davos-Klosters, Switzerland)

Jan. 24-25: Adopting Bitcoin (Cape Town, South Africa)

Jan. 25-26: Catstanbul 2025 (Istanbul). The first community conference for Jupiter, a decentralized exchange (DEX) aggregator built on Solana.

Jan. 30, 12:30 p.m. to 5:00 p.m.: International DeFi Day 2025 (online)

Jan 30-31: Plan B Forum (San Salvador, El Salvador)

Jan. 30 to Feb. 4: The Satoshi Roundtable (Dubai)

Feb. 3: Digital Assets Forum (London)

Feb. 5-6: The 14th Global Blockchain Congress (Dubai)

Feb. 7: Solana APEX (Mexico City)

Feb. 13-14: The 4th Edition of NFT Paris.

Feb. 18-20: Consensus Hong Kong

Feb. 23 to March 2: ETHDenver 2025 (Denver, Colorado)

Token Talk

By Shaurya Malwa

Uniswap to begin v4 deployments this week for builders to test hooks and integrations on-chain. The new architecture of v4, including the singleton contract and flash accounting system, is designed to reduce transaction costs and improve efficiency, which could attract more developers and users to the platform, increasing the overall usage of Uniswap, and, in turn, demand for UNI tokens.

AI16Z and AI Rig Complex’s ARC rallied over 30% on Tuesday while GRIFFAIN, ZEREBRO also booked double-digit advances. President Trump unveiled a $500 billion investment in private sector AI infrastructure investment with firms such as OpenAI, Oracle and Softbank involved.

Derivatives Positioning

TRX, SHIB, PEPE and DOGE lead perpetual futures open interest growth in large-cap tokens. However, TRX is the only one with a positive cumulative volume delta, representing net buying pressure in the past 24 hours.

Front-end call bias in BTC and ETH options on Deribit continues to moderate while on the CME, call skew jumped to highest since the U.S. election Tuesday.

Block flows featured long positions in BTC calls at $110K and $115K strikes and bull call spreads in ETH.

Market Movements:

BTC is down 0.9% from 4 p.m. ET Tuesday at $105,161.32 (24hrs: +1.32%)

ETH is unchanged at $3,312.58 (24hrs: +0.28%)

CoinDesk 20 is up 0.6% at 4,000.99 (24hrs: +2.27%)

Ether staking yield is down 28 bps at 3.3%

BTC funding rate is at 0.0045% (4.9% annualized) on OKX

DXY is down 0.23% at 107.81

Gold is up 0.56% at $2,759.03/oz

Silver is up 0.33% at $30.88/oz

Nikkei 225 closed +1.58% to 39,646.25

Hang Seng closed -1.63% to 19,778.77

FTSE is up 0.41% at 8,583.19

Euro Stoxx 50 is up 0.83% at 5,209.04

DJIA closed on Tuesday +1.24% to 44,025.81

S&P 500 closed +0.88% to 6,049.24

Nasdaq closed +0.64% to 19,756.78

S&P/TSX Composite Index closed +0.44% to 25,281.63

S&P 40 Latin America closed +0.51% to 2,269.78

U.S. 10-year Treasury is unchanged at 4.58%

E-mini S&P 500 futures are up 0.49% at 6,114.25

E-mini Nasdaq-100 futures are up 0.88% at 21,900.00

E-mini Dow Jones Industrial Average Index futures are up 0.19% at 44,320.00

Bitcoin Stats:

BTC Dominance: 58.67

Ethereum to bitcoin ratio: 0.031

Hashrate (seven-day moving average): 769 EH/s

Hashprice (spot): $60.7

Total Fees: 10.2 BTC / $1.1 million

CME Futures Open Interest: 502,406

BTC priced in gold: 38.1 oz

BTC vs gold market cap: 10.83%

Technical Analysis

The dollar index (DXY) looks south, having dived out of a bullish trendline from late September lows near 100.

The decline in DXY could add to the bullish momentum in risky assets.

Crypto Equities

MicroStrategy (MSTR): closed on Tuesday at $389.10 (-1.87%), down 0.63% at $386.58 in pre-market.

Coinbase Global (COIN): closed at $294.19 (-0.44%), down 1% at $291.26 in pre-market.

Galaxy Digital Holdings (GLXY): closed at C$31.25 (+0.32%)

MARA Holdings (MARA): closed at $19.56 (-1.76%), down 1.07% at $19.35 in pre-market.

Riot Platforms (RIOT): closed at $12.74 (-4.85%), down 0.24% at $12.71 in pre-market.

Core Scientific (CORZ): closed at $15.27 (+1.8%), down 0.79% at $15.15 n pre-market.

CleanSpark (CLSK): closed at $10.96 (-7.67%), up 0.36% at $11 in pre-market.

CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $24.97 (-1.58%).

Semler Scientific (SMLR): closed at $64.94 (+0.4%), down 4.22% at $62.20 in pre-market.

Exodus Movement (EXOD): closed at $40 (+3.87%), down 2.35% at $39.06 in pre-market.

ETF Flows

Spot BTC ETFs:

Daily net flow: $802.6 million

Cumulative net flows: $39.98 billion

Total BTC holdings ~ 1.155 million.

Spot ETH ETFs

Daily net flow: $74.4 million

Cumulative net flows: $2.74 billion

Total ETH holdings ~ 3.622 million.

Source: Farside Investors

Overnight Flows

Chart of the Day

The chart shows XRP’s exchange reserve or balance held in wallets tied to centralized exchanges since June 2024.

The balance has dropped sharply since Jan. 16, signaling a resumption of the broader downtrend.

The renewed exodus of coins from exchanges indicates investor bias for holding.

While You Were Sleeping

Deribit’s Crypto Trading Volume Nearly Doubled to Over $1T in 2024 (CoinDesk): Cryptocurrency exchange Deribit’s total trading volume rose 95% year-on-year to $1.185T in 2024, driven by a 99% surge in options trading to $743B, reflecting institutional adoption and market maturity.

Trump Pardons Silk Road Creator Ross Ulbricht (Cointelegraph): President Trump granted a full pardon to Ross Ulbricht, sentenced to life without parole in 2015 for creating and operating Silk Road, an online marketplace shut down in 2013 that used bitcoin for payments.

Trump-Affiliated World Liberty Financial Makes Another TRX Buy (CoinDesk): World Liberty Financial, a crypto project linked to Trump’s family, added 10.8 million TRX ($2.6 million) to its treasury, raising total TRX holdings to $7.5 million. Sources say WLFI plans to further increase its TRX holdings.

Dollar Could Fall if U.S. Tariffs Less Stringent Than Threatened (The Wall Street Journal): The dollar may weaken if Trump’s tariffs are milder than expected, analysts say. The yuan shows resilience as markets adjust to a potential 10% tariff on Chinese imports, lower than Trump’s campaign pledges of 60%.

BOJ Heads Toward Rate Hike as Markets Take Trump in Stride (Bloomberg): The Bank of Japan is expected to raise rates by 25 basis points to 0.5% on Friday, the highest since 2008, with swaps pricing a 90% chance and 74% of analysts expecting the move.

The Market Is Wrong About US Rates Under Trump in 2025 (Financial Times): In an op-ed, the founder of ABP Invest argues markets are wrong to expect Fed rate cuts in 2025. He predicts robust U.S. growth and Trump’s policies will drive rate hikes from September.

In the Ether

The Ethereum Foundation is a paradox. Despite its commitment to decentralization, it operates as a centralized entity, with a director, a treasury, paid developers, and an inner circle. These structures, while necessary for coordination, create tensions with Ethereum’s decentralized ethos.

The Foundation Today

It is not widely known, but the current foundation was constructed in a less than ideal way. The previous director, Ming, was ousted in a coordinated effort by a group of people who have never been publicly identified or held accountable for it. I spoke with Ming days before her removal and she assured me she had no intent of leaving. I was later given information about who was responsible for her removal, but was not given much insight as to why. I have heard that Ming was a bit of a micromanager, and that she had an intensity that rubbed some people the wrong way. I’m sure there’s truth to that, but these stories are often window dressing for deeper truths.

I can infer some good-faith reasons based on the way the org has been run over the past seven years. A very important role of the organization is to protect against internal power struggles as well as external capture. These are noble goals and ones they seem to have accomplished effectively.

Another major focus seems to have been minimizing the public footprint of the organization and constructing it in such a way that it would not draw the ire of governments who might hold them accountable if the political winds shifted against them. But as political winds shift, and the marketplace provides alternatives, the organization itself must adapt, both in form and function.

Ethereum was in its birth a visionary project, not simply technological in nature. It pointed towards a possibility of previously unimaginable futures through the empowerment of the individual to do what had previously taken billions of dollars, thousands of people, or millions of man hours to accomplish.

The Ethereum Foundation, in its current incarnation, designed to minimize threats both internal and external, has lost that vision.

Lead with Vision

Ethereum’s next phase demands more than just technical research and coordinating conferences. It requires visionary leadership — someone who understands not just the technology but its broader social, philosophical, and political implications. This leader must inspire a new generation of builders, connect technology with human needs, and navigate the complexities of the political landscape without compromising Ethereum’s ethos.

Read more: Sam Kessler – Ethereum’s Vitalik Buterin Goes On Offense Amid Major Leadership Shake-up

The Ethereum whitepaper was not just a technical document; it was a beacon that allowed like-minded people to come together under a shared vision. In the face of chaos, uncertainty, and frequent conflicts, it served as a guiding light. What ensured our collective success was not the absence of challenges but the clarity of the mountaintop we were striving toward. This common vision allowed us to stay aligned even when disagreements and setbacks arose.

It was an idea whose time had come—a blueprint that transcended the individuals behind it and inspired a community to persevere, innovate, and ultimately bring that vision to life. Without it, the project could have easily unraveled under the weight of its ambition.

Be Transparent, Focus More on the Community

Transparency is equally critical. Over the past few years, the Foundation has retreated into the shadows, leaving the community feeling disconnected. But ethereum would have been nothing without its community, and it will be nothing if it loses it. A community must be managed, curated, and cared for. It requires the onboarding of new people, with new energy, and new ideas, bound by a common vision. This also includes the teams who build on ethereum.

Seize the Moment

From a legal perspective, Ethereum must embrace the opportunity to engage with lawmakers. The current American political climate is uniquely favorable, and inaction now risks losing momentum. America has elected a President who not only owns ether, but has himself launched a lending protocol on top of it. As of now, we are inhabiting a political landscape which was unthinkable even a year ago, when Democrats surprised so many of us by openly declaring war on crypto, and the future seemed uncertain. There has never been a better time than now to ensure that the promise of crypto is realized.

While maintaining political neutrality, the Foundation can create or promote frameworks that encourage compliance and innovation. Without these frameworks, the crypto space has been plagued by speculative ventures—ICOs, DAOs, NFTs—that skirt regulations rather than working within them to build sustainable use cases.

Lead by Example

The Ethereum Foundation should also consider utilizing its own technology to coordinate its operations and demonstrate the transformative potential of decentralized systems. By adopting Ethereum-based tools and protocols, the Foundation could potentially manage governance, treasury disbursements, decision-making processes, and community engagement.

This approach would not only demonstrate Ethereum’s capabilities but also reinforce trust within the community by embodying the principles of decentralization and transparency that the project champions. Additionally, leveraging Ethereum’s ecosystem for coordination could serve as a real-world case study, inspiring developers and organizations to explore similar solutions. By integrating its technology into its own operations, the Foundation would highlight the real-world utility of the platform while setting a precedent for how decentralized systems can effectively manage complex organizations.

Be Accountable, Build the Future

Finally, financial accountability must become a priority.

With $100 million spent annually, the Foundation should deliver measurable outcomes. Despite significant investment in technical research, user experience in crypto remains stagnant. Improving UX, UI, key management, and other security and usability problems isn’t insurmountable but has been severely neglected. This oversight reflects a blind spot which must be addressed before wider adoption is possible.

Ethereum began as more than just a technological project—it was a visionary movement for empowering individuals to achieve what once required massive resources. That vision is at risk of being lost. To reignite it, the Foundation must embrace transparency, invest in leadership, engage the community, and step into the legal and political spotlight.

Ethereum’s story is one of triumph over chaos, and a testament to the power of collective vision. To ensure its future, the Ethereum Foundation must transform itself from a reactive institution into a proactive visionary force. For ethereum. For the community. For the greater good. For the future.

With Love,

Texture

By Omkar Godbole (All times ET unless indicated otherwise)

Bitcoin held above $100,000, with VET, ENA, LINK and LDO posting notable gains a day after President Donald Trump bypassed mentioning crypto or a strategic bitcoin reserve in his inauguration speech.

Signals from the bitcoin options market indicate heightened expectations for short-term price turbulence alongside signs of growing risk aversion among traders since Trump’s swearing in, according to Griffin Ardern, head of options trading and research at crypto financial platform BloFin.

That could be due to several reasons, including MicroStrategy’s impending shareholder vote today on expanding its authorized shares to support its bitcoin buying strategy. In addition, the Bank of Japan (BOJ) is expected to increase rates on Friday, which may strengthen the yen. The late July BOJ rate hike torched the currency’s rally, destabilizing risk assets, including cryptocurrencies.

There’s also uncertainty stemming from Trump’s plans to impose tariffs of up to 25% on Canada and Mexico and the looming debt ceiling although, historically, the latter has not had a significant bearish impact on risk assets.

« Markets received a stark reminder of life under President Trump, with more volatility-inducing rhetoric, » QCP Capital said,.

Still, observers remain optimistic.

“Despite a generally disappointing first day for cryptocurrencies under the new administration, Bitcoin managed to remain firmly above $101K, sidestepping the feared ‘sell-the-news’ effect,” Valentin Fournier, an analyst at BRN, noted. Fournier added that while regulatory progress and adjustments to national reserves may take time, conditions are expected to improve in the coming weeks.

The debut of the TRUMP memecoin over the weekend marked « a fundamental shift in the American digital asset landscape, ultimately attracting new buyers, particularly into BTC and SOL, » according to Laurent Benayoun, CEO of Acheron Trading.

« This phenomenon can be seen as a dual narrative: a significant value creation in TRUMP, initially driven by intra-market rotation, which later sparked fresh capital inflows as fundamental investors recognized the broader positive catalysts for digital assets, » Benayoun said. Stay alert!

What to Watch

Crypto

Jan. 21: MicroStrategy (MSTR) shareholders vote on increasing the authorized share capital to help fund bitcoin purchases.

Jan. 23: First deadline for SEC decision on NYSE Arca’s proposal to list and trade shares of Grayscale Solana Trust (GSOL), a closed-end trust, as an ETF.

Jan. 25: First deadline for SEC decisions on proposals for four spot solana ETFs: Bitwise Solana ETF, Canary Solana ETF, 21Shares Core Solana ETF and VanEck Solana Trust, which are all sponsored by Cboe BZX Exchange.

Jan. 29: Ice Open Network (ION) mainnet launch.

Feb. 4: MicroStrategy Inc. (MSTR) reports Q4 2024 earnings.

Feb. 4: Pepecoin (PEPE) halving. At block 400,000, the reward will drop to 31,250 pepecoin.

Feb. 5, 3:00 p.m.: Boba Network’s Holocene hard fork network upgrade for its Ethereum-based L2 mainnet.

Feb. 12: Hut 8 Corp. (HUT) reports Q4 2024 earnings.

Feb. 15: Qtum (QTUM) hard fork network upgrade is scheduled to take place at block 4,590,000.

Feb. 20: Coinbase Global (COIN) reports Q4 2024 earnings.

Macro

Jan. 21, 8:00 a.m.: The U.S. Treasury will start taking « extraordinary measures » to stop the government from breaching the $36.1 trillion debt limit.

Jan. 21, 8:30 a.m.: Statistics Canada releases December’s Consumer Price Index.

Core Inflation Rate MoM Prev. -0.1%.

Core Inflation Report YoY Prev. 1.6%.

Inflation Rate MoM Est. -0.7% vs. Prev. 0%.

Inflation Rate YoY Est. 1.7% vs. Prev. 1.9%.

Jan. 22, 8:30 a.m.: Statistics Canada releases December’s Industrial Product Price Index.

PPI MoM Est. 0.8% vs. Prev. 0.6%.

PPI YoY Prev. 2.2%.

Jan. 22, 10:00 a.m.: The Conference Board releases December’s Leading Economic Index (LEI) report for the U.S.

MoM Est. -0.1% vs. Prev. 0.3%.

Token Events

Governance votes & calls

ApeChain is voting on a revamped governance process for 75% of the on-chain treasury to be directed to the DAO treasury contract and the remaining 25% to the Ape Foundation for administrative and support purposes. Voting began Jan. 17 and will last for 13 days.

CoW DAO is discussing the potential allocation of 80 million COW to empower the core treasury team for further liquidity provisioning, economic opportunities, and the development of the DAO’s product roadmap from 2025 to 2028.

Jan. 22: Mantle (MNT) will host a livestream with updates on its 2025 roadmap. at 8 a.m.

Unlocks

Jan. 21: Fasttoken (FTN) to unlock 4.6% of circulating supply worth $76 million.

Jan. 31: Jupiter (JUP) to unlock 41.5% of circulating supply worth $626 million.

Token Launches

Jan. 21: Bybit is listing Solayer (LAYER).

Jan. 22: Jambo (J) is listing on OKX, Bitfinex and Bybit.

Conferences:

Day 9 of 12: Swiss WEB3FEST Winter Edition 2025 (Zug, Zurich, St. Moritz, Davos)

Day 2 of 5: World Economic Forum Annual Meeting (Davos-Klosters, Switzerland)

Jan. 21: Frankfurt Tokenization Conference 2025

Jan. 24-25: Adopting Bitcoin (Cape Town, South Africa)

Jan. 25-26: Catstanbul 2025 (Istanbul). The first community conference for Jupiter, a decentralized exchange (DEX) aggregator built on Solana.

Jan. 30, 12:30 p.m. to 5:00 p.m.: International DeFi Day 2025 (online)

Jan 30-31: Plan B Forum (San Salvador, El Salvador)

Jan. 30 to Feb. 4: The Satoshi Roundtable (Dubai)

Feb. 3: Digital Assets Forum (London)

Feb. 5-6: The 14th Global Blockchain Congress (Dubai)

Feb. 7: Solana APEX (Mexico City)

Feb. 13-14: The 4th Edition of NFT Paris.

Feb. 18-20: Consensus Hong Kong

Feb. 23 to March 2: ETHDenver 2025 (Denver, Colorado)

Token Talk

By Shaurya Malwa

Donald and Melania Trump’s official memecoins have inspired wannabe token creators to issue tokens based on other family members. One such token themed after son Barron Trump just rug pulled for millions of dollars.

A spoof X account impersonating Barron promoted a BARRON token, which quickly gained traction reaching a peak market cap of $87 million.

Initially, a significant amount of liquidity was added to make the token appear legitimate and encourage trading. However, it seems the token was designed to deceive from the start. Once the token reached a high buy volume, all liquidity was removed from the token pools causing the price to crash.

On-chain watchers estimated at least $1 million worth of Solana’s SOL tokens were extracted in the rug pull, based on initial buying and final selling transactions.

Even some industry observers were take in.

Derivatives Positioning

Open interest in TRUMP perpetual futures has increased 8%, suggesting the price drop is at least partly led by fresh shorts. Opposite is the case for AAVE as prices have risen alongside an uptick in open interest.

Other than AAVE, most major coins, including BTC and ETH, have seen negative open interest-adjusted CVD, a sign of net selling pressure.

BTC and ETH calls remain pricier than puts, but the call bias is weaker than a day ago.

Top block trades for the day include BTC bull call spreads and some outright longs in ETH calls, according to data source Amberdata, Deribit and Paradigm.

Market Movements

BTC is down 0.3% from 4 p.m. ET Monday at $103,280.72 (24hrs: -4.66%)

ETH is down 0.43% at $3,307.05 (24hrs: -1.97%)

CoinDesk 20 is down 1.27% at 3,960.57 (24hrs: -5.14%)

Ether staking yield is up 27 bps at 3.58%

BTC funding rate is at -0.0026% (-2.9% annualized) on OKX

DXY is down 0.56% at 108.74

Gold is up 0.36% at $2,718.39/oz

Silver is unchanged at $30.48/oz

Nikkei 225 closed +0.32% to 39,027.98

Hang Seng closed +0.91% to 20,106.55

FTSE is unchanged at 8,521.58

Euro Stoxx 50 is unchanged at 5,160.68

DJIA closed on Friday +0.78% to 43,487.83

S&P 500 closed +1% to 5,996.66

Nasdaq closed +1.51% to 19,630.20

S&P/TSX Composite Index closed on Monday +0.41% to 25,171.58

S&P 40 Latin America closed +1.23% to 2,258.33

U.S. 10-year Treasury is down 4 bps at 4.59%

E-mini S&P 500 futures are up 0.44% at 6,060.00

E-mini Nasdaq-100 futures are up 0.48% at 21,698.75

E-mini Dow Jones Industrial Average Index futures are up 0.33% at 43,841.00

Bitcoin Stats:

BTC Dominance: 58.70

Ethereum to bitcoin ratio: 0.03193

Hashrate (seven-day moving average): 786 EH/s

Hashprice (spot): $60.7

Total Fees: 12.37 BTC/ $1.3M

CME Futures Open Interest: 188,825 BTC

BTC priced in gold: 37.8 oz

BTC vs gold market cap: 10.74%

Technical Analysis

BTC remains in bullish territory above the Ichimoku cloud despite Trump failing to mention crypto or strategic BTC reserve Monday.

The resilience may entice more buyers to the market, potentially leading to record highs.

Crypto Equities

Galaxy Digital Holdings (GLXY): closed on Monday at C$31.15 (+4.04%).

MicroStrategy (MSTR): closed on Friday at $396.50 (+8.04%), down 2.22% at $387.70 in pre-market.

Coinbase Global (COIN): closed at $295.48 (+4.92%), down 0.65% at $293.55 in pre-market.

MARA Holdings (MARA): closed at $19.91 (+8.8%), down 0.5% at $19.81 in pre-market.

Riot Platforms (RIOT): closed at $13.38 (0.67%), down 0.3% at $13.35 in pre-market.

Core Scientific (CORZ): closed at $15 (+2.53%), up 0.47% at $15.07 in pre-market.

CleanSpark (CLSK): closed at $11.87 (+6.17%), up 0.51% at $11.93 in pre-market.

CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $25.37 (+3.13%).

Semler Scientific (SMLR): closed at $64.68 (+11.06%), down 1.52% at $63.70 in pre-market.

Exodus Movement (EXOD): closed at $38.51 (+1.69%), up 8.47% at $41.77 in pre-market.

ETF Flows

U.S. exchanges were closed on Jan. 20 in observance of Dr. Martin Luther King, Jr. Day.

The ETF data below is from Jan. 17 and remains unchanged.

Spot BTC ETFs:

Daily net flow: $1072.8 million

Cumulative net flows: $38.18 billion

Total BTC holdings ~ 1.11 million.

Spot ETH ETFs

Daily net flow: $23.9 million

Cumulative net flows: $2.66 billion

Total ETH holdings ~ 3.67 million.

Source: Farside Investors

Overnight Flows

Chart of the Day

The supply of stablecoins on the Solana blockchain has nearly doubled since October.

Most of that is in USDC, the world’s second-largest dollar-pegged stablecoin.

While You Were Sleeping

U.S. to Hit Debt Ceiling on Tuesday. Will Bitcoin Soar or Suffer? (CoinDesk): The U.S. Treasury begins extraordinary measures to avoid breaching the $36.1 trillion debt limit. Historically, drawdowns in the Treasury General Account (TGA), the government’s cash reserve, have coincided with bitcoin price increases.

TRUMP, MELANIA Tokens Plunge 50% as Trump Inauguration Fails to Buoy Bitcoin (CoinDesk): Memecoins TRUMP and MELANIA fell sharply post-inauguration despite trading volumes exceeding many major tokens. QCP Capital speculates that TRUMP’s launch on Solana highlights the chain, potentially aiding U.S. SOL ETF prospects.

World Liberty Financial Buys $112.8 Million in Crypto on Trump’s First Day in Office (The Block): On Monday, World Liberty Financial, a Trump-linked crypto project, commemorated his inauguration by spending a total of $112.8M on ETH, wBTC, AAVE, LINK, TRX and ENA.

Trump’s Plans for Canada, Mexico Tariffs Send Dollar Higher (The Wall Street Journal): The U.S. dollar rose against the Canadian dollar and Mexican peso after Trump’s proposed tariffs. Asian markets showed mixed movements, while oil prices fell as Trump pledged expanded U.S. production.

ECB’s Kazimir Sees Three to Four More Cuts Starting Next Week (Bloomberg): Peter Kazimir, an ECB Governing Council member, expects a rate cut next week and possibly three more. He warns of risks from U.S. trade policies and inflationary pressures from import prices.

China Stocks, Yuan Cautiously Firm After Trump Delays Tariffs (Reuters): Chinese stocks and the yuan rose cautiously after Trump avoided imposing immediate tariffs, offering short-term relief. China is focusing on technological innovation and stimulating consumer spending to boost growth.

In the Ether

The institutionalization of crypto markets means that bitcoin (BTC) is no longer considered a niche investment, and increased adoption is forcing hesitant investors to reconsider the asset class, WisdomTree said in a report Monday, which looked at crypto trends for 2025.

The investment manager noted that portfolios with allocations to bitcoin are consistently outperforming those that don’t hold the world’s largest cryptocurrency.

Asset managers need to integrate the digital asset into multi-asset portfolios or « risk falling behind in a rapidly evolving financial landscape, » wrote analyst Dovile Silenskyte, adding that bitcoin adoption is expected to grow this year as more clients demand exposure to the asset class.

The launch of spot exchange-traded funds (ETFs) in the U.S. helped take crypto more mainstream in 2024. This momentum is expected to continue this year as the regulatory environment becomes more friendly in the U.S. under President Trump, and as more countries approve exchange-traded products (ETPs) for altcoins such as solana‘s SOL and XRP, WisdomTree said.

« This next wave of altcoin ETPs will expand the diversity of crypto investment opportunities and further integrate cryptocurrencies into the global financial system, » Silenskyte wrote.

The Ethereum blockchain’s role as the « backbone of decentralized finance (DeFi), non-fungible tokens (NFTs) and Web3 is unmatched, » the report said, but its scalability issues are still a problem.

Still, recent upgrades including Dencun are expected to drive layer-2 adoption on the blockchain, the report noted.

Stablecoins are « becoming indispensable to the global financial system, » and networks such as Solana are ideal for stablecoin payments and remittances, WisdomTree said.

Tokenization, the process of putting the ownership of real world assets on the blockchain, will expand dramatically in 2025, and will transform industries from private equity to venture capital, the report added.

Read more: Stablecoin Deals and China, Europe to Follow U.S. With Bitcoin Reserve: Wintermute Predictions