奔跑财经-FinaceRun

日本计划2028年解除加密ETF禁令，SBI与野村等巨头提前布局

据《日本经济新闻》报道，日本金融厅（FSA）预计将于2028年解除对比特币等现货加密货币ETF的禁令，旨在将虚拟货币正式纳入主流金融体系，为个人和机构投资者提供新的合规投资渠道。

FSA计划修订《投资信托法》施行令，一旦获得东京证券交易所的上市批准，普通投资者将能通过证券账户，像买卖股票或黄金ETF一样方便地交易加密货币ETF。目前，已有至少六家资产管理公司正在积极研究开发相关产品。

想要实现这一愿景的关键前提是税制改革，日本当前将虚拟资产收益归为适用综合课税，最高税率可达55%；而新讨论改革方向是将其统一为20%的分离课税。只有完成这一调整，才能吸引更广泛的主流投资者入场。

然而，日本金融厅此前却表现出明显的谨慎监管态度。如，在2025年底，金融厅曾表示，在日本本土批准加密ETF之前，以海外加密ETF为标的的差价合约等衍生品在国内提供“并不理想”，理由是投资者保护环境尚不充分。

值得庆幸的，以SBI控股和野村控股为代表的大型金融机构已提前布局，积极推进相关产品的开发工作。如，SBI已设定通过比特币和以太坊ETF达到5万亿日元资产管理规模的目标。

综上，日本此次系统性改革的意图，不仅是为了扩大投资者的资产配置选择，也反映了其希望在加密资产全球合规化浪潮中，确立自身在加密ETF市场中的地位考量。

#日本加密ETF  #FSA

The total outflow amount of the US BTC and ETH spot ETFs exceeded $1.9 billion this week.

According to SosoValue data, the US BTC spot ETF recorded a net outflow of $1.33 billion, marking the largest single-week outflow since the beginning of the year and the second highest in history; there was no net inflow for any BTC ETFs this week;

Among them, BlackRock's IBIT had a net outflow of $537 million, ranking first in total net outflow this week, with a cumulative inflow of $62.9 billion;

Next are Fidelity's FBTC and Grayscale's GBTC, with net outflows of approximately $452 million and $172 million, respectively;

Following them are ARK 21Shares ARKB, Bitwise BITB, and Franklin EZBC, with net outflows of $76.19 million, $66.25 million, and $10.36 million, respectively;

Valkyrie BRRR and VanEck HODL recorded net outflows of $7.59 million and $6.31 million, respectively;

As of now, the total net asset value of Bitcoin spot ETFs is $115.88 billion, accounting for 6.48% of the total market capitalization of Bitcoin, with a cumulative net inflow of $56.49 billion.

In the same week, the Ethereum spot ETF recorded a net outflow of $6.11 million, also marking the largest single-week outflow this year, and it ranked among the top five historical single-week outflows;

Among them, BlackRock's ETHA had a net outflow of nearly $432 million, ranking first in the net outflow of ETH ETFs for the week.

Next are Fidelity's FETH and Grayscale's ETHE, with net outflows of $78.03 million and $52.76 million, respectively;

Following them are Bitwise ETHW, 21Shares TETH, and VanEck ETHV, with net outflows of $46.24 million, $10.56 million, and $9.90 million, respectively;

It is worth noting that Grayscale's ETH had a net inflow of $17.82 million, becoming the only ETH ETF with a total net inflow this week.

As of now, the total net asset value of Ethereum spot ETFs is $17.70 billion, accounting for 4.99% of the total market capitalization of Ethereum, with a cumulative net inflow of $12.30 billion.

#比特币ETF #以太坊ETF

The SEC and CFTC will discuss the path for cryptocurrency regulation next week to implement the President's goal of making the U.S. the "Crypto Capital of America".

According to the official announcement from the U.S. Securities and Exchange Commission (SEC), the SEC will hold a joint event with the CFTC on January 27 themed "America's Financial Leadership in the Crypto Era".

The core agenda of this event will focus on the coordination and cooperation between the SEC and CFTC to jointly promote achieving President Trump's policy goal of making the U.S. the "World Capital of Cryptocurrency".

The schedule indicates that the meeting will be co-hosted by SEC Chairman Paul Atkins and CFTC Chairman Michael Selig, with both parties delivering keynote speeches and engaging in discussions on specific paths for regulatory coordination.

Additionally, the event will be live-streamed to the public via the SEC's official website and will be open for public participation, demonstrating the U.S. regulatory body's proactive willingness to meet industry transparency and public equal communication needs in cryptocurrency policy implementation.

It is noteworthy that this joint meeting coincides with the U.S. Congress's intensive review of several cryptocurrency market structure bills, and will also be a key practical measure for the SEC and CFTC to clarify regulatory responsibilities and avoid jurisdictional friction.

In summary, this joint event indicates that U.S. regulatory agencies are attempting to transform the high-level "pro-crypto" policy declaration into a clear, coordinated, and executable regulatory framework, aimed at providing certainty for the industry while consolidating its global financial leadership.

#SEC #CFTC

U.S. BTC and ETH Spot ETFs continued to see net outflows on Friday

On January 24, according to SoSovalue data, the U.S. BTC spot ETF recorded a net outflow of nearly $104 million yesterday, marking a consecutive five days of total net outflows. There was no BTC ETF with net inflows yesterday;

Among them, BlackRock's IBIT topped the net outflow list yesterday with nearly $102 million (approximately 1,130 BTC), and the total net inflow of IBIT has accumulated to $62.9 billion;

Following that, Fidelity's FBTC experienced a net outflow of $1.95 million (21.73 BTC) in a single day, and the total net inflow of FBTC has accumulated to $11.46 billion;

As of now, the total net asset value of Bitcoin spot ETFs is $115.88 billion, accounting for 6.48% of Bitcoin's total market value, with a cumulative total net inflow of $56.49 billion.

On the same day, the U.S. Ethereum spot ETF recorded a net outflow of $41.74 million, marking a consecutive four days of net outflows.

Among them, BlackRock's ETHA and Grayscale's ETHE recorded net outflows of $44.49 million (approximately 15,110 ETH) and $10.80 million (approximately 3,670 ETH), respectively;

Meanwhile, Grayscale's ETH and Fidelity's FETH recorded net inflows of $9.16 million (approximately 3,110 ETH) and $4.40 million (approximately 1,490 ETH), respectively;

As of now, the total net asset value of Ethereum spot ETFs is $17.70 billion, accounting for 4.99% of Ethereum's total market value, with a cumulative total net inflow of $12.30 billion.

Overall, BTC and ETH spot ETFs experienced net outflows during all four U.S. trading days this week. This trend indicates that after last week's record inflows, the market has completed a new round of profit-taking and cooling sentiment.

The current market focus has shifted to the Federal Reserve's interest rate meeting decision next Wednesday, and the results of this rate decision and the path of rate cuts may conduct a crucial directional test on confidence in the crypto market.

#比特币ETF #以太坊ETF

Market starts cyclical rebound: geopolitical risks ease, focus shifts to earnings reports and Australian inflation data

According to Pepperstone's research director Chris Weston in a recent post, as geopolitical tensions (especially the US-EU trade dispute) have eased, market risk appetite has significantly warmed up, triggering a classic cyclical rebound.

Meanwhile, defensive positions previously established to hedge against uncertainty have been quickly unwound, indicating that traders' focus is also shifting back to strong economic data and corporate earnings expectations.

On the macroeconomic front, the US third-quarter GDP has been revised up to 4.4%, coupled with robust consumption data, a lower number of unemployment claims, and a 0.5% month-on-month increase in personal spending, which has boosted market risk appetite.

In the stock market, the growth performance of the Russell 2000 index and cyclical S&P 500 sector index, along with the general rise in commodities, all show a broad willingness to take on risk;

In the commodities market, gold and silver maintain their upward momentum; in the forex sector, cyclical currencies such as the Australian dollar and Swedish krona are also attracting funds.

This series of phenomena clearly indicates that capital is flowing back from purely risk-averse positions to assets positively correlated with global economic growth.

However, the sustainability of this rebound still faces challenges. The rise in the S&P 500 index has not been smooth, with intraday volatility showing that some traders are still taking profits at highs, leading to noticeable market divergence.

Despite a rebound in risk sentiment, the volatility of major currency pairs is at a 12-month low, suggesting a generally optimistic market outlook, but also exposing its vulnerability to potential shocks.

Currently, the market's focus has shifted to next week's intensive earnings reports to verify whether this rally has fundamental support; strong employment data is also raising expectations for an interest rate hike in Australia in February, with next Wednesday's fourth-quarter CPI report being particularly critical.

Overall, the market is entering a phase driven by data and performance, with geopolitical issues taking a back seat for now, but the depth and breadth of the rebound will depend on the actual strength of the global economic fundamentals.

#市场风险偏好

The Japanese House of Representatives officially dissolved to prepare for the election on February 8

On January 23, the Speaker of the House of Representatives of Japan officially announced the dissolution of the House of Representatives, aiming to hand over the current government's policy direction to the voters for judgment.

Prime Minister Sanae Takaichi proposed this resolution a few days ago. After the resolution was passed, all cabinet members signed the resolution document, completing all administrative procedures required for the dissolution.

This lightning-fast schedule is seen as an intention to quickly complete the election process. The subsequent election schedule is to announce the election on January 27 and hold voting on February 8.

However, this rapid decision has sparked widespread skepticism. Critics point out that the main motivation for dissolving the House of Representatives is to seize a political window with higher cabinet support rates, to gain an electoral advantage for the ruling party.

But supporters view it as a necessary move to regain public authorization and build consensus. The election results will not only determine the allocation of all seats in the House of Representatives but may also directly affect the composition of the Japanese government.

Regardless of the actual motivation, this lightning election may plunge Japanese politics into a vortex of uncertainty, with the outcome directly determining Prime Minister Sanae Takaichi's approval ratings and the subsequent policy direction of the Japanese cabinet.

#日本众议院解散 #Early Election

The U.S. BTC and ETH spot ETF continued to see net capital outflows on Thursday

On January 23, according to SoSovalue data, the U.S. BTC spot ETF recorded a net outflow of 32.11 million USD yesterday, marking four consecutive days of total net outflows.

Only BlackRock's IBIT and Fidelity's FBTC recorded capital flows, with respective single-day net outflows of 22.35 million USD (249.53 BTC) and 9.76 million USD (108.90 BTC);

As of now, the total net asset value of the Bitcoin spot ETF is 115.99 billion USD, accounting for 6.49% of the total market value of Bitcoin, with a cumulative total net inflow of 56.6 billion USD.

On the same day, the U.S. Ethereum spot ETF recorded a net outflow of 41.98 million USD, marking three consecutive days of net capital outflows.

Among them, BlackRock's ETHA and Bitwise ETHW recorded single-day net outflows of 44.44 million USD (approximately 15,110 ETH) and 15.16 million USD (approximately 5,150 ETH), respectively;

Meanwhile, Grayscale's ETH and ETHE saw single-day net inflows of 9.71 million USD (approximately 3,300 ETH) and 7.92 million USD (approximately 2,690 ETH), respectively;

As of now, the total net asset value of the Ethereum spot ETF is 17.73 billion USD, accounting for 5.00% of the total market value of Ethereum, with a cumulative total net inflow of 12.34 billion USD.

In summary, despite the delay in data release on Wednesday, the data from 21SharesTETH was somewhat delayed yesterday; however, the ETF market continued to show net outflows on Thursday, indicating that selling pressure in the spot ETF market still exists.

#比特币ETF #以太坊ETF

TikTok USDS officially announces the establishment of a new data security joint venture, ByteDance retains algorithm and business sovereignty

According to news from TikTok's official website, in response to long-standing regulatory challenges, TikTok announced a new operational plan for its U.S. business on January 23, aiming to balance compliance requirements with core business interests through structural reorganization.

The announcement shows that TikTok USDS has established the "TikTok U.S. Data Security Joint Venture LLC", which will be responsible for data protection, algorithm security, content review, and software assurance functions related to national security in the U.S.

The newly established security joint venture will adopt a "two-company joint operation" structure, but the business modules involving national security reviews will be independent to ensure TikTok meets U.S. regulatory expectations.

In terms of corporate governance structure, ByteDance has introduced Oracle, Silver Lake Capital, and UAE MGX as investment shareholders, with each holding 15%, while retaining 19.9% of the shares to maintain the largest single shareholder position.

At the same time, the joint venture will be managed by a seven-member board of directors, with current TikTok CEO Shouzi Zhou among them. This equity and governance design aims to satisfy U.S. regulatory requirements for transparency and independent oversight.

It is noteworthy that while making the above adjustments, ByteDance has also safeguarded its core business interests. Among them, the intellectual property rights of TikTok's algorithms still fully belong to ByteDance, and the joint venture is only granted a usage license;

The main profitable business in the U.S. market, namely advertising and e-commerce operations, will continue to be independently managed by an entity fully controlled by ByteDance and will not be included in the joint venture.

This arrangement not only ensures that TikTok avoids the risk of being banned in the U.S. but also provides a regulatory model for global technology companies in a complex geopolitical environment, separating "data security governance from business operations."

Some analysts believe that its approach is reminiscent of Apple's iCloud's "Cloud on Guizhou" model in China, reflecting a path to seek pragmatic solutions within established rules.

Overall, ByteDance has made concessions in equity and governance rights in exchange for absolute control over algorithm IP and business models, addressing regulatory concerns about data security while safeguarding its business lifeline.

#TikTok

Bitcoin's overall network has encountered the longest decline since 2024, and the mining economic benefits are showing structural deterioration.

According to an analysis published by asset management company VanEck, Bitcoin's overall network has experienced the longest decline since the spring of 2024, and the economic benefits of Bitcoin mining are showing structural deterioration.

Data shows that the 30-day moving average hash rate has declined by approximately 6% since the peak in November 2025, while the mining difficulty and the estimated electricity consumption of global miners have also decreased simultaneously; these indicators point to the fact that some miners are shutting down machines and exiting the network.

Analysis suggests that the direct pressure causing this phenomenon comes from the narrowing profit margins, but the deeper impact stems from the explosive demand for electricity and computing resources from artificial intelligence data centers, which are competing for the resource share of Bitcoin miners.

As large-scale mining operations face higher and more stable cash flow returns provided by AI computing services, they are beginning to strategically reallocate core resources such as electricity, venue, and even equipment into the AI field.

This 'crowding out effect' from higher-yielding industries is fundamentally changing the direction of resource flow and is also a deep structural reason for the continuous decline in Bitcoin's hash rate.

However, some analysts believe that while the adjustment of miners' hash power brings a pain period to the Bitcoin mining industry, it may accumulate momentum for the next stage of market changes.

Finally, what are your views on the current trend of declining Bitcoin hash rate and miners turning to the AI field? Do you think this is a temporary adjustment, or the beginning of a fundamental transformation in the mining industry?

#Bitcoin Hash Rate

Pantera Capital: The Corporate Crypto Treasury in 2026 Will Face 'Brutal Elimination', Market Likely to be Dominated by a Few Institutional Giants

Recently, the well-known crypto investment firm Pantera Capital released a report predicting that corporate digital asset treasury (DAT) companies will enter a 'brutal elimination' competition in 2026, ultimately dominated by a few large enterprises with strong capital.

The report points out that the capital-rich leading giants will continue to dominate the acquisition of Bitcoin and Ethereum, while many smaller participants will be acquired or eliminated for failing to keep up, ultimately leading to a market landscape dominated by a few large enterprises.

Analysis suggests that, based on this situation, the current cryptocurrency market has shown signs of centralization. Taking the leading firm Strategy as an example, it recently made a purchase of over $2.1 billion, resulting in the firm's current BTC holdings accounting for about 3.38% of the total supply.

Moreover, Ethereum holdings are similarly concentrated among a few institutions. For instance, BitMine controls about 3.48% of the total supply, while other institutions like Trend Research are financing their purchases of Ethereum through DeFi lending protocols.

This highly concentrated situation also poses severe sustainability questions for smaller DAT companies that relied on debt or equity financing for expansion during the bull market and have insufficient capital reserves.

For example, at the end of last year, the crypto asset management firm ETHZilla was forced to sell $74.5 million worth of Ethereum to repay financing debts, which is a typical example of the financial pressure facing DAT companies.

Overall, Pantera's report sounds the alarm for the 'corporate crypto treasury' trend, as this field transitions from the early broad experimental phase into a brutal selection phase determined by capital scale, financing costs, and financial stability.

In 2026, the market will witness financially stable giants continue to expand, while smaller participants lacking strength will face immense survival pressure. This consolidation will not only reshape the corporate holding landscape but may also affect the distribution of core crypto assets and market stability.

#加密货币投资

Vietnam launches a five-year pilot project for cryptocurrency exchange licenses, establishing a capital barrier of $380 million for local brokerages.

On January 20, the Vietnamese government introduced a five-year pilot project for cryptocurrency exchange licenses, ending the long-standing regulatory ambiguity in the country's digital asset market and formally bringing cryptocurrencies under a legal regulatory framework.

The project is based on the Digital Technology Industry Law passed last year and is issued by the Ministry of Finance under Decision No. 96/QD-BTC, which has been signed by the Deputy Prime Minister to implement it as an executable administrative procedure. It has started accepting license applications from enterprises.

The entry requirements for the pilot project are extremely strict, with applicant institutions needing to meet a minimum registered capital of 100 trillion Vietnamese dong (approximately $380 million), of which at least 65% must be held by institutional investors. Company executives must have extensive industry experience and must employ at least 10 technical personnel with cybersecurity certificates and 10 employees with securities practitioner certificates to ensure the operational safety and compliance of the enterprise.

Despite the stringent barriers, major local financial institutions still show a strong willingness to participate. For example, two subsidiaries of SSI Securities have signed a memorandum of cooperation with companies like Tether to plan the joint development of a digital financial ecosystem; and VIX Securities not only invested in establishing an exchange but also collaborated with technology company FPT.

In the banking sector, MBBank has signed a technical cooperation agreement with South Korean operator Upbit, Techcombank has established the Techcom cryptocurrency asset exchange, and VPBank has also stated that it is ready to start operations immediately once approved.

Overall, Vietnam, by establishing a high-standard regulatory framework, has attracted the participation of professional capital and institutions while striving to control market risks and industry entry barriers.

This pilot project aims not only to regulate the rapidly growing cryptocurrency trading activities domestically but also reflects the country's strategic intent to position the digital asset industry as a key area for future financial and technological development.

#越南 #交易所牌照

Goldman Sachs significantly raised its gold price forecast to $5,400, with upward momentum likely to continue into 2026.

According to Bloomberg, Goldman Sachs raised its gold price forecast for 2026 by 10% last week, from $4,900 per ounce to $5,400. Analysts believe that this is the result of the combined efforts of central banks, ETFs, and private investors.

Specifically, affected by global policy uncertainty, central banks are expected to maintain strong gold purchases in 2025. Based on this, Goldman Sachs predicts that central banks will continue to maintain an average monthly demand of 60 tons of gold in 2026 to achieve long-term diversification of reserve assets;

Emerging market countries will also continue to increase their gold holdings to optimize their foreign exchange reserve structure, in order to reduce dependence on a single currency.

Meanwhile, Western gold ETFs have added approximately 500 tons since early 2025, with their growth far exceeding the conventional level driven solely by interest rate expectations.

Moreover, private investors are no longer only hedging against short-term events, but are viewing gold as a allocation tool to address long-term policy risks such as fiscal sustainability. Once this "sticky" demand is established, it is not easily loosened.

The report argues that if global policy uncertainty persists, the asset allocation of the private sector will further diversify into gold, potentially pushing the gold price beyond current expectations;

However, the report also warns that if the policy path of major economies like the United States becomes clear and stable in the future, investors and institutions that bought gold due to "panic sentiment" will lose their core reason for holding gold, and the gold price will face downward pressure.

In summary, Goldman Sachs' forecast suggests that under the combined influence of safe-haven demand, allocation demand, and liquidity easing expectations, the upward logic of the gold market in 2026 will remain dominant, but attention should still be paid to changes in global policy direction and capital flows.

#高盛 #黄金价格预测

Affected by Trump's remarks on canceling tariffs on Greenland, Bitcoin price has rebounded to around $90,000

On January 22, news broke that U.S. President Trump announced the cancellation of the planned 10% tariffs on multiple European countries, originally set to take effect on February 1, and stated that progress has been made in negotiations regarding Greenland. As a result of this news, the cryptocurrency market experienced significant volatility, particularly with Bitcoin's price rising sharply.

In a statement on Truth Social, Trump indicated that after a "productive meeting" with NATO Secretary General Mark Rutte, both sides reached a preliminary consensus on the framework for a future agreement concerning Greenland and the Arctic region. If this proposal is ultimately realized, it will benefit both the U.S. and NATO countries. Based on this, he will not implement the tariffs originally scheduled to take effect on February 1.

After the announcement, the market reacted positively, with Bitcoin's short-term price briefly breaking through $90,000 from $87,000, followed by fluctuations around the $80,000 to $90,000 range, leading to a massive surge in the liquidation scale of the derivatives market, with the amount of liquidations increasing by 40% in the past 24 hours, now reaching $1 billion.

This series of fluctuations indicates that in the current macro environment of high geopolitical uncertainty, crypto assets, as a category of high-volatility risk assets, are still highly susceptible to short-term sentiments and headline news.

#特朗普

The U.S. Congress updates the draft legislation on the structure of the cryptocurrency market, aiming to expand the CFTC's jurisdiction over digital commodities.

On January 22, news broke that John Boozman, chairman of the U.S. Senate Agricultural Committee and Republican senator, released an updated draft of the cryptocurrency market regulation bill, which seeks to expand the jurisdiction of the Commodity Futures Trading Commission (CFTC) over digital commodities and promote further clarity in the regulatory framework for the cryptocurrency industry.

This revised draft is an improvement over the earlier bipartisan version and fully incorporates feedback from the cryptocurrency industry and various stakeholders. Due to controversial provisions in the bill related to tokenized stocks, DeFi privacy protection, and stablecoin yield, the initial version of the market structure draft was forced to be withdrawn.

Boozman revealed that although this version has not yet reached complete consensus with Democratic members of the committee, he stated that the legislative process will not stall and he looks forward to continuing discussions at the formal committee meeting scheduled for next Tuesday (3 PM Eastern Time) to seek consensus.

The goal of the draft will also be to clarify the inclusion of digital assets currently in a regulatory gray area, especially cryptocurrencies defined as “digital commodities,” within the exclusive jurisdiction of the CFTC, providing a clear compliance path for such assets and related market participants, thereby ending the previous uncertainty regarding regulatory jurisdiction.

In simple terms, if the bill is passed, it could resolve the long-standing ambiguity over jurisdiction between the SEC and CFTC and promote the industry towards a clearer compliance path. However, the policy differences between the two parties on key consensus issues also indicate that the legislative process may still face many challenges.

#市场结构法案

Strategy's single-week splurge of $2.1 billion to purchase Bitcoin marks the largest increase since February 2025

According to official news, the world's largest Bitcoin financial company, Strategy, made its largest single purchase of Bitcoin since February 2025 last week, further solidifying its position as the largest public holder of Bitcoin globally.

Last week, the company purchased 22,305 Bitcoins at an average price of about $95,284 each, with a total investment exceeding $2.125 billion, bringing its total Bitcoin holdings to 709,715 coins, with a total cost of approximately $53.923 billion.

Strategy's current average Bitcoin holding cost is about $75,979 per coin. If calculated at the current market price of $89,500 for Bitcoin, it indicates a paper profit of nearly $10 billion.

It is worth noting that this large-scale increase follows last year's concerns about a 'bubble' due to overheated summer markets. Strategy's counter-cyclical operations can be seen as a reaffirmation of its long-term Bitcoin strategy;

it is also a response to community doubts about its purchasing power in recent weeks, demonstrating its renewed commitment and practice of treating Bitcoin as a primary reserve asset.

Overall, Strategy's historic scale of purchasing operations may be a way to showcase its 'realistic expectations' and firm confidence in Bitcoin's long-term value storage role to the market.

#Strategy #比特币

Trump Family Wealth Map Revealed: Cryptocurrency Assets Account for 20% of Their Family Wealth

In the past year, the overall net worth of the Trump family's wealth map has remained at approximately $6.8 billion, but the structure of their wealth sources has shifted from traditional assets to the cryptocurrency sector.

Currently, about 20% (approximately $1.4 billion) of their family's wealth is directly related to digital asset projects, marking a fundamental change in the family's economic foundation.

Bloomberg's analysis shows that this structural shift is mainly attributed to the digital asset-related businesses managed by President Trump's family, with a focus on three major profit projects of the Trump family:

Among them, World Liberty Financial has generated about $390 million in revenue by selling some project tokens (WLFI); since the launch of its stablecoin USD1, the project's market value has exceeded $3 billion;

Secondly, the official TRUMP and MELANIA meme coins contributed approximately $280 million in revenue; and Eric Trump’s 7.4% stake in American Bitcoin is valued at around $114 million.

The report also notes that the Trump family's book profits could still be as high as several billion dollars, as they still hold founder WLFI tokens worth $3.8 billion, but these tokens are currently locked and not included in this calculation.

These projects have not only brought significant wealth growth to the Trump family but also signify a fundamental change in the economic foundation of the family.

In summary, the Trump family has successfully built a considerable and structurally diverse asset portfolio by investing in cryptocurrency financial platforms, personal IP tokenization, and holding equity in industry entities.

This asset portfolio not only effectively hedges against the risk of a sharp decline in their traditional core assets but also makes them the first family in the United States to be deeply tied to the cryptocurrency industry.

The fundamental transformation of their family asset portfolio also implies that the future direction of digital asset policy in the United States will be closely intertwined with the economic interests of their political family.

#Trump Family

The total net outflow of US BTC and ETH spot ETFs reached $713 million on Tuesday, with no ETF experiencing a net inflow throughout the day.

On January 21, according to SoSovalue data, the US BTC spot ETF had a total net outflow of $483 million yesterday, marking the second consecutive day of net outflow since last Friday. Additionally, there was no BTC ETF with a net inflow on that day;

Among them, Grayscale's GBTC topped the net outflow list with nearly $161 million (approximately 1,800 BTC), bringing the cumulative net outflow of GBTC to $25.57 billion;

Next, Fidelity's FBTC experienced a net outflow of $152 million (approximately 1,700 BTC) yesterday, currently accumulating a total net outflow of $11.76 billion;

BlackRock's IBIT, Ark & 21Shares ARKB, and Bitwise BITB recorded net outflows of $56.87 million (635.17 BTC), $46.37 million (517.89 BTC), and $40.38 million (450.96 BTC), respectively;

Meanwhile, VanEck HODL, Franklin EZBC, and Valkyrie BRRR registered net outflows of $12.66 million (141.39 BTC), $10.36 million (115.68 BTC), and $3.79 million (42.34 BTC), respectively;

As of now, the total net asset value of Bitcoin spot ETFs stands at $116.73 billion, accounting for 6.51% of Bitcoin's total market capitalization, with a cumulative total net inflow of $57.34 billion.

On the same day, the US Ethereum spot ETF recorded a net inflow of nearly $230 million, marking the first day of net inflow for the week. Additionally, there was no ETH ETF with a net inflow on that day;

Among them, BlackRock's ETHA had a net inflow of $92.3 million (approximately 30,830 ETH), currently accumulating a total net inflow of $12.85 billion;

Next, Fidelity's FTH and Grayscale's ETHE recorded net outflows of $51.54 million (approximately 17,210 ETH) and $38.5 million (approximately 12,860 ETH) yesterday, respectively;

Bitwise ETHW, Grayscale's ETH, and VanEck ETHV recorded net outflows of $31.08 million (approximately 10,380 ETH), $11.06 million (approximately 3,690 ETH), and $5.47 million (approximately 1,830 ETH), respectively;

As of now, the total net asset value of Ethereum spot ETFs stands at $18.41 billion, accounting for 5.07% of Ethereum's total market capitalization, with a cumulative total net inflow of $12.68 billion.

Overall, despite the US stock market being closed for one day due to Martin Luther King Jr. Day, it did not hinder the overall trend of net outflows in the ETF market observed last Friday.

#比特币ETF #EthereumETF

Trump's cryptocurrency advisor calls for the passage of the market structure bill, the industry must seize the opportunity to compromise early

Recently, Patrick Witt, the executive director of President Trump's Digital Assets Advisory Committee, publicly called for the current political window to be seized to pass the CLARITY Act, a cryptocurrency market structure bill, as soon as possible.

He emphasized that although the bill may require compromises, swift action is crucial to avoid potentially harsher legislation in the future.

Witt's viewpoint (i.e., "no bill is better than a bad bill") states that if the current pro-cryptocurrency government opportunity is missed, the Democrats may push punitive regulatory policies similar to the Dodd-Frank Act in the future. Therefore, passing a compromise bill in a Republican-led political environment is far more advantageous than waiting for uncertain future legislation.

It is worth noting that Coinbase, one of the main donors to the Trump administration, has previously withdrawn its support for the market structure draft version due to disagreements regarding provisions involving tokenized stocks, DeFi privacy protection, and stablecoin yields, which directly led to the Senate Banking Committee postponing the originally scheduled hearing.

Currently, the Senate Agriculture Committee has decided to hold a hearing on the bill on January 27, while the Banking Committee has yet to determine the new date for its postponed review.

Overall, despite the differences between the industry and legislators, the positions on fundamental issues remain consistent. The legislators' priority is to pass clear policy bills to clarify the regulatory jurisdiction between the CFTC and SEC.

Meanwhile, Armstrong also stated that he would continue to communicate closely with the banking sector at events such as the Davos Forum to seek consensus on core contentious issues like stablecoin yields.

In summary, the core of this debate is no longer when this market structure bill can be passed, but rather how to ensure regulation while providing sufficient flexibility for market participants as early as possible to promote healthy industry development.

#市场结构法案

Massachusetts court ruling prohibits prediction market Kalshi platform sports betting business

A Massachusetts judge ruled on Tuesday that the state government has the authority to prohibit the emerging prediction market platform Kalshi from offering sports betting services in its state, with the ban set to take effect as early as this Friday.

If the ruling is implemented, it will be the first state-level ban in the United States against such prediction market platforms.

This ruling stems from the state attorney general's accusation last September that Kalshi was operating a sports betting business without the necessary state license, in violation of local regulations.

Kalshi's defense argument is that, as a "event contract" market regulated by the U.S. Commodity Futures Trading Commission (CFTC), it should be subject to federal regulations rather than state-level market bans.

The judge noted in the ruling that Kalshi, knowing that there are regulatory requirements in various states and that the CFTC had warned it to act cautiously, still expanded its business into states that require a betting license, thus actively assuming risk and therefore must comply with local laws.

Analysts believe this move may pose a significant blow to Kalshi. Its sports betting business, which launched in January 2025, has become a core growth driver, contributing approximately 70% of the company's revenue. This defeat will not only immediately cost it the Massachusetts market but may also prompt other states to take similar regulatory follow-up actions.

In summary, the core conflict in this case lies in how to delineate federal and state regulatory authority when prediction markets are included in the highly regulated sports betting sector, directly addressing a key obstacle in the field of fintech innovation.

Although the judge's "state rights" ruling casts a pause on the prediction market, it may just be the beginning of a long-term game regarding innovation, regulation, and jurisdiction.

Kalshi's responses to the upcoming legal rulings, as well as whether the CFTC will further coordinate with state regulatory agencies on this issue, will also become a focal point of attention in the industry.

#Kalshi禁令 #马萨诸塞州

CFTC Chairman Announces the Upcoming Issuance of the "Clear Act" as the U.S. Crypto Regulatory Framework Makes New Breakthrough

According to the CFTC official website, the Chairman of the U.S. Commodity Futures Trading Commission (CFTC) recently stated that the "Digital Asset Market Transparency Act" (hereinafter referred to as the "Clear Act") has entered the final critical stage of the legislative process, and Congress is about to formally issue the act, establishing a dedicated regulatory framework for the digital asset market.

This news marks a significant step forward for the U.S. in the field of cryptocurrency regulation, with the potential to end the long-standing regulatory ambiguity faced by the industry.

The core of the act is to create a tailored regulatory system that defines compliance boundaries for the digital asset market, ensures the safe and orderly development of the market within the U.S., and prevents the industry from growing wildly in a regulatory vacuum.

If the "Clear Act" is successfully implemented, it will provide much-needed legal certainty for U.S. cryptocurrency exchanges, custodians, and various market participants.

At the same time, the act is expected to clarify the current overlapping regulatory responsibilities and ambiguous authority between multiple departments, such as the SEC and CFTC, clearing obstacles for compliant operations in the crypto industry and laying a solid institutional foundation for technological innovation and industrial development.

#数字资产法案 #CFTC