Macro Risks Ease Gradually, Crypto Assets Stabilize
Summary
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Macroeconomy: U.S. data continue to point to solid economic momentum and stable inflation. Together with fading concerns over geopolitical tensions, market risk appetite has rebounded. Major U.S. equity indices have closed higher for two consecutive sessions, while small-cap stocks have outperformed the S&P 500 for the 15th straight trading day, setting fresh highs—signaling a further extension of risk appetite toward higher-beta assets. Meanwhile, gold has maintained its strong uptrend, repeatedly hitting record highs and approaching the USD 5,000 level.
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Crypto Market: As macro uncertainty gradually recedes, Bitcoin has moved largely in lockstep with Nasdaq futures, posting a marginal daily gain of 0.12%. While prices have temporarily stabilized, altcoins remain broadly weak. Market sentiment is still stuck in the “extreme fear” zone, with risk appetite cautious and any meaningful recovery likely to depend on time or new positive catalysts.
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Project Updates
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Trending Tokens: TROLL, RIVER, ELSA
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XAUT / PAXG: Gold broke above USD 4,950, extending to new all-time highs
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ELSA: Upbit listed ELSA in KRW, BTC, and USDT pairs; ELSA surged 35% on the day
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RIVER: RIVER rose 30% on a short squeeze; funding rates have remained negative for three consecutive days, with the 24-hour average funding rate dipping to as low as -1.8%
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SKR: With multiple mentions of Seeker by the Solana founder and continued listings on additional exchanges, SKR’s market capitalization briefly exceeded USD 500 million
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Performance of Major Assets
Crypto Fear & Greed Index: 24 (vs. 20 twenty-four hours earlier), still classified as Extreme Fear
Today’s Outlook
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U.S. January S&P Global Manufacturing / Services PMI (preliminary)
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U.S. January University of Michigan Consumer Sentiment Index (final)
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U.S. January 1-year inflation expectations (final)
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SOON: Token unlock of 5.63% of circulating supply (~USD 7.4 million)
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ANIME: Token unlock of 13.84% of circulating supply (~USD 6.3 million)
Macroeconomy
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U.S. November PCE price index rose 2.8% YoY, in line with expectations
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U.S. Q3 real GDP (final) was revised slightly higher to 4.4% QoQ, the fastest pace in two years; core PCE inflation held at 2.9%
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Trump: A 25% tariff on countries engaged in (trade) dealings with Iran will take effect soon
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The U.S. House of Representatives passed the fiscal-year appropriations bill, further reducing the risk of a government shutdown
Policy Direction
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The latest crypto market structure bill from the U.S. Senate Agriculture Committee failed to reach an agreement with Democrats
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Kansas proposed a Bitcoin Strategic Reserve bill
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The U.S. SEC and CFTC will jointly advance regulatory coordination on crypto, in line with Trump’s pro-crypto stance
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The Netherlands plans to introduce an “unrealized capital gains tax” on assets such as cryptocurrencies by 2028, with rates potentially as high as 36%
Industry Highlights
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KuCoin reached an investment intention agreement with Jinjun Services, planning to jointly promote an integrated gold industry platform in collaboration with the Hong Kong Gold Exchange.
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KuCoin co-hosted the 2026 World Laureates Forum, advancing the integration of digital infrastructure with AI–blockchain technologies.
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X (formerly Twitter) added a dedicated meme category to its “Global Trends” page
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Nomura-backed Laser Digital launched a tokenized Bitcoin yield fund
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BitGo, a crypto asset custody firm, completed the first crypto IPO of 2026, listing on the NYSE
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Bitwise launched the Bitwise Proficio Currency Debasement ETF, covering gold, Bitcoin, silver, other precious metals, and mining equities
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SpaceX has reached agreements with four banks in preparation for a potential “mega IPO”
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Major South Korean banks are accelerating alliances ahead of stablecoin legislation, positioning for KRW-denominated stablecoin issuance
Deep Dive into Industry Highlights
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Collaboration Between KuCoin, Jinjun Services, and the CGSE
In-depth Analysis: This move marks the accelerated implementation of Real World Assets (RWA) under Hong Kong’s favorable policy environment. By integrating physical gold with digital platforms, KuCoin is not just expanding its asset classes but is actively participating in Hong Kong’s mission to become a "Global Gold Trading Hub." As Hong Kong plans to pilot a centralized gold clearing system in 2026, this "Traditional Precious Metals + Digital Exchange" model will significantly enhance the cross-border liquidity and collateralization of gold, offering investors a digital gateway to safe-haven assets.
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KuCoin Co-hosting the 2026 World Laureates Forum
In-depth Analysis: This event signals a strategic shift for crypto platforms from being "mere trading intermediaries" to "technical infrastructure providers." The forum’s focus on the integration of AI and Blockchain addresses the core issues of productivity and relations of production in the AI era. While AI provides efficient computing power and content generation, blockchain solves the trust crises regarding data ownership and transparency. KuCoin is positioning itself to extend digital infrastructure into deeper realms such as scientific research and global governance.
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X (Twitter) Adds Dedicated Meme Category to Global Trends
In-depth Analysis: This is an official endorsement of the "Attention Economy" and the financialization of internet culture by a social media giant. Meme coins have evolved from niche community subcultures into a high-frequency, high-engagement asset class. By adding a dedicated section, X has drastically shortened the path from content virality to market liquidity. This will likely increase market volatility and force traditional finance to re-evaluate valuation models driven purely by social consensus.
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Laser Digital Launches Tokenized Bitcoin Yield Fund
In-depth Analysis: As a subsidiary of Nomura Securities, Laser Digital’s move reflects a shift in institutional demand for Bitcoin—moving from "passive holding (Beta)" to "seeking active returns (Alpha)." Through tokenization, the fund provides 24/7 liquidity and lower entry barriers. By utilizing arbitrage and option strategies to generate stable returns in volatile markets, it represents a further maturation of traditional asset management logic within the on-chain world.
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BitGo Completes the First Crypto IPO of 2026 on the NYSE
In-depth Analysis: BitGo’s listing is a milestone for the maturity of the crypto custody industry. As the "bank of the crypto world," BitGo’s success on the NYSE demonstrates mainstream capital market recognition of compliant custody. This paves the way for other crypto firms like Kraken to access public funding and provides a regulated investment entry point beyond ETFs. Its valuation reflects that in a volatile market, the "pick and shovel" providers offering security and technology are often more resilient than the exchanges themselves.
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Bitwise Launches Proficio Currency Debasement ETF
In-depth Analysis: The core logic of this ETF is to hedge against the inflationary pressures of global fiat systems. By bundling Bitcoin, gold, silver, and mining equities, Bitwise has essentially created a "Hard Asset Portfolio." This reflects a widespread anxiety among investors regarding fiat credit in the current macro environment. By placing digital assets alongside precious metals, Bitwise further blurs the line between "Digital Gold" and physical gold, positioning it as a defensive necessity in modern portfolios.
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SpaceX Prepares for a “Mega IPO” with Major Banks
In-depth Analysis: A potential SpaceX IPO would be the crown jewel of the 2026 capital markets. Funds raised are expected to flow directly into the Starship program and orbital AI data centers. This is not just the financing of an aerospace company; it signals the convergence of the "Space Economy" and "AI Infrastructure." For investors, SpaceX’s valuation will transcend traditional industrial logic, moving into the exponential growth territory typically reserved for high-tech disruptors.
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South Korean Banks Accelerate Alliances Ahead of Stablecoin Legislation
In-depth Analysis: South Korea is attempting to bring stablecoins into the banking regulatory framework by requiring banks to hold majority stakes. This reflects a high level of vigilance by East Asian regulators regarding the systemic importance of stablecoins. Through KRW-denominated stablecoins, South Korean banks aim to move traditional settlement on-chain, reducing cross-border costs while ensuring that the nation maintains clearing sovereignty over its local currency, preventing a total dominance by USD-pegged stablecoins.