BTC, ETH Dip as Kaia and MYX Surge; SEC-CFTC Regulatory Shift in Focus

I. Crypto Market Overview

Key Takeaways

Macro Environment

The US SEC and CFTC are moving toward regulatory harmonization, signaling a shift from enforcement to proactive rulemaking. Global stablecoin adoption is accelerating, with Europe and Africa advancing regulatory clarity and financial inclusion. Geopolitical risks persist, as China faces growth headwinds and US-EU trade tensions rise, impacting global risk sentiment.

Crypto Market

Bitcoin (BTC) trades at $89,098, down 0.40% in 24h, while Ethereum (ETH) is at $2,950.09, down 0.14%. The market shows mixed performance, with most large caps under pressure amid ETF outflows and macro uncertainty. Top gainers include KAIA (KAIA, +28.5%), MYX Finance (MYX, +19.6%), and Hyperliquid (HYPE, +2.1%), driven by ecosystem mergers, DeFi innovation, and whale accumulation.

Today's Outlook

No major macroeconomic or regulatory events are scheduled for January 25. However, several small token unlocks, such as LETIT, TENET, and GTAI, may affect liquidity in their respective markets. Broader market focus remains on upcoming FOMC and regulatory developments later in the week.

Fear and Greed Index

0.00% Annual Percentile

35 Neutral

Total Crypto Market Cap

$3.01T

0.14%

Total Market Trading Volume

$53.54B

51.27%

Altcoin Season Index

16.67%

Quarterly Percentile

27 / 100

Total Futures Market Open Interest

3.61B

0.10%

Futures

546.22B

12.36%

Perpetuals

II. Industry Updates

Macro-economic Policies

The Central Bank of Brazil has mandated that banks and brokerages engaging in crypto activities must obtain independent third-party certification, increasing operational costs and potentially impacting crypto market liquidity in Brazil.

Revolut is expanding its crypto operations in the Middle East by hiring a Technology Manager in Dubai, aiming to enhance technical risk management and operational resilience, which could boost regional crypto adoption and trading volumes.

Agora's CEO forecasts rising stablecoin adoption in business payments, including payroll and cross-border B2B transactions, which may drive greater stablecoin demand and increase DeFi liquidity across global markets.

Cryptocurrency Regulatory Trends

The Central Bank of Brazil now requires banks and brokerages to obtain independent third-party certification before offering crypto services, tightening compliance and boosting institutional trust.

Revolut is expanding its crypto operations in the Middle East, hiring a technology manager in Dubai to ensure regulatory compliance with UAE authorities, signaling increased regulatory scrutiny in the region.

U.S. Representative French Hill emphasized that passing the CLARITY Act is essential before implementing stablecoin regulations, highlighting ongoing efforts to establish a clear legal framework for digital assets.

Ukraine has confirmed a legal deadlock for Web3 prediction markets like Polymarket, as current laws do not recognize such platforms, effectively banning their operation and impacting DeFi innovation.

Stablecoins are driving financial inclusion in Africa, with regulatory moves such as Ghana legalizing crypto trading and Nigeria integrating crypto into its tax system, supporting broader adoption and market growth.

KAIA (KAIA): Surged 29.4% in 24h, driven by the Finschia and Klaytn merger into Kaia, with trading volume up 258% to $146M and strong momentum from ecosystem consolidation.

MYX Finance (MYX): Rose 19.7% in 24h, fueled by bullish breakout from accumulation, 82% weekly surge, and DeFi perpetuals innovation; 24h volume reached $17M.

Hyperliquid (HYPE): Gained 2% in 24h, supported by whale accumulation, 18% rise in open interest to $1.82B, and 24% increase in trading volume to $123M.

Smart Money Movements

UBS Group AG, managing $6.9 trillion in assets, launched Bitcoin and Ethereum trading for select Swiss private banking clients, marking a major institutional entry into crypto.

A crypto whale purchased 20.78 million $PENGUIN tokens worth $2.6 million using 20,575 $SOL, then transferred the assets to a new wallet, signaling active large-scale accumulation.

The early $PEPE investor pepe1stbuyer.eth accumulated $EXITPAD tokens through multiple DEX aggregator purchases, with on-chain data confirming strategic buying activity.

The largest ZEC short seller realized $3.02 million profit by reducing 1,055.93 ETH from its short position, while still holding $118.7 million in ETH shorts with over $11 million in floating profit.

BlackRock's Ethereum ETF ($ETHA) saw a net outflow of 15,112 ETH, equivalent to $44.58 million, on January 23, despite recording $0.7 billion in daily trading volume.

Events to Watch

Jan 27 (Tue)

Federal Reserve FOMC meeting concludes; U.S. President Trump to deliver a speech, both events may impact USD and crypto markets.

Jan 27 (Tue)

Into Space initiates $5 million public sale refund process, with 4,677 wallets eligible for partial refunds starting today.

Jan 28 (Wed)

FOMC will announce its interest rate decision and release a statement; Fed Chair Jerome Powell to hold a press briefing.

Jan 28 (Wed)

OM token unlock: 621,603 OM (0.03% of supply, ~$41,896) to be released in three rounds, potentially affecting market liquidity.

Table of Contents

I. Crypto Market Overview

Key Takeaways

Macro Environment

Crypto Market

Today's Outlook

II. Industry Updates

Macro-economic Policies

The Central Bank of Brazil has mandated that banks and brokerages engaging in crypto activities must obtain independent third-party certification, increasing operational costs and potentially impacting crypto market liquidity in Brazil.

Revolut is expanding its crypto operations in the Middle East by hiring a Technology Manager in Dubai, aiming to enhance technical risk management and operational resilience, which could boost regional crypto adoption and trading volumes.

Agora's CEO forecasts rising stablecoin adoption in business payments, including payroll and cross-border B2B transactions, which may drive greater stablecoin demand and increase DeFi liquidity across global markets.

Cryptocurrency Regulatory Trends

The Central Bank of Brazil now requires banks and brokerages to obtain independent third-party certification before offering crypto services, tightening compliance and boosting institutional trust.

Revolut is expanding its crypto operations in the Middle East, hiring a technology manager in Dubai to ensure regulatory compliance with UAE authorities, signaling increased regulatory scrutiny in the region.

U.S. Representative French Hill emphasized that passing the CLARITY Act is essential before implementing stablecoin regulations, highlighting ongoing efforts to establish a clear legal framework for digital assets.

Ukraine has confirmed a legal deadlock for Web3 prediction markets like Polymarket, as current laws do not recognize such platforms, effectively banning their operation and impacting DeFi innovation.

Stablecoins are driving financial inclusion in Africa, with regulatory moves such as Ghana legalizing crypto trading and Nigeria integrating crypto into its tax system, supporting broader adoption and market growth.

Trending Tokens

KAIA (KAIA): Surged 29.4% in 24h, driven by the Finschia and Klaytn merger into Kaia, with trading volume up 258% to $146M and strong momentum from ecosystem consolidation.

MYX Finance (MYX): Rose 19.7% in 24h, fueled by bullish breakout from accumulation, 82% weekly surge, and DeFi perpetuals innovation; 24h volume reached $17M.

Hyperliquid (HYPE): Gained 2% in 24h, supported by whale accumulation, 18% rise in open interest to $1.82B, and 24% increase in trading volume to $123M.

Smart Money Movements

UBS Group AG, managing $6.9 trillion in assets, launched Bitcoin and Ethereum trading for select Swiss private banking clients, marking a major institutional entry into crypto.

A crypto whale purchased 20.78 million $PENGUIN tokens worth $2.6 million using 20,575 $SOL, then transferred the assets to a new wallet, signaling active large-scale accumulation.

The early $PEPE investor pepe1stbuyer.eth accumulated $EXITPAD tokens through multiple DEX aggregator purchases, with on-chain data confirming strategic buying activity.

The largest ZEC short seller realized $3.02 million profit by reducing 1,055.93 ETH from its short position, while still holding $118.7 million in ETH shorts with over $11 million in floating profit.

BlackRock's Ethereum ETF ($ETHA) saw a net outflow of 15,112 ETH, equivalent to $44.58 million, on January 23, despite recording $0.7 billion in daily trading volume.

Events to Watch

Jan 27 (Tue)

Jan 28 (Wed)

III. Phemex Market Focus

New Listings

Phemex Promotions