GameFi Tokens Lead Gains as Bitcoin Slips Below $90K on ETF Outflows

I. Crypto Market Overview

Key Takeaways

Macro Environment

The US Senate Agriculture Committee advanced a crypto market structure bill expanding CFTC oversight, signaling renewed regulatory momentum. UK CPI inflation rose to 3.4%, raising concerns about delayed monetary easing and sustained market volatility. Thailand is finalizing crypto ETF and futures regulations for early 2026, aiming to attract institutional capital and boost regional liquidity.

Crypto Market

The crypto market saw mixed performance over the past 12 hours. Bitcoin (BTC) fell 0.52% to $89,555, pressured by ETF outflows and risk-off sentiment. Ethereum (ETH) dropped 2.18% to $2,954, while Solana (SOL) declined 1.57% to $128.27. GameFi tokens outperformed: Axie Infinity (AXS) surged 10.6% to $2.81 on a rewards overhaul, and The Sandbox (SAND) rose 9.3% to $0.168. Canton Network (CC) slipped 2.99%. Most major altcoins, including ADA (-2.29%) and XRP (-2.30%), tracked the broader market lower, with GameFi and metaverse sectors showing relative strength due to sector rotation and protocol upgrades.

Today's Outlook

Key events today include the release of US Q4 2025 GDP and Real Personal Consumption Expenditures data, which may drive volatility across risk assets. Notable token unlocks feature Spacecoin (SPACE) airdrop and Magic Newton Foundation and Newton Protocol supply releases, potentially impacting token prices and liquidity.

Fear and Greed Index

22.00% Annual Percentile

34 Neutral

Total Crypto Market Cap

$3.02T

0.68%

Total Market Trading Volume

$98.63B

31.39%

Altcoin Season Index

63.64%

Quarterly Percentile

30 / 100

Total Futures Market Open Interest

3.64B

0.90%

Futures

603.69B

7.05%

Perpetuals

II. Industry Updates

Macro-economic Policies

The U.S. Treasury conducted a $2.8 billion debt buyback, stabilizing bond yields near 4.25%. This move supports market liquidity and indirectly impacts crypto by influencing global risk sentiment and capital flows.

Stablecoin supply growth has stagnated at $310 billion due to increased market scrutiny and higher Treasury yields, reducing new issuance. This limits DeFi liquidity and may constrain crypto market expansion.

The tokenized GOLD market cap surpassed $5.12 billion, driven by rising physical gold prices. This trend signals growing institutional interest in tokenized assets, potentially increasing on-chain collateral options for DeFi.

Capital One announced a $5.15 billion acquisition of Brex, which is developing stablecoin payment features. This integration of stablecoin technology into mainstream finance could boost stablecoin transaction volumes and crypto adoption.

UK CPI inflation rose to 3.4% in December, exceeding expectations. Persistent inflationary pressure may delay monetary easing, sustaining volatility in crypto markets as investors reassess risk and hedging strategies.

Cryptocurrency Regulatory Trends

The US Senate Agriculture Committee has released the text of a new crypto market structure bill, expanding CFTC authority over digital assets and scheduling a markup hearing for January 27. This move signals renewed regulatory momentum and could boost institutional confidence if passed.

The SEC and CFTC will hold a joint public event on January 27 to discuss regulatory harmonization and US leadership in crypto, reflecting a shift toward coordinated oversight and potentially reducing compliance uncertainty for market participants.

Thailand's SEC is finalizing regulations for crypto ETFs and futures trading, aiming for early 2026 implementation. The new framework is expected to attract institutional investors and enhance market liquidity in Southeast Asia.

Recent US Senate delays on broader crypto legislation, due to shifting political priorities, have created short-term regulatory uncertainty, but parallel progress in the Agriculture Committee keeps digital asset regulation in focus.

The SEC's cryptocurrency enforcement actions declined by 60% in 2025 under new leadership, indicating a shift toward a more predictable and less aggressive regulatory environment, which may encourage greater institutional participation.

The Sandbox (SAND): SAND surged 9.8% in 24h with $294M volume as GameFi tokens outperformed and SAND broke out of a long-term downtrend, supported by strong sector rotation and new Base network integration.

Axie Infinity (AXS): AXS jumped 11.8% in 24h, trading $627M, driven by a major rewards system overhaul that replaced tradable AXS with non-transferable bAXS, reducing bot abuse and fueling supply shock expectations.

Canton Network (CC): CC maintained a top gainer position with a $5.4B market cap and $20.6M volume, but no specific 24h catalyst or major event was identified; price action appears driven by ongoing network adoption and utility mining rewards.

Smart Money Movements

A whale acquired 20,013 ETH worth approximately $59 million from FalconX, raising total holdings to 80,115 ETH valued at $236.55 million.

Bitmine staked an additional 171,264 ETH valued at $503.24 million, bringing its total staked Ethereum to 1,943,200 ETH, worth $5.73 billion.

1,100 BTC valued at $89.17 million was transferred from Fidelity Custody to anonymous addresses, with 1,000 BTC subsequently moved to another unknown wallet.

BlackRock transferred 3,970 BTC ($356.7 million) and 82,813 ETH ($247.1 million) to Coinbase Prime, totaling $603.8 million in digital assets.

A whale executed a strategic trade in Uniswap (UNI), selling 798,734 UNI for $4.26 million and later repurchasing 757,684 UNI at a 9.4% lower price, netting a $600,000 profit.

Events to Watch

Jan 23 (Fri)

US Q4 2025 GDP and Real Personal Consumption Expenditures data will be released; Spacecoin (SPACE) airdrop distribution at 10:00 UTC.

Jan 27 (Tue)

Federal Reserve and FOMC meetings begin, focusing on US interest rate policy and monetary outlook, with potential impact on global crypto markets.

Jan 28 (Wed)

FOMC will announce its policy rate decision; 12.5M XPL and 290M Sign tokens unlock, possibly affecting token prices and market sentiment.

III. Phemex Market Focus

New Listings

Jan 22: (IMU/USDT)

Immunefi (IMU) is now available for spot trading on Phemex with the IMU/USDT pair.

Jan 22: (SENT/USDT)

Sentient (SENT) is now available for spot trading on Phemex with the SENT/USDT pair.

Jan 22: (ACU/USDT)

Acurast (ACU) is now available for spot trading on Phemex with the ACU/USDT pair.

Jan 21: (SKR/USDT)

Seeker (SKR) is now available for spot trading on Phemex with the SKR/USDT pair.

Jan 19: (SPORTFUN/USDT)

Sport.Fun (SPORTFUN) is now available for spot trading on Phemex with the SPORTFUN/USDT pair.

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