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Tether added about 27 tons of gold in late 2025 amid record global price momentum.

Rising bullion prices pushed gold beyond major milestones during heavy institutional demand.

Stablecoin reserves showed growing use of gold alongside US treasuries for backing.

Tether added about 27 metric tonnes of gold to its fund exposure in the fourth quarter of 2025, matching heavy buying seen earlier in the year. The company confirmed the move on Monday. The purchases came as gold prices surged to new highs during the same period. According to Reuters, gold has risen 18% year to date after gaining 64% through 2025. Prices crossed $3,000 per ounce in March. They later broke $4,000 in October. On Monday, gold touched $5,000 amid strong demand and global tensions.

JUST IN: Tether bought 27 metric tons of gold in Q4 2025, per Reuters.

The purchase, now worth ~$4.35B, makes Tether a major gold buyer, with the CEO stating "We are operating at a scale that now places the Tether Gold Investment Fund alongside sovereign gold holders." pic.twitter.com/j8DToctKRd

— Bitcoin.com News (@BitcoinNews) January 26, 2026

During this rally, Tether emerged as a notable buyer. Its reserve updates showed rapid gold accumulation tied to backing both its USDT stablecoin and the gold-backed Tether XAUT token.

Stablecoin Reserves Expand Beyond Treasuries

Tether issues USDT, a digital dollar with $187 billion in circulation. Each token represents one U.S. dollar held in reserve. Those reserves include cash equivalents and U.S. Treasury bills, which allow redemptions at par.

Reuters reported that as spot gold prices climbed, Tether reported growing exposure to bullion. The company also issues XAUT, a stablecoin fully backed by physical gold. XAUT carried a market value of about $2.7 billion by late December.

Paolo Ardoino, Tether’s chief executive, addressed the scale of holdings. “We are operating at a scale that now places the Tether Gold Investment Fund alongside sovereign gold holders,” he said in a company statement.

Gold Holdings Compared With Central Banks

Poland’s central bank ranked as the most active official buyer during the quarter. It increased reserves by 35 tonnes to reach 550 tonnes total. Tether did not disclose its combined gold stored in Switzerland for USDT and XAUT.

For XAUT alone, Tether held 16.2 tonnes of gold by the end of December. That amount represented about 60% of the global gold-backed stablecoin supply, according to company data. Tether’s third-quarter reserve report for USDT showed $12.9 billion in gold as of late September. At prevailing prices, that equalled roughly 104 tonnes. Gold made up about 7% of USDT reserves, while Treasuries dominated.

Regulation and Scrutiny Around Reserve Composition

U.S. Treasury Secretary Scott Bessent has said stablecoin demand for Treasuries could lower government borrowing costs. Tether’s disclosures showed issuers also favour alternative assets such as gold. In September, Tether announced plans for USAT, a U.S.-regulated stablecoin aligned with the GENIUS Act.

The law requires backing with cash and U.S. Treasuries and entered into force this summer. Attestations for Tether come from BDO Italia, not full audits. Critics have raised concerns for years. In July, Ardoino said Tether plans a full audit in the future.

Related: Tether and Bitqik Launch Nationwide Crypto Education Program

Market Expectations and Compliance Questions

As of Sept. 30, BDO Italia reported $12.9 billion in precious metals backing $181 billion in fiat-denominated Tether tokens. Analysts at JPMorgan earlier suggested Tether might need to sell gold to meet future compliance needs. At that time, gold traded near $2,950.

Meanwhile, traders continued to watch bullion closely. Users on Myriad, operated by Decrypt’s parent company, Dastan, leaned bullish. They assigned a 57% chance to gold reaching $5,400 rather than falling to $4,700.

The post Tether Deepens Gold Exposure as Global Demand Drives Prices appeared first on Cryptotale.

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BlackRock filed an S-1 for a Bitcoin ETF that sells covered calls to generate steady income.

The fund uses IBIT-linked options to earn premiums instead of betting on price direction.

Analysts say added call selling could compress volatility without moving Bitcoin prices.

BlackRock has quietly widened the aperture on how institutional investors can access Bitcoin, filing an S-1 for a new product that blends spot exposure with income generation. The proposed iShares Bitcoin Premium Income ETF is designed to track Bitcoin’s price while systematically selling call options, turning part of the asset’s volatility into distributable cash flow.

The filing frames the ETF less as a directional bet and more as a yield-focused wrapper around existing spot exposure. Instead of relying solely on price appreciation, the fund plans to collect option premiums by systematically writing covered calls, primarily linked to BlackRock’s own spot Bitcoin ETF. For markets already adjusting to ETF-driven flows, the proposal highlights how volatility itself is becoming an investable output.

From Spot Exposure to Premium Capture

According to the prospectus, the Premium Income ETF will sell call options tied mainly to shares of the iShares Bitcoin Trust (IBIT), with the option to reference other Bitcoin exchange-traded product indices at times.

The strategy allows the fund to earn income from option buyers seeking upside exposure while distributing the collected premiums to shareholders. Bloomberg ETF analyst Eric Balchunas highlighted the filing on X, noting that key details such as the ticker symbol and management fee have not yet been disclosed.

Source: X

He emphasized that the stated goal is to “track performance of the price of Bitcoin while providing premium income” through an actively managed call-writing approach. IBIT itself remains a straightforward spot vehicle, holding only Bitcoin without derivative overlays.

Since its launch, it has grown into the largest U.S. spot Bitcoin ETF by assets, reflecting strong institutional demand for direct exposure. However, the new filing contrasts with that model by layering an income strategy on top of price tracking.

Institutionalizing Volatility as Yield

What stands out is that the covered-call structure effectively converts frequent Bitcoin price swings into a source of cash flow. By selling calls, the fund receives premiums upfront, which can smooth returns during sideways or moderately rising markets.

In exchange, the upside above the option strike is partially forfeited if prices rally sharply. This approach is familiar in equity markets, where covered-call ETFs have long appealed to income-focused investors.

Yet, applying it to Bitcoin signals how far the asset has moved into conventional portfolio construction. Rather than speculating on long-term appreciation alone, the ETF is built to extract value from how Bitcoin moves over time.

Market Impact and Volatility Supply

On the other hand, some derivatives participants view the filing as another contributor to an already crowded volatility-selling environment. Wintermute head of OTC trading Jake Ostrovskis said that implied volatility in Bitcoin options has faced sustained pressure following the launch of spot ETFs and related options markets. Additional systematic call selling, he noted, could weigh further on implied premiums.

BTC vols already suffer from significant oversupply following the rollout of ETFs, SP's & options on IBIT. Now add more mechanical vol selling and the only logical outcome is further steady decline in yield from market-implied premiums.

Structuring/timing + leaning on axes via… https://t.co/EYWaGiRjjK

— Jake O (@JO_wintermute) January 26, 2026

The concern is not directional price pressure, but yield compression. As more strategies sell calls to generate income, option premiums may decline, reducing headline yields over time. In such conditions, returns become more dependent on strike selection, timing, and execution rather than broad volatility levels.

Related: Vitalik Explains Why Blockchain Scaling Favors Computation

A Maturing ETF-Native Market

If approved, the Premium Income ETF would add another layer to Bitcoin’s ETF ecosystem, shifting part of volatility pricing toward exchange-listed option flows linked to ETF shares. Traders will likely monitor whether call supply clusters around specific expiries or strikes are tied to IBIT activity.

At press time, Bitcoin traded at $88,383. The filing underscores a broader trend: as Bitcoin becomes more embedded in regulated ETF structures, strategies that repackage risk into income are moving from the margins to the mainstream.

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Average Ethereum fees fall below $0.01 even as network activity remains near multi-year highs.

Daily transaction counts reach nearly 2.9M without causing the sharp fee spikes seen before.

Layer-2 scaling reduces congestion and keeps transaction costs close to historic lows.

Ethereum is showing an unusual network pattern marked by strong activity and extremely low transaction costs. On-chain data from Glassnode shows average transaction fees have fallen below $0.01. This is the lowest level since May 2017. The decline is notable because network usage remains elevated, reversing the historical link between congestion and rising gas costs.

Source: X

The data indicates increased direct use of Ethereum’s base layer. The drop in fees followed the Fusaka upgrade, which reduced execution and data costs. Token Terminal reported daily active addresses on the Ethereum mainnet at about 945,000 in early January. This figure represents a clear increase compared with activity levels seen in recent months.

Source: X

Ethereum Handles Rising Transactions Without Fee Pressure

Transaction volume has also reached high levels. On January 16, Ethereum processed close to 2.9 million transactions in a single day. In earlier cycles, similar usage resulted in sharp fee spikes. This time, costs remained compressed, signaling improved efficiency across the network.

Glassnode’s seven-day average confirms that transaction fees are now at levels last observed during Ethereum’s early years. Simple transfers frequently cost less than one cent. In many cases, fees fall well below that threshold. This allows users to move funds and interact with applications without facing material cost barriers.

Lower fees reduce friction for a wide range of network activity. Traders could rebalance positions without fee pressure. Users could send stablecoins without losing value to gas. Developers benefit from predictable costs, which simplifies application design and usage planning.

Several technical changes explain this shift in fee dynamics. Earlier upgrades, including EIP-4844, reduced the cost of posting transaction data. Additional improvements increased effective block capacity. 

Layer-2 networks also play a central role. Platforms such as Arbitrum, Optimism, and Base now handle a large share of transactions. These networks process activity off-chain and settle results on Ethereum. 

Because of this architecture, Ethereum no longer faces constant demand pressure. The base layer could now accommodate settlement activity without competing with routine transactions. As a result, fees remain low even when overall usage rises. 

Lower Fees Expand Ethereum Use While Shifting Supply Dynamics

Lower transaction costs expand Ethereum’s practical use cases. Small-value payments are now feasible. Decentralized finance applications face fewer entry barriers. NFT minting and trading also become more accessible due to reduced costs.

Related: Vitalik Shifts Ethereum Endgame Toward Resilient Sovereignty

Lower fees also support broader user participation. High gas costs once discouraged smaller users from interacting with the network. That constraint has eased. New users could now explore applications without facing immediate financial friction.

Developers benefit from this environment as well. Applications for payments, gaming, and social interaction become easier to deploy. User acquisition becomes less dependent on fee subsidies. This supports more sustainable application growth.

Stablecoin activity also gains from lower fees. Transfers that previously cost several dollars now cost almost nothing. This improves Ethereum’s suitability for routine financial transactions. It also supports cross-border value movement with minimal overhead.

However, reduced fees affect Ethereum’s supply mechanics. Lower transaction costs result in less ETH being burned. During some periods, this could lead to net supply growth rather than contraction. 

Despite this, network metrics show expanding usage. Higher activity levels increase the utility of the base layer. More transactions strengthen Ethereum’s role as settlement infrastructure. 

The data indicates that Ethereum is running with record efficiency. High transaction numbers are now combined with low costs. This was not seen in earlier market cycles.

As of press time,  Ethereum is trading at around $2,908. The price has risen by 0.36% over the last 24 hours. It has risen by around 6% over the last week.

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Polymarket has partnered with MLS, signaling prediction markets’ shift into regulated sports.

MLS will oversee markets, add monitoring, and restrict contracts that pose integrity risks.

Deal shows prediction markets moving from crypto fringe toward licensed sports ecosystems.

Major League Soccer(MLS) has signed an exclusive licensing agreement with Polymarket, marking a major shift for prediction markets. The deal places crypto-based prediction platforms inside licensed sports infrastructure rather than speculative crypto spaces.

The agreement names Polymarket as the exclusive prediction market partner for MLS competitions. These include the MLS season, MLS Cup, MLS All-Star Game, and the Leagues Cup. Polymarket announced the partnership in an X post, confirming its exclusive status with the league. The company said users can trade without a house and without limits on its platform.

We're honored to be named the exclusive prediction market partner of Major League Soccer.

You can now trade with no house — and no limits. pic.twitter.com/GZa0nOOi9N

— Polymarket (@Polymarket) January 26, 2026

The deal reflects a broader change in how prediction markets seek growth and legitimacy. Instead of operating on the edges of crypto, platforms now pursue institutional partnerships and regulatory alignment.

Major League Soccer Chooses Oversight Over Distance

MLS entered prediction markets after a long internal review process. Chris Schlosser, MLS senior vice president of emerging ventures, said discussions began more than a year ago. He said the league held senior-level talks with major prediction market platforms before deciding. The league chose engagement and oversight rather than staying outside the sector.

MLS followed the NHL, which partnered with Polymarket and Kalshi last year. Other major leagues, including the NFL, NBA, and MLB, remain absent from prediction markets. The deal sits between Polymarket and Soccer United Marketing, MLS’s commercial arm. Both Polymarket and Kalshi already offered MLS-related event contracts before the agreement.

MLS officials said integrity concerns drove the decision to partner directly. Schlosser said direct partnerships allow leagues to protect competition and match outcomes. MLS will influence which prediction markets Polymarket can offer. The league already plans to remove markets tied to yellow cards and red cards.

It also raised concerns about markets involving penalty kicks or total shots. Schlosser said single-player control creates integrity risks the league wants to avoid. Third-party firms will monitor compliance and integrity across MLS markets. These firms include IC360 and Sportradar, which already work with sports leagues.

Related: Polymarket Search Interest Hits Record High Amid US Scrutiny

Prediction Markets Move Into Licensed Ecosystems

The agreement gives MLS marketing exclusivity with Polymarket. The two sides will collaborate on digital fan experiences and interactive content. Stadium promotions will include LED signage and branded displays. Digital features will highlight live probabilities and fan sentiment during matches.

The exclusivity applies only at the league level. MLS has not confirmed whether teams can sign separate prediction market deals. Schlosser said MLS may later approve other platforms as authorized prediction markets. These platforms would need to accept integrity rules and monitoring requirements.

MLS has not finalized guidance on player endorsements with prediction platforms. Schlosser said the league continues to review those issues internally. League rules still ban players, coaches, referees, and staff from trading soccer outcomes. The ban applies to prediction markets, sports betting, and fantasy platforms.

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MicroStrategy’s conviction in Bitcoin supports its aggressive treasury strategy.

Bitcoin per share growth slowed, reducing accretion efficiency throughout January 2026.

mNAV slipped below 1x, making equity pricing and investor confidence now important.

MicroStrategy disclosed a $264.1 million Bitcoin purchase yesterday, funded entirely through share sales. The company bought Bitcoin at an average $90,061 during a volatile January, as prices fell into the high-$80,000 range. The move involved MicroStrategy, capital markets, and investors, driven by its ongoing treasury strategy and executed through equity issuance.

Capital Markets Funding Bitcoin Purchase

MicroStrategy disclosed that it acquired Bitcoin using proceeds from share sales. Notably, the company sold 1,569,770 common shares, raising $257.0 million in net proceeds. It also sold 70,201 STRC preferred shares, generating an additional $7.0 million.

Together, those proceeds closely matched the $264.1 million Bitcoin purchase cost. However, the funding did not come from operating cash flows or retained earnings. Instead, MicroStrategy relied fully on capital markets to finance the acquisition.

This structure matters because the company’s strategy depends on issuing shares above Bitcoin net asset value. When equity trades below asset value, issuance risks reducing value per share. That context frames the pressure building beneath the latest purchase.

mNAV Compression

MicroStrategy’s diluted multiple-to-net-asset-value now sits near 0.94x, according to company data. This means the stock trades at a 6% discount to its Bitcoin backing per share. However, equity issuance works best only when shares trade above net asset value.

Historically, the company justified dilution by increasing Bitcoin per diluted share. That benefit now appears marginal. On January 5, MicroStrategy held 673,783 BTC with 345.6 million diluted shares. That equaled roughly 0.001949 BTC per share.

By January 26, holdings rose to 712,647 BTC, while diluted shares climbed to 364.2 million. Bitcoin per share reached about 0.001957 BTC. That change shows only a 0.38% monthly increase.

Also, Bitcoin per share barely moved between January 20 and January 26. During that period, new share issuance no longer produced meaningful exposure gains. As a result, accretion efficiency has weakened sharply.

Dilution increased by 5.36% during January, while Bitcoin holdings rose 5.77%. Although holdings still slightly outpaced dilution, the margin narrowed significantly. This erosion coincided with the mNAV decline below parity.

Related: MicroStrategy Buys 10,107 BTC, Total Now 471,107 BTC: Report

Belief Now Supports Strategy 

Over the past 19 months, MicroStrategy raised an estimated $18.56 billion through common equity issuance. The company issued about 226.6 million shares during that period. Notably, the January purchase extended this pattern amid weaker market conditions.

The firm also increasingly relies on preferred stock issuance. Preferred shares introduce fixed claims that rank above common equity. While this approach supports continued buying, it adds long-term requirements and balance sheet complexity.

MicroStrategy has over 712,000 BTC, making it the largest corporate Bitcoin holder. Its exposure makes the company a bellwether for corporate digital asset strategies entering 2026. However, that scale magnifies sensitivity to equity pricing and investor sentiment.

Bitcoin has seen constant volatility in January, falling over 5% during the past week. Despite that move, MicroStrategy continued buying, according to company disclosures. Michael Saylor has consistently framed Bitcoin as a long-term treasury reserve.

The strategy is intact, yet its mechanics have changed. With mNAV below 1.0x and accretion fading, continued purchases depend more on investor confidence. Access to capital markets now acts as the primary enabler.

MicroStrategy’s January Bitcoin purchase reinforced its commitment but highlighted structural dependence on equity markets. Data shows dilution rising, accretion fading, and mNAV slipping below parity. As a result, market belief now sustains the strategy more than mathematical advantage.

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Computation scales through parallel work hints and proofs that reduce execution load.

Data scaling requires availability, whereas erasure coding allows block-size reduction.

State verification needs full system knowledge, making decentralised scaling the hardest.

Ethereum co-founder Vitalik Buterin outlined a hierarchy that ranks blockchain scalability challenges by difficulty. He placed computation above data and state. His explanation came as Ethereum traded near $2,932 with steady market demand. Buterin said computation scales more easily than data because developers can parallelize processing, use hints, or replace execution with cryptographic proofs. 

He explained that data scaling requires availability guarantees, while state scaling remains the hardest challenge because full verification needs complete system information.

The scaling hierarchy in blockchains:

Computation > data > state

Computation is easier to scale than data. You can parallelize it, require the block builder to provide all kinds of "hints" for it, or just replace arbitrary amounts of it with a proof of it.

Data is in the…

— vitalik.eth (@VitalikButerin) January 27, 2026

Ethereum’s price rose 2.41% within 24 hours, while market capitalization reached $353.98 billion. Trading volume fell 4.12% to $26.61 billion. These market signals coincided with renewed discussion about scalability design choices across blockchain systems.

Computation and Data in the Scaling Hierarchy

Buterin described computation as the easiest layer to scale. He said developers can parallelize processing and require block builders to provide hints that reduce workload. He also said cryptographic proofs can replace large portions of computation.

“Computation is easier to scale than data,” Buterin wrote. “You can parallelize it, require the block builder to provide all kinds of ‘hints’ for it, or just replace arbitrary amounts of it with a proof of it.”

He then positioned data as the middle layer in the hierarchy. He explained that data availability remains unavoidable when verification depends on it. Yet he said developers can split data and apply erasure coding techniques. “Data is in the middle,” Buterin wrote. “If an availability guarantee on data is required, then that guarantee is required; there is no way around it.”

He also described Peer Data Availability Sampling as a method that enables flexible scaling. He said nodes with limited capacity can still produce proportionally smaller blocks. This process creates graceful degradation across the network.

“You can do graceful degradation for it,” he wrote. “If a node only has 1/10 the data capacity of the other nodes, it can always produce blocks 1/10 the size.”

Hardest Layer to Scale

Buterin described the state as the most difficult component to scale. He explained that nodes must access the full state to verify even one transaction. Without full state information, verification becomes impossible. “State is the hardest,” Buterin wrote. “To guarantee the ability to verify even one transaction, you need the full state.”

He also explained that replacing the state with tree structures does not remove the need for full state access. Nodes still require complete state data to update the root of the structure. “If you replace the state with a tree and keep the root, you need the full state to be able to update that root,” he wrote.

He acknowledged that some architectural approaches can split state across systems. Yet he said such approaches require fundamental changes and do not offer general-purpose solutions. “There are ways to split it up, but they involve architecture changes,” he wrote. “They are fundamentally not general-purpose.”

Related: Kiyosaki Doubles Down on Gold, Silver, Bitcoin, and Ethereum

Ethereum Research and Market Context

Buterin linked the hierarchy to broader blockchain design decisions. He argued that developers should replace state with data when possible. He also said developers should replace data with computation if decentralization remains intact.

“Hence, if you can replace state with data, by default you should seriously consider it,” he wrote. “And if you can replace data with computation, by default you should seriously consider it.”

Ethereum researchers have pursued layer-2 solutions such as rollups to offload computation and data commitments. They have also explored PeerDAS to separate data availability from full storage requirements. These approaches aim to scale networks without forcing every node to process all data.

Ethereum’s price movement reflected steady demand during this discussion. The asset climbed from an intraday low near $2,865 and briefly tested the $2,940 zone. Market capitalization rose in line with price, while trading volume declined, suggesting controlled buying rather than aggressive turnover.

The post Vitalik Explains Why Blockchain Scaling Favors Computation appeared first on Cryptotale.

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Saudi banking tests blockchain as Jeel partners with Ripple in regulated sandbox trials.

Ripple tools tested for cross-border payments, custody, and tokenization oversight.

Sandbox trials align with Vision 2030 goals with controlled financial innovation.

Saudi Arabia’s banking sector added a new blockchain test this week after Riyad Bank’s innovation arm, Jeel, partnered with Ripple. The collaboration, announced on X by Ripple executive Reece Merrick, targets sandbox trials in Saudi Arabia. The effort involves regulated testing of cross-border payments, digital asset custody, and tokenization aligned with Vision 2030.

Sandbox Partnership Sets Scope and Structure

The agreement places all trials inside Jeel’s regulatory sandbox, which operates under Saudi financial oversight. The sandbox allows banks and technology firms to test new systems before market rollout. This structure enables Ripple to run enterprise blockchain tools within Saudi Arabia’s national financial framework.

Jeel, as Riyad Bank’s innovation unit, leads the testing environment and compliance coordination. However, Ripple supplies the blockchain infrastructure used during the trials. As per Reece Merrick, the companies signed a memorandum of understanding to guide the work.

The partnership outlines three technical areas for review. These include cross-border payments, digital asset custody, and tokenization frameworks. Each area will undergo controlled testing to assess performance, security, and regulatory alignment.

As a result, the collaboration focuses on evaluation rather than deployment. Any production use would require further approvals after sandbox reviews. This approach keeps experimentation structured and contained.

Cross-Border Payments Take Priority

The first testing phase is on international payment. Cross-border transfers remain complex due to settlement delays, intermediary fees, and limited transaction transparency. Jeel and Ripple aim to assess whether blockchain tools can reduce these frictions.

Saudi Arabia plays a major role in global remittance flows. Therefore, banks continue to seek faster and clearer settlement processes. Ripple’s infrastructure will process test transactions to measure speed, reliability, and visibility.

However, performance alone does not determine progress. The sandbox will also review transaction monitoring and data controls. These checks ensure compliance with Saudi financial regulations during every test phase.

Ripple executives stated that blockchain systems could improve efficiency in cross-border payments. Notably, these claims will face validation through real transaction testing. The sandbox allows regulators to observe results without systemic risk.

Related: Circle Advances UAE Expansion With ADGM License, New MEA Head

Digital Assets and Tokenization Under Review

Past payments, the partnership extends into digital asset custody and tokenization. Digital asset custody focus is on secure storage, authorization controls, and operational safeguards. Jeel and Ripple will test whether these systems meet institutional standards.

Tokenization forms the third pillar of the collaboration. This process converts traditional assets into blockchain-based representations. Financial institutions view tokenization as a tool to improve settlement efficiency and asset management workflows.

However, all tokenization trials remain subject to regulatory limits. The sandbox framework allows testing while preventing unapproved market exposure. This method keeps innovation aligned with oversight.

Reece Merrick described the initiative as part of Saudi Arabia’s broader digital transformation. He emphasized working with local partners to integrate blockchain into existing infrastructure. George Harrak, Jeel’s CEO, also highlighted the sandbox’s role in responsible experimentation.

The collaboration further strengthens Ripple’s regional footprint. At the same time, Jeel gains access to enterprise blockchain systems already tested in other markets. This balance supports structured knowledge exchange.

The project fits within Saudi Arabia’s Vision 2030 agenda, which prioritizes financial modernization. Regulators continue to monitor each phase to ensure stability and compliance.

The Jeel and Ripple partnership places blockchain testing inside Saudi Arabia’s regulated banking environment. It combines sandbox oversight, enterprise technology, and institutional coordination. The trials examine payments, custody, and tokenization without moving into live deployment.

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Chainalysis report claims that Iranians are withdrawing Bitcoin from exchanges and stashing it in their personal wallets.

To combat the currency crisis Irans’s Central Government has bought over $500 million in dollar-backed digital assets.

Amid the geopolitical tensions, Iran’s crypto ecosystem has grown to nearly $7.78 billion in 2025.

According to a report by blockchain analytics company Elliptic, the Central Bank of Iran bought more than $500 million in dollar-backed digital assets in the past year to mitigate a currency crisis and bypass US sanctions. Iran has also begun offering cryptocurrency payments for overseas weapons contracts, signaling a shift in how sanctioned states conduct trade. 

The current widespread battling movements have caused the Iranian rial to plummet by 90%, and this has created a new trend among the public. Chainalysis’s report provided insights into this matter. 

As per the analysis, the Iranians are withdrawing Bitcoin from exchanges and storing it in their personal wallet. This act is a response to the ongoing currency crisis in the country. Moreover, the geopolitical uncertainty has become a contributor to the growth of the crypto ecosystem in Iran.

Iran’s crypto ecosystem has grown to nearly $7.78 billion in 2025, which is a fast-paced growth compared to the previous year. The IRGC (Islamic Revolutionary Guard Corps) on-chain activity alone contributed to over 50% of Iran’s total crypto ecosystem in Q4 of 2025.

Reports cite that Iran’s digital asset activity is tied to several major domestic and geopolitical events over the past couple of years. This includes the Kerman bombings in January 2024, Iran’s missile strikes against Israel in October 2024, and the 12-day Iran-Israel war in June 2025.

Related: Iran Rial Collapse Triggers Protests as Currency Hits Record

Cause of The Economic Collapse of Iran

The recent economic collapse has its roots starting from 1979. Since then, Iran was under various sanctions. The country faced enhanced international sanctions, including an arms embargo, trade controls, asset freezes, travel bans, and export restrictions between 2006 and 2010, due to its nuclear non-compliance.

During 2019 and 2020, the US santions was further extended to the finance and banking sector. The issues of Iran further worsened when U.S. President Donald Trump’s campaign focused on imposing enforcement mechanisms on those acting in violation of existing sanctions. The primary aim of the campaign is to drive Iran’s oil exports to zero. 

The strain on Iran’s economy has been severe, fueling prolonged inflation and eroding the living standards of ordinary citizens. These pressures recently spilled into widespread unrest, with protests breaking out in cities across the country from December 28, 2025, and continuing to this day. The demonstrations have been met with a harsh response from authorities, with reports indicating that more than 2,000 people have been killed during the crackdown.

The Turn To Digital Currency

“During the recent mass protests, Iranians have significantly increased withdrawals of Bitcoin to personal wallets, possibly as a flight to safety amid currency collapse and political instability,” said Chainalysis.

It was not just Iran that turned to digital assets. The IRGC also significantly contributed to on-chain activity during Q4, 2025. 

“Notably, it is not just ordinary Iranians who have turned to crypto-the Islamic Revolutionary Guard Corps (IRGC) has extensively leveraged digital assets to finance its malign activities,” read the report.

In this way, the external and internal pressure of the country caused the country to turn to digital assets.

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The PI token trades near $0.18 as wider market pressure drives sharper losses

Heavy token unlocks and weak liquidity keep the PI token stuck in a fragile setup

RSI shows deep oversold levels, yet sellers still dominate near key barriers

The PI token slid again, holding near $0.1837 at press time after another mild dip over the past day. The move extends a bruising stretch for the token, which is now down by 11% on the week and roughly 90% from last year’s levels. The decline mirrors an uneasy mood across the wider market, where risk appetite has thinned, and smaller altcoins have struggled to find buyers.

The tone has grown heavier in recent sessions. Outflows from U.S. spot Bitcoin ETFs, paired with shifting expectations for Federal Reserve policy, have tightened conditions across the board. Even sturdier assets felt the pullback, leaving higher-risk names such as PI more exposed to abrupt selling.

Broader Pressure Spills Into Smaller Caps

Total crypto market capitalization slipped about 0.87% in 24 hours, enough to reinforce the sense that sentiment has tilted defensive. Similarly, Bitcoin’s move lower followed ETF withdrawals of roughly $1.22 billion in a week, a figure that caught attention and stirred talk of investors seeking steadier ground.

Source: SoSoValue

Strong GDP data added to the mix by softening hopes for quick rate cuts, giving traders one more reason to ease off exposure. A look at the Fear and Greed Index, sitting at 34, reflected that caution.

Source: CoinMarketCap

Conditions like this often widen the gap between major tokens and thinner altcoins. PI’s tight liquidity leaves little room for error, and even modest trades can push prices farther than expected.

Structural Friction Persists in the PI Ecosystem

Away from macro forces, PI faces long-running issues inside its ecosystem. More than 1.2 billion tokens are scheduled to unlock in the next year, an overhang that continues to shadow price action. On the other hand, demand has not risen at the same pace, leaving supply growth to do most of the talking.

Source: PiScan

Notably, market access remains narrow. PI is still absent from tier-one exchanges, keeping liquidity shallow and limiting participation. That limited reach, combined with the large supply controlled by the Pi Foundation, has raised ongoing questions about concentration.

Updates such as the recent Pi App Studio rollout were noted, but the market reacted little, with structural concerns continuing to dominate the conversation.

Technical Picture Offers a Brief Pause, but Not Relief

On the chart, PI touched a record low of $0.15 earlier in the week before bouncing. A double bottom appeared around that zone, helped by a hammer-shaped candle that signaled some resistance to further selling. However, the relief was short and tentative.

Source: TradingView

The price is now drifting toward a familiar barrier at $0.19 to $0.20, a former support shelf that flipped into resistance after December’s breakdown. Moreover, its position near the 23.60% Fibonacci mark only strengthens the level’s influence. Unless the token pushes cleanly through that range, the broader downtrend remains intact.

Not to leave out, PI continues to trade beneath all major moving averages, and the Supertrend signal still tilts negative. None of these points point to a firm recovery. Thus, a revisit of the prior low near $0.15 sits within reach if sellers regain momentum.

Related: SAND Price Jumps 11% as Two-Week Bullish Streak Extends

Momentum Gauges Highlight Room to Move

The one counterweight, however, is the Relative Strength Index, now hovering around 26. That reading reflects heavy selling rather than renewed strength, but it does suggest space for short-term rotation if buyers reappear.

For any meaningful recovery, PI would need to reclaim the $0.19-$0.20 band, stabilize, and then work toward higher levels at $0.23 and $0.26. For now, sentiment remains cautious, supply pressure lingers, and the burden rests on the chart to show that sellers have finally exhausted their advantage.

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Ledger targets a $4B valuation as demand for secure self-custody wallets accelerates.

Rising crypto hacks and fraud drive stronger demand for offline hardware security.

Goldman, Jefferies, and Barclays back Ledger’s planned push into US public markets.

Ledger is preparing for a potential U.S. initial public offering (IPO) that could value the company at more than $4 billion, according to people familiar with the matter.

The French crypto hardware wallet maker has engaged Goldman Sachs, Jefferies, and Barclays to advise on a U.S. listing. The people said a New York float could follow as soon as 2026.

NEWS: @Ledger eyes a New York IPO at a valuation above $4B, per the Financial Times. pic.twitter.com/P3wHqEmnxj

— CoinGecko (@coingecko) January 23, 2026

Ledger’s US IPO plan targets New York

Ledger, founded in Paris in 2014, markets itself as a consumer security brand in crypto custody. Ledger sells USB-like hardware wallets that keep private keys offline in cold storage, including Nano devices that connect to phones and computers. A report by the Financial Times said the company is preparing a U.S. listing that could value it above $4 billion. However, the timetable remains subject to change. 

The report also noted Ledger last carried a valuation of roughly $1.5 billion in 2023 following a fundraising round that included True Global Ventures and 10T Holdings. Chief Executive Officer Pascal Gauthier has also framed New York as central to crypto financing. In addition, the report said Ledger generated “triple-digit millions” in revenue in 2025.

Ledger security record and Nano X issues

Ledger’s public-market push arrives with attention on its security history. In a December 2020 update, the CEO said attackers stole about 1 million email addresses and 9,532 records with detailed personal data.

Let me rephrase:

Ledger, a French security company has been breached multiple times which resulted in its customers private data being leaked has lead to targeted thefts and millions stolen.

Current products have major issue like the battery for the Ledger Nano X.

Now Ledger…

— ZachXBT (@zachxbt) January 23, 2026

In early January 2026, Ledger said unauthorized access hit systems run by its e-commerce partner Global-e. The company said the incident exposed limited customer order and contact details. Ledger said the incident did not compromise wallets, devices, or recovery phrases. Still, the company warned users about phishing attempts tied to leaked purchase data.

Product reliability has also drawn attention from customers. Ledger’s support guidance addresses Ledger Nano X battery issues and outlines “battery conditioning” steps. Ledger has also added fees in parts of its ecosystem. Its Ledger Multisig documentation lists a $10 fixed fee for most transactions. It also lists a 0.05% variable fee for certain Ethereum transfers, on top of network fees.

The company links that push to Clear Signing, which it describes as readable transaction details before approval. Meanwhile, Chainalysis estimated scammers and fraudsters stole $17 billion in 2025, up from $13 billion in 2024. The Federal Bureau of Investigation said North Korea stole about $1.5 billion in virtual assets from Bybit on or about February 21, 2025. The FBI said it calls that activity “TraderTraitor.”

Wall Street banks line up as crypto listings regain traction

Ledger’s IPO planning comes as the sector tests public markets again. Recent deals have given bankers fresh reference points for pricing. Crypto custody firm BitGo debuted on the New York Stock Exchange on January 22, 2026, under the ticker BTGO. It priced its IPO at $18 per share and opened at $22.43.

Related: BitGo Prices IPO Above Range, Values Firm at $2.08 Billion

Reportedly, BitGo and selling shareholders raised about $212.8 million. Furthermore, BitGo’s debut valuation was about $2.59 billion after the early jump. BitGo’s shares later slipped back and closed at $18.49, according to market reporting. 

In addition, the report highlighted that Ledger’s plans pointed to a broader pipeline. It said firms such as Circle, Gemini, Bullish, Grayscale, and Kraken have pursued or explored U.S. listings. Ledger has not announced IPO terms or a filing date. Consequently, investors will watch for disclosures that clarify timing, structure, and security commitments as a public issuer.

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Japan’s bond yields surge and alter risk signals while gold rises during market stress.

Bitcoin lags gold as investors wait for clear liquidity action from the Bank of Japan.

BOJ bond support weakens the yen and strengthens gold demand across markets.

Gold prices rose while Bitcoin lagged in early 2026 as Japan’s bond market emerged as a key driver of global risk sentiment. Rising yields altered capital flows and investor positioning across assets. The Japanese government raised its alert level because bond market movements caused financial distress to investors. Officials confirmed that market conditions improved after the recent sell-off, but they recognized that rates, currencies, and risk assets continued to experience volatility.

On Friday, Japan’s two-year government bond yield reached a record 1.245%. The ten-year yield steadied near 2.25%, suggesting persistent upward pressure at the long end of the curve. Finance Minister Satsuki Katayama said authorities are monitoring markets with a high sense of urgency. She added that communication with investors remains critical to avoid disorderly moves.

According to Stockwits, Katayama said stress in the bond market has begun to ease. Still, investors remain sensitive to fiscal signals, bond supply dynamics, and monetary normalization.

Gold Rises Alongside Bonds in a Policy Stress Signal

Market researchers noted that rising Japanese yields no longer pressure gold through higher opportunity costs. Instead, gold and Japanese bonds have climbed together during the recent yield surge.

Delphi researcher Marcus said the shift reflects policy stress and balance sheet fragility rather than healthy normalization. He also noted that the one-year relationship between gold and Japan’s ten-year yield has turned positive.

Bitcoin is stalling while gold grinds higher.

The reason could be in Japanese bonds.

Normally rising yields pressure gold by increasing the opportunity cost of holding a non yielding asset.

When gold and yields move together, the market is pricing policy stress and balance… https://t.co/aPoHmdEg6B pic.twitter.com/IYmhg961by

— Delphi Digital (@Delphi_Digital) January 22, 2026

Gold traded at $4,596.32 per ounce early Friday. Retail chatter around gold-backed stablecoin Tether Gold stayed high while sentiment remained neutral on Stocktwits. Marcus said Japanese bond moves now act as a stress signal for global markets. For US risk assets, BOJ intervention has historically worked as a liquidity release valve.

When liquidity conditions stabilize, gold tends to benefit first during stress periods. This dynamic has supported gold’s edge higher during recent bond volatility.

Related: Japan Bond Yields Hit Record Highs: Is Crypto Going To Be Bullish?

Bitcoin Waits for BOJ Action as Liquidity Focus Grows

Bitcoin has not mirrored gold’s rally as investors wait for clearer signals from the Bank of Japan. Researchers say Bitcoin reacts more positively after credible BOJ intervention. Marcus said Bitcoin does not compete with gold during stress. Instead, it waits for policymakers to turn off the stress signal by smoothing the yield curve or controlling long-end yields.

Macro trader JustDario said the BOJ already moved to de-escalate bond stress. In one session, it purchased eight ¥50 billion bond tranches and lent ¥312 billion to banks. He said the ¥1.16 trillion liquidity support pressured the yen. The currency weakened to 158.8 per dollar, which reinforced gold’s role as a hedge.

The BOJ printed JPY to stop the collapse of the JGB market, now the JPY is logically depreciating as a result, although not as fast as it should be. Why? Because the Japanese government threat of direct FX intervention at ~160 vs USD successfully keeping money managers and… https://t.co/QX53zremcJ pic.twitter.com/pM49FTOIvh

— JustDario (@DarioCpx) January 22, 2026

Crypto analyst Quinten François said Bitcoin has never been this undervalued against gold on a long-term basis. He cited Bitcoin to gold power law models and called the ratio a rare opportunity.Investor Mark Chadwick said gold rallies often precede crypto gains. He pointed to 2017 and 2021 when gold rose first before Bitcoin and altcoins followed. As Japanese yields reshape risk signals, one question now guides markets: will decisive BOJ intervention unlock liquidity and shift momentum from gold toward Bitcoin?

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DOGE stays in a steep decline despite the Nasdaq ETF launch drawing weak early demand

Long liquidations rise as open interest falls, marking fading conviction in the market

Analysts highlight wedge and channel structures, suggesting long-range breakout potential

Dogecoin’s slide has stretched into another week, and the tone across markets remains heavy. The token has been drifting lower since early September, rarely finding enough strength to stabilize, let alone reverse course.

By mid-morning, DOGE hovered near $0.1244. The move shaved another percentage point off the day and pushed weekly losses to roughly 11%. Besides, its year-on-year performance tells a deeper story: a 64.67% decline that underlines just how persistent the trend has been.

Source: CoinMarketCap

Similarly, market depth continues to thin. DOGE’s market cap settles at $20.96 billion, yet trading activity looks weaker by the day. Volume slipped 42.9% in the last 24 hours to $832.53 million. That kind of contraction typically signals fatigue rather than preparation for a pivot.

And while traders had hoped for a spark from the 21Shares Dogecoin ETF, launched on Nasdaq on Jan. 22 under the ticker TDOG, no momentum followed. Instead, the debut landed quietly. The long run-up of anticipation ended in a textbook “buy the rumor, sell the news” fade, leaving markets exactly where they were: uninspired and drifting.

ETF Launch Brings Little Change

The absence of inflows after the ETF’s arrival became the clearest message of the week. Traders watching for institutional participation saw none. Without fresh orders to support spot demand, the bearish slope steepened. 

Within hours of the first session, analysts began treating the listing as a neutral event rather than a catalyst. Flow trackers now point to ETF subscription data as a key gauge for sentiment. But even that remains more of a monitoring exercise than a near-term trigger. For now, the market has simply shrugged.

Derivatives Data Shows Long Pressure

The derivatives tape adds another layer. Over the past day, liquidations reached $1.64 million, and most of that came from the long side, about $1.30 million versus $332.13K in short positions.

Source: CoinGlass

That imbalance suggests buyers were pushed out as prices slipped, reinforcing direction rather than challenging it. Open interest tells a similar story. It has eased to roughly $1.41 billion from this year’s peak of around $1.96 billion.

Source: CoinGlass

When OI falls this steadily, it often reflects participants stepping back, trimming exposure, and letting the market drift until conditions reset. None of that helps DOGE price build a base.

Analysts Point to Long-Term Wedge Structure

Even so, not every analyst sees this as a terminal slide. Ali Charts highlighted a long-running descending wedge he’s tracked for years, patterns that, in past cycles, eventually resolved with sharp breaks to the upside. His chart places DOGE near the lower boundary of this structure, almost pressed against the floor around the $0.124 area.

Dogecoin $DOGE tends to respect wedge structures, and a breakout from this one could be powerful. pic.twitter.com/aw17nIv1ws

— Ali Charts (@alicharts) January 22, 2026

He described prior wedge breakouts in 2017 and 2021 as precursors to strong rallies. The same setup now points to potential targets near $0.29, $0.55, and $1.10, though only if the price clears the upper line. At the moment, nothing confirms such a move.

Related: RIVER Price Hits $48 Record High Amid Rising Market Manipulation Scrutiny

Monthly Chart Shows a Rising Channel

Another analyst, Trader Tardigrade, turned to the monthly chart instead. His work shows DOGE holding a broad rising channel stretching across several years, with repeated pullbacks into support that later gave way to continuation moves.

Source: X

The recent test of that support, he noted, keeps the long-term structure intact. The trend of higher lows persists, even if day-to-day action suggests exhaustion. No formal target was attached, though the chart implies room for advance if the channel holds.

For now, DOGE remains shaped by the same forces that defined recent months: thinning interest, heavier long liquidations, and a lack of fresh capital. Until those conditions shift, the downtrend stays in control.

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FIU orders Indian exchanges to stop handling anonymity-enhancing cryptocurrency tokens.

Privacy coins like Monero, Zcash, and Dash are now restricted under the guidelines.

Directive strengthens AML rules, wallet monitoring, and offshore crypto oversight.

India’s Financial Intelligence Unit has directed crypto exchanges to stop handling privacy-focused digital tokens, citing increased money laundering risks. The directive, issued earlier this month through updated compliance guidelines, targets anonymity-enhancing crypto assets traded on domestic platforms. The move involves exchanges, intermediaries, and regulators, aiming to curb untraceable transactions by restricting how such assets enter and exit the system.

FIU Targets Anonymity-Enhancing Crypto Assets

Under the updated guideline, the FIU instructed reporting entities to avoid deposits or withdrawals involving anonymity-enhancing crypto tokens. The guideline classifies these virtual digital assets as incompatible with existing risk-mitigation frameworks. According to the FIU, such assets conceal transaction origin, ownership, or value, raising compliance concerns.

In contrast, public blockchains like Bitcoin and Ethereum allow transaction tracing despite pseudonymous identities. However, privacy coins rely on advanced cryptography that blocks transaction visibility. Tokens such as Monero, Zcash, and Dash use stealth addresses and shielded transactions to hide recipients and transferred amounts.

Purushottam Anand, founder of Crypto Legal, said global regulators increasingly oppose these tokens due to traceability gaps. According to Anand, regulators now see anonymity-enhancing tokens as high-risk instruments rather than privacy tools. He added that the FIU directive aligns with this emerging global consensus.

The guideline further warns exchanges against allowing privacy coins through indirect tools. Notably, tumblers and mixers remain a concern because they obscure transaction trails. These tools pool funds from multiple users, breaking links between source and destination wallets.

Because of this, coins from sanctioned or blacklisted wallets may bypass detection. U.S. regulators, including OFAC and FinCEN, have previously flagged similar risks. Therefore, the FIU asked Indian platforms to remain alert to such methods.

Exchanges, Wallets, and Transaction Monitoring

Although exchanges in India lack a unified regulatory license, FIU registration remains mandatory for compliance. Consequently, the directive may effectively end privacy coin trading on recognized platforms. Some exchanges already limit withdrawals, though a few wallet transfers can still go through in certain cases. 

To close that loophole, the FIU has stepped up checks on self-custody wallets. Platforms are now required to gather details on transfers that involve unhosted wallets where users hold their own private keys. Moreover, the guideline allows exchanges to limit transactions involving wallets promising enhanced secrecy.

Sudhakar Lakshmanaraja, founder of Digital South Trust, said enforcement agencies face major tracking challenges once privacy coins leave regulated platforms. Based on his work with law enforcement, tracing such assets becomes nearly impossible outside controlled environments. Therefore, he said, the FIU balanced investment access with withdrawal restrictions.

Meanwhile, the directive also reflects broader compliance expansion. Exchanges must appoint AML officers, complete CERT-In audits, and share sender and receiver data. These rules apply even to self-custody wallet transfers, strengthening transaction transparency.

Global data support the regulatory concern. According to Chainalysis, on-chain scams reached at least $14 billion in 2025. This figure rose sharply from earlier 2024 estimates, which were later revised upward to $12 billion.

Related: RBI 2026 Rules Explained: What Every Indian Must Know

Offshore Crypto Profits 

Together with exchange compliance, banks now face challenges in handling offshore crypto proceeds. Some residents invested years ago in foreign platforms and later liquidated holdings abroad. When proceeds return to India, banks must assess compliance without clear FEMA guidance.

One Indian bank recently contacted the Foreign Exchange Dealers’ Association of India after receiving unclaimed funds from the U.S. Treasury. The funds followed the liquidation of a dormant overseas crypto account belonging to an Indian investor.

Banks remain cautious because RBI guidance on cross-border crypto transactions remains limited. Many lenders already restrict the Liberalised Remittance Scheme for overseas crypto purchases. However, they still face uncertainty when sale proceeds arrive as foreign inward remittances.

Harshal Bhuta, partner at P. R. Bhuta & Co., explained that banks usually treat such inflows as normal remittances. However, enhanced KYC and source-of-funds checks apply because FEMA lacks a specific crypto framework. According to Bhuta, large or poorly documented inflows may be withheld or reported to regulators, including the FIU or Enforcement Directorate.

Lawmakers are still having wider talks on the issue. Parliamentary committees have looked at how other countries handle crypto, such as Japan’s rules on keeping customer funds separate and Russia’s limits on how much people can invest. For now, these examples are being studied to shape India’s thinking, even though none of them have been formally adopted yet.

India’s FIU action restricts privacy-focused crypto assets while reinforcing monitoring across exchanges, wallets, and banks. The directive addresses anonymity tools, transaction tracking, and offshore fund flows within existing legal structures. Together, these steps show how regulators are tightening controls while managing unresolved gaps in cross-border crypto handling.

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Prosecutors found seized Bitcoin was missing after last year’s audit in custody.

Investigators link the loss to phishing tied to the exposed wallet access control.

The case emerges as courts confirm broader powers to seize digital assets nationwide.

South Korean prosecutors are investigating the disappearance of Bitcoin seized as criminal proceeds after an internal audit flagged missing assets under state custody. Authorities estimate the loss at approximately 70 billion won, or $48 million. A senior prosecution source told local media that the Bitcoin likely vanished during management last year.

Investigators now treat the case as a suspected phishing attack involving compromised storage controls. The incident emerged as South Korea expands legal authority over crypto markets. The case also arrived during intensified regulatory activity around digital assets and enforcement standards.   

JUST IN: South Korean prosecutors search for "lost" Bitcoin

– Prosecutors say a “significant” amount of BTC was lost while in state custody
– Loss likely occurred mid-2025, possibly via phishing
– Authorities refuse to disclose how much Bitcoin is missing pic.twitter.com/BexowaFnlX

— Bitcoin Archive (@BitcoinArchive) January 22, 2026

Audit Findings and Suspected Phishing Attack

Yonhap News reported Thursday that the Gwangju District Prosecutors’ Office confirmed the missing Bitcoin during a recent internal review. The assets came from a prior criminal case and no longer appear in official records.

Prosecutors believe the loss occurred in the middle of last year while officials stored and managed the Bitcoin. Investigators suspect phishing, though they declined to disclose exact amounts or current valuations during the ongoing probe.

Early evidence indicates that officials stored the Bitcoin on a portable USB device with a durable custody system. Reports also state that a wallet password reached a third party during a routine inspection, enabling unauthorized transfers.

Legal Context and Prior Precedents

The case surfaced shortly after a Supreme Court ruling reported on January 9 confirmed that Bitcoin held on exchanges can be seized under the Criminal Procedure Act. The ruling involved 55.6 BTC seized from a money laundering suspect.

That December decision reinforced earlier judgments that classify cryptocurrencies as intangible assets with economic value. A 2018 ruling first established that courts could seize crypto linked to criminal activity.

Later decisions expanded seizure authority further. Courts also confirmed that Bitcoin on domestic exchanges like Upbit and Bithumb qualifies for confiscation during criminal proceedings.

Broader Security Concerns and Industry Data

This marks the second major Bitcoin controversy tied to Gwangju authorities. In November 2021, 1,476 BTC disappeared during a police seizure from an illegal gambling site, with litigation still pending before the Supreme Court.

The present case differs from previous cases in that it does not involve police officers but instead involves their role as prosecutors. The case raises security concerns about two elements, which include internal controls and human vulnerabilities, but does not address blockchain system weaknesses and how secure are seized digital assets under state custody? 

The data shows that worldwide patterns exhibit identical characteristics. PeckShield reported that scam and phishing activities resulted in $1.37 billion of losses during 2025, representing a 64% increase from the previous year.

Related: South Korea To Lift 9-Year Ban On Corporate Crypto Access

Ledger announced a customer data breach that occurred because of a third-party payment processor. Over 16 million South Koreans now hold crypto accounts, representing approximately one-third of the population, as regulators increase their oversight of the digital currency market. The case involves missing seized Bitcoin, which disappeared during state custody because of phishing attacks and inadequate internal security procedures. The situation establishes security risks that arise from the current methods authorities use to store and protect digital assets from confiscation. The situation creates trust problems, with accountability challenges for society, because governments create new rules to control and monitor digital currency activities. The incident shows that human mistakes pose a greater security risk to institutional cryptocurrency operations than actual blockchain technology weaknesses.

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Chainlink has acquired Atlas to expand SVR and raise DeFi revenue via multi-chain recapture.

Atlas integration extends Chainlink SVR to new chains, helping protocols reclaim MEV.

The deal accelerates SVR adoption across ecosystems and adds sustainable revenue for DeFi.

Chainlink has acquired Atlas from FastLane to expand its SVR solution and increase revenue opportunities across decentralized finance ecosystems. The move brings proven order flow technology directly under the Chainlink standard. It also marks a step toward scaling value recapture across multiple blockchains.

The acquisition includes Atlas technology and the onboarding of key Atlas personnel into Chainlink’s ecosystem. As a result, Atlas now exclusively supports Chainlink SVR. Existing Atlas users will follow a streamlined migration path to the Chainlink solution.

We’re proud to share that Atlas, our protocol for application specific orderflow auctions, has been acquired by @chainlink.

Atlas’s proven orderflow technology is now integrated into Chainlink SVR, enabling applications and protocols to capture and retain value more effectively.… pic.twitter.com/Jz43BO2xVy

— FastLane Labs (@0xFastLane) January 22, 2026

Chainlink said the integration expands SVR into new blockchain environments. SVR now operates on Arbitrum, Base, BNB Chain, Ethereum, and HyperEVM. Additional networks are expected to follow over time.

Atlas Strengthens SVR’s Multi-Chain Reach

Atlas, developed by FastLane, allows DeFi protocols to recover value via application-specific order flow auctions. These auctions often support liquidation processes. Protocols such as Compound and Venus already use Atlas technology.

Chainlink has now completely incorporated this system into SVR. The integration allows DeFi applications to recapture value from Chainlink Price Feeds. This value stems from the Maximal Extractable Value tied to oracle updates.

Chainlink SVR focuses on Oracle Extractable Value, also known as OEV. The system redirects value back to protocols instead of external actors. This creates a new revenue stream for participating applications.

According to Chainlink, SVR has already processed more than $460 million in liquidations. It has also recaptured over $10 million in OEV. These figures reflect adoption by major DeFi platforms.

Aave and Compound rank among the early adopters of SVR. The protocols use the system to improve economic efficiency during liquidations. The recaptured value supports both protocols and the Chainlink Network.

The revenue split model shares value between DeFi protocols and Chainlink. This structure aims to improve long-term sustainability. Chainlink said the Atlas acquisition accelerates this model across more chains.

FastLane Partnership And Ecosystem Impact

FastLane partnered with Chainlink to place Atlas under Chainlink’s stewardship. The firm cited Chainlink’s security and reliability record. Chainlink has enabled over $27 trillion in transaction value to date.

The network also secures more than 70% of the DeFi ecosystem. This scale influenced FastLane’s decision to migrate Atlas fully. Chainlink’s oracle infrastructure supports the system’s expansion.

Johann Eid, Chief Business Officer at Chainlink Labs, commented on the acquisition. He said the integration creates a more effective value recapture system. He added that the move helps expand SVR into new ecosystems faster.

Related: SBI Deepens Ties With Chainlink to Power Tokenized Assets

FastLane CEO Alex Watts echoed the view. He said the combination offers DeFi protocols a credible path to recapture on-chain value at scale. He noted that Chainlink is positioned to lead the OEV market.

Despite the acquisition, FastLane will continue operating independently. The company will remain a strategic partner to Chainlink. It will support Atlas operations and broader adoption efforts.

Existing Atlas users can transition to SVR using Chainlink documentation. Chainlink Labs will also provide upgrade support. This includes users migrating from the deprecated Atlas RedStone deployment. On the Ethereum mainnet, SVR will continue using Flashbots MEV-Share. Atlas technology enables SVR expansion beyond Ethereum.

This approach supports deployment across diverse blockchain environments. Chainlink said the acquisition strengthens its role in DeFi infrastructure. By expanding SVR, the network aims to unlock sustainable revenue for the wider DeFi economy.

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BOJ keeps benchmark rate at 0.75% while upgrading inflation and growth forecasts.

Yen weakness and rising bond yields increase risks for leveraged crypto positions.

Dissenting vote signals internal pressure for faster tightening and market caution.

Japan’s central bank kept interest rates unchanged on Friday, yet the decision quietly raised fresh risks for Bitcoin and crypto markets. The Bank of Japan held its benchmark rate at 0.75% in Tokyo on January 23, upgrading inflation and growth forecasts. While prices barely moved, the vote exposed internal policy strain, yen funding risks, and growing pressure on leveraged crypto positions.

BOJ Holds Rates as Inflation Outlook Turns Firmer

The Bank of Japan maintained its benchmark rate at 0.75% in an 8-1 vote, matching market expectations. Board member Hajime Takata dissented, arguing that rates should rise to 1% immediately. He cited stronger inflation pressures and improving global economic conditions.

However, the majority chose caution as political uncertainty grows ahead of Japan’s February 8 snap election. Prime Minister Sanae Takaichi approved the dissolution of parliament the same day. As a result, the central bank faced competing pressures between monetary normalization and election timing.

Alongside the rate hold, the BOJ upgraded its economic outlook. The bank raised fiscal 2025 real GDP growth to 0.9% from 0.7%. It also lifted fiscal 2026 growth to 1.0%, citing trade support and a large stimulus package.

More importantly, inflation forecasts moved higher. Core CPI is now projected at 3.0% for 2025 and 2.2% for 2026. December headline inflation stood at 2.1%, marking 45 straight months above the 2% target.

Political Spending, Yen Weakness, and Bond Market Moves

Japan’s fiscal outlook added to the complexity. Prime Minister Takaichi centered her campaign on suspending the 8% food sales tax for two years. According to NHK, 45% of voters rank living costs as their top concern.

Her proposed $783 billion budget for the next fiscal year raised concerns about public debt. Notably, Japanese government bond yields climbed to multi-decade highs following the announcement. Japan’s 40-year bond yield fell slightly on Friday but remains elevated at 3.939%.

Meanwhile, the yen has weakened sharply. Since Takaichi took office in October, the yen has fallen 4.6% against the US dollar. On Friday, it traded near 158.54 per dollar, showing only modest strength after the BOJ decision.

Crypto markets showed a limited reaction. Bitcoin moved toward $90,000, while gold also traded higher. However, broader sentiment is cautious as US PCE inflation stayed elevated and Japan’s inflation slowed for the first time in four months.

Related: BOJ December Rate Hike to 0.75% Puts BTC Liquidity at Risk

Yen Carry Trades Keep Crypto Exposure in Focus

For years, investors borrowed low-yielding yen to fund higher-yielding assets, including cryptocurrencies. This structure, known as the yen carry trade, remains sensitive to BOJ policy shifts. So even small shifts in expectations can have real effects. Takata’s objection pointed to growing pressure inside the BOJ to raise rates sooner. At the same time, the bank’s higher inflation outlook strengthened the case for more hikes this year. Together, this drew attention to crypto trades that rely on cheap yen borrowing.

Past events make the concern more serious. In August 2024, Bitcoin fell hard when traders rushed to unwind yen-funded positions amid talk of BOJ rate hikes. That moment showed how moves in the yen can quickly force sell-offs.

For now, markets are calm. Still, policy signals are mixed. Japan’s slow move toward tighter policy clashes with Takaichi’s push for more government spending. Higher bond yields could pull money back into Japan, reducing liquidity elsewhere.

Global policy alignment is also shaky. CME FedWatch suggests the Fed will likely keep rates unchanged in January, and JPMorgan expects no US rate cuts in 2026 after strong economic data. This leaves crypto markets caught between higher yen funding costs and firm global interest rates.

The BOJ’s decision to hold rates masked deeper shifts. Higher inflation forecasts, internal dissent, fiscal expansion, and a weaker yen all point to growing risk. Even though prices haven’t moved much yet, Japan’s policy direction remains a key influence on Bitcoin and the wider crypto market.

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SAND price climbs as GameFi demand rises and volume spikes across major tokens.

Buyers defend the $0.14–$0.10 zone while higher lows shape early recovery structure.

Key resistance near $0.29 limits upside as broader trend signals stay cautious.

The SAND price pushed higher again today, adding nearly 11% in 24 hours and stretching a rebound that has been building for two weeks. The move comes on the back of a strong prior stretch, when the token climbed roughly 30% last week and re-entered market conversations after a period of muted trading.

Trading picked up noticeably as well. Market value now sits near $428.72 million, while volume rose almost 46% to $259.32 million. That uptick in activity hints at a market leaning back into risk after several hesitant weeks, though the trend remains fragile.

GameFi Momentum Adds Fuel

According to CoinMarketCap data, GameFi names were among the strongest performers in the latest session. Sector data showed nearly 7% growth on January 22, outpacing the broader crypto market’s steadier tone.

The shift pulled capital into familiar high-beta projects such as The Sandbox, Axie Infinity, and Decentraland. This rotation often appears when traders feel slightly more comfortable taking on volatility.

The SAND price benefited from that shift, slotting back into its role as one of the sector’s preferred liquidity hubs. Still, even with the recent rally, the token is climbing out of a deep trough rather than confirming a full trend recovery.

Structure Shows Early Stabilization

From a technical perspective, SAND’s chart remains mixed. A sharp rejection at the 20-day moving average halted earlier momentum and briefly revived selling, reinforcing a longer-term bearish backdrop.

At press time, the token continues to trade below its major moving averages, a reminder that higher-timeframe pressure has not fully cleared. Yet the lower edge of the market has held firm. The SAND price found support repeatedly in the $0.14 to $0.10 pocket, an area that has shaped trading behavior for months.

Source: TradingView

A higher low has now formed above that zone, a subtle but important sign that sellers no longer have the same control they held late last year. Besides, momentum readings tell a similar story. The RSI has worked its way back toward the low 40s after dipping into oversold territory.

It is not a clean signal, nor is it meant to be. But the lift shows buyers reappearing in enough size to cool the earlier slide. A move above the 50 mark would strengthen that case, though markets are rarely that neat.

For now, SAND remains boxed in beneath its short- and medium-term moving averages. Until those levels give way, rallies face the risk of fading as they have before. A notable ceiling sits near $0.29, overlapping with the 23.6% Fibonacci retracement. Traders point to this level as the next test for any attempt at sustained recovery.

Related: RIVER Price Hits $48 Record High Amid Rising Market Manipulation Scrutiny

Longer-Term Setup Draws Attention

A separate high-timeframe view from analyst Crypto Patel outlines a larger structure still in play after SAND’s roughly 99% slide from its peak. The token has carved out a base inside a descending channel. Reactions in the $0.14 to $0.11 band have held for months, and the setup remains intact as long as the SAND price stays above $0.10 on higher-timeframe closes.

Source: X

While longer-range projections exist, near-term focus remains on whether SAND can hold its footing and press into the next resistance cluster. For now, the market shows early signs of steadiness, enough to extend the streak, but not enough to claim a breakout.

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Experts warn NYSE’s tokenization plan lacks a clear blockchain design and token economics.

Centralization concerns rise as NYSE’s tokenization model appears to preserve intermediaries.

Crypto industry leaders still view on-chain tokenized stocks as a major market milestone.

The NYSE tokenization plan has sparked debate over whether the New York Stock Exchange is poised to deliver a genuine blockchain platform or merely a broad vision. The proposal targets tokenized stocks and tokenized exchange-traded funds (ETFs) with modern market features.

Columbia Business School professor Omid Malekan criticized the plan as “vaporware,” arguing it lacks the details needed to judge feasibility. His remarks amplified wider skepticism about how traditional finance will execute real-world asset tokenization.

NYSE tokenization plan faces “vaporware” criticism on specifics

Malekan said the NYSE described outcomes without explaining implementation. He argued that the proposal does not read like a technical roadmap. He highlighted missing information about blockchain selection. Malekan said the NYSE did not state which blockchain network the platform would use.

He also said the exchange did not clarify whether it prefers a permissioned blockchain or a permissionless blockchain. In addition, he said the NYSE did not describe any hybrid architecture. Token economics drew similar criticism. Malekan said the announcement did not explain fee mechanisms, incentives, or token design choices.

Those gaps matter, he argued, because tokenized securities require clear operating rules. Consequently, he framed the announcement as conceptual messaging rather than execution planning.

Malekan also questioned what “multi-chain support” means in practice. He said the plan did not explain how the platform would operate across chains.

Related: NYSE Moves Toward On-Chain Trading With Tokenized Securities

ICE targets 24/7 trading and instant settlement for ETFs

The NYSE and its parent, Intercontinental Exchange (ICE), have outlined goals for a blockchain platform tied to real-world asset tokenization. The headline aims include 24/7 trading for stocks and ETFs. The proposal also targets instant settlement. In addition, it mentions multi-chain support and custody services, but it leaves core design decisions unspecified.

Malekan challenged the idea that continuous trading requires blockchain. He argued that exchanges already run powerful databases and could extend trading hours using conventional systems.

He raised similar doubts about instant settlement. Malekan suggested that settlement speed depends on market structure and business relationships, not only on software.

In addition, the critique points to a broader tension. Exchanges can modernize operations without adopting blockchain while tokenization claims a different value proposition. Still, ICE and the NYSE have positioned tokenized markets as a forward step. The plan’s stated features signal interest in new token listings and always-on access.

Centralization concerns shape tokenized stocks debate today

Malekan argued that the NYSE operates within a centralized market structure. He described the exchange model as highly centralized and oligopolistic. He said cryptographic technology does not change that structure by itself. However, he suggested that meaningful decentralization would require a shift away from existing frameworks.

That argument centers on access and intermediation. Malekan implied that tokenization may preserve current gatekeeping, rather than open markets broadly. Supporters in the crypto industry view the announcement as a positive signal. Carlos Domingo, chief executive officer of Securitize, said, “On-chain trading of natively tokenized stocks is a major positive development.”

Meanwhile, Alexander Spiegelman, head of research at Aptos Labs, described the timing as “timely” for traditional markets to adopt blockchain technology. Their comments reflect optimism that institutional momentum can accelerate the adoption of blockchain.

The discussion also touches decentralized finance (DeFi), which refers to blockchain-based financial activity that can reduce reliance on traditional intermediaries. Malekan argued that public access and bearer-like assets define permissionless systems more than simple cryptography.

Furthermore, the disagreement highlights the gap between vision and delivery in tokenization. Skeptics want architecture, token standards, and token economics before treating the plan as credible.

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SEC and CFTC to hold joint public crypto oversight event on Jan 27, signaling alignment.

The leaders aim to reduce jurisdictional confusion through regulatory harmonization talks.

Event highlights coordination as Congress delays crypto market structure legislation.

U.S. crypto regulation could take a forward step starting January 27, when the SEC and CFTC will hold a joint public event. The session, scheduled from 10 a.m. to 11 a.m. Eastern at CFTC headquarters, brings SEC Chairman Paul S. Atkins and CFTC Chairman Michael Selig together. The agencies say the discussion aims to address regulatory harmonization and reduce long-standing jurisdictional confusion in crypto oversight.

A Public Display of Regulatory Alignment

The Securities and Exchange Commission and the Commodity Futures Trading Commission confirmed the joint event would be open to the public and livestreamed. According to the SEC, the session focuses on harmonization and U.S. financial leadership in the crypto era. Importantly, the choice of a public forum signals institutional coordination rather than private enforcement discussions.

Paul Atkins said he looks forward to joining Michael Selig to discuss alignment between both agencies. He added that the discussion supports President Donald Trump’s promise to make the United States the crypto capital. Notably, both agencies tied their cooperation directly to that broader federal agenda.

The event takes place at CFTC headquarters, indicating shared ownership of crypto oversight. However, the format remains structured and limited to introductory remarks and a panel discussion. That structure highlights policy design rather than enforcement actions or investigations.

Leadership Ties Reinforce a Shared Direction

Personal history between Atkins and Selig adds context to the coordination. Atkins previously served as Selig’s boss at the SEC before Selig moved to the CFTC. Notably, Selig worked on crypto policy at the SEC before becoming the CFTC’s permanent chairman last month.

Selig replaced interim chair Caroline Pham, who previously participated in similar coordination efforts. In September, Atkins and Pham jointly declared an end to agency turf wars. They also hosted a roundtable on decentralized finance and prediction markets.

Since taking office, Selig has announced a new “future-proof” crypto initiative at the CFTC. That initiative aligns with the agencies’ stated goal of reducing unclear jurisdictional boundaries. According to both chairs, legacy silos have forced market participants to navigate misaligned regulatory designs.

In a joint statement, Atkins and Selig said the event builds on broader harmonization efforts. They emphasized innovation under American law and in the service of U.S. investors and consumers. Notably, the language focused on system design rather than enforcement penalties.

Related: SEC and CFTC Roundtable Seeks Clear Crypto Oversight Rules

Policy Coordination Amid Congressional Delays

While agencies coordinate, Congress continues work on crypto market structure legislation. The Senate Banking and Agriculture Committees are advancing separate bills defining agency oversight roles. However, delays have slowed progress due to ongoing bipartisan negotiations.

Earlier this month, a Senate Banking draft triggered industry concern. That version added restrictions on stablecoin yields and decentralized finance. As a result, Coinbase withdrew support, and the committee delayed its markup.

Meanwhile, Senate Agriculture Republicans released their draft ahead of a scheduled markup next week. That version lacked Democratic support, according to committee disclosures. Both committees must still reconcile differences before a final Senate vote.

Meanwhile, the SEC–CFTC event indicates administrative coordination while lawmakers debate statutory authority. The agencies acknowledged Congress’s role but emphasized near-term policy alignment. The event occurs as staff at both agencies continue drafting oversight frameworks.

The session will open with remarks from each chairman, followed by a joint panel discussion. According to agency statements, the discussion centers on harmonization and U.S. financial leadership. The timing places regulatory coordination alongside legislative uncertainty.

The joint SEC-CFTC event brings agency leadership, shared history, and public transparency into one forum. It indicates ongoing coordination efforts tied to President Trump’s crypto agenda and current congressional debates. The statements, setting, and timing consolidate a clear picture of agencies presenting a unified regulatory approach.

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YZi Labs entered the BitGo public listing to support regulated crypto custody growth.

BitGo serves over 5,100 institutions with secure custody, staking, and stablecoin tools.

NYSE debut shows rising demand for compliant crypto platforms across global finance.

YZi Labs, formerly Binance Labs and now the $10 billion investment arm linked to Changpeng Zhao, has joined the Initial Public Offering of BitGo on the New York Stock Exchange under the ticker BTGO. The firm entered the listing as a major institutional investor, signaling support for regulated crypto infrastructure and compliant digital asset services.

The investment aligns with YZi Labs’ strategy to focus on Web3, artificial intelligence, and biotechnology, while supporting companies that build secure and compliant financial systems. On X, YZi Labs described U.S.-regulated digital asset infrastructure as a long-term strategic pillar. The firm linked that view to global capital markets moving closer to digital asset rails.

https://t.co/RixOKzJ5vp

— YZi Labs (@yzilabs) January 23, 2026

It also pointed to BitGo’s regulated trust structure and its multi-jurisdictional compliance framework across North America, Europe, the Middle East, and Asia. This participation comes as institutions increase demand for regulated custody, clear compliance rules, and strong security standards. 

BitGo now sits at the center of that shift with $82 billion in Assets on the platform and more than 5,100 institutional clients across 100 countries. The company also provides custody, trading, settlement, token management, staking services, and stablecoin infrastructure.

Strategic focus on regulated infrastructure

YZi Labs stated that regulated digital asset platforms form the backbone of long-term market development. The firm said BitGo’s structure supports fiduciary security and cross-border compliance in multiple jurisdictions. This framework allows institutions to operate within strict regulatory environments while accessing digital asset markets.

The OCC regulates BitGo Bank & Trust as a National Trust Bank, which BitGo operates. The company also maintains both SOC 1 and SOC 2 Type 2 audit certifications. The platform meets institutional requirements through its custody, settlement, and token services. 

Beyond custody services, BitGo provides staking-as-a-service and stablecoin-as-a-service solutions. The services enable banks and enterprises to create compliant white-label stablecoin products. The system links conventional financial systems with authorized digital asset trading platforms.

Institutional scale and operational reach

BitGo reports $82 billion in Assets on the platform. It serves more than 5,100 institutional clients across 100 countries. This scale places it among the largest global digital asset infrastructure providers. The company pioneered multi-signature wallet technology. It also operates a vertically integrated model that combines custody, trading, settlement, and token management. This structure supports end-to-end institutional workflows.

Ella Zhang, Head of YZi Labs, said BitGo has maintained a hack-free security record for more than a decade. She credited the technical foundation built by CEO Mike Belshe. She described BitGo’s regulated, institutional-grade infrastructure as a critical competitive advantage.

“With $82 billion AOP, BitGo is a cornerstone asset,” Zhang said. “We are committed to providing the strategic resources necessary to fuel its next phase of global growth as a public company.” She also referenced Belshe’s role as both a Bitcoin pioneer and a web technology architect.

IPO, compliance, and market convergence

Mike Belshe, CEO of BitGo, linked the NYSE listing to long-term institutional trust.
He said the company’s mission centers on delivering security and compliance to the digital asset ecosystem. He described YZi Labs’ investment as a shared commitment to regulated infrastructure.

“By combining BitGo’s security technology with Binance and the BNB ecosystem’s global market reach, we are setting the standard for how capital enters this space,” Belshe said. The statement tied BitGo’s infrastructure to broader market access. It also connected the IPO to global adoption.

Related: BitGo Prices IPO Above Range, Values Firm at $2.08 Billion

YZi Labs manages more than $10 billion in assets and invests across Web3, AI, and biotech. Its portfolio spans over 300 projects in more than 25 countries across six continents.
Notable holdings include Trustwallet, CoinMarketCap, Polygon, Injective, Ethena, Safepal Wallet, Better Payment Network, Aster, and XAI.

BitGo’s public listing demonstrates increasing interest from regulated cryptocurrency companies that seek to enter mainstream financial markets. The stable digital asset platforms that meet regulatory requirements have become more popular among institutional investors, according to the current initial public offering. 

The main question exists between traditional finance and digital markets. There exists an ongoing discussion about the future of regulated crypto infrastructure, which could serve as the primary connection point between traditional finance and digital markets.

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