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$3 Billion Options Expires: BTC and ETH Under Scrutiny
The fact that approximately $3 billion worth of Bitcoin and Ethereum option contracts are set to expire on the same day has drawn attention to derivatives in the cryptocurrency markets. Bitcoin's recent positioning above critical technical levels has made this large option expiry even more significant. However, data from the options market shows that the rise is not yet universally accepted as a strong bull breakout.According to Deribit data, as of January 16th, the total volume of options expiring is approximately $2.84 billion. The majority of this amount is Bitcoin-related. While the total size of Bitcoin options is around $2.4 billion, this figure is limited to approximately $437 million for Ethereum. The resulting picture clearly shows that market interest and risk perception are predominantly focused on Bitcoin.Cautious optimism on the Bitcoin frontThe Bitcoin price is trading above $95,000 at the time of writing. This level is significantly above the $92,000 threshold, known as the "maximum pain" in the options market. The maximum pain level is considered the price point at which most contracts will become worthless at expiry, and prices often tend to move towards this level. A move away from this threshold indicates that volatility may increase before the expiry date. Despite this, the option position distribution suggests that investors are still taking downside risks seriously. On the Bitcoin side, the number of put contracts exceeds the number of call contracts. The put/call ratio remaining above 1 indicates that hedging positions outweigh other upward movements.From a technical perspective, if Bitcoin makes a sustained daily close above $94,300, the psychological $100,000 level could come back into play. However, if this support is lost, there is a risk that the price will return to the long-standing horizontal band.Ethereum shows a calmer pictureOn the Ethereum side, a more balanced and uncertain picture is evident. The ETH price is hovering around $3,300 and is only slightly above the maximum pain level of $3,200. In the options market, call and put contracts are almost equally distributed, revealing that the market has not reached a clear consensus on a specific direction.Ethereum's difficulty in breaking the $3,400 resistance level shows that this indecision is reflected in its price movements. Although there are attempts at upward movement, it is difficult to speak of a strong and sustainable trend yet.Institutional interest focused on BitcoinInstitutional activity in derivative markets also highlights the difference between the two assets. According to data shared by the market analysis platform Greeks.live, a significant portion of large-scale transactions occur on the Bitcoin side. Institutional block transactions constitute more than 40% of the total volume in Bitcoin, while this rate remains more limited in Ethereum.Analysts point out that despite this activity seen in Bitcoin, futures trading volumes have not shown a strong increase. In addition, the fact that implied volatility has not increased significantly strengthens the interpretation that a structural bull period has not yet begun in the derivatives market. Possibility of post-expiration volatilityFollowing today's large option expiration, there is a possibility that prices may head towards their maximum levels in the short term. Market volatility during this period would not be surprising. However, as in past examples, it is also likely that the market will calm down relatively after the expiration and begin searching for a new equilibrium.
JPMorgan: Institutional Money Flow into Crypto to Accelerate in 2026
JPMorgan, one of Wall Street's largest banks, predicts that institutional interest in cryptocurrency markets will further strengthen in 2026. According to the bank's analysts, the record capital inflow, which reached almost $130 billion in 2025, will be predominantly supported by institutional investors in the coming period. JPMorgan emphasizes that this momentum will accelerate, especially with the effect of the clarifying regulatory framework in the US.Institutional investors may be more decisive in the crypto market in 2026According to the latest report published by JPMorgan, the total capital entering crypto markets increased by approximately one-third in 2025 compared to the previous year. This increase indicates that digital assets are now beginning to be seen not only as speculative tools but also as a permanent part of institutional portfolios. Bank analysts believe that this trend will continue in 2026 and even become more balanced. Nikolaos Panigirtzoglou, JPMorgan's Managing Director of Global Market Strategy and the lead author of the report, notes that the return of institutional investors has been facilitated, particularly by new regulations. Regulations such as the Clarity Act in the US, which aims to bring clearer rules to crypto assets, are said to reduce uncertainty surrounding digital assets. According to JPMorgan, these developments could stimulate not only direct investment appetite but also mergers and acquisitions, initial public offerings, and crypto-focused venture capital investments. The bank considers different channels together when calculating capital flows into crypto markets. These include inflows through exchange-traded funds (ETFs), signals from CME futures markets, crypto venture capital investments, and digital asset treasuries (DATs). This holistic approach more clearly reveals the sources from which capital flows are being fueled. A significant portion of the strong growth in 2025 stemmed from funds directed towards Bitcoin and Ethereum ETFs. JPMorgan analysts believe that these ETF inflows were largely driven by individual investors. In contrast, the picture is weaker on the futures front. Bitcoin and Ethereum futures have slowed significantly compared to 2024, indicating that hedge funds and large institutional players are acting cautiously. Last year, more than half of total digital asset inflows, approximately $68 billion, were via DATs. While large players like Strategy had a significant share in these purchases, other companies also accumulated digital assets much more aggressively compared to 2024. However, most of these purchases were concentrated in the early months of the year; from October onwards, a noticeable slowdown in purchases by both large players like Strategy and BitMine was observed.On the crypto venture capital side, the picture is more complex. While total investment volume increased slightly in 2025, the number of transactions decreased significantly. It is stated that investments are mostly directed towards advanced-stage projects, while early-stage startups are struggling to find funding. According to JPMorgan analysts, this slowdown in early-stage investments stems from capital shifting towards more liquid and short-term strategies despite improved regulatory conditions.The bank predicts that capital inflows into crypto markets will continue to increase by 2026, but this time the leading role will be played by large institutional actors rather than individual investors or DATs. According to analysts, the risk-aversion process seen in the last quarter of 2025 among both individual and institutional investors is largely behind us. Signals of stability in ETF flows and other indicators are paving the way for a new institutional wave in crypto markets.
Germany's second-largest bank has received crypto approval: Ether, Litecoin, ADA Included
DZ Bank, Germany's second-largest bank, has crossed a significant threshold under the European Union's MiCA framework for crypto assets. With approval from Germany's financial regulator, BaFin, the bank is preparing to offer crypto services through its digital asset platform, "meinKrypto." This step is seen as a critical milestone in the integration of crypto assets into the retail banking system in Germany.MeinKrypto is being integrated to VR Banking appAccording to DZ Bank, meinKrypto offers a wallet structure integrated into the VR Banking application and is particularly aimed at individual investors who want to make their own decisions and do not seek guidance or investment advice. The platform's technical infrastructure was developed by Atruvia, the IT service provider of the cooperative banking group. This allows crypto transactions to be carried out within the mobile banking environment that users are already familiar with. Multiple regulated institutions play a role in the platform's operational structure. Crypto asset custody is provided by Stuttgart Stock Exchange Digital, while transaction execution is carried out through EUWAX AG. This structure allows for the centralized management of risk management and compliance processes. It is specifically emphasized that MeinKrypto is not part of the classic investment advisory services offered to retail customers.Initially, transactions in Bitcoin, Ether, Litecoin, and Cardano will be permitted. However, each Volksbank and Raiffeisenbank will be able to independently decide whether or not to offer this service. So, while MiCA approval applies to DZ Bank, each cooperative bank must also notify BaFin and choose to participate in the system. This structure provides banks with the flexibility to act according to their own risk profiles and customer strategies.DZ Bank's interest in crypto is not new. In 2023, the bank launched a crypto custody platform for institutional clients, and in December 2024, it implemented pilot applications for meinKrypto. Board member Souad Benkredda previously stated that the bank aims to offer a wider range of crypto assets over time. This expansion is planned to proceed gradually, depending on regulatory requirements.A similar trend is observed across the sector. DekaBank, part of the Sparkassen group, launched digital asset services last year, initially limited to corporate clients. LBBW, also within the same network, partnered with Bitpanda in the second quarter of 2024 for crypto custody services. These examples demonstrate a cautious but steady approach to cryptocurrency by traditional financial institutions in Germany. What sets DZ Bank apart is its focus on individual customers. By eliminating the need for private key management or dealing with external cryptocurrency exchanges, the bank aims to make crypto transactions resemble the classic online banking experience. This approach aligns with the principles of transparency and investor responsibility highlighted by MiCA regulations. According to a study published in September 2025 by the German Association of Cooperative Banks, more than a third of cooperative banks in the country plan to implement the meinKrypto solution in the near future. This interest highlights the growing demand for regulated crypto access embedded within the banking system. DZ Bank aims to be the central actor in this process, providing the infrastructure, regulatory framework, and technical foundation.
Bitcoin and Gold Come Together on the London Stock Exchange: Trading Begins
BOLD, an exchange-traded product (ETN) developed by 21Shares that combines Bitcoin and gold in a single product, began trading on the London Stock Exchange on January 13th. The product is structured to offer investors the potential for returns similar to Bitcoin, while aiming for lower volatility thanks to the stabilizing effect of gold. In this respect, BOLD is the first product in the United Kingdom to offer both a crypto and a traditional asset under a single exchange-traded instrument.Bitcoin and Gold Come TogetherThe launch of BOLD comes shortly after the easing of regulatory approaches towards crypto-linked ETNs in the United Kingdom. With the Financial Conduct Authority lifting the ban on crypto ETNs for retail investors in October, interest in regulated digital asset products has rapidly increased. It is stated that a trading volume of $280 million was reached in the first month alone after the lifting of the ban. This figure makes the UK one of the most active crypto ETP markets in Europe, after Xetra in Germany and SIX Swiss Exchange in Switzerland. BOLD was developed in collaboration between 21Shares and ByteTree Asset Management. The product combines Bitcoin's growth potential with gold's "store of value" role. However, unlike classic portfolios, assets are distributed not with equal capital weighting, but with a risk-based approach. In this model, the risk level contributed by Bitcoin and gold to the portfolio is attempted to be equalized. In the monthly rebalancing process, the weighting of the stronger-performing asset is reduced, while the weighting of the lagging asset is increased. The aim is to make returns more stable over time. The product's physically secured nature is also noteworthy. Bitcoin and gold under BOLD are held with institutions providing institutional-level custody services. The product, which is available for intraday trading, operates with a total expense ratio of 0.65%. Quoted in British pounds, BOLD is structured so that individual investors in the United Kingdom can access it through standard brokerage accounts. BOLD's past performance also plays a significant role in the product's marketing narrative. First launched in Switzerland in April 2022, the product has achieved a 122.5% return in sterling terms by the end of 2025. This performance surpasses investments holding only Bitcoin or only gold during the same period. It was also shared that the product has a three-year Sharpe ratio of 1.79 and reaches an asset size of $40.1 million by January 12, 2026. 21Shares CEO Russell Barlow emphasized that BOLD was designed specifically for a period marked by inflation and monetary policy uncertainty. According to Barlow, the product aims to offer investors access to both Bitcoin's long-term growth potential and the relative stability offered by gold. ByteTree Asset Management founder Charles Morris stated that Bitcoin and gold are increasingly becoming complementary assets, and that this rules-based structure offers a transparent and disciplined diversification opportunity. With the regulatory framework becoming clearer in the UK, it is noteworthy that major asset managers such as 21Shares, as well as Bitwise, WisdomTree and BlackRock, are opening their crypto ETPs to retail investors in London.
Crypto Bulls Expect a Rate Cut While JPMorgan Expects a Rate Hike
US-based investment bank JPMorgan shared a forecast that significantly diverges from the general market regarding expectations for the Federal Reserve's next interest rate move. According to the bank, the Fed's next step will be an interest rate increase, not a cut, and this increase is unlikely to occur before the third quarter of 2027. This approach is in clear contrast to the views of analysts, particularly in the crypto markets, who expect an interest rate cut this year.JPMorgan's "reverse" scenarioAccording to the assessment reflected in Reuters, JPMorgan predicts that the Fed will keep the policy interest rate stable in the 3.5–3.75 percent range throughout 2026, followed by a 25 basis point increase in the third quarter of 2027. This forecast of the bank does not align with market pricing for an earlier interest rate cut. In particular, CME Fed funds futures show that investors are positioned with the expectation of two 25 basis point interest rate cuts this year. In the prevailing optimistic scenario in the crypto markets, it is thought that falling interest rates will increase risk appetite and accelerate capital flows into digital assets. In this context, Bitcoin stands out as an instrument more sensitive to interest rate expectations compared to traditional assets. Bitcoin, which is directly linked to fiat currency liquidity, is frequently discussed with the view that it can perform more strongly if borrowing costs decline. FXTM senior market analyst Lukman Otunuga is among those who support this expectation. Otunuga states that although 2025 will be challenging, Bitcoin has the potential to recover in 2026, and that lower interest rates and a decrease in the active supply in the market could be supportive of prices. Many optimistic investors in the crypto market also think that a possible change in the Fed chairmanship could open the door to a more dovish monetary policy. Current Fed Chairman Jerome Powell's term will end in early May. JPMorgan's expectation of tighter monetary policy also coincides with the technical outlook for US 10-year Treasury yields. Chart patterns suggest that the 10-year Treasury yield could rise towards 6% in the coming period. Currently, this yield is around 4.18%. This picture raises the possibility that financial conditions may remain tighter than expected. However, JPMorgan is not entirely ruling out the possibility of an interest rate cut. Bank analysts acknowledge that the Fed may ease rates later this year if there is a significant weakening in the labor market or a faster-than-expected decline in inflation. However, current data shows that this scenario is not strong in the short term. According to JPMorgan, the labor market is expected to tighten again starting in the second quarter, and the disinflation process is expected to proceed quite gradually. The recently released US employment data also supports this stance. The unemployment rate falling to 4.4% in December has led many major banks to reconsider their interest rate cut schedules. Goldman Sachs and Barclays have shifted their expectations for interest rate cuts, previously pointing to March and June, to September and December. This indicates that uncertainty regarding the interest rate path persists and that macroeconomic dynamics closely monitored by crypto markets remain important.
Clarity Act Postponed Until End of January: Bitcoin and 6 Altcoins on the List
A significant step has been taken toward the CLARITY Act (Digital Asset Market Clarity Act), which aims to bring long-awaited clarity to the cryptocurrency market in the US. The bill, introduced by Wyoming Senator Cynthia Lummis, is scheduled to be brought before the Senate in mid-January. This comprehensive text, prepared in addition to H.R. 3633, aims to clarify which institution will oversee digital assets and how.The 278-page draft stands out as the most up-to-date version of the "market structure" regulations that both Republicans and Democrats have been working on for months. Prepared by the Senate Banking Committee, the text aims to reduce the ongoing jurisdictional confusion in the US crypto markets and create a more predictable regulatory environment. At the heart of the CLARITY Act is the long-debated issue of the division of authority between the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regarding the oversight of digital assets. The bill aims to reduce conflicts that create uncertainty in the markets by more clearly defining which type of crypto asset falls under the supervision of which institution.Supporters argue that this approach can limit market manipulation and create a more stable environment for both individual and institutional investors. The reduction of sudden and unpredictable enforcement processes is seen as critical for long-term institutional participation.New Status for Cryptocurrencies with ETFsOne of the notable sections of the draft text concerns regulations for cryptocurrencies with exchange-traded funds (ETFs). If a crypto asset's ETF is listed on a national exchange in the US, no additional disclosure will be required from the SEC. Details such as who controls the project or the token distribution structure will not be requested separately. In this context, altcoins with ETFs, such as XRP, Solana, Litecoin, Hedera, Dogecoin, and Chainlink, along with Bitcoin and Ethereum, are considered under the same status. This approach is seen as a significant milestone for the altcoin market. Interest Ban on Stablecoins, but Exceptions ExistThe bill also outlines a clear framework regarding stablecoins. Accordingly, users will not be able to earn interest or returns simply by holding stablecoins. However, rewards based on activities such as payments, transfers, providing liquidity, or active use within the platform are allowed. The Senate Banking Committee's draft aims to both protect the consumer and not completely restrict market activities with a "conditional return" approach.This provision remains one of the most controversial topics in the sector. Stablecoin revenues are cited as one of the biggest points of disagreement on the bill.Protection for DeFi DevelopersThe bill also includes the Blockchain Regulatory Certainty Act. Accordingly, DeFi developers who do not control user funds and only develop software will not be considered financial intermediaries. The aim is to bring oversight to structures that manage user assets while protecting open-source development and innovation.Criticisms and Political CalendarSupporters of the bill argue that the US could once again become the center of global crypto innovation. However, figures like Elizabeth Warren are warning that the SEC's powers could be weakened, creating risks for pension funds. Meanwhile, Senate Agriculture Committee Chairman John Boozman has postponed the committee's discussions on the CLARITY Act until the last week of January. This decision is interpreted as an indication that sufficient bipartisan support has not yet been secured. With the Senate Banking Committee expected to release the final text soon, the CLARITY Act is on track to become the most comprehensive framework for US cryptocurrency regulation to date. The final version of the bill and any proposed changes will be closely watched by markets in the coming weeks.
Standard Chartered Introduces New Structure to the Crypto Market
London-based global banking giant Standard Chartered is preparing to take a new step as institutional demand for crypto assets rapidly increases. According to sources close to the matter who spoke to Bloomberg, the bank plans to establish a crypto prime brokerage service targeting hedge funds and asset management companies. This structure is expected to be located within SC Ventures, the bank's wholly owned venture and innovation arm. Discussions are in the early stages, and there is no definite launch date yet. This strategic move could allow Standard Chartered to grow its crypto activities while avoiding regulatory capital pressures. Basel III regulations, which make it difficult for banks to directly hold crypto assets on their balance sheets, mandate a very high risk weighting of 1,250% for assets like Bitcoin and Ether, which operate on permissionless blockchains. In contrast, this rate is as high as 400% for some venture capital investments. Establishing the new structure outside the main bank, under the umbrella of SC Ventures, is seen as the most practical way to avoid this heavy capital burden. Standard Chartered is not a new player in the crypto space. The bank has previously supported initiatives such as Zodia Custody, which offers institutional custody services, and Zodia Markets, an institutional trading platform. Approximately six months ago, it announced that it would be offering spot crypto trading services to institutional clients as a large, systemically important global bank. The announcement of a joint venture called “Project37C,” shared by SC Ventures on LinkedIn in December, also signaled this expansion. This project was described as a “light financing and market platform” including services such as custody, tokenization, and access to digital markets.What does prime brokerage mean?Prime brokerage models provide institutional investors with financing, custody, and trading services under one roof, creating a critical infrastructure, especially for hedge funds. With rapidly increasing institutional interest, this area is growing globally. In April, Ripple acquired Hidden Road, a major brokerage firm, for $1.25 billion. In October, FalconX announced an acquisition agreement with 21Shares, an ETF issuer. These developments are not limited to Europe. In the US, major banks are also delving deeper into cryptocurrency. JPMorgan Chase announced it is evaluating crypto trading services for its institutional clients, while Morgan Stanley applied for ETFs based on Bitcoin, Ether, and Solana. These moves further intensify competition in the spot crypto ETF market, where giants like BlackRock and ARK Invest are already active. The total size of spot crypto ETFs in the US has reached approximately $140 billion in just two years. On the market front, Bitcoin started 2026 just above $92,000. After a brief drop to $90,000, the price shows a limited year-on-year decline. According to Brian Vieten of Siebert Financial, this sideways movement was linked to tax optimization-driven sell-offs and concerns that MSCI might delist digital asset treasuries. MSCI's reversal of this idea has removed one of the uncertainties in the market.
Bitcoin and Ethereum to See $2.2 Billion in Option Expiry
Today marks a critical threshold in the crypto derivatives markets. Bitcoin and Ethereum are stuck at "max pain" levels ahead of the expiration of over $2.2 billion worth of options contracts on the Deribit exchange. Simultaneously, macroeconomic decisions and data from the US are making the market's direction even more sensitive.$2.2 billion in options expiring locks the marketAccording to data, Bitcoin is trading around $90,000 at the time of writing. This level almost perfectly matches the $90,000 max pain point set for BTC options. On the Ethereum side, the price is stabilizing around $3,100; this is also quite close to the maximum pain level calculated for ETH options.Looking at the overall picture, the size of Bitcoin options is approximately $1.84–$1.89 billion, while the size of Ethereum options is in the $380–$396 million range. This concentration is causing prices to remain in a narrow range before expiration. In particular, market makers' hedge positions are suppressing volatility by putting pressure on the spot price. Another notable element in the Bitcoin options market is the balance between call and put positions. Call and put open positions are almost equal. This indicates that investors are cautious about both upward and downward scenarios, and a strong directional expectation has not yet formed. On the Ethereum front, the picture is somewhat more asymmetrical. Call contracts are seen to be more dominant than puts in ETH options. The concentration of calls, especially above $3,000, suggests that Ethereum may become more sensitive to upward movements after expiration. According to analysts, if the ETH price remains above its maximum pain level, market makers may be forced to pursue bullish positions. Macroeconomic agenda is putting pressure on cryptoThe option expiration date alone does not create risk. The real pressure stems from two critical developments coming from the US on the same day. The first is the US non-farm payrolls (NFP) data for December. Market expectations are that employment growth will accelerate compared to the previous month. In particular, average hourly earnings data is closely watched in terms of the inflation outlook.High wage increases could strengthen expectations that the Federal Reserve may keep its interest rate policy tight for longer. This scenario puts pressure on non-interest-bearing assets and can negatively affect instruments such as Bitcoin and gold. Indeed, the recent strengthening of the dollar index has limited upward attempts in the crypto market.The second important issue is the decision of the United States Supreme Court regarding the tariffs implemented during the Trump administration. The possibility of the court making a decision that limits the tariffs implemented under presidential powers could affect trade and growth expectations in the short term. Crypto markets are known to react sensitively to tariff news in the past.Sharp drop in open interest signals a "reset"In addition to option expiry, open interest data in derivative markets is also noteworthy. Bitcoin open interest has fallen to its lowest levels since 2022. Significant declines on major exchanges such as Binance, Bybit, and OKX indicate that leveraged positions are being cleared across the market. Historically, these periods mark phases when the market experiences a "reset." When excessive leverage disappears, prices generally settle on a more stable level. While this process sometimes results in horizontal consolidation, in other cases it can pave the way for a new upward wave.
South Korea Gives Green Light to Spot Bitcoin ETFs
South Korea is preparing to take a long-awaited step in the digital asset market. The country's financial regulator, the Financial Services Commission (FSC), plans to open the door to spot Bitcoin ETFs this year as part of its 2026 economic growth strategy. This makes South Korea one of the newest major markets, following the US and Hong Kong, to allow spot Bitcoin ETFs.Spot Bitcoin ETFs on the Agenda in South KoreaUntil now, crypto assets like Bitcoin were not recognized as a valid underlying asset for ETFs in the country. This effectively prevented the creation of spot Bitcoin ETFs. The planned regulatory change by the FSC aims to remove this obstacle and provide institutional investors with more direct access to the crypto market. Officials argue that this step will deepen capital markets and strengthen South Korea's position in global financial competition. The regulator is closely monitoring experiences in other countries during this process. The intense interest in spot Bitcoin ETFs in the US, in particular, serves as an important point of reference for South Korea. BlackRock, one of the world's largest asset managers, previously announced that its spot Bitcoin ETF products offered in the US have become one of the company's highest revenue streams. This suggests that similar products could see strong demand in South Korea. The current size of the country's crypto market also supports this expectation. According to data from the Korea Financial Intelligence Unit (KoFIU), the number of eligible users to trade crypto assets reached 10.7 million in the first half of last year. During the same period, the average daily trading volume was 6.4 trillion South Korean won. These figures indicate that South Korea has one of the most active individual investor bases in Asia. In addition to spot Bitcoin ETF plans, the government is also working on a comprehensive Digital Asset Law. According to local media reports, this law specifically targets stablecoins. The draft regulation proposes licensing requirements for stablecoin issuers, holding them back 100% of their value, and allowing users the right to redeem them at any time. Additionally, the framework for cross-border transfers of stablecoins is planned to be clarified.South Korea's digital transformation agenda is not limited to the private sector. The government is also working on state-issued digital tokens, called deposit tokens, to digitize public funds. Unlike stablecoins, these tokens are intended to be directly linked to public finances. Officials aim to move 25% of treasury transactions to blockchain-based payment systems by 2030.It is stated that pilot applications have already been launched and some legal regulations concerning the central bank and the treasury are expected to be on the agenda during the year.
Bitcoin Miner Riot Sells $200 Million Worth of BTC
Riot Platforms, a US-based publicly traded Bitcoin mining company, attracted attention with its large Bitcoin sales in the last two months of 2025. The company sold a total of 2,201 BTC in November and December, generating approximately $200 million in cash. These sales significantly reduced the amount of Bitcoin on Riot's balance sheet, strengthening expectations that the proceeds will be used for the company's long-term AI-focused data center investments. According to Riot's December production and operations report, the company sold 1,818 BTC in December and 383 BTC in November. As a result of these transactions, Riot's Bitcoin holdings decreased to 18,005 BTC by the end of the year. At current prices, this amount is approximately $1.65 billion, still placing Riot among the top 10 largest publicly traded Bitcoin holders. However, this figure is approximately 1,300 BTC less than the company's balance of 19,324 BTC in October. Furthermore, the increase was quite limited compared to the end of last year.Riot had not made any sales in 2024This situation is in stark contrast to Riot's strategy in 2024. The company did not sell any Bitcoin throughout 2024; on the contrary, it added over half a billion dollars worth of BTC to its balance sheet. The sales in the last months of 2025 indicate that the approach of holding Bitcoin as a long-term reserve asset has been replaced by a more flexible and investment-oriented use of capital. At this point, attention turned to the assessments of Matthew Sigel, head of digital asset research at asset manager VanEck. According to Sigel, the amount of Bitcoin Riot sold is sufficient to finance the first phase of the 112-megawatt artificial intelligence data center project planned at the company's Corsicana facility in Texas. Sigel summarized this situation with the words, "The BTC sales made during one winter are equivalent to financing the first phase of the AI data center transformation." Riot has not provided a detailed explanation regarding the sales. While company representatives declined to answer questions on the matter, the CEO stated earlier this year that Bitcoin sales revenue would be used to finance “ongoing growth and operations.” Recent announcements and strategy presentations reveal that this growth will primarily focus on AI and data center capacity. Riot’s “power-first” approach, highlighted in its third-quarter investor presentation, forms the basis of this transformation. The company now views Bitcoin mining not as the ultimate goal, but as a temporary tool to monetize its large-scale energy portfolio. The long-term goal is to convert all of its existing megawatt capacity to data center use. This strategic shift is not unique to Riot. Many companies in the sector have taken similar steps in recent months. Miners like CleanSpark and MARA have announced plans to expand their business models to include data center and AI infrastructure. Bitfarms announced plans to completely end Bitcoin mining and focus on AI. Meanwhile, Cipher Mining and Hut 8 have signed multi-billion dollar AI deals with the backing of tech giant Google. On the market front, Riot shares showed mixed performance. On the last trading day, RIOT shares rose 1.3%, bringing their total increase over the past six months to over 23%, with the share price reaching $14.98. During the same period, the price of Bitcoin also rose approximately 6% in the last week, trading around $92,700. The overall picture shows that Bitcoin miners are shifting their energy and data center infrastructure beyond the cryptocurrency market to broader and more promising areas such as artificial intelligence. Riot's recent sales stand out as one of the most concrete examples of this transformation.Meanwhile, the price of Bitcoin is trading around $92,000.
Morgan Stanley Submits Bitcoin and Solana ETF Applications
US-based investment bank Morgan Stanley has taken its moves into the cryptocurrency markets a step further. The company has formally applied to the U.S. Securities and Exchange Commission (SEC) for exchange-traded funds (ETFs) that will track Bitcoin and Solana prices. According to documents released on Tuesday, Morgan Stanley submitted S-1 registration statements for two separate funds, "Morgan Stanley Bitcoin Trust" and "Morgan Stanley Solana Trust." Morgan Stanley applies for Bitcoin and SOLThis move by the Wall Street giant, which manages approximately $6.4 trillion in assets, shows the increasing interest of traditional financial institutions in the crypto ETF market. In particular, the inclusion of a staking feature in the Solana ETF application indicates that Morgan Stanley aims to integrate on-chain return models into its products, not just price tracking. This is noteworthy in terms of bringing crypto assets together with classic investment instruments in a more complex and functional way. If the applications are approved, Morgan Stanley will be in the same league as major issuers like BlackRock and Fidelity, who are prominent in this field after spot Bitcoin ETFs in the US receive the green light in January 2024. This shows that the position of crypto assets within mainstream investment products is steadily strengthening. Data also reveals that the interest in crypto ETFs is not limited to applications alone. The total trading volume of spot crypto ETFs listed in the US has exceeded $2 trillion. While it took over a year to reach the first $1 trillion volume, the subsequent $1 trillion increase occurred in just about eight months, highlighting the acceleration in liquidity and trading appetite in the market. The total value of assets held in spot Bitcoin ETFs alone has exceeded $123.5 billion. This figure corresponds to approximately 6.6% of Bitcoin's total market capitalization. Despite prices recently hovering below the $100,000 level, strong demand for ETFs reflects the long-term perspective of institutional investors. Morgan Stanley's move also aligns with changes in the US regulatory climate. Following Donald Trump's return to the presidency, the SEC appears to have adopted a more favorable approach towards crypto. Thanks to new and more general listing standards approved in September 2025, eligible crypto ETFs can now be launched more quickly, without going through lengthy individual 19b-4 rule change processes. The shortening of these approval processes, which previously took up to 240 days, has significantly increased the appetite of traditional financial institutions. Last year, Morgan Stanley set an allocation cap limiting digital assets to 4% for "opportunity-focused" portfolios. This approach parallels that of competitors such as BlackRock and Grayscale. The bank is also taking steps to gradually open up access to crypto assets in all customer accounts, including retirement accounts.
Spot Bitcoin ETFs Had Their Strongest Day Since October
Institutional interest in spot Bitcoin ETFs in the US has increased significantly in the first days of the new year. On Monday, a net inflow of $697 million was recorded into spot Bitcoin exchange-traded funds. This figure marked the highest daily ETF inflow in the last three months. The data indicates a recovery in the overall sentiment of the crypto market, revealing that investors are adopting a cautious but optimistic stance. According to market data, with the $471 million inflow recorded on Friday, the total amount of funds directed to spot Bitcoin ETFs in the first two trading days of 2026 exceeded $1.16 billion. This strong start shows that institutional investors' interest in regulated crypto products is gaining momentum again. SoSoValue data revealed that nine of the 12 spot Bitcoin ETFs traded in the US experienced positive fund inflows on Monday. The largest share of the day went to the IBIT fund managed by BlackRock. IBIT saw an inflow of approximately $372 million in a single day. Fidelity’s FBTC fund followed, with net inflows into FBTC reaching $191 million. In addition, funds from other major issuers such as Grayscale, Bitwise, Ark & 21Shares, VanEck, Invesco, Franklin Templeton, and Valkyrie also closed the day in positive territory. What is the reason for the surge in Bitcoin ETF inflows?LvRG Research Director Nick Ruck stated that this strong demand for ETFs indicates a revival in risk appetite at the beginning of the year. According to Ruck, high-volume inflows into ETFs, which offer access to crypto assets through regulated products, show a recovery in market confidence. The sustainability of price movements in the medium term, however, remains dependent on continued institutional participation and the stability of the regulatory environment. A similar picture was seen in spot Ethereum ETFs. On Monday, net inflows into Ethereum ETFs totaled over $168 million. Positive fund inflows were also observed in ETFs tracking altcoins such as XRP, Solana, Dogecoin, and Chainlink. This indicates that investor interest is not limited to Bitcoin alone, but is shifting towards a broader basket of cryptocurrencies. ETF inflows also paralleled the recovery in crypto prices. Bitcoin rose approximately 1.5% in the last 24 hours, approaching the $93,600 level, while its weekly gain exceeded 7%. Ethereum traded in the $3,200 range, up 2.8%. XRP was among the assets that stood out in the short term; the token, which recorded double-digit gains in the last 24 hours, also showed a strong weekly performance. BTC Markets analyst Rachael Lucas emphasized that spot ETF flows are an important indicator of market sentiment. According to Lucas, inflows into ETFs directly lead fund managers to buy Bitcoin and Ethereum, creating a natural support mechanism for the market. However, the report notes that retail investors are still acting cautiously in the current environment, while the institutional side continues to take long-term positions. The overall picture suggests that the crypto market is entering 2026 with a more balanced and cautious optimism. Strong fund flows through ETFs indicate a rebuilding of institutional confidence, while the market's medium-term direction appears to be shaped by macroeconomic developments and the clarity of the regulatory framework.
CoinShares Data: Fund Flows Shifted Towards ETH, XRP, and SOL in 2025
CoinShares' 2025 Digital Asset Fund Flows report reveals that crypto investment products ended the year with a strong but complex picture. Total money flowing into global digital asset funds reached $47.2 billion in 2025. This figure is just below the record of $48.7 billion recorded in 2024. A strong start to the year ensured that investor interest was generally maintained, despite the volatile movements and short-lived outflows seen in the middle of the week.In the last week of the year, there was a net inflow of $582 million into global funds. Following the outflows at the beginning of the week, the inflow of $671 million on Friday alone showed that institutional demand is still strong. Looking at the regional distribution, the US maintained its clear lead. US-originated inflows reached $47.2 billion throughout 2025. Although this figure indicates a 12% decrease compared to 2024, it did not change the country's weight in global digital asset funds.On the European side, a remarkable recovery stood out. Germany recorded a net inflow of $2.5 billion in 2025 after experiencing outflows of $43 million in 2024. A similar turnaround was seen in Canada. Canada, which experienced outflows of $603 million in 2024, closed 2025 with inflows of $1.1 billion. In Switzerland, appetite was more limited but stable; the country saw inflows of $775 million into digital asset funds, representing an 11.5% increase year-on-year. In contrast, Sweden was among the countries where outflows were concentrated, both weekly and year-on-year.The balance is shifting in the altcoin arenaAsset-based allocation clearly reveals one of the most important trends of 2025: a rotation from a Bitcoin-centric structure towards selected altcoins. While Bitcoin still holds the largest share, fund inflows decreased by 35% in 2025 to $26.9 billion. Price pressure and volatility led some investors to short Bitcoin products. Throughout the year, $105 million inflows were recorded into short Bitcoin funds, but the total assets under management for these products remained at a niche level of $139 million.Ethereum, however, was the clear winner of the year. In 2025, $12.7 billion inflows were recorded into Ethereum funds. This represents a 138% increase year-on-year. Both the expansion of institutional use cases for Ethereum and updates within the ecosystem significantly strengthened investor sentiment.On the altcoin side, the most striking performance came from XRP and Solana. XRP recorded growth of approximately 500% with $3.7 billion inflows in 2025. Solana showed an increase approaching 1000% with $3.6 billion inflows. This picture shows that investors are increasingly gravitating towards projects with scalability, low transaction costs, and specific use cases. The other altcoins in the image are showing more limited but noteworthy signals. Sui saw steady interest in 2025 with $152 million in inflows. Chainlink, with a net inflow of $22 million, demonstrated continued institutional interest, particularly in oracle infrastructure. Older projects like Zcash and Litecoin, however, saw limited inflows, indicating investor caution. Demand for multi-asset products and altcoins in the "other" category weakened throughout the year. According to CoinShares data, total inflows for altcoins excluding Bitcoin, Ethereum, XRP, and Solana declined by 30% year-on-year. The overall picture shows that 2025 was a year of selectivity in digital asset markets. While total inflows remained near record levels, capital was concentrated in certain assets. Although Bitcoin still held a central position, Ethereum and some major altcoins gained a stronger position in institutional portfolios in the past year.
Japan Shifts Gears into Crypto: 2026 Declared the “Digital Year”
Japan has sent one of its clearest and strongest messages yet regarding the integration of crypto assets into the traditional financial system. Speaking at the Tokyo Stock Exchange on the occasion of the new year, Finance Minister Satsuki Katayama stated that making digital assets more accessible to a wider audience through securities and commodity exchanges is critically important. Katayama officially declared 2026 as the "digital year," emphasizing that the Japanese financial system will play an active role in this transformation. According to local media agencies, Katayama stated that exchanges play a central role in the widespread public offering of blockchain-based digital assets. Recalling that cryptocurrency exchange-traded funds (ETFs) are used by individual investors as a hedge against inflation in the US, Katayama indicated that similar products could be considered in Japan. Currently, there is no cryptocurrency ETF open to local investors in the country, but the statements suggest this may change. Katayama said that the government will not only remain in a regulatory position but will also provide full support to exchanges for the modernization of financial market infrastructure. Katayama stated that they aim to create an environment that will pave the way for the integrated use of fintech solutions with digital asset trading, adding that this approach could put Japan back in the spotlight in global financial competition.Japan continues to take steps towards cryptoThis opening towards crypto assets is also consistent with Japan's recent accelerated regulatory reforms. Last year, the Financial Services Agency, the country's financial supervisory authority, opened discussions on allowing banks to directly hold and trade crypto assets. During the same period, JPYC, the first stablecoin pegged to the Japanese yen, was also approved. These steps are paving the way for crypto to become a legitimate tool not only for individual investors but also for institutional finance.Another important step taken in November was the reclassification of 105 major crypto assets as "financial products" under existing financial legislation. This list includes the largest assets in the market, such as Bitcoin and Ethereum. This change could pave the way for these tokens to be used more widely alongside traditional financial products.There is also a remarkable transformation on the tax side. Japan plans to reduce the tax rate applied to crypto gains from as high as 55% to 20%. This would place digital assets under the same tax regime as stocks and other traditional investment instruments. Furthermore, investors will be able to carry forward losses from crypto transactions for three years.These regulations have whetted the appetite of Japanese financial giants. SBI Holdings has long been waiting for a suitable legal framework for crypto ETFs. Meanwhile, Ripple is reportedly preparing to launch its stablecoin, RLUSD, with SBI support in the first quarter of 2026.Katayama describes 2026 as a turning point not only for digital assets but also for the chronic problems of the Japanese economy. In this process, supported by combating deflation, growth-oriented investments, and fiscal policies, digital finance is expected to play a significant leverage role.
Geopolitical Tensions Stirred the Crypto Market: Bitcoin Surpassed $93,000
Bitcoin made a notable surge in the cryptocurrency market in the first days of the new year, surpassing the $93,000 level on Monday. This movement, accompanied by a widespread increase in risk appetite, was not limited to Bitcoin; strong buying was also seen in many major crypto assets, especially Ethereum.Bitcoin experiences a riseAccording to the latest price movements, Bitcoin crossed the $93,000 threshold overnight, with a 24-hour increase exceeding 2%. Ethereum rose to levels around $3,190, while major altcoins such as XRP, BNB, and Solana also recorded gains ranging from 2% to 5%. The price chart in the image shows that Bitcoin has been following a gradual upward trend in recent days and is continuing its efforts to hold above $92,000. In the short term, the $93,000 region stands out as a psychological threshold, and the market is closely watching whether this level will be permanent. Indeed, the BTC price has retreated to the $92,500 level at the time of writing. The sudden volatility in the market has also had severe consequences in the derivatives market. According to Coinglass data, approximately $141 million worth of positions were liquidated in the last four hours alone. About $133 million of these liquidations consisted of short positions. The intense closing of short positions is considered one of the key factors accelerating the upward momentum of the price. Liquidations occur when investors experience insufficient collateral in leveraged transactions, resulting in the automatic closure of their positions. According to analysts, this rise is not unique to the crypto market. A similar picture is seen in Asian markets. South Korea's Kospi index and Japan's Nikkei index rose by more than 2%, highlighting a trend described as a "rally of everything" globally. Investors repositioning their portfolios in the first week of the new year is making assets with limited supply, such as Bitcoin, attractive again.Military operation in Venezuela Geopolitical developments also play a decisive role in pricing. News of the US military operation in Venezuela and the potential capture of leader Nicolás Maduro resonated in global markets over the weekend. With traditional markets closed, cryptocurrencies became one of the most liquid sectors pricing in the news flow. According to analysts, investors generally viewed these developments positively in terms of risky assets, supporting buying activity in the crypto market. Following these developments, oil prices saw limited pullbacks, while safe-haven assets like gold and silver experienced significant movements. The crypto market's ability to simultaneously price in both risk appetite and geopolitical uncertainty once again highlighted why Bitcoin excels during such periods. Looking ahead, investors are focused on the opening of US stock markets and the trajectory of macroeconomic data. The $95,000 level is particularly being watched as a significant resistance point for Bitcoin. A break above this level could accelerate the rise, while a short-term pause is anticipated.
