Author: 行政
By the end of 2025, a corner of the market most Ethereum traders rarely watch had built a position large enough to matter for everyone else.Everstake’s annual Ethereum staking report estimates that public companies’ “digital asset treasuries” collectively held roughly 6.5–7.0 million ETH by December, which is more than 5.5% of the circulating supply.Graph showing the cumulative ETH digital asset treasury holdings by public companies from March 2025 to December 2025 (Source: Everstake)The number is huge, but the more important part is why these companies chose ETH in the first place.Bitcoin’s corporate-treasury playbook is built around scarcity and reflexivity: buy…
Bitcoin treasuries are designed to look uncomfortable in drawdowns, because the trade they’re running is simple: take a volatile asset, put it on a corporate balance sheet, and finance more of it through capital markets. When Bitcoin drops, the mark-to-market hit is the point, not the punchline.The real question is whether the company can keep its funding machine running long enough for volatility to swing back the other way.Bitcoin’s price of about $78,500 on Feb. 1 turns the conversation about unrealized losses into a stress test for everyone who bought closer to the cycle highs, and a reminder that early…
In a global investor survey from Coinbase Institutional and Glassnode, 1 in 4 institutions agreed that crypto has now entered a bear market. Yet the majority of institutions still said Bitcoin was undervalued, and most said they had held or increased exposure since October.That discrepancy matters because it captures how institutions are positioning right now: caution about the regime, a willingness to stay allocated, and a preference for concentrating risk in Bitcoin rather than in smaller, more volatile tokens that can unwind quickly when leverage comes out.A bear market label, a value bidThe report’s market framing explains why the paradox…
Japan spent decades as the world’s best destination for the world’s easiest funding trade. You could borrow yen at very low rates, buy almost anything with a higher yield, hedge just enough to feel responsible, and assume the Bank of Japan would keep volatility contained.Late January 2026 is what it looks like when that assumption starts to break.The BOJ’s Jan. 23 decision kept its policy rate guidance around 0.75%. However, the BOJ also made it clear it still sees a path where further hikes remain possible and that it’s not treating 0.75% as a finish line.At the same time, Japan’s…
Trump picked Kevin Warsh for Fed chair, the first big market change may be the way the Fed talksWhen Donald Trump says Jerome Powell “got it wrong,” he usually means one thing: rates should have come down faster.Powell, for all the heat he takes, has still been a fairly standard Fed chair. He speaks like a central banker.He repeats himself on purpose. He tries to keep the Fed’s message boring, even when the numbers are doing anything except boring.That boring style is a feature for markets. Traders price the decision, they price the dots, they price a handful of key…
Late on Friday, Illinois regulators shut down Metropolitan Capital Bank and Trust, a little-known institution with just $261 million in assets, handing control to the FDIC in what was officially a routine resolution.But it landed in the middle of a much louder market shock.On the same day the bank failed, gold and silver saw one of their sharpest one-day plunges in decades, and Bitcoin sold off sharply amid the broader rush out of risk. 24 hours later, and the markets that are open over the weekend are almost in free fall. Related ReadingCrypto market crashes erasing $220B as Israel strikes…
President Donald Trump announced he will nominate former Federal Reserve Governor Kevin Warsh to lead the US central bank.In a Jan. 30 post on Truth Social, the president confirmed the selection, writing:“I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best. On top of everything else, he is ‘central casting,’ and he will never let you down.”Trump’s move follows months of internal jockeying over who would replace Chair Jerome Powell when his term ends in May. Warsh, 55, served on the…
Earlier this week, a sweeping US winter storm pushed Bitcoin miners to curtail, pulling a noticeable chunk of computing power off the network in a short window.Data shows a 40% dip in hashrate between Jan. 23 and Jan. 25, with around 455 EH/s going offline, and block production slowing to around 12 minutes for a stretch.Graph showing Bitcoin’s hashrate from Jan. 20 to Jan. 30, 2026 (Source: CoinWarz)The fact that the sharpest drop came from Foundry USA, the largest mining pool with the largest presence in the US, tells you that the drop was caused by curtailments.Graph showing the 30-day…
The December Producer Price Index didn’t just beat expectations, but it also revealed a persistent problem that forces markets to rethink the entire 2026 rate path.Final demand PPI rose 0.5% month-over-month, the sharpest jump since July, driven almost entirely by a 0.7% surge in services while goods prices sat flat. The headline came in at 3.0% year over year, beating expectations of 2.7%, but core PPI rose to 3.3% from 2.9%, the highest level since July 2025.Markets sold the news immediately. Bitcoin dipped below the $82,400 zone as it was trying to recover from an intraday low of $81,100. Meanwhile,…
Ethereum and XRP just fell off a cliff in weekend trading, Bitcoin barely flinched, and the timing might matterCrypto has a habit of saving its worst moves for the hours when people are least prepared to deal with them.That was the vibe on Saturday, when Ethereum and XRP dropped hard in a short burst, right as weekend liquidity was already thin.Bitcoin, Ethereum and XRP price action (Source: TradingView)On my 30-minute charts, XRP was down about 7.98%, ETH was down about 5.66%, and Bitcoin was comparatively steady with a smaller drawdown of around 3%.The broader market took the hit to the…