24H Hot Tokens and Key News｜Gold Price Breaks Through $5,000/oz, Setting New All-Time High; White House Declares U.S. as "Global Crypto Capital" (January 26)
- Core View: Market data shows a general decline in mainstream cryptocurrencies, while industry dynamics focus on the direction of U.S. regulatory policies, institutional activities, and key data metrics, indicating the industry is undergoing structural changes and a potential liquidity inflection point.
- Key Elements:
- Market Data: Major CEX-traded tokens such as BTC, ETH, and SOL generally fell 2%-6% over 24 hours, while a few tokens like AUCTION rose over 30%, showing market divergence.
- Regulatory Dynamics: The U.S. White House declared its status as the "global crypto capital," and the CFTC stated it will advance rule modernization. Meanwhile, progress on the crypto market structure bill is expected to enhance long-term predictability for the industry.
- On-Chain Data: Bitcoin exchange internal flow dropped to around 14,000 coins, the lowest since 2022, indicating market liquidity tightening and potentially signaling a precursor to a directional shift.
- Institutional Trends: Stablecoin issuers accumulated approximately $50 billion in revenue on Ethereum in 2025, highlighting the massive profitability of the stablecoin business and its deep integration with the Ethereum ecosystem.
- International Progress: Japan's Financial Services Agency is studying the potential lifting of the ban on spot crypto ETFs as early as 2028. Major institutions like SBI and Nomura have begun product preparations, signaling increased acceptance from traditional financial markets.
1. CEX Hot Tokens
Top 10 CEX Trading Volume and 24-hour Price Changes:
- BTC: -2.75%
- ETH: -3.99%
- SOL: -5.99%
- XRP: -3.19%
- BNB: -2.02%
- DOGE: -2.83%
- ENSO: -23.77%
- NOM: -10.68%
- SUI: -4.89%
- ADA: -5.00%
24-hour Gainers List (Data Source: OKX):
- AUCTION: +33.78%
- ULTI: +9.15%
- BANANA: +6.43%
- PHA: +5.91%
- ASTR: +3.13%
- LAYER: +1.38%
- ZETA: +0.96%
- ASP: +1.00%
- PRCL: +1.28%
- KITE: +0.27%
24-hour Stock Gainers List (Data Source: msx.com):
- AGQ: 2.58%
- SIVR: 1.66%
- GLD: 0.21%
- MSFT: 0.16%
- PAAS: 0.99%
- VERB: 4.18%
- AMRK: 1.88%
- XOM: 0.39%
- NVO: 0.82%
- CRWV: 0.51%
2. On-chain Hot Memes (Data Source: GMGN):
- PENGUIN
- clawd
- Dale
- CHICKEN
- Shrimp
Headlines
International Gold Price Breaks Through $5,000 per Ounce, Setting a New All-Time High
In the early morning of January 26th Beijing time, the international gold price surged significantly, breaking through $5,000 per ounce. As of writing, spot gold rose 1.1% to $5,043.093 per ounce, while COMEX gold rose 1.13% to $5,035.9 per ounce. Spot silver rose over 2%, and COMEX silver rose over 3%.
Regarding the future outlook for gold, Goldman Sachs' latest report has raised its year-end gold price forecast from $4,900 to $5,400 per ounce, citing continuously strong demand from private investors and central banks. Goldman Sachs expects central banks worldwide to purchase 60 tons of gold monthly this year. Simultaneously, as the Federal Reserve cuts interest rates, the scale of gold purchases by ETFs is also expected to increase, further boosting valuations. Huaxi Securities' latest research report predicts that gold price gains in 2026 could range between 10% and 35%, while Jefferies Group has set a staggering target of $6,600 per ounce.
The White House official Twitter account posted, stating that under Trump's push, the US is now the world's cryptocurrency capital. In response, the new Chairman of the US Commodity Futures Trading Commission (CFTC), Mike Selig, stated that there is no better place in the world than the "world's cryptocurrency capital" to start a business. The CFTC is modernizing its rules and regulations to ensure the future of cryptocurrency and on-chain finance is "Made in America."
Industry News
For most of the past three years, the so-called "Magnificent Seven" (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla) have led the stock market higher. However, this trend reversed at the end of 2025 as Wall Street began questioning the hundreds of billions of dollars these companies are spending on developing artificial intelligence and when these investments will yield returns. An index tracking the Magnificent Seven hit a record on October 29th. Since then, five of the seven companies have seen their stock prices decline and underperform the S&P 500. During this period, only Alphabet, with gains close to 20%, and Amazon have maintained upward momentum. Darrell Cronk, Chief Investment Officer at Wells Fargo Wealth & Investment Management, said, "Tech stocks have become a 'show-me' story. If the big tech companies can continue to deliver good results, I think money will flow back into the tech sector." Next week, Microsoft, Apple, Tesla, and Meta will release their earnings reports, offering insights into the health of industries ranging from cloud computing and electronic devices to software and digital advertising.
Token Terminal released data showing that stablecoin issuers generated approximately $5 billion in revenue in 2025 by deploying stablecoins on Ethereum. Part of this revenue comes from yields generated by reserve assets backing the stablecoin supply. Ethereum remains the largest supply vehicle for most major stablecoin issuers. The total stablecoin supply on Ethereum increased by about $50 billion throughout 2025, exceeding $180 billion by the fourth quarter. Issuers' revenue grew accordingly, reaching about $1.4 billion in quarterly revenue in Q4.
Data: Bitcoin Exchange Internal Flow Drops to ~14,000 BTC, Lowest Level Since 2022
According to CryptoOnchain data, the total internal flow of Bitcoin on exchanges has dropped to its lowest level since 2022, at approximately 14,000 BTC. This metric tracks BTC movements within exchanges, reflecting operational activities and short-term distribution readiness. Its continuous decline indicates a significant reduction in BTC flowing internally within exchanges, pointing to weakened market-making activity and liquidity tightening. Lower internal flow typically aligns with increased holding behavior, reduced arbitrage activity, thinner order books, and increased sensitivity to shocks. Currently, the Bitcoin market appears to be in a "liquidity pause" phase, which historically has been a precursor to sharp directional moves after the market regains activity.
Project News
The US Office of the Comptroller of the Currency (OCC) confirmed that World Liberty Financial's (WLF) application for a national trust bank charter will undergo a strict review under current regulatory standards. This aims to respond to Senator Elizabeth Warren's previous request to pause the review, as she questioned the project for potentially bringing tens of billions of dollars in "paper wealth" to the family of US President Trump and his children. OCC Acting Comptroller Jonathan Gould emphasized that WLFI's application will undergo rigorous evaluation like any other application.
The privacy protocol Zama announced that the auction contract has entered the settlement phase following the public sale conclusion. Bids from sales conducted on platforms like CoinList will also be incorporated into the public auction contract. Bidders will be able to view the final allocation results on the official platform within the next few days, with the claim opening date set for February 2nd. According to previous news, Zama's public sale attracted 7,651 investors who submitted 17,446 bids, raising over $121 million.
Ethereum Treasury Company ETHZilla Spends $12.2 Million to Purchase Two Jet Engines
ETHZilla disclosed in an SEC filing that the company, through its newly formed subsidiary ETHZilla Aerospace LLC, purchased two CFM56-7B24 aircraft engines for $12.2 million. The engines are currently leased to a major airline. ETHZilla had previously sold at least $114.5 million worth of ETH over the past few months. In October and December of last year, the company sold $40 million and $74.5 million worth of ETH, respectively, for stock buybacks and debt redemption. ETHZilla had stated its intention to pivot to the asset tokenization space, planning to collaborate with regulated broker-dealers to bring cash-flow-generating assets like auto loans and home mortgages on-chain. It expects to launch its first batch of tokenized assets in the first quarter of this year.
Financing
Blockchain ASIC Chip R&D Company AGM Group to Raise $25 Million via Private Placement
Nasdaq-listed blockchain ASIC chip research and development company AGM Group announced it has entered into a securities purchase agreement with an institutional investor to raise $25 million through the issuance and sale of the company's common stock to the investor. The proceeds are intended for general corporate purposes, including working capital, project development, production financing, and other strategic initiatives.
Warden announced that it has completed a $4 million strategic financing round at a $200 million valuation. This round did not involve venture capital roadshows or traditional fundraising; all participants are developers already collaborating with the company, including 0G, Messari, and Venice.
Regulatory Policy
US crypto asset regulation is accelerating further. If the proposed crypto market structure bill is ultimately passed, it will clarify the regulatory authority of federal agencies over digital assets, making cryptocurrencies easier to manage, track, and trade, potentially attracting more investors and increasing token value. It is reported that crypto platforms like Coinbase and Kraken are expected to follow a registration system, while stablecoin issuers like Circle and Tether will need to comply with bank-like regulatory requirements to safeguard retail investor assets. Subsequent procedures include approval by two Senate committees, a full Senate vote, return to the House for final signing, and finally, signature by President Trump. Overall, most crypto investors will not be affected in the short term, but in the long run, the bill is expected to provide a safer, more predictable trading environment while making compliance operations of crypto platforms more transparent.
Japan May Lift Ban on Spot Crypto ETFs by 2028; SBI and Nomura Advance Product Preparations
The Japan Financial Services Agency (FSA) is studying the possibility of lifting the ban on spot cryptocurrency ETFs, including Bitcoin, as early as 2028. Related plans include amending the enforcement ordinance of the Investment Trusts Act to include virtual currencies within the scope of "specified assets" that investment trusts can invest in.
Reports indicate that major financial institutions such as SBI Holdings and Nomura Holdings have already begun advancing the research and development of related ETF products. Once approved for listing on the Tokyo Stock Exchange, individual investors are expected to be able to invest in cryptocurrency ETFs through securities accounts, similar to trading stocks or gold ETFs. Previous surveys showed that at least six asset management firms were already researching related products, covering both individual and institutional clients.
The Gwangju District Prosecutors' Office in South Korea confirmed during a recent regular inspection of seized assets from criminal cases that a large amount of Bitcoin under its custody had been lost. Although the specific amount lost has not been disclosed, internal sources within the prosecution service revealed the loss is approximately 70 billion won, equivalent to about $48.55 million. It is reported that the assets were lost due to mistakenly logging into a phishing website while managing the keys to the seized assets via a mobile storage device. The South Korean prosecution service is currently conducting an internal investigation, and the Gwangju District Prosecutors' Office stated it cannot confirm specific details.
Voices
ZachXBT: Suspect in $40 Million US Government Crypto Asset Theft Case May Be Son of CMDSS CEO
On-chain detective ZachXBT revealed that John Daghita, who stole over $40 million in cryptocurrency from the US government, is the son of the CEO of CMDSS, a company that previously held US government contracts for handling seized cryptocurrency.
