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Strategy Acquires Another 22,000 Bitcoin: Total Assets Exceed 700,000
Strategy, continuing its Bitcoin accumulation strategy without slowing down, has crossed another significant threshold with its latest purchase. The company, formerly known as MicroStrategy, announced that it purchased 22,305 Bitcoin between January 12-18. According to a filing with the US Securities and Exchange Commission (SEC), approximately $2.13 billion was spent on this purchase, with an average cost of $95,284 per Bitcoin. This brings the company's total Bitcoin holdings to 709,715 BTC.The total value of all their Bitcoins has exceeded $64 billionWith this latest move, the total cost of Strategy's Bitcoin portfolio is approximately $53.9 billion, with an average purchase price of $75,979. Considering current prices, the market value of the Bitcoins held by the company has exceeded $64 billion. This indicates a gain of over $10 billion on paper. This amount corresponds to more than 3% of Bitcoin's total supply of 21 million. Michael Saylor, the company's co-founder and CEO, signaled this purchase via X over the weekend. Saylor shared an image showing Strategy's Bitcoin portfolio, simply using the phrase "₿igger Orange." This post reinforced expectations of a larger purchase, surpassing the 13,627 BTC acquisition made two weeks ago. This Bitcoin purchase coincided with a period of increased market volatility. Bitcoin retreated from its peaks above $97,000 earlier in the year, falling to levels around $90,500. This decline was influenced by the uncertainty surrounding the US's new tariff plan targeting European countries and the expected Supreme Court ruling on the matter. The tariffs, covering France, Germany, the United Kingdom, and the Scandinavian countries, could go into effect on February 1st. These regulations bring the legal aspects of trade policies, first raised during the Donald Trump administration, back to the forefront.The pullback in Bitcoin was also reflected in Strategy shares. Shares of the company, trading under the ticker symbol MSTR, fell approximately 5% in pre-market trading to around $165. Despite this, the stock remains up over 12% year-to-date. Institutional interest continues; Vanguard Group announced a purchase of approximately $200 million worth of MSTR through its Value Index Fund, while VanEck also announced it is among Strategy's largest shareholders. Strategy's recent acquisitions are closely linked to the company's aggressive capital structure strategy. The Bitcoin purchases are financed with funds from the issuance of Class A common stock MSTR, as well as perpetual preferred shares under the ticker symbols STRK, STRC, STRF, and STRD. This structure is part of the company's "42/42" plan, which aims to raise a total of $84 billion in capital by 2027. Strategy, however, maintains its long-term perspective. Saylor had previously stated that the company's capital structure was designed to withstand even a 90% drop in Bitcoin, a scenario that could last for years. Nevertheless, it appears that a volatile period is ahead for investors in the short term.
All Eyes on Davos: Trump's Speech is Critical for Bitcoin and Altcoins
At a time when tensions are already high in global markets, Donald Trump's expected speech in Davos is seen as a critical turning point for cryptocurrency markets. At the World Economic Forum meeting tomorrow, Trump is expected to address topics such as tariffs, interest rate policies, economic growth, inflation, and the US global trade strategy. It is being discussed that these statements could trigger sharp price movements in Bitcoin and major altcoins in the short term. Assessments suggest that Trump's Davos engagements will not be limited to a diplomatic framework but could contain messages that directly affect market sentiment. According to information reported by Reuters, Trump will meet with top executives of global companies in Davos. The future of US economic policies will be discussed at meetings attended by many figures from the finance, consulting, and technology sectors.Why is the crypto market so sensitive?Trump's past statements have caused significant fluctuations not only in traditional financial markets but also in crypto assets. Especially regarding trade wars, interest rates, and regulations, clear and firm statements are among the factors that directly affect risk appetite. Therefore, the Davos speech means much more than just an ordinary political speech for crypto investors.Recent trade tensions with Europe and Trump's firm stance on tariffs are among the issues that increase uncertainty. Trump's unequivocal defense of tariffs against European countries within the framework of his controversial Greenland plans has made the already fragile balances in the markets even more delicate. His reiteration of this issue in Davos could trigger sudden price movements in risky assets.In addition, Trump's long-standing calls for interest rate cuts by the US Federal Reserve are noteworthy. Messages regarding interest rates could indirectly affect the crypto market through the dollar index and bond yields. A signal of a looser monetary policy is seen as a factor that could increase interest in crypto assets in the short term.How might Bitcoin and altcoins be affected?According to market experts, Bitcoin will most likely be the first to react to Trump's speech. Bitcoin's volatility is expected to increase rapidly if issues like trade wars, economic slowdowns, or global uncertainty come to the forefront. Currently, Bitcoin is trading around $91,300, up about 2% in the last 24 hours. Following Bitcoin, Ethereum and other major altcoins are likely to exhibit similar price behavior. Messages regarding cryptocurrency regulations in the US could be particularly decisive for altcoins. If Trump mentions regulations like the long-awaited CLARITY Act, rapid movements in the altcoin market could be seen in anticipation of regulation. XRP stands out in this regard, given its focus on tokenization and financial infrastructure projects. Positive signals regarding the US-based regulatory framework could lead to sharper price reactions in XRP. Similarly, Solana and Cardano are also among the projects that could be affected by Trump's statements, mirroring the overall market sentiment.
13-Year-Old Bitcoin Whale Awakens: Wallet Actives
A notable movement occurred on the Bitcoin network on Monday. A wallet that hadn't made any transactions for approximately 13 years transferred nearly $85 million worth of BTC in a single transaction. On-chain data shows that the wallet moved all of its assets accumulated during 2012–2013 to another address. This period coincides with Bitcoin's early stages, when prices were fluctuating between $50 and $100.909 BTC movedAccording to on-chain analysis, the address starting with "1A2hq…pZGZm" moved a total of 909.38 BTC after approximately 13 years. The entire transfer was sent to a single new address, a Segwit wallet appearing as "bc1qk…sxaeh," around 4:17 PM local time on Monday. Data reveals that this address has no other transaction history to date. It is currently unknown who owns the wallet or what the purpose of the transfer was. According to information shared by the blockchain intelligence platform Arkham Intelligence, the wallet in question made regular purchases between December 2012 and April 2013. During that period, the price of Bitcoin sometimes dropped to $13, while it rose to approximately $250 within the year. Compared to today's prices, this transfer represents an extraordinary increase in value for its owner after a decade of waiting. Such "dormant wallet" activity is generally closely monitored in the crypto market. The reactivation of addresses from the early years of Bitcoin, particularly those associated with the so-called Satoshi era, is interpreted differently by market participants. Some investors see these movements as profit-taking by long-term investors, while others point to the possibility that assets are simply being moved to new addresses for security reasons. Similar examples were seen during last year's rally when Bitcoin reached record highs. Some large wallets that had been inactive for a long time made headlines by releasing large amounts of BTC into the market. In a remarkable event in July 2025, a Bitcoin whale liquidated over 80,000 BTC on the market, making a profit of approximately $9 billion. It was publicly reported that these sales were conducted through the institutional investment bank Galaxy Digital.The impact of the latest transfer on the market currently appears limited. As of Tuesday morning, Bitcoin was trading at $91,188. This price indicates a stabilization zone following the sharp drop triggered over the weekend by escalating trade tensions between the US and the European Union. Analysts emphasize that while individual wallet movements can create volatility in the short term, macroeconomic developments and institutional flows are more decisive in determining the overall trend.
CoinShares Data: BTC, ETH, and SOL Funds Gained Strength
According to CoinShares data, global cryptocurrency investment assets recorded a net inflow of $2.17 billion last week, marking their strongest weekly performance since October 2025. While investor interest remained strong throughout the week, it weakened somewhat on Friday due to increased geopolitical and political uncertainties, but the overall picture showed that institutional demand remained strong. The majority of the weekly inflows occurred in the early days of the week. However, on Friday, escalating diplomatic tensions between the US and the European Union over Greenland, threats of new tariffs, and policy uncertainties in Washington negatively impacted market sentiment. Following these developments, approximately $378 million was withdrawn from cryptocurrency investment assets. CoinShares Research Director James Butterfill emphasized that this pullback at the end of the week indicated a short-term reaction to macro and geopolitical issues, rather than a deterioration in underlying demand. On an asset basis, Bitcoin maintained its clear lead. Bitcoin investment assets closed the week with inflows of $1.55 billion. While this figure represents the majority of total weekly inflows, US-based spot Bitcoin ETFs alone contributed approximately $1.4 billion. Ethereum products also performed strongly, seeing net inflows of $496 million. Solana funds received $45.5 million. This interest in Ethereum and Solana was noteworthy despite draft regulations being discussed in the US Senate Banking Committee that could limit the yield offered by stablecoins. Altcoins Attract AttentionA broad-based participation was also observed in the altcoin sector. XRP investment products stood out with inflows of $69.5 million, while funds for smaller-scale projects such as Sui, Lido, and Hedera also saw positive flows. CoinShares interpreted this picture as an indication that institutional investors maintain their appetite for crypto assets despite macroeconomic uncertainties. In terms of regional distribution, the US was the clear leader. US-based crypto investment products finished the week with inflows of $2.05 billion. On the European side, Germany stood out with net inflows of $63.9 million, Switzerland with $41.6 million, Canada with $12.3 million, and the Netherlands with $6 million. These figures indicated that, despite temporary fluctuations, a constructive investment environment continues on a global scale.Not only token-based products, but also blockchain-focused stocks closed the week strongly. A total of $72.6 million inflows occurred into investment instruments tracking blockchain companies. This showed that investor interest is spreading not only to cryptocurrencies but also to the broader digital asset ecosystem.Market pricing reflected this mixed picture. Although Bitcoin rose approximately 3 percent on a weekly basis, it retreated by around 2 percent towards the end of the week, falling below $93,000. Ethereum followed a similar trend; while maintaining its weekly gains, it experienced a significant daily decline.
Crypto Mining Giant Canaan Receives Delist Warning from Nasdaq
Cryptocurrency mining hardware manufacturer Canaan Inc. is facing the risk of delisting from the stock exchange following a sharp drop in its share price. The company announced it received a formal warning from Nasdaq, stating that Canaan's shares are violating exchange listing rules because they have closed below $1 for the past 30 trading days.Nasdaq has given Canaan 180 days to regain complianceThe company needs to raise its closing price per share above $1 for at least 10 consecutive trading days by July 13th. Canaan shares last closed above $1 on November 28th. On Friday, the share traded at $0.79, losing 3.8% during the day. Shares have not risen above the $3 level since December 2024. In the last 12 months, Canaan shares have experienced a total decline of 63%. This decline is closely related to the structural transformation taking place in the crypto mining sector. As many mining companies shift towards AI-driven computing services to diversify their revenue models, demand for next-generation mining equipment has weakened. This trend is putting pressure on hardware manufacturers' sales expectations. Canaan stated that it may request an extension if it fails to meet the necessary conditions within the specified timeframe. The company indicated that it could apply to Nasdaq for additional time to comply and, if necessary, consider a "reverse stock split." In this method, the number of shares in circulation is reduced, theoretically increasing the price per share. However, this step is generally seen as a short-term technical solution and may not always positively impact investor sentiment. If Nasdaq officials conclude that Canaan cannot permanently increase its share price, the company may be delisted. In such a scenario, the shares would be moved to over-the-counter markets. This leads to decreased liquidity and more difficult trading, generally putting additional pressure on the share price. The picture isn't entirely bleak for Canaan. In October, the company announced that a US-based customer had ordered 50,000 of its latest generation “Avalon A15 Pro” mining devices. This deal, the largest order in three years, caused the share price to rise by 25% in a single day. However, this effect was not permanent. Other companies are going through a similar process. In December, Bitcoin treasury company Kindly MD received a warning from Nasdaq because its shares remained below $1 for 30 days. The company needs to raise its price by June; shares closed at $0.46 on Friday. In August, biotechnology company Windtree Therapeutics was delisted from Nasdaq for failing to meet listing requirements. On the day the delisting decision was announced, shares fell by 77%, indicating a sharp exit by investors.
US-EU Tensions Shake Crypto: Bitcoin Drops Sharply
Bitcoin, Ethereum, and other major cryptocurrencies experienced a sharp decline on Sunday following news of escalating geopolitical tensions between the US and the European Union, and this decline continued into Monday morning. US President Donald Trump's threat of tariffs on European countries via Greenland further weakened already fragile market sentiment. However, by Monday morning, prices had largely stabilized at similar levels.Bitcoin and altcoins experienced a declineBitcoin, which was trading around $95,500 at approximately 5 PM on Sunday evening, fell to $92,474 within a few hours. This sudden drop of approximately 3% quickly spread across the entire market. Major altcoins such as Ethereum, XRP, and Solana followed Bitcoin, losing value at similar rates. The sharp price movement also led to a significant liquidation in the derivatives markets. According to market data, over $750 million in long positions were liquidated in just a four-hour period. Analysts say the primary trigger for this liquidation wave is concerns about a potential trade war between the US and the EU. Already weakened risk appetite made the market extremely vulnerable to such headlines. Min Jung, a researcher at Presto Research, points out that crypto markets have underperformed significantly compared to other risky assets. According to Jung, while US-EU tensions are putting significant pressure on sentiment, the sideways or positive performance of some traditional markets, such as the South Korean stock market, indicates a continued weakness specific to crypto. Investors continue to be wary of crypto assets despite the overall market rally.What lies behind the tension?At the heart of the tension is Trump's threat to impose staggered tariffs on imports from eight NATO countries if Denmark does not sell Greenland to the US. According to Reuters, European leaders have explicitly described these statements as "blackmail" and warned that a dangerous phase could begin in transatlantic relations. On the EU front, retaliatory options such as restricting US services, introducing new taxes, or limiting investments are being considered.BTC Markets analyst Rachael Lucas emphasizes that recent headlines have added a new wave of volatility to the market, but that geopolitical developments are not the sole reason for the current decline. According to Lucas, sentiment in the crypto market was already disrupted by the postponement of the bill aimed at regulating the crypto market structure in the US. The suspension of the Senate process, especially after Coinbase withdrew its support for the bill, deepened the uncertainty.Lucas also reminds us that Bitcoin has been in a long period of horizontal consolidation since its peak of $126,000 seen in October 2025. Increased profit-taking triggered algorithmic selling as it fell below the 50-week moving average. The billions of dollars in outflows from spot Bitcoin ETFs and the decrease in open positions in futures also indicated a weakening risk appetite. According to the analyst, if macroeconomic pressures persist, the Bitcoin price could retreat to the $67,000-$74,000 range. However, Lucas adds that this period is unlike past crypto winters, indicating a more mature structure for the sector and suggesting that more constructive signals are continuing to come from the regulatory side in the long term. As of Monday morning, prices are seen to be trading sideways at the same levels after Sunday's sharp drop. This suggests that markets are currently preferring to digest developments rather than trigger a new wave of selling. However, both geopolitical risks and regulatory uncertainties in the US indicate that volatile movements in the crypto market may remain on the agenda for some time.
$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.
