Cointelegraph

Open interest in Bitcoin derivatives markets has declined over the past three months, resulting in dwindling leverage that has become bullish for the overall market structure, according to CryptoQuant.

A 31% decline in open interest (OI) on Bitcoin derivatives since October is a “deleveraging signal” which helps purge the excess leverage built up in the market, said the on-chain analytics provider on Wednesday. 

“Historically, they have often marked significant bottoms, effectively resetting the market and creating a stronger base for a potential bullish recovery,” said crypto analyst “Darkfost,” who was quoted in the post. 

The analyst said that this could be the case again, but cautioned that if Bitcoin (BTC) continues to slide and fully enters a bear market, “open interest could contract further, signaling deeper deleveraging and a potential extension of the correction.”

OI refers to the number or value of crypto derivatives contracts that have yet to be settled and remain “open.” Deleveraging is the unwinding of risky positions, reducing the risk of cascading liquidations that could trigger sharp price drops, as was seen in the Oct. 10 crash. 

Bitcoin OI has fallen more than 30% since October. Source: CryptoQuant

Bitcoin open interest tripled in 2025

Last year’s crypto derivatives “speculative frenzy” resulted in a surge in Bitcoin’s open interest, which reached an all-time high of over $15 billion on Oct. 6, the analyst noted. 

During the previous bull market peak in November 2021, BTC open interest on Binance peaked at $5.7 billion, meaning that OI nearly tripled in 2025.

Related: Bitcoin hits 2026 high above $97K, data shows sufficient fuel for higher prices

During a price rally with declining open interest, it often means leveraged short positions are being liquidated or closed. 

Traders who bet against Bitcoin are exiting their positions at a loss, which removes selling pressure from the market. This “short squeeze” scenario can be bullish because it suggests the price increase is driven by spot buying rather than excessive leverage, making the rally more sustainable.

This appears to be the case at the moment, as spot BTC prices have gained almost 10% since the beginning of this year. 

Derivatives are not in bull market yet

Total Bitcoin OI across all exchanges and all derivatives markets is currently around $65 billion, according to CoinGlass. This is down around 28% from the peak of just over $90 billion in early October, in line with CryptoQuant’s percentage decline figures. 

On Deribit Bitcoin options markets, OI is highest at the $100,000 strike price, which has a $2.2 billion notional value, suggesting that traders are bullish as there are more long (call) bets than shorts (puts). 

However, the derivatives market “has not yet entered a structurally bullish phase,” reported crypto derivatives provider Greeks Live on Wednesday. 

“The current trading structure appears more like a reactive response to the sudden surge, with the long-term outlook still not shifting toward a bull market,” they added. 

Magazine: Trump rules out SBF pardon, Bitcoin in ‘boring sideways’: Hodler’s Digest

Bitcoin will likely reach new all-time highs despite poor performance against gold and tech stocks last year, according to BitMEX co-founder Arthur Hayes, citing the potential expansion of monetary conditions.

“If gold and the Nasdaq have the juice, how is Bitcoin going to get its groove back? Dollar liquidity must expand for that to happen,” Hayes said in a post on Wednesday. “Obviously, I believe it will in 2026,” Hayes said.

Hayes pointed to several catalysts that would support a “drastic increase” in dollar liquidity in 2026, such as the expansion of the US Federal Reserve’s balance sheet through “money printing,” mortgage rates falling as liquidity continues to loosen, and commercial banks becoming more willing to lend to US government-backed strategic industries. 

US will continue to “flex its military muscle,” says Hayes

“The US will continue to flex its military muscle, and to do so requires the production of weapons of mass destruction financed by the commercial banking system,” Hayes said.

Monetary expansion is generally bullish for Bitcoin, as investors are drawn to riskier assets like cryptocurrencies in anticipation of the US dollar losing value to inflation.

Bitcoin is up 12.20% over the past 30 days. Source: CoinMarketCap

Hayes said that while dollar liquidity declined in 2025 and Bitcoin fell accordingly, the Nasdaq did not follow suit because artificial intelligence (AI) had been “nationalized by both China and America.”

“Through executive orders and government investment, Trump is blunting the free market signals so that capital, irrespective of the real return on equity, floods into everything related to AI,” he said.

Tech stocks were the top-performing sector for 2025

Technology stocks were the top-performing sector in the S&P 500 in 2025, delivering a total return of 24.6%, 6.6% higher than the S&P 500 Index’s overall return of 18%.

Meanwhile, Bitcoin (BTC) declined 14.40% in 2025, while gold soared 44.40% across the year, according to Curvo data.

“The liquidity didn’t support our crypto portfolios. But let’s not draw the wrong conclusions from Bitcoin’s 2025 underperformance. It was as it always is, a liquidity story,” Hayes said.

Related: Bitcoin price tags $97K despite high producer price inflation, no US tariff ruling

Hayes said that Bitcoin is “monetary technology” and is only valuable in relation to the amount of fiat debasement. 

“This alone guarantees that Bitcoin’s value is greater than zero. But for Bitcoin to be worth close to 100,000 United States of American Dollars requires continuous fiat monetary debasement,” Hayes added.

Magazine: Here’s why crypto is moving to Dubai and Abu Dhabi

Blockchain infrastructure firm Global Settlement Network has announced a pilot to tokenize water treatment sites in Jakarta, aiming to eventually scale it out to the rest of Southeast Asia over the next 12 months with $200 million in tokenized assets.

Real-world asset tokenization involves minting financial and other tangible assets on the blockchain to increase investor accessibility and trading opportunities.

The initial pilot targets eight government-contracted water treatment sites in Jakarta for tokenization, aiming to raise up to $35 million for upgrading the facilities and expanding the water network in the area, according to a statement on Wednesday.

As part of the initiatives' phased rollout over the next 12 months, both firms plan to test rupiah-stablecoin settlement rails in controlled corridors and then scale up to additional foreign exchange corridors. 

Following the pilot in Jakarta, the firms want to scale the project up to $200 million in tokenized assets across Southeast Asia.

Tokenization could help solve financing gaps

The chairman of Indonesia-based Globalasia Infrastructure Fund, Mas Witjaksono, said the project “offers significant opportunities for growth, as Indonesia has numerous major infrastructure developments and natural assets that can be accessed for tokenization.”

There is a widening water infrastructure financing gap across Southeast Asia, where more than $4 trillion in long-term water investment is required by 2040, outpacing current spending, according to the firms. 

Some crypto execs have predicted the tokenized real-world asset (RWA) market will grow significantly in 2026, fueled by adoption in emerging economies facing issues with capital formation and attracting foreign investment.

Over $21 billion in RWA is estimated to be on-chain as of Thursday, according to RWA.xyz, across more than 629,528 holders.

Over $21 billion in real-world assets is estimated to be on-chain. Source: RWA.xyz

Southeast Asia is a crypto hotbed already

Southeast Asia already has a high level of crypto adoption. In the Chainalysis crypto adoption index, released in September, the APAC region, which includes Southeast Asia, was identified as the fastest-growing region for on-chain crypto activity, with a 69% year-over-year increase in value received.

Related: Plume CEO tips RWA to grow 3-5x in 2026 as it grows past crypto natives

In a follow-up report, Chainalysis flagged Indonesia as the second-largest market for on-chain value in the 12 months leading up to June 2025, with 103% increase.

Magazine: Big questions: Would Bitcoin survive a 10-year power outage?

A spokesperson for former New York City Mayor Eric Adams has refuted accusations that he moved money or profited from the NYC Token, which launched on Monday and plummeted 80% in the first hour of launch. 

“To be absolutely clear: Eric Adams did not move investor funds. Eric Adams did not profit from the launch of the NYC Token. No funds were removed from the NYC Token,” Todd Shapiro, a spokesperson for Adams, said in a statement shared to X on Wednesday.

Accusations of a potential rug-pull spread after the NYC Token fell over 80% shortly after launch, with crypto analysts alleging that Adams’ team removed liquidity and scammed investors out of more than $3.4 million.

Shapiro, however, said these allegations are “false and unsupported by evidence.” 

“At no point was his involvement intended for personal or financial gain,” said Shapiro, who blamed the sharp token fall on “market volatility.”

Statement from Eric Adams’ spokesperson, Todd Shapiro: Source: Eric Adams

NYC Token team gives different explanation 

However, Shapiro’s comments that “no funds were removed from the NYC Token” appears to conflict with a previous statement from the NYC Token X account, stating it “rebalanced the liquidity” in response to the demand the token saw at launch.

It also said it added more funds to the NYC Token liquidity pool.

In an interview with FOX Business, Adams explained that proceeds from the NYC Token would provide funding to non-profits to raise awareness about antisemitism and anti-Americanism through education programs. 

Proceeds would also be used to support scholarships for NYC students in underserved communities, the former crypto-friendly NYC mayor said.

Shapiro said the controversial token launch has not altered Adams’ position in supporting those endeavors:

“Mr. Adams remains committed to responsible innovation and to using emerging technologies to strengthen trust, education, and shared civic values.”

NYC Token hasn’t moved much since initial collapse

DEXScreener data shows that the Solana-based token is trading at $0.133, and has been hovering around that mark since it fell from $0.475 shortly after launching.

Over $400 million has been wiped from the NYC Token’s market cap since its early highs.

Magazine: One metric shows crypto is now in a bear market: Carl ‘The Moon’

The Crypto Fear and Greed Index, a metric tracking crypto investor sentiment, has registered a “greed” score for the first time since the $19 billion October liquidation event that sent traders running from altcoins. 

In an update on Thursday, the index returned a rating of 61, reflecting better overall sentiment after weeks of “fear” and “extreme fear.” The index climbed to 48 just a day before, putting it within the “neutral” zone. 

Crypto investor sentiment plunged on Oct. 11 following the liquidation of $19 billion from crypto markets. In the aftermath, the index returned some of its lowest ratings ever, hitting low double digits several times in November and December. 

Crypto traders occasionally use sentiment indexes to gauge the market and inform their decisions on whether conditions favor buying, selling, or staying on the sidelines. 

The Crypto Fear & Greed Index has posted a “Greed” score of 61 for the first time since October. Source: Alternative.me

Bitcoin rips back to two-month high

Overall sentiment has begun to improve in step with a Bitcoin (BTC) rally. In the last seven days, Bitcoin has climbed from $89,799 to hit a two-month high of $97,704 on Wednesday, according to crypto data aggregate CoinGecko.

Related: Bitcoin hits 2026 high above $97K, data shows sufficient fuel for higher prices

The last time the token was over $97,000 was on Nov. 14, though the fear and greed index was in “extreme fear” at the time as Bitcoin was crashing from all-time highs. 

The Crypto Fear and Greed Index calculates ratings based on multiple market indicators, including price fluctuations of major cryptocurrencies, trading activity, momentum, Google search trends and general trader sentiment on social media platforms.

Bitcoin holders ducking out, but it’s a “good sign”

Analysts from market intelligence platform Santiment said in an X post on Wednesday that over the last three days, Bitcoin holders have been selling their stashes, with a net drop of 47,244 holders, indicating “retail had been dropping out due to FUD & impatience.”

Bitcoin holders have been selling their stashes due to impatience and fear. Source: Santiment

“When non-empty wallets drop, it's a sign that the crowd is dropping out, a good sign. Similarly, less supply on exchanges decreases the risk of a selloff,” they said, adding that “This price bounce has also been supported by a 7-month low 1.18 million Bitcoin on exchanges.”

Generally, when there is a low amount of Bitcoin on exchanges, it’s considered a bullish sign because traders are holding their stash in a wallet and are less likely to sell quickly.  

Magazine: Big questions: Would Bitcoin survive a 10-year power outage?

Russia will reportedly move to open up crypto to retail investors, with a new bill set to soon be introduced to the country’s legislature.

Anatoly Aksakov, chair of the State Duma’s Financial Market Committee, said legislation to deregulate crypto is ready to be introduced with the aim of normalizing the asset for everyday use, the state-owned news agency TASS reported on Tuesday.

"A lot of attention will be paid to the development of digital financial assets, and we will devote a lot of time to cryptocurrencies in the upcoming spring session,” Aksakov said.

“A bill has already been prepared that removes cryptocurrencies from special financial regulation, that is, they will be a common occurrence in our lives," he added.

The bill would follow the Bank of Russia’s policy proposal put forward in December to allow non-qualified investors to buy certain cryptocurrencies — a reversal from an earlier position where it considered a full crypto ban.

Bill allows non-qualified investors limited access

Aksakov said the legislation would give so-called unqualified investors, such as retail traders, limited access to crypto, capped at 300,000 rubles ($3,800).

He added that “professional participants” who can pass income and knowledge or education criteria would be able to trade in crypto “without restrictions.”

Anatoly Aksakov (pictured) reportedly says Russia is set to introduce laws to allow wider use of crypto. Source: State Duma

“Cryptocurrencies can be actively used for international payments, including in order to further place them on the financial markets of other countries when issuing them here,”  Aksakov added.

Crypto is currently recognized as property in Russia, and using it for payments is banned, but many Russians and companies turn to crypto to send money internationally, which has increased since 2022 amid sanctions on the country over its invasion of Ukraine.

Crypto exchanges could also see regulations

Crypto exchanges in Russia could also be set for a regulatory overhaul, with local news agency Interfax reporting on Wednesday that Anton Gorelkin, the State Duma’s Technologies Committee chair, is pushing for new rules.

Gorelkin said on a Telegram channel that scammers are using exchanges based in neighboring Belarus when targeting Russians, making it hard for authorities to track them.

Related: Russia targets unregistered crypto miners with new criminal penalties

"This in particular is why it is necessary to bring order to crypto exchanges, to create conditions for their legal activity on Russian territory," Gorelkin said.

Exchanges are unregulated in Russia and many platforms left the country due to sanctions, pushing locals toward informal peer-to-peer services or exchanges outside the country.

The Bank of Russia relaxed crypto transaction rules for businesses in late 2024 and its proposal, shared in December, pitched rules for how exchanges, brokers and trusts could manage crypto.

Magazine: The one thing these 6 global crypto hubs all have in common…

A division appears to be forming among crypto industry executives regarding the market structure bill, with crypto giants such as Coinbase pulling support, but others stating that any regulation is better than none.

“Crypto builders need clear rules of the road,” said Chris Dixon, managing partner at a16z Crypto on Thursday.

He added that over the past five years, Republicans, Democrats, and the Trump Administration “have worked closely with members across the crypto industry to protect decentralization, support developers, and give entrepreneurs a fair shot … at its core, this bill does that.”

The comments are about the controversial market structure bill, or CLARITY Act, which was due for a Senate markup this week but has been delayed by the Senate Banking Committee today.

“It’s not perfect, and changes are needed before it becomes law. But now is the time to move the CLARITY Act forward if we want the US to remain the best place in the world to build the future of crypto,” said Dixon. 

Coin Center executive director, Peter Van Valkenburgh, was also positive, stating on Thursday that “we’re optimistic about where the current market structure draft stands.”

The legislation has become a hot topic following the high-profile withdrawal of support from America’s largest exchange, Coinbase, which said the bill wasn’t good enough in its current state. 

“Too many issues” with the legislation 

Coinbase CEO Brian Armstrong said on Wednesday that he had reviewed the Senate Banking draft text but “unfortunately can’t support the bill as written.”

“There are too many issues, including a defacto ban on tokenized equities, DeFi prohibitions, giving the government unlimited access to your financial records, and removing your right to privacy, erosion of the CFTC’s authority, stifling innovation, and making it subservient to the SEC, [and] draft amendments that would kill rewards on stablecoins, allowing banks to ban their competition.”

Armstrong showed appreciation for all the hard work by members of the Senate to reach a bipartisan outcome, “but this version would be materially worse than the current status quo.”

“We’d rather have no bill than a bad bill,” he said. 

Related: Banks’ stablecoin concerns are ‘unsubstantiated myths’: Professor

Head of research at Bitwise Invest, Ryan Rasmussen, echoed the sentiment, stating that the current draft of the CLARITY Act is bad for tokenization, stablecoins, DeFi, privacy, builders, users, investors and innovation.

Crypto lawyer Jake Chervinsky flagged the same issues as Armstrong but added, “we have an opportunity at markup, and hopefully afterward on the Senate floor, to make CLARITY the best it can be. For better or worse, the text will change a lot before it becomes law. Let's go for better.”

Venture capitalist Tim Draper was also in support of the Coinbase chief executive, stating: 

“Brian Armstrong makes sense here. The current Senate compromise is worse than no bill at all. Sounds like the banks have been meddling.”

Bitcoin shrugs off the controversy 

Speaking to Cointelegraph, OKX Singapore CEO Gracie Lin said that Bitcoin’s latest rally “reminds us that markets often start pricing outcomes before policymakers conclude their debates.”

“We’re seeing Bitcoin responding to renewed ETF demand, improving liquidity, and growing optimism that the Digital Asset Market Clarity Act could bring a more stable framework to U.S. digital asset markets,” she added. 

“From here, the focus is on three things: how CLARITY evolves through the Senate’s Banking Committee, how resilient spot ETF flows prove to be, and whether the late‑January Fed meeting keeps financial conditions supportive - or triggers a sharp reset.”

Bitcoin (BTC) topped $97,600 in late trading on Wednesday but had cooled slightly to $96,350 at the time of writing. 

Magazine: Trump rules out SBF pardon, Bitcoin in ‘boring sideways’: Hodler’s Digest

Over 100,000 Solana Mobile users and mobile app developers are set to receive a share of nearly 2 billion Seeker tokens as part of the first SKR airdrop next week.

In a post via X on Wednesday, Solana Mobile revealed that an allocation tracker is now live and that users and developers can now check their “seed vault wallets” to see how much they will receive in the airdrop on Jan. 21. 

“The total allocation for this airdrop includes: - 1,819,755,000 SKR to 100,908 users - 141,030,000 SKR to 188 developers. Nearly 2 billion SKR goes to the community,” Solana Mobile said. 

The Seeker (SKR) token airdrop is tied to Solana Mobile’s second-generation phone, which began shipping in August 2025, and costs around $500 each. 

SKR is the native token for the Solana mobile ecosystem, with the airdrop representing 20% of the total token supply of 10 billion.

Seeker airdrop allocation example. Source: Seeker

Following the airdrop, Solana Mobile said users will be able to instantly start staking SKR to earn rewards.  

“Once you claim on January 21 at 2am UTC, you’ll be able to stake your SKR and earn rewards. Seekers can stake directly to Guardians in Seed Vault Wallet. SKR can also be staked on the web via the SKR Staking web experience,” Solana Mobile added. 

The allocations for users, who are eligible through Seeker phone ownership, are split into several tiers, including: Scout, Prospector, Vanguard, Luminary and Sovereign. Sovereign is the highest tier, with each user of the tier rewarded with 750,000 SKR.

The amount of rewards dished out is based on engagement with the Seeker phone, the Solana decentralized app store and on-chain activity during season 1 of the airdrop.

Related: SOL chart shows ‘masterpiece’ setup to $190 after key trend turns bullish

In the build-up to the launch of Seeker, Solana Mobile touted it had over 150,000 pre-orders. However, the latest figures show that only 109,000 users are eligible for the airdrop, which is far below the initial pre-order figures.

Unlike Solana Mobile’s first-generation device, the Saga, Seeker was designed to be more than a “rewards magnet,” with the firm putting a strong focus on building strong infrastructure behind the phone and a bustling dApp store. 

Magazine: Solana Seeker review: Is the $500 crypto phone worth it?

The US Senate Banking Committee has cancelled its markup of a crypto market structure bill slated for Thursday, citing the need for further negotiation.

Committee Chairman Tim Scott said late on Wednesday local time in Washington, DC, that the committee is postponing its markup of the crypto bill to continue bipartisan negotiations to garner support.

“I’ve spoken with leaders across the crypto industry, the financial sector, and my Democratic and Republican colleagues, and everyone remains at the table working in good faith,” said Scott.

“This bill reflects months of serious bipartisan negotiations and real input from innovators, investors, and law enforcement,” he added. “The goal is to deliver clear rules of the road that protect consumers, strengthen our national security, and ensure the future of finance is built in the United States.”

The delay comes after the Senate Agriculture Committee on Monday punted its markup of the crypto bill, which was also slated for Thursday, to the end of the month.

Republican Senate Ag Chairman John Boozman said the committee needed to “finalize the remaining details and ensure the broad support this legislation requires.”

Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026

US Senator Cynthia Lummis reportedly expects the US Senate Banking Committee to delay its hearing on crypto market structure legislation after Coinbase withdrew support for the bill.

There were already some murmurs of a CLARITY Act Senate markup delay on Wednesday, which were heightened following an X post from Bloomberg reporter Steven Dennis on Wednesday night, stating:

“Lummis tells me her recommendation and expectation is that the markup be pulled for now. It’s Banking Chair Tim Scott’s call.”

The Senate markup is scheduled for Thursday at 10:00 am Eastern Time.

Cointelegraph reached out to Scott’s office for comment, but didn’t receive an immediate response.

However, Coinbase publicly pulled its support for the bill on Wednesday, arguing the latest text was unfavorable to the industry.

In addition to killing stablecoin rewards, Coinbase CEO Brian Armstrong flagged concerns over restricting tokenized stocks, the government having unlimited access to financial records, and the US commodities regulator receiving less authority over the crypto markets than initially anticipated.

”This version would be materially worse than the current status quo. We’d rather have no bill than a bad bill. Hopefully we can all get to a better draft. “

This is a developing story, and further information will be added as it becomes available.

Magazine: Davinci Jeremie bought Bitcoin at $1… but $100K BTC doesn’t excite him

Major US crypto exchange Coinbase says it has withdrawn its support for the Digital Asset Market Clarity Act, with CEO Brian Armstrong arguing that it would cause far more harm than good to the crypto industry in its current form.

“This version would be materially worse than the current status quo. We’d rather have no bill than a bad bill. Hopefully we can all get to a better draft,” Armstrong said in an X post on Wednesday.

“After reviewing the Senate Banking draft text over the last 48hrs, Coinbase unfortunately can’t support the bill as written,” Armstrong said.

Coinbase CEO raises several concerns in draft bill

Armstrong flagged several concerns, including what he described as a “defacto ban” on tokenized equities and sweeping restrictions on decentralized finance, arguing the proposal would grant the government “unlimited access” to financial records and raise serious privacy risks for consumers.

He also argued that the draft takes power away from the Commodity Futures Trading Commission, slows innovation, and hands more authority to the US Securities and Exchange Commission, which is a major concern for the crypto industry given the SEC’s “regulation by enforcement” approach under the Biden administration.

Source: Ryan Adams

Armstrong also echoed a fear shared by many in the industry that the current draft could “kill rewards” on stablecoins and is designed to shield banks from competition. 

Banking lobbyists have warned that offering users roughly 5% risk-free yields on stablecoins could trigger a “deposit flight,” with billions pulled from low-interest bank accounts.

Industry participants are divided on the outcome

ETF analyst James Seyffart commented on Armstrong’s post, saying this is “not what we wanna see/hear with regard to CLARITY.” “This industry needs a market structure bill,” Seyffart said.

However, Armstrong is hopeful lawmakers will ultimately reach the “right outcome,” a sentiment shared by other executives across the industry. 

Ripple CEO Brad Garlinghouse said he remains “optimistic that issues can be resolved through the mark-up process.”

“A massive step forward in providing workable frameworks for crypto, while continuing to protect consumers,” Garlinghouse said. “This bill’s success is crypto’s success,” he added.

The Senate Committee on Agriculture, Nutrition and Forestry has set Jan. 27 for its markup hearing, six days after the release of the legislative text on Jan. 21. 

Earlier this week, SEC chair Paul Atkins said he’s “bullish” on the chances of Trump signing the bill this year. 

Magazine: Here’s why crypto is moving to Dubai and Abu Dhabi

The layer-1 Sui blockchain is back online and “fully operational” after a six-hour network outage stalled transactions on the high-speed network.

“Transactions are flowing normally. If you are still seeing issues, please refresh your app or browser window,” the Sui Foundation posted to X on Wednesday.

Source: Sui

The Sui Foundation confirmed the outage on Wednesday at 3:24pm UTC, informing its 1.1 million X followers that Sui core developers were actively working on a solution. 

The Sui Foundation has not explained how the “Consensus outage” came about, which restricted more than $1 billion in value on the chain and prevented users from transacting on the network.

The Sui Foundation said it started investigating the issue on Wednesday at 2:52 pm UTC, and resolved the problem at 8:44 pm UTC, bringing the network back online after 5 hours and 52 minutes.

Incident marks Sui’s second major outage

The high-speed blockchain also faltered in November 2024, with Wednesday’s incident marking the second major outage since the network launched in May 2023.

Solana has faced similar issues in the past, but hasn’t had any outages in past 18 months.

Solana has previously rolled out emergency updates allowing validators to better coordinate to fix critical client-side issues. 

Just last week, the Solana Status X account called on validators to upgrade to a new version containing a “critical set of patches.”

SUI briefly spikes 4% amid network outage

Sui’s (SUI) token price has remained largely flat since the Sui Foundation confirmed the outage, but briefly rose 4% on the news before settling back around $1.84, CoinGecko data shows.

SUI’s change in price over the last 24 hours. Source: CoinGecko

Magazine: One metric shows crypto is now in a bear market: Carl ‘The Moon’

Cryptocurrency industry leaders, US lawmakers and experts are weighing in on a digital asset market structure bill set for a markup in the Senate Banking Committee on Thursday, and each group has voiced different views about whether to support or oppose certain aspects of the legislation.

In a Tuesday notice, Republicans on the Banking Committee, led by Senator Tim Scott, released a “myth vs. fact” sheet on the market structure bill, called the CLARITY Act. According to lawmakers in majority control of Congress, it was a “myth” that the legislation “was written by industry and serves industry interests,” claiming that it focused on investor protection.

“The bill has been shaped by years of bipartisan work, extensive engagement with regulators and law enforcement, and a focus on public-interest outcomes,” said Senate Republicans. “It strengthens national security, protects investors, and ensures that innovation occurs under clear, enforceable rules.”

Republicans face pushback from some companies in the crypto industry ahead of the markup, which was initially expected last year. However, concerns from lawmakers about ethics guardrails and decentralized finance, coupled with the longest US government shutdown in history, likely delayed consideration of the bill.

In a research note released on Tuesday, Galaxy Digital expressed significant concerns about the bill potentially expanding the government’s ability to conduct surveillance and enforcement on crypto users. Other companies, including Coinbase, may still withdraw support for the bill unless provisions on stablecoin rewards are addressed. 

An amended draft of the CLARITY Act released by lawmakers on Monday suggested a middle-ground approach by barring passive returns on stablecoin balances, but not outright banning rewards. It’s unclear whether the amended version will pass in committee or on the Senate floor, should it advance for a vote.

Coinbase chief policy officer Faryar Shirzad said in a Wednesday CNBC interview that the draft bill had a few provisions within it causing the company “enormous concern.” This included text that could block the US Securities and Exchange Commission (SEC) from allowing the “tokenization of equity markets.” 

The Thursday markup will see how much support some of the amendments proposed by Senate Democrats and Republicans have and whether they advance to be officially added to the bill. 

Senate Agriculture Committee to hold its own markup

While the Senate Banking Committee reviews amendments and potentially finalizes its draft of the market structure bill, Republicans in control of the Senate Agriculture Committee announced this week that they would release draft legislation on Jan. 21, with a markup hearing on Jan. 27.

Both committees are expected to address different aspects of the bill, including how US financial agencies like the SEC and Commodity Futures Trading Commission (CFTC) would handle regulation and enforcement.

Magazine: Big questions: Would Bitcoin survive a 10-year power outage?

Key takeaways:

Bitcoin’s move above $97,000 lacks confirmation in derivatives markets, with the options skew signaling caution toward any sustained rally.

Geopolitical risks, falling treasury yields, and weakening equities reinforce a risk-off setting that continues to limit Bitcoin’s upside.

Bitcoin (BTC) price surged to its highest levels in more than 60 days after posting a 5.5% gain on Wednesday. The move followed $840 million in inflows into spot Bitcoin exchange-traded funds (ETFs) on Monday and Tuesday. With Bitcoin finding footing on the upside, are further gains toward $105,000 likely in the near term? 

Nasdaq Index futures (left) vs. BTC/USD (right). Source: Tradingview

Bitcoin’s rally toward $97,000 contrasts with the continued weakness of the tech-heavy Nasdaq Index, which has repeatedly failed to reclaim the 26,000 level last seen in early November 2025. Investor sentiment remains mixed, as Bitcoin still trades 23% below its $126,219 all-time high, while gold and silver prices reached record highs in 2026, signaling a stronger bid for traditional safe-haven assets.

30-day BTC options delta skew (put-call) at Deribit. Source: laevitas.ch

Professional traders have yet to turn bullish, according to the BTC options delta skew metric, as put (sell) options continue to trade at a premium. The BTC options delta skew currently stands at 4%, unchanged from one week earlier, indicating stable risk perception despite the rally above $96,000 on Wednesday. Traders remain skeptical about sustained gains above the $100,000 level.

Bitcoin’s upside capped by increased sociopolitical concerns

Typically, when whales and market makers grow optimistic, the skew turns negative, reflecting increased demand for neutral-to-bullish option strategies. Instead, Bitcoin bears were caught off guard, as the recent price advance triggered $370 million in liquidations of leveraged short (sell) positions over two days, the highest total since October 2025.

BTC futures 12-hour liquidations, USD. Source: CoinGlass

Part of the lack of optimism can be linked to geopolitical tensions after protests in Iran prompted military threats from US President Donald Trump, including a potential additional 25% import tariff on countries “doing business with the Islamic Republic of Iran.” Investors fear that US relations with China and India could deteriorate if the proposal moves forward.

Investor confidence has also been pressured by the Trump administration’s intention to gain control of Greenland. Trump has argued that the self-governing territory of Denmark is critical to US national security. German Defense Minister Boris Pistorius has reportedly offered assistance to Denmark in the event of a hostile takeover, according to Politico.

US 2-year Treasury Yield. Source: TradingView

Yields on the US 2-year Treasury fell to 3.51% on Wednesday, indicating that traders are accepting lower returns in exchange for the safety of government-backed bonds. This is especially telling since the latest US consumer price inflation index (CPI) stood at 2.7% year over year, above the US Federal Reserve’s target.

Warren Buffett, CEO of Berkshire Hathaway, reportedly warned that the lack of clarity surrounding the future direction of artificial intelligence is concerning. Reflecting this caution, Berkshire’s cash position climbed to a record $381.7 billion, up from $170 billion one year prior.

The Nasdaq Index declined 1.6%, while Oracle (ORCL US) shares dropped 5% after bondholders filed a class action lawsuit alleging the company failed to disclose the need for significant additional debt to expand its artificial intelligence infrastructure. 

Related: Bitcoin ETFs on rollercoaster as traditional funds pull in $46B in 2026

As uncertainty builds, traders have reduced equity exposure, signaling a lower tolerance for risk that also limits appetite for cryptocurrencies.

It remains unclear whether Bitcoin has decisively ended its two-month bear market, but derivatives data show traders remain highly skeptical of a rapid rally toward $105,000. For now, investors’ focus remains on the broader sociopolitical risks and on whether the US Federal Reserve can support economic growth without reigniting inflation.

Austria-based Crypto trading platform Bitpanda is moving forward with plans for a public listing in Frankfurt, targeting a debut in the first half of 2026 with a valuation of 4 billion euros ($4.7 billion) to 5 billion euros.

The IPO could take place as early as the first quarter, with the company working alongside Citigroup, Goldman Sachs and Deutsche Bank, Bloomberg reported on Wednesday, citing people familiar with the offering. No final decisions have been made and the listing timeline may change.

Founded in 2014, Bitpanda is a European fintech and crypto trading platform offering digital-asset services and investment products to more than 7 million users in the region, according to the company.

In 2021, it raised $263 million in a funding round that valued the platform at $4.1 billion, making it of Austria’s first unicorn startups.

Bitpanda expanded its footprint in Europe over the past year. In January, it secured a MiCA license from Germany’s Federal Financial Supervisory Authority, and in February it gained approval from the Financial Conduct Authority to offer more than 500 crypto assets in the United Kingdom.

Eric Demuth, Bitpanda's co-founder, said in an August interview with the Financial Times that the company was exploring a public listing but had ruled out London over liquidity concerns, instead weighing Frankfurt or New York as potential venues.

Potential crypto IPOs 2026

Several digital asset companies have recently taken formal steps toward launching US IPOs in 2026.

In October, tZERO said it is targeting a US IPO for 2026 as it expands its blockchain-based infrastructure for tokenized securities. A few weeks later, digital asset manager Grayscale Investments filed a registration statement with the US Securities and Exchange Commission (SEC) as part of plans to go public, proposing to list its Class A common stock on the New York Stock Exchange.

Crypto exchange Kraken disclosed in November that it filed a draft registration statement for a proposed IPO with the SEC. The filing followed an $800 million fundraise that valued the exchange at $20 billion.

Public crypto listings in 2025 delivered mixed results. While some debuts saw sharp early gains, shares of companies such as Circle, Gemini and Bullish later retraced from post-IPO highs, with performance diverging across issuers.

Magazine: Davinci Jeremie bought Bitcoin at $1… but $100K BTC doesn’t excite him

XRP (XRP) is holding above $2, but the move has yet to confirm a bullish shift, with a stronger technical validation expected at higher levels, according to an analyst.

Key takeaways:

XRP reclaimed its 50-day moving average in early January, signaling early signs of a trend reversal.

Institutional flows into XRP were the highest last week, diverging sharply from the market, which saw heavy outflows during the same period.

Onchain volume metrics suggest XRP’s move above $2 is driven by balanced participation rather than speculative excess.

XRP investment product inflows support price stability

XRP began 2026 by reclaiming a bullish position above its 50-day simple moving average (SMA) during the first weekend of January. The move aligns with a classic downtrend retest, a structure that leads to higher prices if buyers maintain control. However, the price action so far suggests stabilization rather than acceleration.

XRP one-day chart. Source: Cointelegraph/TradingView

This stability appears reinforced by institutional investors’ participation. While the digital asset market experienced one of its worst weekly performances since mid-2023, with roughly $454 million in outflows, XRP price moved in the opposite direction. 

CoinShares data showed $45 million in weekly inflows into XRP, a more than 400% increase week over week, that stood in contrast to broader market outflows.

This contrast has helped XRP hold above $2 even as liquidity conditions tightened elsewhere, highlighting that its recent strength is not purely sentiment-driven.

Related: SOL chart shows ‘masterpiece’ setup to $190 after key trend turns bullish

Volume data and trader outlook define the range

CryptoQuant data adds further nuance. Trading volume Z-Scores on Binance hover around 0.44, placing activity slightly above the 30-day average but firmly within a neutral range.

XRP z-score for trading volumes on Binance. Source: CryptoQuant

This suggests XRP’s price is not being pushed by speculation, but by balanced activity between buyers and sellers, a condition seen during accumulation phases.

Meanwhile, market analyst CrediBULL said that a completed “triple tap” at range highs leaves two paths: either a pullback toward $1.77 within a larger uptrend, or a defended base around $2 where dips continue to be bought. Given the current market, the analyst favors an uptrend, targeting higher, untapped levels at around $3.

However, futures trader Dom emphasized that while $2.10 has held for months, moves toward the mid-$2.40 range could only deliver a meaningful market shift on the daily chart. The analyst believed that strong price action likely begins once the altcoin establishes acceptance well above the $2.40 level. 

XRP daily chart analysis by Dom. Source: X

Coincidentally, XRP’s rally last week stalled just below $2.40, where the price was rejected on Jan. 6. The pullback followed more than $100 million in net whale selling between Jan. 4 and Jan. 7. While whale outflows remain elevated, a shift in behavior would need to be seen if XRP retests the $2.40 level.

XRP Whale flows 30-DMA. Source: CryptoQuant

Related: Ripple targets MiCA passporting in EU with Luxembourg e-money nod

Bitcoin mining company CleanSpark reached an agreement to buy land in Texas as part of a strategy to move deeper into AI and high-performance computing (HPC).

In a Wednesday announcement, CleanSpark said it had entered a definitive agreement to buy 447 acres of land in Brazoria County, Texas as part of plans to develop a 300 megawatt (MW) data center, which could potentially be expanded to 600 MW. Combined with another initiative in the area, the data centers are “designed for artificial intelligence and high-performance computing workloads.”

”The demand for scaled, AI-native compute continues to accelerate, and access to transmission-level power in strategically advantageous regions has become increasingly constrained,” said CleanSpark chairman and CEO Matt Schultz.

Source: CleanSpark

CleanSpark’s continued expansion into AI and HPC was the latest example of a Bitcoin miner diversifying from crypto amid increasing mining difficulty. Companies including MARA Holdings, Core Scientific, Hut 8, Riot Platforms, and TeraWulf have already repurposed some of their infrastructure or announced plans to move deeper into AI and HPC.

Other mining companies have explored greener ways to cut costs. For example, Canadian Bitcoin miner Canaan announced last week that it would participate in a proof-of-concept program to make its compute heat available for local greenhouses.

CleanSpark said the Texas deal is expected to close in the first quarter of 2026.

Bitcoin mining difficulty reached all-time highs in 2025

CleanSpark’s and other crypto miners’ moves closer to AI and HPC came amid rising costs for mining Bitcoin (BTC). According to data from CoinWarz, BTC difficulty peaked at about 156 trillion in November, and was 146 trillion at the time of publication.

Magazine: Big questions: Would Bitcoin survive a 10-year power outage?

Digital asset manager Bitwise has listed seven crypto exchange-traded products denominated in Swedish krona on Nasdaq Stockholm, giving Swedish investors regulated exposure to Bitcoin, Ether and Solana.

According to a Wednesday announcement, the SEK-denominated ETPs are available to retail and professional investors through existing brokerage accounts and may qualify for Sweden’s tax-advantaged ISK savings structure, depending on the platform.

The listings include the Bitwise Core Bitcoin ETP, spot Bitcoin (BTC) and Ether (ETH) products backed by institutional custody, as well as staking-linked ETPs tied to ETH and Solana (SOL). Bitwise also listed a diversified MSCI Digital Assets Select 20 ETP tracking the largest cryptocurrencies by market capitalization, along with a hybrid product combining exposure to Bitcoin and gold.

The company appointed Marco Poblete and Andre Havas to oversee its expansion across the Nordic region.

According to the company, all Bitwise ETPs are fully backed by the underlying crypto assets held in institutional cold storage, with holdings verified through weekly independent audits.

The launch in Sweden builds on Bitwise’s broader European expansion, which began with the acquisition of ETC Group in August 2024. In April 2025, the company listed four Bitcoin and Ether ETPs on the London Stock Exchange, followed by the listing of five crypto funds on the SIX Swiss Exchange in September.

Bitwise also expands presence in the US in 2025  

Beyond Europe, Bitwise expanded its US presence in 2025 as regulatory clarity around crypto improved and enforcement uncertainty eased.

In September, Bitwise filed with the US Securities and Exchange Commission to launch a proposed Stablecoin & Tokenization ETF, designed to track an index of companies involved in stablecoin issuance, tokenization infrastructure, payments, exchanges and regulated crypto ETPs with exposure to Bitcoin and Ether.

In October, the company launched the Solana Staking ETF (BSOL) on the New York Stock Exchange, giving US investors direct exposure to SOL staking rewards built into the fund structure.

In December, Bitwise filed with the SEC to launch a proposed a spot Sui ETF tracking the price of the Sui (SUI) token, with Coinbase named as custodian. The SEC has yet to rule on filings by Canary Capital and 21Shares for Sui ETFs.

According to Bitwise researcher Ryan Rasmussen, more than 100 crypto exchange-traded products may launch in 2026 after the SEC adopted generic listing standards in September designed to significantly reduce approval timelines.

Magazine: Here’s why crypto is moving to Dubai and Abu Dhabi

Key points:

Bitcoin is showing considerable strength in the short term, opening the gates for a rally to $100,000 and then to $107,500.

Select major altcoins are showing strength, but Monero (XMR) is leading from the front.

After the sharp rally on Tuesday, Bitcoin (BTC) bulls are attempting to extend the gains above $97,000. The strong inflows of $753.8 million in BTC exchange-traded funds on Tuesday, according to Farside Investors data, show that the rally was backed by solid buying from institutional investors.

Crypto sentiment platform Santiment said in a post on X that retail traders could FOMO if BTC begins “teasing $100k in the next few days.” 

Another bullish case was presented by crypto analyst Midas, who said in a post on X that BTC’s current structure is following the 2020-2021 cycle. If history repeats, BTC could reach $150,000.

Crypto market data daily view. Source: TradingView

However, not everyone is outright bullish on BTC. Global investment management firm VanEck said in its Q1 2026 Outlook that BTC’s four-year cycle broke in 2025, which supports “a more cautious near-term outlook over the next 3-6 months.” Interestingly, select analysts from the company differed in their view, “remaining more constructive on the immediate cycle,” the report added.

What are the target levels to watch out for in BTC and the major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

BTC rallied above the $94,789 resistance on Tuesday, but the breakout is facing selling near the $96,846 level.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The upsloping 20-day exponential moving average ($91,418) and the relative strength index (RSI) near the overbought zone signal that bulls are in control. A close above the $96,848 level clears the path for a rally to $100,000 and subsequently to $107,500.

The first support on the downside is the breakout level of $94,789 and then the 20-day EMA. Sellers will have to swiftly tug the price below the 50-day simple moving average ($89,959) to weaken the bullish momentum. 

Ether price prediction

Ether (ETH) broke above the resistance line of the symmetrical triangle pattern on Tuesday, indicating that the bulls have overpowered the bears.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

The bears will try to pull the price back inside the triangle, but if the bulls successfully defend the resistance line, the ETH/USDT pair could rally to $3,659 and then to $4,000.

Contrary to this assumption, if the price skids back into the triangle, it is likely to find support at the moving averages. If the price rebounds off the moving averages, the bulls will again attempt to resume the up move. The bears will be back in the driver’s seat on a close below the support line. 

XRP price prediction

XRP (XRP) bounced off the moving averages on Tuesday, indicating solid demand at lower levels.

XRP/USDT daily chart. Source: Cointelegraph/TradingView

The upsloping 20-day exponential moving average ($2.06) and the RSI in the positive territory indicate that the bulls have the upper hand. That increases the possibility of a break above the downtrend line, signaling a potential trend change. The XRP/USDT pair could then rally to $2.70.

This positive view will be invalidated in the near term if the XRP price turns down and breaks below the moving averages. That suggests the pair could remain inside the descending channel for a while longer.

BNB price prediction

BNB (BNB) closed above the $928 level on Tuesday, completing a bullish ascending triangle pattern.

BNB/USDT daily chart. Source: Cointelegraph/TradingView

The bears will attempt to trap the aggressive bulls by pulling the BNB price below the moving averages. If they manage to do that, the BNB/USDT pair could drop to the uptrend line and then to the $790.

Contrarily, if the price turns up from the $928 level, it suggests that the bulls have flipped the level into support. That increases the likelihood of a rally toward the pattern target of $1,066.

Solana price prediction

Solana (SOL) reached the $147 level on Tuesday, where the bears are expected to pose a strong challenge. 

SOL/USDT daily chart. Source: Cointelegraph/TradingView

The upsloping 20-day EMA ($135) and the RSI near the overbought zone suggest the path of least resistance is to the upside. If buyers clear the $147 level, the SOL/USDT pair could pick up momentum and soar toward $172.

The moving averages are the crucial support to watch out for on the downside. A break below the moving averages indicates that the bulls have given up. That could keep the Solana price inside the $117 to $147 range for a few more days.

Dogecoin price prediction

Dogecoin (DOGE) turned up from the moving averages on Tuesday, signaling that the bulls are attempting to take charge.

DOGE/USDT daily chart. Source: Cointelegraph/TradingView

If buyers thrust the price above the $0.16 resistance, the DOGE/USDT pair will complete a bullish inverse head-and-shoulders pattern. The Dogecoin price could then rally toward the target objective of $0.20.

Instead, if the price turns down sharply from the $0.16 level, it suggests that the bears continue to sell on rallies. That could keep the pair range-bound between $0.16 and $0.12 for some time.

Cardano price prediction

Buyers successfully defended the 20-day EMA ($0.39) in Cardano (ADA), indicating a positive sentiment.

ADA/USDT daily chart. Source: Cointelegraph/TradingView

There is minor resistance at $0.44, but if the level is crossed, the ADA/USDT pair could rally to the breakdown level of $0.50. The recovery is expected to face significant selling at the $0.50 level, but if the bulls prevail, the Cardano price could ascend to $0.60. Such a move signals a potential trend change in the near term.

Sellers will have to swiftly yank the price below the moving averages if they want to retain the advantage. The pair could then slide to $0.33. 

Monero price prediction

Monero (XMR) has rallied sharply since bouncing off the 20-day EMA ($510) on Saturday, indicating aggressive buying by the bulls.

XMR/USDT daily chart. Source: Cointelegraph/TradingView

The vertical rally has pushed the RSI above the 87 level, signalling that the XMR/USDT pair is overbought in the near term. That could result in a few days of consolidation or correction in the near term.

Any pullback is expected to find support at the 38.2% Fibonacci retracement level of $607. A shallow correction increases the likelihood of the continuation of the uptrend. The Monero price could then skyrocket toward $915. The bullish momentum is expected to weaken on a close below the 50% retracement level of $571.

Bitcoin Cash price prediction

Bitcoin Cash (BCH) is attempting to find support at the moving averages, but the bears continue to exert pressure.

BCH/USDT daily chart. Source: Cointelegraph/TradingView

A break and close below the 50-day SMA ($589) suggests that the market rejected the breakout above the $631 level. That could trap the aggressive bulls, pulling the BCH/USDT pair to $563 and later to $518.

On the contrary, the bulls will attempt to resume the uptrend by pushing the Bitcoin Cash price above the $670 level. If they can pull it off, the pair could surge to $720, where the sellers are expected to step in.

Chainlink price prediction

Chainlink (LINK) turned up sharply from the moving averages on Tuesday, indicating that the bulls are trying to form a higher low.

LINK/USDT daily chart. Source: Cointelegraph/TradingView

The bulls will attempt to strengthen their position by pushing the Chainlink price above the $14.98 resistance. If they manage to do that, the LINK/USDT pair could rally toward $17.66. That brings the large $10.94 to $27 range into play.

Sellers are likely to have other plans. They will try to halt the recovery at the $14.98 level and pull the price below the moving averages. That could keep the pair stuck inside the $11.61 to $14.98 range for some more time.

The foundation behind Zcash (ZEC) said that the US Securities and Exchange Commission (SEC) will not pursue an enforcement action into the privacy coin after the end of an investigation launched in 2023.

In a Wednesday notice, the Zcash Foundation said the SEC “concluded its review” over a “matter of certain crypto asset offerings” and would not recommend enforcement actions or changes. According to the foundation, the regulatory probe started in August 2023 after it received a subpoena from the SEC.

“This outcome reflects our commitment to transparency and compliance with applicable regulatory requirements,” said the foundation. “Zcash Foundation remains focused on advancing privacy-preserving financial infrastructure for the public good.”

Source: Zcash Foundation

Over the past year under US President Donald Trump, the SEC has dropped several investigations and lawsuits into several high-profile crypto companies, signaling that the regulator would be softening on regulation and enforcement under the current administration. 

Cointelegraph reached out to the foundation for additional details on the subpoena and investigation, but had not received a response at the time of publication.

Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026

This is a developing story, and further information will be added as it becomes available.