Market Signal Briefing

All of the bitcoin held by the U.S. government has come under scrutiny after allegations surfaced that tens of millions of dollars in seized crypto were stolen through insider access at a federal custody contractor.

Blockchain investigator ZachXBT alleged over the weekend that more than $40 million in digital assets was siphoned from wallets linked to the U.S. Marshals Service (USMS), reportedly by the son of an executive at a firm contracted to manage seized crypto. 

The alleged theft centers on Command Services & Support (CMDSS), a Virginia-based technology firm awarded a USMS contract in October 2024 to manage and dispose of certain categories of seized digital assets. 

Those assets include crypto not supported by major exchanges and tied to high-profile criminal cases, including funds seized from the 2016 Bitfinex hack.

According to ZachXBT, an individual identified online as “Lick,” whom he claims is John Daghita, gained access to government-controlled wallets through insider channels. ZachXBT has further alleged that Daghita is the son of Dean Daghita, CMDSS’s president and chief executive.

The investigation began after a recorded dispute in a private Telegram chat surfaced online. During the exchange, the individual screen-shared a wallet showing millions of dollars in crypto and appeared to move funds in real time. 

On-chain analysis later linked those wallets to addresses known to hold government-seized assets.

A conflict of interest involving U.S. bitcoin  One transaction trail cited by ZachXBT points to a government address that received roughly $24.9 million in bitcoin tied to Bitfinex-related seizures earlier in 2024. 

Additional blockchain data suggests that around $20 million was removed from USMS-linked wallets in October 2024. Most of those funds were returned within a day, though about $700,000 routed through instant exchanges was not recovered.

ZachXBT estimates that total suspected thefts could exceed $90 million when accounting for other wallet activity observed in late 2025. Some of the funds remain in compromised wallets, raising concerns that further losses could occur.

Neither the U.S. Marshals Service nor CMDSS has issued a public statement addressing the allegations.

Rightfully so, the investigation has renewed criticism on how the U.S. government manages its growing stockpile of seized crypto — especially its bitcoin. 

David Bailey, CEO of bitcoin-focused firm Nakamoto, posted on X after the report, “The son of the CEO of the company hired by the US Marshalls to safeguard the nation’s Bitcoin, stole $40m from it and now appears to be running. Treasury must secure the private keys from the Justice Department ASAP before more is stolen.”

The U.S. government holds a massive amount of Bitcoin seized through law enforcement actions, with some blockchain analytics estimating roughly 198,000 BTC under federal control with others projecting more than 300,000 BTC, worth tens of billions of dollars. 

If insiders can allegedly move millions from custodial wallets with minimal detection, it suggests current custody practices may leave portions of the government’s Bitcoin reserves exposed. 

Previous reports have found that the Marshals Service relied on manual tracking systems and struggled to provide precise estimates of its crypto holdings. CMDSS’s contract award also faced a protest in 2024 from a competing firm, which raised concerns about licensing and potential conflicts of interest. 

JUST IN: David Bailey says, “The son of the CEO of the company hired by the US Marshalls to safeguard the nation’s Bitcoin, stole $40m from it”

“Treasury must secure the private keys from the Justice Department ASAP” 👀 pic.twitter.com/6UroPNzqJY

— Bitcoin Magazine (@BitcoinMagazine) January 26, 2026 Did the United States sell bitcoin destined for the Strategic Bitcoin Reserve?  Earlier this year, journalist Frank Corva published an investigation exploring the fact that prosecutors in the Southern District of New York and the U.S. Marshals Service may have sold bitcoin forfeited in the Samourai Wallet case, potentially in violation of President Trump’s Executive Order 14233, which dictates seized bitcoin be held in the U.S. Strategic Bitcoin Reserve rather than liquidated. 

There was on-chain evidence showing 57.55 BTC tied to the Samourai plea agreement moving through a Coinbase Prime address and later showing a zero balance, raising questions about whether the assets were improperly disposed of.

Shortly afterward, U.S. officials denied that any sale took place, affirming that the Samourai Wallet bitcoin will remain on the government’s balance sheet as part of the Strategic Bitcoin Reserve under the executive order.

U.S. officials failed to show blockchain evidence but the reports and overall sentiment relay controversy over how the U.S. handles seized bitcoin. The allegations from ZachXBT further push this sentiment. 

Micah Zimmerman

Micah first discovered Bitcoin in 2018 but remained a skeptic on the sidelines for too long. Since 2021, he has covered crypto and business and now works as a news reporter for Bitcoin Magazine, based in North Carolina.

Mon, 26/01/2026 - 15:52

With Bitcoin trading in red for most days during the past few weeks, institutions are beginning to move with caution and Bitcoin ETFs have recorded the highest weekly outflow so far in 2026.

Cover image via U.Today Bitcoin has continued to see its weak and negative trend extend across its ETF ecosystem as its price has continued to plunge deep over the past few days.

Amid ongoing volatility, Bitcoin ETFs have also seen increased withdrawals over the past week, as institutions appear to be trading with caution.

$1.46 billion out of Bitcoin fundsAccording to recent data provided by popular crypto analyst Ali Martinez, U.S. spot Bitcoin ETFs have recorded a notable streak of outflows last week as investors pulled in over 16,300 BTC, worth about $1.46 billion, from the combined Bitcoin funds.

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While the outflow has followed a brief period of mixed flows earlier in the month, where a mix of little outflows and decent inflows were seen in the past few weeks, the broad spot Bitcoin ETFs have just recorded their largest weekly outflow of 2026.

The massive pull back seen among the Bitcoin funds have come as modest inflows seen during the week were quickly overshadowed by growing withdrawals from investors.

With this massive withdrawal seen across the spot Bitcoin ETFs, it appears that the selling pressure intensified toward the end of the week when Bitcoin had plunged deeper into red territory, suggesting that institutions may be locking in profits or reducing exposure amid ongoing market uncertainty.

Institutions relent as Bitcoin hovers around $88,000While the latest weekly outflow recorded by the Bitcoin ETFs marks the highest seen so far in 2026, it appears that institutional investors are beginning to move with caution as investors await stronger price signals and broader clarity.

The withdrawal from institutions has come after Bitcoin lost the $90,000 level, fading optimism surrounding its potential to reclaim $100,000 in January.

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Tether Gold (XAU₮) capped off 2025 by cementing its lead in one of the fastest-growing corners of the digital asset ecosystem, with the tokenized gold product now accounting for more than half of the entire gold-backed stablecoin market. 

A newly released attestation report shows XAU₮ surpassed $4 billion in market value as the flight to hard assets strengthened amid geopolitical fragmentation, monetary uncertainty, and record-breaking bullion prices.

The past year marked a turning point for on-chain commodities. The total market capitalization of gold-backed stablecoins expanded from roughly $1.3 billion to over $4 billion in 2025, driven by soaring demand for real-world asset (RWA) exposure that can be traded instantly on public blockchains. 

The surge coincided with spot gold breaking above $5,000 per ounce.

Gold price (Source: CoinCodex)

Within that boom, Tether Gold maintained a dominant share, commanding around 60% of all gold-backed tokens in circulation. 

The latest attestation from TG Commodities, S.A. de C.V.—a regulated stablecoin issuer and Digital Asset Service Provider under El Salvador’s Digital Asset Issuance Law—detailed the scale of the token’s growth.

Record Reserves and 1:1 Physical BackingAs of Dec, 31, 2025, TG Commodities confirmed the following key metrics:

Total Physical Gold Reserves: 520,089.350 fine troy ounces

Total XAU₮ Tokens in Circulation: 520,089.300 XAU₮

Backing Ratio: 1:1 with physical gold

Total Market Value: US$2.246 billion

Tokens Sold: 409,217.64 XAU₮

Tokens Available for Sale: 110,871.66 XAU₮

The physical gold reserves are fully vaulted in Switzerland and adhere to London Good Delivery standards mandated by the London Bullion Market Association (LBMA), ensuring that each token corresponds to institutional-grade bullion.

Tether Joins the Ranks of Major Sovereign Gold HoldersAccording to data cited from the IMF and a late-2025 Jefferies analysis, Tether’s aggregate gold exposure now places it among the top 30 gold holders in the world, surpassing national reserves held by Greece, Qatar, and Australia.

In the final quarter of 2025 alone, Tether Gold Investments, including Tether International Limited and TG Commodities Limited—added approximately 27 metric tons of gold, outpacing the purchases of most individual central banks during the same period. That pace reflects a growing trend of private entities stepping into roles historically dominated by sovereign monetary authorities.

Tether CEO Paolo Ardoino said that Tether Gold is now operating at a scale that places its investment fund alongside sovereign gold holders, and that carries real responsibility. 

“XAU₮ exists to remove ambiguity at a time when confidence in monetary systems is weakening. Every token represents physically held, vaulted gold that can be verified on-chain, and the market’s growth shows that investors increasingly expect tokenized assets to meet the same standards as national and institutional reserves.”

Sharps is increasingly framing passive staking rewards as a recurring cash-flow stream rather than a directional bet on SOL prices.

Journalist

Posted: January 26, 2026

Dash plunged 29% in a week from a $96 peak as profit-taking meets India ban panic.

The altcoin’s price action showed a clear reversal from the recent peak near $97, where aggressive buying stalled and profit-taking quickly took control.

From that high, sellers forced a sharp breakdown, driving the price through the $72–73 resistance zone, which now acts as a clear supply ceiling.

As downside momentum built, Dash [DASH] slid toward the $60–61 zone, where price is currently consolidating around $59.6, signaling a pause rather than a full reversal.

This decline unfolded in stages. First, strong red daily candles reflected dominant sell-side pressure as short-term traders locked in gains.

Then, the pace of selling slowed near $60, a level buyers are attempting to defend.

Source: TradingView

Moreover, volume adds nuance to the story. Sell-offs expanded volume, while rebounds showed weaker participation, suggesting buyers remain cautious.

Meanwhile, RSI rolled over from near overbought levels and now hovers around the mid-40s. This confirms fading bullish momentum without signaling extreme exhaustion.

If bulls fail to reclaim $60.5–61, the price risks a continuation toward the next demand zone near $50.2.

Conversely, a sustained bounce above $60 could open a corrective move toward $68–72, where sellers are likely to re-engage.

Regulatory pressure meets market reality India’s Financial Intelligence Unit (FIU) flagged Dash and other privacy coins over anti-money-laundering concerns, largely due to their optional privacy features that can obscure transaction trails.

Still, regulators have cited risk potential more than clear, large-scale proof of misuse. Initially, markets shrugged off the news, with Dash even rallying 11.6% on the announcement day.

However, the reaction was not immediate, but rather delayed. As enforcement neared, reduced market access began to weigh on demand, raising global delisting risks.

Other privacy coins like Monero [XMR] and Zcash [ZEC] softened but avoided similar drawdowns.

Looking forward, price action will hinge on exchange compliance timelines and whether further regulated markets follow suit.

DASH momentum fades while privacy-coin peers stay resilient Dash entered a clear post-rally exhaustion phase after surging to a peak near $96.7, a move that encouraged short-term positioning rather than sustained accumulation.

As price stalled near the $90-100 supply zone, early buyers began locking in gains, while late entrants rushed to exit, accelerating downside momentum.

Consequently, Dash slid 27-29% over the past week, reflecting profit-taking rather than a sudden demand collapse.

In contrast, peers like XMR and ZEC posted notably smaller drawdowns.

This divergence highlights Dash’s heavier speculative buildup, which made it more vulnerable to unwinds once momentum faded.

Final Thoughts Dash remains in correction, with failures below $60–61 keeping downside risk skewed toward $50 while rebounds lack volume conviction. The 27–29% weekly drop reflects Dash-specific post-rally unwinds, as privacy-coin peers outperformed and avoided similar pressure.

In brief Strategy spent $267 million on Bitcoin last week. That marked a deceleration from the previous weeks' purchases of $1.2 billion and $2.1 billion, respectively. The company issued more of its variable rate preferred stock, STRC. Strategy continued buying Bitcoin as the digital asset’s price fell to its lowest level in five weeks, but the company’s latest acquisition marked a deceleration from the previous two additions.

The Tysons Corner, Virginia-based firm spent $267 million on Bitcoin last week, while adding roughly 2,900 Bitcoin to its stockpile, according to a press release. In the two weeks prior, the firm spent around $1.2 billion and $2.1 billion on the digital asset, respectively.

The largest corporate holder of Bitcoin now owns 712,600 BTC, a sum worth $62.7 billion, with the asset recently changing hands around $87,600, according to CoinGecko. Bitcoin slipped below $90,000 on Friday, as signs of a financial crisis began to emerge in Japan, compounding uncertainties tied to the prospect of a government shutdown in the U.S.

Strategy shares recently changed hands around $161, according to Yahoo Finance. Although the company’s stock price has slid more than 60% over the past six months, shares have grown relatively stable while advancing 1.5% over the past 30 days.

Strategy’s latest purchase was funded primarily through the issuance of common stock, accounting for 97% of the $264 million that it raised. Meanwhile, the company issued more of its variable rate, or STRC, preferred stock, which entails monthly dividend payments.

STRC currently pays cash at an annualized rate of 11%, and Strategy co-founder and Executive Chairman Michael Saylor has billed it as an alternative to a savings account for investors. This month, Strategy has raised $421 million by offering STRC to investors.

When STRC trades above $100, Strategy has signaled that it will issue more of the preferred stock to keep its price within that range—while using the proceeds to buy Bitcoin. On Monday, STRC was valued $99.50, after climbing above the threshold in previous weeks.

Strategy’s embrace of preferred shares as an additional source of funding last year inspired the creation of its so-called USD Reserve, with investors growing concerned that Strategy could eventually be forced to sell its Bitcoin to meet associated obligations.

According to its website, Strategy’s cash reserves can cover 30 months of dividend payments. The stockpile’s creation also coincided with a decline in the company’s so-called mNAV, a metric key to determining how effective issuing common stock would be toward Strategy's goals.

The company measures success by looking at how much the amount of Bitcoin that it owns per share has increased over a given period of time, or BTC Yield. When mNAV, or multiple-to-net asset value, is above a value of 1, issuing common stock to buy Bitcoin has a positive effect.

Strategy’s mNAV stood at 1.08 on Monday. Following its $2.1 billion Bitcoin purchase last week, the company showed that it can still accumulate Bitcoin in size despite being valued at a razor-thin premium to its holdings, according to TD Cowen Analyst Lance Vitanza.

“While the purchases were funded primarily from equity issued close to parity, the week’s activity created meaningful BTC yield,” he wrote, predicting that the Bitcoin-buying firm will continue to ramp up purchases in relation to the asset’s slide.

“We expect more of the same,” he added. “So long as the price of Bitcoin remains depressed, Strategy will be more aggressive in issuing common and preferred equity securities at a given price, relative to last summer when Bitcoin was making new highs.”

On Myriad, a prediction market owned by Decrypt parent company Dastan, traders penciled in an 86% chance on Monday that Strategy’s mNAV, as calculated by Bitcoin Treasuries, will hit 0.85 before touching 1.5. That marked a slight decline from 88% earlier this month.

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TL;DR

Virtune Launch: Virtune has introduced its BNB ETP on Nasdaq Stockholm, offering 1:1 exposure to Binance Coin with Coinbase as custodian. The BNB ETP expands Virtune’s regulated lineup. Institutional Push: Grayscale and VanEck have filed for BNB ETFs in the US, while hedge funds are raising $100M to build a BNB treasury. Market Forecast: Despite recent declines of 6% weekly and 10% over six months, BNB trades at $872 with a $119B market cap.
Virtune, the Swedish regulated crypto asset manager, has expanded its portfolio with the launch of Virtune BNB ETP on Nasdaq Stockholm, the largest stock exchange in the Nordic region. The product offers 1:1 exposure to BNB, carries a management fee of 1.95%, and is denominated in SEK. Coinbase will act as custodian for the new listing under the ticker VIRBNB. CEO Christopher Kock emphasized that the move reflects Virtune’s strategy to broaden its range of regulated, physically backed crypto ETPs, giving investors secure access to one of the market’s most established digital assets.

Virtune launches Virtune BNB ETP 🛎️

We are happy to announce the launch of the Virtune BNB ETP, now listed on Nasdaq Stockholm.

Virtune BNB ETP is a 100% physically backed exchange-traded product that provides exposure to BNB and is available through brokers and banks such as… pic.twitter.com/32fuYbkkuD

— Virtune (@VirtuneAB) January 26, 2026

BNB ETP: Expanding Virtune’s Product Lineup The BNB ETP joins Virtune’s roster of 20 other offerings, including Bitcoin, Staked Ethereum, XRP, Staked Solana, and the Stablecoin Index ETP. Each product is physically backed, ensuring transparency and investor confidence. Virtune’s lineup has shown mixed performance in early 2026. Bitcoin ETPs gained approximately 0.50% year-to-date, while XRP ETPs rose 1.67%. Conversely, Staked Ethereum ETPs declined by 1.78%. Defensive products fared better, with the Stablecoin Index ETP posting a notable 7.25% gain since January.

Share Split to Boost Liquidity The launch coincides with Virtune’s announcement of a 10:1 share split for its Bitcoin Prime ETP, effective February 2, 2026. The split aims to improve trading liquidity and accessibility by reducing the NAV per share by a factor of ten. Investors will see no change in the total value of their holdings. For example, 100 shares will automatically convert into 1,000 shares, while the product name and ticker remain unchanged.

Institutional Momentum for BNB BNB’s institutional adoption has accelerated. Grayscale recently filed with the US SEC to list a BNB ETF under the ticker GBNB, following VanEck’s earlier filing. In Europe, FLOKI became the first BNB chain coin to secure an exchange-traded product, debuting on Sweden’s Spotlight Stock Market in October. Hedge fund executives are reportedly raising $100 million to build a BNB treasury, while BNC Network Company has purchased 38,888 BNB tokens, nearing 1% of the total supply.

Despite institutional enthusiasm, BNB’s price has struggled. The token fell by over 6% in the past week and is down 10% over six months. Currently trading at $872 with a market cap of $119B, analysts project moderate growth for 2026-2027. Forecasts suggest BNB could reach $1,050 to $1,200, representing a potential 20% to 35% increase from current levels.

The crypto treasury firm added over 40,000 ETH last week and has now staked over 2 million tokens. Jan 26, 2026, 2:25 p.m.

BitMine Immersion Technologies (BMNR), the largest corporate holder of the second largest cryptocurrency, ether ETH$2,915.60, made its largest ETH purchase of the year last week following a key shareholder vote that gave the company fresh room to raise capital.

The firm said Monday it added 40,302 ETH — worth almost $117 million at current prices — to its treasury, bringing its holdings to over 4.24 million tokens, or 3.52% of ether's supply.

STORY CONTINUES BELOW

The firm’s crypto and cash holdings now total $12.8 billion, including 193 bitcoin BTC$87,948.56, $682 million in cash, and stakes in Eightco Holdings and its $200 million investment in Beast Industries, the venture founded by YouTube creator MrBeast.

The purchases followed shareholders' approval of an expansion of BitMine’s authorized share count, enabling the company to raise additional funds through equity issuance. That financial flexibility allowed BitMine to resume more aggressive accumulation after signaling earlier this month that buying could slow without new authorization.

BitMine said it has also staked over 2 million ETH — nearly half of its total holdings — turning a significant portion of its treasury into a yield-generating asset. The firm’s rapid pace has contributed to congestion on the Ethereum staking network, where the wait time to become a new validator has now reached 54 days.

The company anticipates generating over $400 million in annual pre-tax income on its ether holdings, Chairman Tom Lee said at a shareholder meeting earlier this month.

Read more: Tom Lee's BitMine pushes Ethereum into $8 billion staking backlog

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KuCoin Hits Record Market Share as 2025 Volumes Outpace Crypto Market

Dec 22, 2025

KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.

What to know:

KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.More For You

Zerohash is in talks to raise $250 million at $1.5 billion valuation after walking away from Mastercard takeover

1 hour ago

The company recently walked away from multi-billion dollar acquisition talks with Mastercard, instead opting to remain independent.

What to know:

Zerohash is in talks to raise $250 million at a $1.5 billion valuation, according to a source.The crypto firm recently pulled out of acquisition talks with Mastercard after it decided to remain independent.The credit card giant is said to be considering a strategic investment in Zerohash.

Internet Computer (ICP) was also among the underperformers, falling 3.9% over the weekend.

Metaplanet, a Bitcoin treasury firm listed in Tokyo,  revised its full-year earnings forecast for the fiscal year ending December 2025 and issued its earnings expectation for the fiscal year 2026.

The report released on January 26 revealed that the company recorded a substantial non-cash Bitcoin write-down of about $680 million despite better operating performance, which put the business on course for a sizable financial loss.

BTC is currently trading at $87,747.87, down 0.8% over the last 24 hours. On-chain data from Coingecko shows the current price is down 5.6% from last week and 16.1% year-to-date.

Metaplanet revises FY2025 earnings forecasts amid Bitcoin write-down *Notice Regarding Revision of Full-Year Earnings Forecast for Fiscal Year Ending December 2025, Recording of Bitcoin Impairment Loss, and Announcement of Full-Year Earnings Forecast for Fiscal Year Ending December 2026* pic.twitter.com/VIKYRYb981

— Metaplanet Inc. (@Metaplanet) January 26, 2026

According to the updated full-year revised earnings forecast, the Bitcoin treasury company estimated revenue of 8,905 million JPY (approximately $58.2 million) and operating income of 6,287 million JPY (approximately $41.1 million) for the fiscal year ending in December 2025.

These figures represented an increase of 31% and 33.8%, respectively, from earlier projections disclosed on October 1, 2025, of 6,800 million JPY ($44.4 million) in revenue and 4,700 million JPY ($30.7 million) in operating income.

Despite an improved operating outlook, Metaplanet now anticipates an ordinary loss of 98,558 million JPY ($644.6 million USD) and a net loss attributable to parent company shareholders of 76,633 million JPY ($498.89 million USD), despite the improved operating performance, primarily because of a non-cash Bitcoin write-down. 

The company said it will announce the final figures in the earnings report scheduled for February 16, 2026.

The company declared its Bitcoin holdings to the market at the end of each quarter during FY2025 in compliance with relevant accounting requirements. Consequently, as of December 31, 2025, a Bitcoin impairment loss of $681.19 million was reported as a non-operating expense.

However, the BTC treasury firm reported a steady growth throughout FY2025, despite the short-term price volatility.

By the end of 2025, BTC holdings had increased from 1,762 BTC at the end of 2024 to 35,102 BTC. For the whole of last year, BTC Yield’s BTC growth rate per diluted share reached 568%, indicating that the firm’s capital strategy and BTC acquisition program had surpassed initial goals.

Metaplanet further revealed in the report that medium to long-term BTC accumulation and capital plan are still on track.

According to the Metaplanet analytics page, it now has 1.1 billion issued shares with an average daily trading volume of 29.85 million during the last three months. Since adopting its BTC treasury strategy, the company has achieved returns of 2,405%.

Its Bitcoin net asset value (NAV) surpasses its initial market capitalization by 220.67 times, highlighting the impact of its crypto holdings. Additionally, BTC holdings represent 0.16715% of its portfolio, with a market NAV of 1.21.

The company further stated that because predicting Bitcoin prices is inherently complex, it does not offer predictions for regular income or net income.

Metaplanet targets strong 2026 growth across core businesses Metaplanet said it expects operating income and revenue to continue to rise in fiscal year 2026, driven by its Bitcoin generation and hotel business.

Following the sharp expansion of its Bitcoin holdings in fiscal year 2025, Metaplanet said a larger capital and BTC available as collateral should support stable premium income from Bitcoin-related options. 

According to the company, the hotel business is expected to deliver consistent performance, contributing to overall growth. The consolidated earnings prediction for fiscal year 2026 projects operating income of 11,400 million JPY (about $74.5 million) and revenue of 16,000 million JPY (roughly $104.6 million). 

Notably, the 2026 anticipated growth indicates a 79.7% increase in revenue and an 81.3% increase in operating income compared to FY2025 predictions of 8,905 million JPY and 6,287 million JPY, respectively.

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Over the weekend, volatility observed across the broader cryptocurrency market intensified, causing the price of Bitcoin to fall back to the $86,000 mark once again. Even with the bearish price action in the past few days, buying activity continues to pick up pace in the market, especially among large BTC holders.

Bitcoin’s Largest Wallets Show Conviction Bitcoin’s price may have been struggling with heightened volatility as a result of the broader market bearish market action, but bullish sentiment remains present among investors. In the weakening condition, large BTC whales or deep-pocket investors’ sentiment turns positive and are steadily reentering the market.

Data from Santiment, a popular market intelligence and on-chain data platform, suggests that these major investors are building positions at an encouraging and steady pace, even though the broader momentum is demonstrating weakening conditions. In the past, long-term whale accumulation has typically happened in uncertain times when prices don’t accurately reflect underlying confidence.

Santiment noted that the buying activity is spotted among wallet addresses holding over 1,000 BTC. After months of consistent buying, the group has now collectively acquired about 104,340 BTC, which represents a more than 1.5% rise. 

Large whales are steadily buying BTC | Source: Chart from Santiment on X As a result of the recent purchase, the investors’ overall holdings are currently sitting at 7.17 million BTC, marking their largest level since September 15, 2025. These wealthy investors are subtly consuming available supplies rather than distributing into recent market swings, indicating confidence in Bitcoin’s medium- to long-term potential. 

While buying pressure is growing among large Bitcoin holders, the number of whale transactions has also experienced a massive upswing. Santiment added that the amount of +$1 million daily transfers has exploded, reaching a 2-month high level.

A Continued Drop In BTC Open Interest A continued drop in Bitcoin’s Open Interest is coinciding with the ongoing drop in price. Darkfost, a market expert and CryptoQuant author, highlighted that open interest is steadily declining, which does not support the emergence of a new trend as seen on the weekly change basis.

Since November, the metric has remained broadly negative, suggesting that the drop has continued for several weeks. Although there was a brief improvement earlier this month, it was followed by a price reaction. 

Overall, when open interest rises, Darkfost stated that it mostly signals trend continuation to even a trend reversal, triggered by an influx of long positions. Furthermore, this is confirmed with funding rates, but this is what happens in most cases.

On Sunday, as BTC displays a steady correction, deleveraging also increased. While this is bearish in the short term, these phases simultaneously aid in cleaning the market of excessive leverage. Thus, it is critical to remember that futures are still the primary source of volume, making keeping an eye on developments there an essential move.

BTC trading at $87,935 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Pngtree, chart from Tradingview.com

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TL;DR

Massive Purchase: Strategy acquired 2,932 BTC for $264.1M, lifting its total stash to 712,647 BTC and reinforcing its role as the largest corporate holder of Bitcoin. Accumulation Philosophy: The firm treats volatility as opportunity, buying across cycles with a $76,037 average cost, showing conviction in Bitcoin’s scarcity and long-term value preservation. Institutional Signal: The company’s scale and consistency highlight Bitcoin’s role as a treasury asset, sending a strong message to peers about institutional adoption and financial strategy in the digital era.
Strategy has once again expanded its Bitcoin treasury, underscoring its relentless commitment to the digital asset. The company confirmed the purchase of 2,932 BTC for approximately $264.1 million, paying an average of $90,061 per coin. This latest acquisition pushes total holdings to 712,647 BTC, cementing the firm’s position as the largest publicly known corporate holder of Bitcoin. Despite buying near recent highs, the firm’s overall average purchase price remains $76,037, highlighting the benefits of its long-term accumulation approach.

Strategy has acquired 2,932 BTC for ~$264.1 million at ~$90,061 per bitcoin. As of 1/25/2026, we hodl 712,647 $BTC acquired for ~$54.19 billion at ~$76,037 per bitcoin. $MSTR $STRC https://t.co/QBFRdARwtM

— Strategy (@Strategy) January 26, 2026

A Relentless Accumulation Strategy Strategy’s buying pattern reflects a philosophy that treats volatility as an opportunity rather than a risk. The company has consistently added Bitcoin across both bullish and bearish cycles, building a treasury that rivals sovereign entities. Michael Saylor has repeatedly emphasized Bitcoin as a long-duration treasury asset, not a speculative trade. This perspective allows the firm to continue accumulating regardless of short-term market swings, reinforcing its conviction in Bitcoin’s scarcity and durability.

Buying at Higher Prices by Design Critics have noted that purchasing Bitcoin at $90,000 increases exposure to late-cycle risk. Yet supporters argue this is intentional. The company’s model is not about timing dips but scaling exposure over time. By steadily raising its cost basis while expanding holdings, the company signals confidence in Bitcoin’s long-term role as a non-sovereign store of value. The latest tranche illustrates the firm’s willingness to prioritize preservation of purchasing power over short-term gains.

Market Signal and Institutional Influence Each acquisition sends a message to the broader market. While many corporations remain cautious, Strategy continues to act decisively, using its balance sheet to accumulate Bitcoin at scale. This approach positions the firm as a bellwether for institutional adoption. Its conviction demonstrates that Bitcoin can serve as a superior treasury asset in an era of monetary expansion, influencing how other institutions evaluate digital assets. At the time of writing, BTC trades slightly below $88K.

Scale and Conviction Define Strategy’s Role With more than 712,000 BTC on its balance sheet, Strategy’s influence is unmatched among corporations. The company’s unique scale and unwavering conviction distinguish it from its peers. Regardless of price levels or macroeconomic conditions, Strategy has shown that its thesis remains intact. The firm’s actions highlight a belief that Bitcoin is not merely an investment but a cornerstone of financial strategy in the digital age.

In brief Gold surged past $5,100 per ounce for the first time ever, validating Myriad prediction market users who bet it would hit $5,000 before Ethereum since November. Ethereum is down more than 10% in the last week, with 69% of Myriad users predicting it will drop to $2,500 before recovering to $4,000. The gold rally accelerated after President Trump threatened 100% tariffs on Canada over potential China trade deals, reinforcing gold's safe-haven appeal amid geopolitical uncertainty. Gold surged to a new all-time high price above $5,100 per ounce on Monday, confirming predictions from users on Myriad that it would top $5,000 before Ethereum.

Users on the prediction market platform—which is owned by owned by Decrypt's parent company, Dastan—have been bullish on gold since November 22, 2025. At the time gold predictors pulled ahead, the precious metal was hovering around $4,000 per troy ounce and Ethereum had sunk to about $2,680, according to crypto price aggregator CoinGecko.

In fact, 69% of users on Myriad now think it's likely that Ethereum drops to $2,500 sooner than it can climb back to $4,000, reflecting a growing bearishness around the second-largest crypto asset. ETH was recently trading for $2,883.

It's not as though Myriad users were alone in thinking that gold was headed higher. Wall Street giant Goldman Sachs recently put out a new price forecast calling for gold to reach $5,400 before the end of the year.

Gold tends to surge when investors are positioning for uncertainty as trade tensions flare. While the metal has benefited from its long-standing role as a safe haven, cryptocurrencies like Ethereum and Bitcoin have struggled to attract the same defensive flows, trading more like risk assets than hedges against geopolitical stress.

The closest ETH has gotten to surpassing the milestone was when it set a new all-time high of $4,946.05 in August. At its current price, Ethereum has fallen more than 10% in the past week, according to CoinGecko.

Gold has now surged higher past $5,100 per ounce for the first time in its history. The price of gold jumped by 65% in 2025 and has now gained about 12% in the first three weeks of 2026.

The gold spike comes after President Donald Trump threatened over the weekend to hike tariffs on Canada by 100% if it made a trade deal with China.

"Canada is systematically destroying itself. The China deal is a disaster for them. Will go down as one of the worst deals, of any kind, in history," Trump wrote in a Truth Social post over the weekend.

Canadian Prime Minister Mark Carney said on Sunday that Ottawa has no plans to pursue a free trade deal with China, noting the recent agreement only reduces tariffs on select sectors. But Canada still appears to be trying to diversify its trading partners to reduce reliance on the U.S.

Now a trade envoy is telling Reuters that Carney will likely visit India in March to "sign deals on uranium, energy, minerals ​and artificial intelligence."

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Strategy Inc. (NASDAQ:MSTR) has bought 2,932 Bitcoin (CRYPTO: BTC) for $264.1 million, but MSTR is down to $161 on Monday morning.

The Bitcoin Purchase DetailsStrategy paid an average of $90,061 per Bitcoin for the latest purchase, well above the company’s overall cost basis of $76,037 per Bitcoin across all 712,647 BTC holdings.

The company funded the purchase by selling 1,569,770 shares of Class A common stock for $257 million and 70,201 shares of STRC preferred stock for $7 million through at-the-market offerings.

Strategy’s total Bitcoin holdings are now worth approximately $62.5 billion at current prices, purchased for $54.2 billion including fees—representing roughly $8.3 billion in paper gains. 

The company holds about 3.4% of Bitcoin’s total 21 million supply.

Additionally, Strategy still has $8.17 billion worth of MSTR shares available for sale under its ATM program for future Bitcoin acquisitions, plus $3.62 billion worth of STRC shares remaining.

Saylor Teased The Purchase On XMichael Saylor, Strategy’s executive chairman, hinted at the acquisition Sunday with his usual cryptic post on the company’s Bitcoin tracker, stating “Unstoppable Orange.”

Saylor had also posted Thursday morning: “Thinking about buying more Bitcoin.” 

Weekly BTC purchases are routine for Strategy, but Saylor typically saves his posts about acquisitions for the weekend—making Thursday’s tweet unusual timing.

The Technical Problem: $160 Support CrackingMSTR closed Friday at $163.11, up 1.32%, but Monday’s market open gave back Friday’s gains and is testing the critical $160 support level that’s held since December.

After collapsing 65% from July’s $473 peak to December’s $160.41 low, MSTR has spent over a month consolidating in the $160-180 range, forming what appears to be a triple-bottom pattern around the $160 support box.

The stock is barely above all EMAs in complete bearish alignment: 20-day at $166.06, 50-day at $186.80, 100-day at $228.03, and 200-day at $264.39.

The Supertrend remains firmly bearish at $181.47. 

A descending trendline from summer highs continues to pressure from above around $200-220.

Key Levels To Watch Upside: MSTR must reclaim $163.11 Friday close. Breaking $166.06 (20 EMA) then $181.47 (Supertrend) is critical. Clearing $186.80 (50 EMA) targets $200, then $228.03 (100 EMA). Downside: $160.60 premarket is testing $160.41 support. Breaking $160 invalidates the triple-bottom pattern and targets $150-155. Loss of $150 opens a decline to $120-130. Image: Shutterstock

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© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Bitcoin is currently priced at $87,906, sporting a market capitalization of $1.75 trillion. In the past 24 hours, the digital asset has witnessed a trading volume of $54.01 billion, fluctuating within a narrow intraday range of $86,126 to $88,800.

Bitcoin’s Net Realized P/L Hits Zero Again — Is a June 2022-Style Capitulation Next?

Hassan Shittu

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Hassan Shittu

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Jun 2023

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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

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20 minutes ago

Bitcoin is again near another critical on-chain inflection point as a key profitability indicator goes back to the levels that last occurred during one of the most painful downtrends in the history of the market.

CryptoQuant analyst Adler AM data shows that the Net Realized Profit and Loss of Bitcoin has dropped by approximately 97% after it achieved its recent high and is now approaching the levels of near-zero territory.

The situation is similar to those observed in June 2022 before BTC plummeted from about 30,000 to almost 16,000.

Net Realized P/L has dropped by 97% and returned to zero. The last time this happened was in June 2022 – right before the drop from $30K to $16K. Whales are still in profit (a 25-80% buffer), so there is no panic yet. But the market is being supported not by buyers – but by the… pic.twitter.com/ooQsnaGTCA

— Axel 💎🙌 Adler Jr (@AxelAdlerJr) January 26, 2026 Net Realized P/L tracks the balance between realized profits and losses on the Bitcoin network based on on-chain cost basis. Positive readings signal dominant profit-taking, while negative values reflect loss-driven selling.

Readings near zero suggest trades are occurring close to cost basis, indicating profit exhaustion and a balance between buyers and sellers.

Bitcoin Selling Pressure Fades, but Buyers Stay on the SidelinesThe analyst pointed out that the current setup resembles the period just before Bitcoin’s main capitulation leg in 2022. In late 2024 and early 2025, Net Realized P/L surged above $1.5 billion, reflecting an overheated profit-taking phase.

By January 26, 2026, that figure had collapsed to roughly $60 million, effectively flattening at the zero line. In 2022, a similar return to zero did not mark a bottom.

Instead, the metric continued lower into deeply negative territory, falling to around minus $350 million as the price slid another 50%.

Adler noted that the present zero reading should not be interpreted as a bullish reversal signal. Instead, it represents a pause where selling pressure from profit-takers has largely dried up, but fresh demand has not stepped in.

On-chain data suggests the market is currently being supported more by the absence of sellers than by strong buying interest, a fragile equilibrium that has historically broken lower during risk-off environments.

Source: CryptoQuantDespite the warning signals, large Bitcoin holders remain in profit, as realized price data segmented by balance size shows that all major whale cohorts are still comfortably above their average acquisition costs.

Holders with balances between 100 and 1,000 BTC have the highest realized price, near $69,900, giving them an estimated profit buffer of about 25% at current prices.

Other large cohorts, including wallets holding 10–100 BTC and those with more than 10,000 BTC, have average entry prices closer to $48,000 and $51,000, translating to unrealized gains of 70% to 80%.

This helps explain the lack of panic selling, even as price has pulled back sharply from recent highs.

Bitcoin Slips Below $88K as Volatility Picks UpAt the time of writing, Bitcoin was priced at approximately $87,756, having fallen by approximately 1.1% in the last 24 hours and 5.7% in the last week.

Source: CryptonewsTrading volume, however, surged more than 160% day over day to $53.1 billion, pointing to heightened activity as traders reposition amid volatility.

Macro pressure has contributed to the discomfort because U.S. President Donald Trump threatened to impose 100% tariffs on any Canadian products in case Ottawa strengthens trade relations with China, and the rumors of a potential American government shutdown resurfaced.

The move triggered more than $320 million in liquidations of leveraged long positions in a matter of hours.

Also, CoinShares reported $1.73 billion in outflows from digital asset investment products last week.

📉 Digital asset investment products saw sharp outflows last week, with investors pulling $1.73B — the largest weekly decline since mid-November 2025, according to CoinShares.#BTC #ETPs https://t.co/2ni4w83evG

— Cryptonews.com (@cryptonews) January 26, 2026 Bitcoin-linked products accounted for $1.09 billion of those outflows, with the bulk coming from U.S.-based funds.

Exchange order book data shows sell-offs were absorbed with modest volume delta, indicating controlled selling.

Analysts say liquidity remains stable, with no signs yet of cascading capitulation.

Dogecoin price remains trapped below key resistance inside a descending channel, and sustained weakness increases the risk of a downside move toward $0.09 support.

Summary

DOGE continues to trade within a higher-time-frame descending channel. Repeated failures at the channel midpoint signal persistent bearish weakness. $0.09 stands out as the next major downside support if selling continues. The current Dogecoin (DOGE) price continues to struggle beneath key resistance levels. After an extended period of consolidation, DOGE remains positioned within a higher-time-frame descending channel, a structure that typically favors downside continuation unless reclaimed decisively.

Despite multiple attempts, price has failed to regain acceptance above the channel midpoint, suggesting that sellers remain firmly in control. As weakness persists, the probability of a deeper corrective move toward lower support is increasing.

Dogecoin price key technical points Descending channel intact: Price continues to respect lower highs and lower lows. Failure at channel midpoint: Rejections reinforce bearish control. $0.09 emerges as key downside target: Channel low support remains untapped. DOGEUSDT (4H) Chart, Source: TradingView From a structural perspective, Dogecoin remains firmly locked within a descending channel on the higher time frame. This pattern reflects a sustained bearish trend, characterized by a series of lower highs and lower lows. Importantly, price has not shown any meaningful deviation from this structure, reinforcing the idea that downside risk remains elevated.

Channels of this type often act as trend continuation structures. Until price can reclaim the upper boundary or decisively break the channel midpoint, rallies are typically corrective rather than trend-reversing.

Weak acceptance below the channel midpoint Currently, Dogecoin is consolidating near the value area low and around the midpoint of the descending channel. This area is acting as a zone of compression rather than support. Repeated attempts to push higher have failed, with price unable to produce convincing candle closes above the channel midpoint.

This inability to reclaim resistance is a key signal of weakness. In bullish recoveries, the price usually regains key mid-range levels quickly. In DOGE’s case, continued rejection suggests that buyers lack the strength needed to initiate a sustained rotation higher.

Value area low acts as resistance Adding to the bearish outlook is the role reversal taking place at the value area low, which is now acting as resistance rather than support. This shift indicates that price is trading below fair value, a condition that often precedes further downside exploration.

When markets fail to reclaim value, they typically search for liquidity at lower levels. For Dogecoin, this means that the current consolidation may simply be a pause before continuation lower rather than a base for reversal.

$0.09 support comes into focus With downside momentum building, attention turns to the channel low support near $0.09. This level represents the lower boundary of the descending channel and has not yet been tested during the current leg. Untapped support levels often act as natural magnets for price, particularly when aligned with broader bearish structure.

A move toward $0.09 would also represent a capitulation-style flush, where remaining weak hands are forced out of the market. Such moves can be sharp and emotionally driven, especially if broader market sentiment deteriorates.

Capitulation risk increases with continued weakness The longer Dogecoin remains capped below resistance, the greater the risk of a capitulation-type move. Capitulation typically occurs after prolonged consolidation near resistance, followed by a swift breakdown as demand dries up. The current structure, compression below the channel midpoint, and value area low, fits this profile.

However, capitulation does not necessarily mark the end of the trend. While it can lead to short-term bounces, the broader structure must still improve before a sustained recovery can take place.

What to expect in the coming price action Dogecoin remains technically vulnerable as long as price continues to trade below the descending channel midpoint and value area low. If weakness persists, the probability favors a continuation lower toward $0.09 channel support. Bulls would need to reclaim the channel midpoint with strong volume and acceptance to invalidate the bearish scenario.

Until that happens, rallies are likely to face selling pressure, and downside risk remains the dominant theme in DOGE’s short-term outlook.

Gold shone brightly today, racing to a new high while crypto took the back seat, and the gap between the two assets opened wide.

On Monday, the precious metal moved past the $5,000 mark, registering a price point market sentinels had not witnessed before. Bitcoin, by contrast, failed to keep pace and traded well below its recent highs.

Gold Hits Record Levels Safe-haven demand pushed gold sharply higher. Prices were up above $5k an ounce and inked roughly $5,110 at the peak. Silver, for its part, did not go unnoticed, jumping to fresh peaks near $107/ounce.

Source: Gold Price Traders pointed to simmering geopolitical friction and talk of tougher trade moves led by US President Donald Trump as fuel for the rally.

A weaker greenback made metals more attractive to customers overseas, and central bank buying provided steady backing. Liquidity in some corners were thin as investors rushed to shift cash into things that feel stable when risk elevates.

Bitcoin Falls Behind Market numbers show Bitcoin hovering in the mid-$80,000s range, retreating from peaks seen late last year. Reports note the alpha crypto is roughly 30% below the highest level it hit reached in October 2025, leaving some holders quite jittery.

Volatility was another factor. Where bullion is being sought for safety, Bitcoin is viewed more as a growth or speculative play, and that difference in investor application becomes clear when markets tighten. Some funds slashed their crypto exposure, signaling a short reroute away from high-risk gambits.

BTCUSD currently trading at $87,832. Chart: TradingView Why Investors Are Shifting Analysts and traders described a simple choice: shelter or swing for gains. When headlines push worry, money flows into assets that are widely trusted across markets and governments.

Metals fit that ticket. Based on market chatter, fears of a US government funding clash and fresh tariff announcements stacked pressure on stocks and added a sense of urgency to safe-haven acquisition.

Options and futures trading hinted at a more cautious perpective, with volatility indexes rising and bond yields behaving in ways that made the yellow metal look more appealing by comparison.

What Traders Are Watching Market watchers said eyes will be glued on a few key metrics: The dollar’s path, moves by major central banks, and any sign that US politics escalates could keep metals elevated.

For Bitcoin, network activity, large wallet flows, and regulatory headlines will likely set the tone. Some traders expect swings both ways. Others caution that when risk appetite is back, crypto may bounce hard, but that outcome is not a sure thing and will be dependent on a string of policy and macro moves.

Featured image from Unsplash, chart from TradingView

Key NotesStrategy purchased 2,932 BTC between January 20 and January 25 for approximately $264 million.The average purchase price was $90,061 per Bitcoin.Strategy acquired around 40,100 BTC in January 2026 alone. Strategy disclosed the purchase of additional Bitcoin BTC $88 134 24h volatility: 0.5% Market cap: $1.76 T Vol. 24h: $57.72 B during last week’s market decline, reinforcing its long-standing accumulation strategy. According to a filing with the US Securities and Exchange Commission (SEC), the company acquired 2,932 Bitcoin for approximately $264.1 million. The purchases were executed at an average price of $90,061 per coin, as Bitcoin prices fell sharply from recent highs.

The acquisition increased Strategy’s total Bitcoin holdings to 712,647 BTC, accumulated at a total cost of about $54.2 billion. The company’s average purchase price now stands near $76,000 per Bitcoin, positioning Strategy as the world’s largest corporate holder of the asset by a wide margin. The latest buying activity occurred as Bitcoin briefly dropped below $87,000 amid broader risk-off sentiment across global markets.

January Buying Accelerates after Months of Slower Activity Strategy’s recent purchase was smaller than its two earlier January acquisitions but remains notable in aggregate. Earlier this month, the firm disclosed buys of 22,305 BTC and 13,627 BTC in successive weeks, reflecting a sharp uptick in accumulation.

In total, Strategy has added roughly 40,100 Bitcoin so far in January. This exceeded its combined purchases from August through December 2025.

The accelerated pace suggests a tactical shift following several months of restrained activity.

While co-founder Michael Saylor has previously stated a willingness to buy Bitcoin at any price level, recent patterns indicate a preference for smaller, incremental purchases during periods of market stress.

Equity Sales Fund Bitcoin Purchases The latest Bitcoin acquisition was primarily financed through equity issuance rather than operating cash flow. The SEC filing shows that Strategy sold approximately 1.7 million shares of its Class A common stock, raising about $257 million. In addition, the company sold more than 70,000 shares of its Series A Perpetual Stretch Preferred Stock, generating roughly $7 million in net proceeds.

Strategy’s reliance on equity markets to fund Bitcoin purchases continues to tie its balance sheet closely to both crypto prices and investor sentiment. Shares of Strategy were trading near $163 following the disclosure, down from January highs, reflecting broader pressure on crypto-linked equities.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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I’m a content writer and editor with extensive experience creating high-quality content across a range of industries. Currently, I serve as the Editor-in-Chief at Coinspeaker, where I lead content strategy, oversee editorial workflows, and ensure that every piece meets the highest standards. In this role, I collaborate closely with writers, researchers, and industry experts to deliver content that not only informs and educates but also sparks meaningful discussion around innovation.

Much of my work focuses on blockchain, cryptocurrencies, artificial intelligence, and software development, where I bring together editorial expertise, subject knowledge, and leadership experience to shape meaningful conversations about technology and its real-world impact. I’m particularly passionate about exploring how emerging technologies intersect with business, society, and everyday life. Whether I’m writing about decentralized finance, AI applications, or the latest in software development, my goal is always to make complex subjects accessible, relevant, and valuable to readers.

My academic background has played an important role in shaping my approach to content. I studied Intercultural Communications, PR, and Translation at Minsk State Linguistic University, and later pursued a Master’s degree in Economics and Management at the Belarusian State Economic University. The combination of linguistic, communication, and business training has given me the ability to translate complex technical and economic concepts into clear, engaging narratives for diverse audiences.

Over the years, my articles have been featured on a variety of platforms. In addition to contributing to company blogs—primarily for software development agencies—my work has appeared in well-regarded outlets such as SwissCognitive, HackerNoon, Tech Company News, and SmallBizClub, among others. 

Julia Sakovich on X

Bitcoin, once touted as digital gold, is floundering as gold and silver rocket to record highs and traders brace for a Federal Reserve game-changer.

Sign up now for CryptoCodex—A free crypto newsletter that will get you ahead of the market

The bitcoin price is struggling to hold onto support levels around $88,000, down from a peak of $126,000 in October last year, and fueling fears another sell-off could be coming as sentiment plummets into the "extreme fear" zone.

Now, just after billionaire investor Ray Dalio sounded the alarm over the future of the U.S. dollar, another U.S. government shutdown could be about to pile on even more pressure as gold tops $5,000 per ounce and silver breaks $100—leaving some asking, “Where is bitcoin?”

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ForbesThe Fed Is Suddenly Hurtling Toward A $34 Trillion BlackRock Gold And Bitcoin Price Game-ChangerBy Billy Bambrough

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The U.S. dollar is has fallen sharply, sparking fears of a crisis and the end of the dollar era as gold and silver soar, leaving the bitcoin price in the dust.

Getty

"The dollar era is ending," declared Balaji Srinivasan, former Coinbase chief technology officer and founder of the bitcoin and crypto-supporting Network State, on X, describing the "escalating sovereign debt crisis, and the devaluation of the dollar against gold and digital gold," as an “apocalypse”

“The first step is to accept that the apocalypse is now,” Srinivasan wrote.

Last week, falling U.S. bond prices that sent yields spiking were described as the "sell America" trade, but within "a much broader global risk off,” by Krishna Guha, head of global policy and central banking strategy at Evercore ISI, in a note to clients seen by CNBC.

The U.S. dollar has fallen toward levels not seen since 2022, according to the Bloomberg Dollar Spot Index.

“Talk of a sudden dollar collapse … is overstated, but it reflects a real loss of confidence,” Kurt Hemecker, chief executive of Gold Token S.A., precious metal giant MKS PAMP’s gold tokenization arm, said in emailed comments, adding that "rising debt, fiscal strain, and policy uncertainty are pushing investors to look beyond fiat for long-term stability.”

This week’s latest dollar downturn comes amid speculation that U.S. officials could join their counterparts in Japan in intervening to support the currency.

The Federal Reserve Bank of New York checked in with traders about the yen's exchange rate, according to a Bloomberg report, pushing the yen up more than 1% to its strongest level since November, while Japan's prime minister Sanae Takaichi warned the country "will take all necessary measures to address speculative and highly abnormal movements."

The dollar was last trading at these levels compared to a basket of other major currencies in September last year, just before the historic U.S. government shutdown.

Lawmakers are now scrambling to avert another shutdown, with Friday the latest deadline for the passage of a new funding bill. However, the odds of another shutdown have spiked to around 75% on the Kalshi prediction platform just months after last year’s record-breaking funding deadlock.

Flight from the U.S. dollar has added to the huge gold and silver price rally, which has so far failed to spread to bitcoin.

Sign up now for CryptoCodex—A free crypto newsletter that will get you ahead of the market

ForbesThe Dollar ‘Will Fall’—Serious Fed ‘Crisis’ Warning Predicted To Blow Up The Bitcoin PriceBy Billy Bambrough

The bitcoin price has failed to recover from a steep sell-off last year, languishing at under $90,000 per bitcoin even as gold and silver hit record highs.

Forbes Digital Assets

“Where is bitcoin,” analysts with the Kobeissi Letter posted to X. “The world is waiting on crypto.”

The bitcoin price has traded sideways since it took a big step down in November, dropping under the $100,000 per bitcoin level.

"In the past, prominent greenback sell-offs have acted as a catalyst for crypto price breakouts, with a similar fall in 2017 kicking off a historic bull market," Nic Puckrin, investment analyst and cofounder of Coin Bureau, said in emailed comments.

"However, with ongoing macro uncertainty, fears over another U.S. government shutdown, and prevailing expectations of a rate cut pause from the Federal Reserve, there are few external catalysts that could drive this reversal.”

Ethereum is currently in a broad sideways structure, with the spot price trading below the main trend-defining moving averages while on-chain activity shows early signs of stabilization. The market is in a neutral-to-cautious state. Downside risk remains present on the charts, but structural support zones and improving network usage keep the medium-term outlook open for a potential recovery once selling pressure exhausts.

Ethereum Price Analysis: The Daily Chart On the daily timeframe, ETH has been rejected lower from the recent consolidation below the declining 100-day moving average, with the 200-day moving average still positioned higher and confirming a medium-term downtrend. The price is trading around the $2,900 region after another decisive rejection from the $3,400–$3,500 supply band, leaving the $2,600–$2,700 zone as the first major demand zone.

A sustained loss of the $2,700 area would increase the risk of a deeper move toward the $2,200 support area. The daily RSI has pulled back from neutral levels and is drifting toward oversold territory, signalling that momentum is bearish but also that the market is approaching a zone where downside extension may begin to slow if fresh sellers do not appear.

ETH/USDT 4-Hour Chart The 4-hour chart shows ETH breaking below the rising trendline that had connected higher lows since the November bottom, effectively breaking the symmetrical triangle structure. The asset is now consolidating just under the former $3,000 support band, which has turned into short-term resistance. Repeated failures to reclaim this area would keep intraday pressure skewed toward the $2,800 level and, if weakness persists, down toward the major $2,500-$2,600 demand zone.

The 4-hour RSI has already printed oversold readings and is attempting to stabilize, suggesting that while intraday momentum is negative, the market may transition into a choppy consolidation phase rather than an immediate impulsive leg lower if the current short-term support zone holds.

On-Chain Analysis Looking at on-chain activity, Ethereum’s total transaction count and its 30-day EMA have been trending higher from the depressed levels seen in early 2025, even as the price has recently corrected from all-time highs back toward $2,900. This combination of declining price and rising transactional activity often reflects a shift from speculative excess toward more organic network usage, as weaker hands reduce exposure while a base of active users remains engaged.

If the current upturn in transaction counts persists or accelerates while price consolidates above the main demand zones, it would signal that fundamental network demand is absorbing supply. This is historically a constructive backdrop for a medium-term recovery. Failure of activity to hold these gains, by contrast, would argue for viewing the recent bounce as primarily technical rather than fundamentally supported.

Tags:

Strategy purchased $264 million in bitcoin last week, a slowdown from recent acquisition paceThe company’s stack now stands at 712,647 BTC, worth about $62 billion at the current price of $87,500.Updated Jan 26, 2026, 1:20 p.m. Published Jan 26, 2026, 1:17 p.m.

Strategy (MSTR) continued its weekly bitcoin BTC$87,853.01 purchases last week, although at a reduced level from the $1 billion-plus acquisitons of the previous two weeks.

Led by Executive Chairman Michael Saylor, MSTR added 2,932 bitcoin for $264.1 million, or an average price of $90,061 each.

STORY CONTINUES BELOW

The company's holdings now stand at 712,647 bitcoin acquired for $54.19 billion, or an average price of $76,037 each. After another sizable weekend decline, bitcoin Monday morning as trading around $87,500, making the company’s stack worth just over $62 billion.

Last week's acquisitions were nearly totally funded by common stock sales, according to a Monday morning filing, but the company also raised $7 million via the sale of its STRC series of preferred stock.

MSTR is lower by 2% in pre-market action on Monday.

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KuCoin Hits Record Market Share as 2025 Volumes Outpace Crypto Market

Dec 22, 2025

KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.

What to know:

KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.More For You

Coreweave stock gains 9% on fresh $2 billion Nvidia investment

14 minutes ago

Already an investor in CoreWeave, Nvidia last September had agreed to purchase $6.3 billion of computing services from the AI infrastructure provider.

What to know:

CoreWeave shares jumped about 9% in pre-market trading after Nvidia invested another $2 billion in the AI-focused cloud company.The new funding is intended to help CoreWeave expand to more than 5 gigawatts of AI-dedicated data centers by the end of the decade.The deal deepens a yearslong collaboration in which Nvidia and CoreWeave will align on hardware, software and data center strategy, and test CoreWeave’s Mission Control resource-scheduling platform for potential integration into Nvidia’s ecosystem.

Ripple signed an MoU with Riyad Bank’s innovation arm to test RLUSD and blockchain rails for Saudi cross‑border payments, extending its recent Middle East regulatory wins.

Summary

Ripple and Riyad Bank’s innovation subsidiary signed an MoU to explore using Ripple’s enterprise blockchain and RLUSD stablecoin for Saudi financial infrastructure and cross‑border payments. The agreement is an exploratory phase with implementation details pending, but it aligns with Saudi Arabia’s push to build a competitive fintech sector and tokenized payment rails. RLUSD already holds approvals in Dubai and Abu Dhabi, and the Saudi MoU continues Ripple’s strategy of embedding its stablecoin and payment stack with regional banks and regulators. Ripple, the issuer of the RLUSD stablecoin, has signed a memorandum of understanding with Riyad Bank’s innovation subsidiary to explore blockchain applications within Saudi Arabia’s financial infrastructure, the company announced.

Ripple and Riyad Banjk sign RLUSD partnership The agreement will focus on examining how Ripple’s enterprise-grade digital asset technology could be applied to areas including cross-border payments, according to the announcement.

The partnership aligns with Saudi Arabia‘s efforts to develop a competitive financial technology sector within the Kingdom, the companies stated.

Riyad Bank, one of Saudi Arabia’s largest financial institutions, has been expanding its digital innovation initiatives through its specialized subsidiary.

Ripple has been pursuing partnerships with financial institutions globally to expand the adoption of its blockchain-based payment solutions. The company’s RLUSD stablecoin represents part of its broader digital asset infrastructure offerings.

The memorandum of understanding represents an exploratory phase, with specific implementation details to be determined through the partnership’s development, according to the agreement.

Davos Decoded: Ten Tech Truths Shaking Up 2026

Sandy Carter

Somewhere between the third espresso, Taylor Swift, and my phone hitting a single digit battery, it hit me. Davos 2026 was not about predictions anymore. It was about things that are impacting our future. JPMorgan is live on Ethereum, a third of Gen Z wants an AI boss, and Quantum risk for blockchains!

The World Economic Forum (WEF) at Davos has always been where global anxiety becomes a catalyst. This year, technology dominated but broadened to impacting geopolitics and country competition.

So what does any of this have to do with Taylor Swift? When my Gen Z daugther picked me up from the airport and I tried to explain what I learned, she cut me off two sentences in. “Boring.” So I translated to her language and her fandom of Taylor Swift.

Here are ten moments that mattered.

1. JPMorgan Goes Live on EthereumTaylor re-recorded her albums to her own masters. JPMorgan just did the same thing with money.

The world’s largest bank is now officially on Ethereum. JPMorgan’s first real world asset product, the Onchain Net Yield Fund (MONY), is powered by JPM Kinexys. This is not a pilot or a proof of concept. It is a live, institutional blockchain infrastructure from the most traditional of traditional finance players.

2. One Third of Gen Z Wants an AI BossTaylor writes her best songs after breakups. Gen Z is writing theirs about human bosses.

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Ana Kreacic, COO of the Oliver Wyman Forum, delivered her annual Davos report. Oliver Wyman’s survey of 300,000 voices revealed a striking finding: one third (37%) of Gen Z respondents said they would prefer an AI manager over a human one.

Oliver Wyman's survey of 300,000 voices revealed one third of Gen Z would prefer an AI manager over a human one.

Oliver Wayman

Their reasons?

Consistency, transparency, and fairness. This generation is not rejecting leadership. They are rejecting unpredictability. In my discussions with Dr Efi Pylarinour, Global Fintech Thought Leader, she said that “they are not longing for a robot CEO. They are longing for the consistency, transparency, and fairness they rarely see in humans.”

3. AI Becomes Geopolitics And CompetitiveTaylor moved from country to pop. AI just moved from Tech to Geopolitics.

AI crossed a threshold at Davos this year. It is no longer simply a technology topic. It is an economic and geopolitical one, with trust and regulation dominating the tone across sessions and side conversations alike.

Elon Musk, in his first ever Davos appearance, predicted that AI could surpass any individual human by the end of this year. By 2030, AI will be smarter than all of humanity combined.

Elon Musk makes a surprise visit to Davos.

Sandy Carter

He painted a vision of "abundance for all" where robots outnumber people and the global economy explodes.

But while Musk was outlining this utopia, Autodesk was laying off 1,000 employees, betting on AI to automate their jobs. The world's leaders are grappling with this very tension, pushing for "trusted AI."

4. Quantum Risk Is Uneven Across BlockchainsTaylor hides Easter eggs in every album. The quantum threat to crypto has been hiding in plain sight too.

During Davos week, the Citi Institute released a deep dive on the quantum threat to blockchain, revealing that risk is unevenly distributed: Bitcoin has roughly 25 percent of coins exposed while Ethereum and Solana face far higher vulnerability over 65 percent.at Accenture.

Ronit Ghose, Managing Director, Citi Institute, told me that “Citi Institute believes the starting gun has been fired on a trillion dollar security race now underway for banks and blockchains to move to post quantum cryptography”

5. Post Quantum Cryptography Is Ready. We Are Not.Taylor drops vault tracks to release when the world is ready. The fix for quantum has been sitting in the vault too.

The standards exist. NIST has published them. Regulators are pushing timelines. The problem is execution. Quantum readiness requires mapping exposure, prioritizing critical systems, enabling crypto agility, and executing multiyear migrations. This may be the largest cryptographic upgrade in human history, potentially exceeding the cost and complexity of Y2K.

In chatting with Steve Suarez, CEO of HorizonX and a contributor to the report, he noted that "as the field matures, it's becoming increasingly clear that progress will depend on how effectively the ecosystem bridges advances in hardware with practical, deployable applications. This will be the largest software upgrade in history with over 20 billion hardware devices that will need to be upgraded. ’The takeaway: social consensus and coordinated upgrades will determine which ecosystems survive the quantum transition intact.

Quantum Panel at the Accenture House in Davos

Sandy Carter

The Accenture panel on Quantum was one of the best I saw. “The quantum conversation is moving from cryptographic circles to boardrooms. Companies need to act the same with Quantum as they do with AI,” Tom Patterson, Managing Partner at Accenture, told me. “In AI they don’t just try it out, they just do it. Quantum needs the same mindset.:

6. Cognizant Demos Multi Agent VibingThe Eras Tour features every version of Taylor performing together. Multi agent AI works the same way.

Cognizant showcased their open source multi agent platform with a live demo. Babak Hodjat, their Chief AI Officer explained to me “that the system is itself a multi agent system that designs and builds other multi agent systems through dialogue.

The future Hodjat envisions? Agents that can merge responsibilities, split when overloaded, and form new connections spontaneously. The open source repo is live here.

7. Data Is the Real AI Spend, And Chief AI Officers Have a Limited Length of TimeEveryone talks about concerts, but the real money is made at the merch table. AI works the same way.

One of the most interesting things I heard was the HFS research report. The report indicates that for every $2 spent on AI initiatives, enterprises should invest roughly $2.50 on data modernization, governance, and management.

In addition, the report laid out the ideal length of time that an ideal Chief AI Officer should remain in office. The three year lifespan of the Chief AI Officer discusses the stabilize, focus, embed, and dissolve phases.

From the HFS research report in the Cognizant House, on the lifespan of the Chief AI Officer.

Sandy Carter

Leading AI companies like OpenAI, Google, Meta, and Anthropic are each spending roughly a billion dollars a year on human provided training data alone. The mantra has shifted from more data to better data, and that means humans in the loop at scale.

8. Crypto Takes the Main StageTaylor went from opening act to headlining statuiums. Crypto just did the same at Davos.

CZ, Binance co-founder and former CEO, and Yat Siu, co-founder and executive chairman of Animoca Brands, both spoke at official WEF sessions, a sign of just how far crypto has come from the sidelines.

CZ predicted a Bitcoin supercycle in 2026 and revealed he is advising roughly a dozen governments on asset tokenization. He described a future where AI agents transact natively in crypto, and where traditional payment rails like Visa and Mastercard sit on top while stablecoins settle behind the scenes.

Yat Siu was equally bullish, calling stablecoins a pillar of future financial growth and predicting the Clarity Act will pass this year, triggering a wave of US tokenization.

9. World Models Get Their MomentTaylor made music videos as important as the songs. World models are doing the same for AI, learning from video instead of just text.

The concept is straightforward: instead of predicting the next word like ChatGPT and its peers, world models predict what happens next in the physical world. They learn from video, simulation, and spatial data to build internal representations of how objects move and interact over time.

Google, Nvidia, and Fei Fei Li's World Labs are all investing heavily. For leaders building on AI infrastructure, the question is whether the next breakthrough comes from scaling language models or from teaching machines to perceive physical reality.

10. The Web3 Declaration Gets SignedSwifties trade friendship bracelets to show they belong to something bigger. Davos just did the same thing for Web3.

At the Davos Web3 House, leaders gathered to sign the Web3 Declaration, celebrating the progress made across the ecosystem over the past year. It was a moment of reflection in a week defined by forward momentum. Ajeet Khurana, the founder of the Web Davos House, told me that “web3 has made such progress in 2026 that we wanted to drive more value around crypto, DePin, stablecoins, and more into the fabric of global companies.”

Ajeet Khurana, the founder of the Web3 Davos House, said "web3 has made such progress in 2026 that we wanted to drive more web3 technology around crypto, DePin, stablecoins, and more into the fabric of global companies."

Davos Web3

Davos 2026 made one thing clear: the lines between AI, blockchain, quantum, and geopolitics are dissolving. The question is no longer whether these technologies will converge. It is whether organizations can move fast enough to keep up. Taylor Swift figured out how to stay ahead of every era. Can you?

On Monday, building on the Strategy founder's tease from the day before—when he declared “Unstoppable Orange”—Michael Saylor disclosed that the firm had picked up 2,932 bitcoin. Already the largest bitcoin treasury company by BTC carried on its balance sheet, Strategy has again expanded its bitcoin holdings. Saylor shared the update Monday morning at 8 a.m.