Yen Stabilization Eases Panic as Risk Assets Rebound, While Crypto Remains Range-Bound
Summary
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Macro Economy: USD/JPY stabilized around the 153 level, effectively easing market panic triggered by earlier FX volatility during the Asian session. At the same time, U.S. durable goods orders posted their largest month-over-month increase in nearly six months, signaling resilient economic fundamentals and lifting risk appetite across U.S. equities, with all three major indices closing higher. Precious metals remained strong: gold briefly broke above the $5,000/oz threshold for the first time intraday, silver surged as much as 14% at its peak, and LME copper rose for a second consecutive session, approaching record highs. However, gains were partially retraced as risk sentiment cooled.
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Crypto Market: Bitcoin moved largely in tandem with U.S. equity index futures, rebounding above $88,000 but remaining confined within a consolidation range. Bitcoin dominance stayed broadly stable, while altcoins showed muted performance, indicating no clear expansion in risk appetite toward higher-beta assets. Although prices saw a modest recovery, market sentiment improved only from “Extreme Fear” to “Fear.” The lack of fresh catalysts continues to cap upside momentum. In addition, the U.S. Senate Agriculture Committee postponed its hearing on the crypto market structure bill to January 29 due to weather-related disruptions, further extending the consolidation phase.
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Project Updates
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Hot Tokens: WHITEWHALE, RIVER, AXS
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MORPHO: Bitwise launched its first on-chain vault strategy via Morpho.
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HYPER: Hyperliquid HIP-3 open interest climbed to approximately $790 million, marking a new all-time high.
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RIVER: A single entity reportedly controls 2,418 addresses, with highly concentrated token holdings. Average funding rates again touched -1.8%, suggesting potential price manipulation via short-term liquidations.
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Major Asset Changes
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Crypto Fear & Greed Index: 29 (vs. 20 24 hours ago), level: Fear
Today’s Outlook
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SEC and CFTC to host a joint “regulatory coordination” event focused on crypto
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U.S. Senate Agriculture Committee rescheduled its crypto market structure bill hearing to January 29
Macro Economy
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U.S. November durable goods orders rose 5.3% MoM, the largest increase in nearly six months
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Trump: Raising reciprocal tariffs on South Korea from 15% to 25%
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OPEC+ delegates: Production increases may remain paused in March; oil supply largely unaffected by geopolitical risks
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Prediction markets indicate the probability of a new U.S. government shutdown is approaching 80%
Policy Direction
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Japan may approve spot crypto ETFs as early as 2028
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U.S. SEC to withdraw its 2023 lawsuit against Gemini Trust Co.
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U.S. Senate Agriculture Committee plans to revisit the crypto market structure bill at 10:30 a.m. local time later this week
Industry Highlights
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Strategy spent $264.1 million last week to acquire 2,932 BTC at an average price of ~$90,061
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BitMine increased its ETH holdings by ~40,300 ETH last week, bringing total holdings above 4.24 million ETH; total ETH staked surpassed 2 million
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South Korea’s third-largest crypto exchange, Coinone, is seeking to sell part of its equity stake
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Bitwise launched its first on-chain vault strategy via Morpho
Deep Dive into Industry Highlights
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MicroStrategy’s High-Level Accumulation: Setting the Standard for Corporate BTC Reserves
MicroStrategy’s purchase of 2,932 BTC at an average price of ~$90,061 is a bold continuation of its "indiscriminate buying" strategy, signaling strong institutional conviction even at record highs. Although this entry price is significantly above its overall cost basis (approx. $76,037), the company is leveraging ATM (At-the-Market) equity offerings to "exchange depreciating fiat for a scarce digital asset." With total holdings now reaching 712,647 BTC—over 3% of the total supply—MSTR has effectively evolved into a "leveraged Bitcoin proxy," solidifying its role as the global benchmark for corporate treasury management.
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BitMine Dives Deeper into Ethereum: Staking Ratios Build a Yield Moat
BitMine’s addition of 40,300 ETH, bringing its total to 4.24 million, marks a strategic shift toward dominance within the Ethereum ecosystem. With its holdings representing roughly 3.5% of the total ETH supply and over 2 million ETH staked, BitMine is moving beyond passive holding toward capturing "Yield-on-Asset." By staking nearly 50% of its treasury, BitMine secures steady protocol rewards and reduces operational costs through its proprietary MAVAN validator network, attempting to replicate MicroStrategy's "pricing power" influence, but within the Ethereum staking economy.
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Coinone’s Equity Sale: Reflecting a Major Shake-up in the South Korean Market
The news that Coinone, South Korea’s third-largest exchange, is seeking to sell a portion of its equity (targeting Chairman Cha Myung-hun’s 53.4% stake) highlights the strategic pressure on mid-tier platforms facing fierce competition and financial losses. With rumors swirling about Coinbase as a potential buyer, this move signals a growing interest from global giants in South Korea’s high-volume, "Kimchi Premium" market. Following Binance’s acquisition of Gopax, the Coinone stake sale suggests the Korean market is transitioning from local fragmentation toward global institutional consolidation.
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Bitwise & Morpho Partnership: Traditional Asset Management Meets On-Chain DeFi
Bitwise’s launch of an on-chain vault strategy via the Morpho protocol represents a pivotal bridge between top-tier crypto fund managers and non-custodial DeFi. By focusing on a USDC-based strategy with a target yield of 6%, Bitwise acts as the "curator and risk manager" while the assets remain transparently on-chain. This addresses the primary pain points for institutional investors—operational complexity and risk assessment—and signals that by 2026, automated, professional-grade on-chain wealth management will become a standard offering in the asset management industry.