Chiliz, Dash Lead Altcoin Gains as BTC, ETH Dip; CONX Token Unlock Looms

I. Crypto Market Overview

Key Takeaways

Macro Environment

The US dollar index hit a multi-month high after strong jobless claims, pressuring crypto as a risk asset. Hong Kong and the EU advanced regulatory clarity, with Hong Kong tightening stablecoin rules and Belgium's KBC Bank launching regulated crypto trading. US regulatory uncertainty persists as stablecoin reward bans and delays in the Digital Asset Market Clarity Act increase market volatility.

Crypto Market

The crypto market saw mixed performance over the past 12 hours. Bitcoin (BTC) fell 1.68% to $95,346, while Ethereum (ETH) dropped 2.07% to $3,304.57, both pressured by ETF outflows and risk-off sentiment. Altcoins diverged: Chiliz (CHZ) surged 6.68% to $0.05897 on World Cup fan token demand, DASH (DASH) rose 6.36% to $87.80 after a new exchange listing, and Skycoin (SKY) gained 4.50% to $0.06266, while Connex (CONX) slipped 1.57% ahead of a major token unlock.

Today's Outlook

Today, 1.32 million CONX tokens (1.59% of supply) unlock, potentially impacting Connex's price and liquidity. This event may drive volatility in the token and influence sentiment in the broader altcoin market.

Fear and Greed Index

2.00% Annual Percentile

54 Neutral

Total Crypto Market Cap

$3.23T

1.61%

Total Market Trading Volume

$112.53B

23.79%

Altcoin Season Index

25.00%

Quarterly Percentile

25 / 100

Total Futures Market Open Interest

3.74B

3.34%

Futures

613.23B

1.35%

Perpetuals

II. Industry Updates

Macro-economic Policies

The US dollar index surged to 99.49, its highest since December, following weaker-than-expected US jobless claims, leading to a decline in gold and silver prices. A stronger dollar typically reduces demand for crypto assets as alternative stores of value, potentially dampening BTC and DeFi inflows.

White House officials announced that President Trump is prepared to immediately implement a 10% tariff if the Supreme Court rules unfavorably. Heightened trade tensions and tariff risks could increase market volatility, impacting BTC price and global crypto flows as investors seek hedges against fiat instability.

The US Internal Revenue Service proposed changes to Section 892, aiming to tax certain sovereign wealth fund investments previously exempt. This policy shift may reduce institutional capital inflows into US-based crypto and DeFi projects, affecting liquidity and market depth.

Hong Kong has tightened its stablecoin framework, requiring issuers to meet strict capital and reserve standards. The move favors compliant fiat-backed stablecoins, which could boost DeFi and NFT transaction volumes in the region by providing regulatory certainty and safer on/off-ramps for crypto users.

Newrez, a top US mortgage lender, will begin accepting crypto assets for mortgage approvals starting February 2026. This policy innovation may increase crypto asset utility and drive higher demand for BTC and ETH, supporting broader adoption and liquidity in the digital asset market.

Cryptocurrency Regulatory Trends

Hong Kong has tightened stablecoin regulations, requiring issuers to obtain licenses and meet strict reserve standards, which will limit non-compliant assets and increase compliance costs for retail users.

Belgium's KBC Bank will launch Bitcoin and Ether trading for retail clients under the new MiCA framework, reflecting the EU's push for regulated crypto services and potentially boosting investor confidence in compliant platforms.

The U.S. Digital Asset Market Clarity Act faces delays as Coinbase withdraws support over stablecoin reward bans and expanded SEC powers, increasing regulatory uncertainty and market volatility.

U.S. banks and credit unions have rejected stablecoin rewards, supporting new legislation that prohibits interest payments on stablecoin holdings, which could reduce competition for traditional banks and impact DeFi yields.

Hong Kong's Deyling Securities received conditional approval to offer virtual asset advisory services and plans to launch regulated crypto trading, signaling further institutional adoption and regulatory clarity in the region.

Chiliz (CHZ): CHZ surged 6.6% in 24h to $0.0589, driven by a breakout above $0.055 resistance and renewed fan token demand ahead of the 2026 FIFA World Cup, with 24h volume at $244M.

DASH (DASH): DASH rose 5.4% in 24h to $87.21, fueled by a new OKX exchange listing and sector rotation into privacy coins, with 24h trading volume reaching $842M.

Skycoin (SKY): SKY gained 4.5% in 24h to $0.0627, supported by ongoing community engagement and its decentralized internet infrastructure narrative, despite limited recent news or major events.

Smart Money Movements

A major investor placed $74.95 million in BTC and $27.48 million in ETH limit orders, holding $318 million in long positions across ETH, BTC, and SOL, with 62.4% allocated to ETH.

Two Prime was selected to manage $250 million in Bitcoin for Digital Wealth Partners, implementing low-volatility, Bitcoin-denominated return strategies via separately managed accounts.

A whale swapped 363 BTC, valued at $34 million, for 10,390.5 ETH at an average price of $3,273 per ETH over the past two days, reflecting significant portfolio rebalancing.

Bitmine acquired 24,068 ETH worth $80.57 million through FalconX, increasing its staked ETH holdings to 1.7 million, representing 40% of its total 4.17 million ETH portfolio.

A whale invested $10.22 million in BTC call options with a notional value of $353 million, targeting strike prices of $98,000 and $100,000, using 35x leverage for high-risk exposure.

Events to Watch

Jan 16 (Fri)

Connex (CONX) will unlock 1.32M tokens, representing 1.59% of total supply; Sharps Technology and SOL Markets begin 90-day stock lockup agreement.

Jan 19 (Mon)

World Economic Forum Annual Meeting opens in Davos, gathering global leaders to discuss economic, political, and digital finance priorities; Mantle hosts first Mandarin Mentor Clinic for hackathon support.

Jan 22 (Thu)

US Bureau of Economic Analysis releases Q3 2025 GDP updated estimate, GDP by industry, and revised corporate profits, key for global markets.

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