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Japan’s bond market is undergoing a major shift after decades of ultra-cheap money, with long-dated government bond yields hitting levels not seen in around 30 years. Rising yields on 30-year and 40-year Japanese government bonds, alongside weaker auction demand, signal that the era of suppressed funding costs is ending.
This matters globally because Japan has long been a key source of cheap capital through yen-funded carry trades. As rates rise and volatility increases, leverage is pulled out of the system, pressuring risk assets worldwide. Bitcoin, despite its “outside the system” narrative, remains sensitive to higher real yields and tighter global liquidity.
The article argues that Japan’s bond market stress can cap crypto upside, make rallies choppier, and trigger sharper sell-offs during volatility spikes. Whether the impact persists depends on how orderly Japan’s policy transition remains and whether rising yields keep global financial conditions tighter than markets expect.
This matters globally because Japan has long been a key source of cheap capital through yen-funded carry trades. As rates rise and volatility increases, leverage is pulled out of the system, pressuring risk assets worldwide. Bitcoin, despite its “outside the system” narrative, remains sensitive to higher real yields and tighter global liquidity.
The article argues that Japan’s bond market stress can cap crypto upside, make rallies choppier, and trigger sharper sell-offs during volatility spikes. Whether the impact persists depends on how orderly Japan’s policy transition remains and whether rising yields keep global financial conditions tighter than markets expect.
Ethereum has recorded the highest on-chain activity in its history, with transactions and active addresses surging as network fees remain extremely low. Recent protocol upgrades significantly expanded throughput, making Ethereum’s mainnet economically usable again and attracting applications such as payments, stablecoins, prediction markets, and real-world assets back to Layer 1.
However, deeper analysis suggests much of this activity may not reflect genuine user adoption. On-chain metrics show declining network value relative to usage, while researchers identify a large share of transactions as low-cost native $ETH and stablecoin transfers linked to automated behavior.
Security analysts warn that cheap fees have enabled large-scale address-poisoning scams, where attackers flood wallets with small “dust” transfers to create misleading transaction histories. These campaigns appear responsible for a substantial portion of new address creation and transaction volume, inflating headline metrics while exposing retail users to losses.
As a result, Ethereum’s record activity highlights a trade-off: scaling has successfully lowered costs and boosted capacity, but without stronger user-level protections, cheap blockspace can also subsidize industrial-scale scams, blurring the line between real adoption and automated abuse.
However, deeper analysis suggests much of this activity may not reflect genuine user adoption. On-chain metrics show declining network value relative to usage, while researchers identify a large share of transactions as low-cost native $ETH and stablecoin transfers linked to automated behavior.
Security analysts warn that cheap fees have enabled large-scale address-poisoning scams, where attackers flood wallets with small “dust” transfers to create misleading transaction histories. These campaigns appear responsible for a substantial portion of new address creation and transaction volume, inflating headline metrics while exposing retail users to losses.
As a result, Ethereum’s record activity highlights a trade-off: scaling has successfully lowered costs and boosted capacity, but without stronger user-level protections, cheap blockspace can also subsidize industrial-scale scams, blurring the line between real adoption and automated abuse.
Binance’s RLUSD Listing Could Reshape Stablecoin Power Dynamics, but Adoption Is the Real Test
Binance’s decision to list Ripple’s RLUSD stablecoin with multiple spot pairs and zero trading fees on its core RLUSD/USDT and RLUSD/U markets is more than a routine exchange listing. It is a strategic liquidity intervention that has the potential to reshape how value flows through the stablecoin market.
At a mechanical level, zero-fee trading changes behavior. Market makers and high-frequency trading firms are strongly incentivized to quote tighter spreads and route more volume through subsidized pairs. This deepens order books, reduces slippage, and improves execution quality, which in turn attracts even more flow. In stablecoin markets—where assets are largely interchangeable—efficiency often determines preference. Binance is effectively positioning RLUSD as the cheapest and most frictionless rail on its platform.
Historical precedent supports the impact of this strategy. When Binance reintroduced USDC with similar fee incentives, liquidity and market share rapidly concentrated around that asset. The lesson is not that Binance can “create” fundamental value, but that it can decisively influence which stablecoin becomes the default settlement layer for trading activity on centralized exchanges. If RLUSD captures a meaningful share of routing flow, it gains visibility, liquidity, and relevance far beyond its current size.
However, liquidity dominance alone does not guarantee long-term success. The critical distinction is between transactional usage and balance-sheet adoption. Trading volume can surge without materially increasing circulating supply. For RLUSD, the path toward becoming a top-three stablecoin depends on converting trading demand into sustained issuance—meaning the token must be held, not just passed through.
Binance’s broader integration plans suggest awareness of this challenge. By making RLUSD eligible for portfolio margin and planning its inclusion in Binance Earn, the exchange is expanding the token’s utility beyond spot trading. These features encourage traders, funds, and potentially institutions to hold RLUSD as collateral or yield-bearing assets, which directly supports market cap growth. This second-order effect is essential if RLUSD is to close the large numerical gap separating it from leading stablecoins.
That gap remains substantial. With a circulating supply of roughly $1.4 billion, RLUSD is still far behind incumbents. Reaching the top three would require billions of dollars in net new issuance within a relatively short timeframe. This makes the macro environment especially important. If the stablecoin market expands significantly—as projected by both public-sector institutions and major banks—RLUSD could grow rapidly without needing to displace incumbents one-for-one.
Ripple’s long-term advantage lies in its institutional positioning rather than retail momentum. RLUSD benefits from a regulatory structure that emphasizes compliance and transparency, making it more attractive to corporate treasuries, banks, and regulated financial institutions. At the same time, Ripple’s recent acquisitions across brokerage, custody, treasury management, and payments point to a vertically integrated strategy. This infrastructure allows RLUSD to be embedded directly into enterprise workflows where stablecoin balances can scale quickly and persistently.
Ultimately, Binance provides the ignition, but not the engine. The exchange can catalyze liquidity and accelerate adoption at the market level, but durable growth depends on whether RLUSD becomes a trusted balance-sheet asset within institutional systems. If RLUSD remains primarily a low-cost trading rail, its impact may fade once incentives change. If it becomes embedded in payments, collateral, and treasury operations, the Binance listing could mark the beginning of a structural shift toward the top tier of the stablecoin market.
$XRP $BNB
At a mechanical level, zero-fee trading changes behavior. Market makers and high-frequency trading firms are strongly incentivized to quote tighter spreads and route more volume through subsidized pairs. This deepens order books, reduces slippage, and improves execution quality, which in turn attracts even more flow. In stablecoin markets—where assets are largely interchangeable—efficiency often determines preference. Binance is effectively positioning RLUSD as the cheapest and most frictionless rail on its platform.
Historical precedent supports the impact of this strategy. When Binance reintroduced USDC with similar fee incentives, liquidity and market share rapidly concentrated around that asset. The lesson is not that Binance can “create” fundamental value, but that it can decisively influence which stablecoin becomes the default settlement layer for trading activity on centralized exchanges. If RLUSD captures a meaningful share of routing flow, it gains visibility, liquidity, and relevance far beyond its current size.
However, liquidity dominance alone does not guarantee long-term success. The critical distinction is between transactional usage and balance-sheet adoption. Trading volume can surge without materially increasing circulating supply. For RLUSD, the path toward becoming a top-three stablecoin depends on converting trading demand into sustained issuance—meaning the token must be held, not just passed through.
Binance’s broader integration plans suggest awareness of this challenge. By making RLUSD eligible for portfolio margin and planning its inclusion in Binance Earn, the exchange is expanding the token’s utility beyond spot trading. These features encourage traders, funds, and potentially institutions to hold RLUSD as collateral or yield-bearing assets, which directly supports market cap growth. This second-order effect is essential if RLUSD is to close the large numerical gap separating it from leading stablecoins.
That gap remains substantial. With a circulating supply of roughly $1.4 billion, RLUSD is still far behind incumbents. Reaching the top three would require billions of dollars in net new issuance within a relatively short timeframe. This makes the macro environment especially important. If the stablecoin market expands significantly—as projected by both public-sector institutions and major banks—RLUSD could grow rapidly without needing to displace incumbents one-for-one.
Ripple’s long-term advantage lies in its institutional positioning rather than retail momentum. RLUSD benefits from a regulatory structure that emphasizes compliance and transparency, making it more attractive to corporate treasuries, banks, and regulated financial institutions. At the same time, Ripple’s recent acquisitions across brokerage, custody, treasury management, and payments point to a vertically integrated strategy. This infrastructure allows RLUSD to be embedded directly into enterprise workflows where stablecoin balances can scale quickly and persistently.
Ultimately, Binance provides the ignition, but not the engine. The exchange can catalyze liquidity and accelerate adoption at the market level, but durable growth depends on whether RLUSD becomes a trusted balance-sheet asset within institutional systems. If RLUSD remains primarily a low-cost trading rail, its impact may fade once incentives change. If it becomes embedded in payments, collateral, and treasury operations, the Binance listing could mark the beginning of a structural shift toward the top tier of the stablecoin market.
$XRP $BNB
Kevin O’Leary says the future of crypto and AI lies in infrastructure, not tokens. He now controls about 26,000 acres of land to develop power-ready, permit-approved sites for bitcoin mining, AI, and cloud data centers, which he plans to lease rather than build himself. O’Leary argues that land, power contracts, and utilities are more valuable than digital assets, predicting that roughly half of the recently announced data centers will never be built due to a lack of real-world preparation.
He is increasingly skeptical of most crypto tokens, believing institutional investors only care about bitcoin and Ethereum. O’Leary says meaningful institutional adoption will depend on clearer U.S. regulation, especially rules that allow stablecoin accounts to offer yield. About 19% of his portfolio is now allocated to crypto-related assets, infrastructure, and land, and he believes regulatory clarity could unlock large-scale institutional investment into bitcoin.
He is increasingly skeptical of most crypto tokens, believing institutional investors only care about bitcoin and Ethereum. O’Leary says meaningful institutional adoption will depend on clearer U.S. regulation, especially rules that allow stablecoin accounts to offer yield. About 19% of his portfolio is now allocated to crypto-related assets, infrastructure, and land, and he believes regulatory clarity could unlock large-scale institutional investment into bitcoin.
Hashed unveils Maroo, a compliance-focused Layer 1 blockchain for the KRW economy
South Korean crypto venture capital firm Hashed, through its subsidiary Hashed Open Finance, has released a litepaper for Maroo, a new Layer 1 blockchain designed specifically for the Korean won (KRW) economy.
Maroo is positioned as a “sovereign blockchain” that combines the openness of public blockchains with regulatory compliance features required for financial use cases, including auditability and privacy protections. Transaction fees are intended to be paid in KRW-pegged stablecoins to reduce volatility and support broader user adoption.
To address compliance challenges seen in existing public blockchains, Maroo introduces a dual-track model: an open path that allows unrestricted wallet creation and transactions, and a regulated path that applies identity verification or transaction limits. The network also features a Programmable Compliance Layer that automates checks for transfer limits and sanctions, alongside a verifiable privacy framework that enables selective data disclosure when required by law.
The blockchain is also being built with future AI integration in mind, including tools to authenticate AI agents, manage permissions and spending limits, and revoke access when necessary. Hashed said it aims to work closely with regulators, financial institutions and technology partners to develop digital infrastructure for South Korea’s economy, as the country moves toward establishing a KRW stablecoin and broader digital asset framework.
South Korean crypto venture capital firm Hashed, through its subsidiary Hashed Open Finance, has released a litepaper for Maroo, a new Layer 1 blockchain designed specifically for the Korean won (KRW) economy.
Maroo is positioned as a “sovereign blockchain” that combines the openness of public blockchains with regulatory compliance features required for financial use cases, including auditability and privacy protections. Transaction fees are intended to be paid in KRW-pegged stablecoins to reduce volatility and support broader user adoption.
To address compliance challenges seen in existing public blockchains, Maroo introduces a dual-track model: an open path that allows unrestricted wallet creation and transactions, and a regulated path that applies identity verification or transaction limits. The network also features a Programmable Compliance Layer that automates checks for transfer limits and sanctions, alongside a verifiable privacy framework that enables selective data disclosure when required by law.
The blockchain is also being built with future AI integration in mind, including tools to authenticate AI agents, manage permissions and spending limits, and revoke access when necessary. Hashed said it aims to work closely with regulators, financial institutions and technology partners to develop digital infrastructure for South Korea’s economy, as the country moves toward establishing a KRW stablecoin and broader digital asset framework.
Private credit seen as a natural fit for tokenization
Private credit is expanding rapidly as banks pull back and private lenders step in, making it a market well suited for tokenization, according to Maple Finance CEO Sidney Powell. Unlike equities, private credit is illiquid, opaque and difficult to price — issues that onchain tokens could help resolve.
While tokenization has so far focused on Treasurys and money-market funds, Powell believes private credit will be the main growth driver. Putting bilateral, over-the-counter loans onchain could improve transparency, broaden investor access and reduce friction in secondary markets.
Powell also expects onchain credit defaults to emerge in the coming years, viewing them as a normal and even beneficial feature. With the full loan lifecycle recorded on transparent, auditable blockchains, tokenization could ultimately make private credit markets safer and more investable.
Private credit is expanding rapidly as banks pull back and private lenders step in, making it a market well suited for tokenization, according to Maple Finance CEO Sidney Powell. Unlike equities, private credit is illiquid, opaque and difficult to price — issues that onchain tokens could help resolve.
While tokenization has so far focused on Treasurys and money-market funds, Powell believes private credit will be the main growth driver. Putting bilateral, over-the-counter loans onchain could improve transparency, broaden investor access and reduce friction in secondary markets.
Powell also expects onchain credit defaults to emerge in the coming years, viewing them as a normal and even beneficial feature. With the full loan lifecycle recorded on transparent, auditable blockchains, tokenization could ultimately make private credit markets safer and more investable.
Ark Invest forecasts tokenized asset market to surpass $11 trillion by 2030
Cathie Wood’s Ark Invest projects that the tokenized real-world asset (RWA) market could exceed $11 trillion by 2030 as traditional financial instruments increasingly move onchain. The market currently stands at roughly $19–$22 billion, implying a potential increase of about 50,000%–58,000% over the next five years.
In its Big Ideas 2026 report, Ark said broad adoption of tokenization is likely to follow greater regulatory clarity and the development of institutional-grade infrastructure. Tokenized assets are digital representations of financial instruments that trade on blockchains rather than through traditional brokerage systems, offering potential benefits such as lower costs, faster settlement, deeper liquidity, fractional ownership, and 24/7 global access.
Institutional momentum around tokenization has accelerated. The New York Stock Exchange recently announced plans to build a blockchain-based venue for round-the-clock trading of tokenized stocks and ETFs, pending regulatory approval. F/m Investments has asked U.S. regulators for permission to record existing ETF shares on a blockchain, while State Street is rolling out a digital-asset platform to support money-market funds, ETFs, tokenized deposits, and stablecoins. Meanwhile, London Stock Exchange Group has launched a Digital Settlement House to enable near-instant settlement across blockchain and traditional payment systems.
Ark noted that sovereign debt—particularly U.S. Treasurys—currently dominates tokenized assets, but expects bank deposits and global public equities to account for a growing share over the next five years as institutions move beyond pilot programs. Even at $11 trillion, tokenized assets would represent only about 1.38% of total global financial assets, highlighting significant room for further onchain adoption.
Other major institutions have also outlined multi-trillion-dollar outlooks for tokenization, with estimates ranging from $2 trillion to as high as $100 trillion by the end of the decade.
Cathie Wood’s Ark Invest projects that the tokenized real-world asset (RWA) market could exceed $11 trillion by 2030 as traditional financial instruments increasingly move onchain. The market currently stands at roughly $19–$22 billion, implying a potential increase of about 50,000%–58,000% over the next five years.
In its Big Ideas 2026 report, Ark said broad adoption of tokenization is likely to follow greater regulatory clarity and the development of institutional-grade infrastructure. Tokenized assets are digital representations of financial instruments that trade on blockchains rather than through traditional brokerage systems, offering potential benefits such as lower costs, faster settlement, deeper liquidity, fractional ownership, and 24/7 global access.
Institutional momentum around tokenization has accelerated. The New York Stock Exchange recently announced plans to build a blockchain-based venue for round-the-clock trading of tokenized stocks and ETFs, pending regulatory approval. F/m Investments has asked U.S. regulators for permission to record existing ETF shares on a blockchain, while State Street is rolling out a digital-asset platform to support money-market funds, ETFs, tokenized deposits, and stablecoins. Meanwhile, London Stock Exchange Group has launched a Digital Settlement House to enable near-instant settlement across blockchain and traditional payment systems.
Ark noted that sovereign debt—particularly U.S. Treasurys—currently dominates tokenized assets, but expects bank deposits and global public equities to account for a growing share over the next five years as institutions move beyond pilot programs. Even at $11 trillion, tokenized assets would represent only about 1.38% of total global financial assets, highlighting significant room for further onchain adoption.
Other major institutions have also outlined multi-trillion-dollar outlooks for tokenization, with estimates ranging from $2 trillion to as high as $100 trillion by the end of the decade.
Matt Hougan of Bitwise argues that Chainlink (LINK) is one of the most misunderstood yet critical pieces of crypto infrastructure and may be significantly undervalued. He says investors often reduce Chainlink to a simple data oracle, overlooking its broader role as a core software platform that connects blockchains to real-world data and to each other.
Hougan highlights Chainlink’s dominant position across key growth areas such as stablecoins, DeFi, tokenization, and institutional crypto infrastructure, where it provides price feeds, cross-chain functionality, proof-of-reserves, and compliance-related services. With adoption by major global institutions and rising demand as more financial assets move on-chain, he believes Chainlink’s long-term importance is not yet fully reflected in its market valuation.
Hougan highlights Chainlink’s dominant position across key growth areas such as stablecoins, DeFi, tokenization, and institutional crypto infrastructure, where it provides price feeds, cross-chain functionality, proof-of-reserves, and compliance-related services. With adoption by major global institutions and rising demand as more financial assets move on-chain, he believes Chainlink’s long-term importance is not yet fully reflected in its market valuation.
Ark Invest projects a sharp expansion of the crypto market through the end of the decade, estimating that bitcoin could reach a market capitalization of around $16 trillion by 2030, implying a price of roughly $761,900 per BTC under the assumption of a fixed supply of 21 million coins. The firm also forecasts that the broader crypto market could grow to approximately $28 trillion in total value, with bitcoin maintaining a dominant share.
In its Big Ideas 2026 report, Ark argues that bitcoin is maturing into the cornerstone of a new institutional asset class. The firm positions bitcoin primarily as a digital store of value, often compared to “digital gold,” and expects its long-term growth to be driven by rising institutional participation, increased adoption of spot bitcoin ETFs, expanding corporate treasury allocations, and gradually declining volatility.
Ark notes that institutional ownership is already significant. U.S. spot bitcoin ETFs and public companies now collectively hold about 12% of the total bitcoin supply. In 2025 alone, ETF bitcoin holdings grew nearly 20%, while public company holdings surged more than 70%, highlighting accelerating institutional demand.
Based on Ark’s projections, bitcoin’s market capitalization could grow at a compound annual growth rate of roughly 63% over the next five years, rising from around $2 trillion today to $16 trillion by 2030. While Ark has slightly adjusted its assumptions—raising its estimate for bitcoin’s “digital gold” opportunity after gold’s market cap surged, but lowering expectations for bitcoin as a safe haven in emerging markets due to the rapid adoption of stablecoins—the firm says its overall outlook for 2030 remains relatively stable.
Beyond bitcoin, Ark expects smart contract platforms to account for much of the remaining growth in the crypto market. The firm forecasts that smart contract networks could collectively reach around $6 trillion in market capitalization by 2030, supported by the expansion of onchain financial activity, tokenized securities, and decentralized applications.
In its Big Ideas 2026 report, Ark argues that bitcoin is maturing into the cornerstone of a new institutional asset class. The firm positions bitcoin primarily as a digital store of value, often compared to “digital gold,” and expects its long-term growth to be driven by rising institutional participation, increased adoption of spot bitcoin ETFs, expanding corporate treasury allocations, and gradually declining volatility.
Ark notes that institutional ownership is already significant. U.S. spot bitcoin ETFs and public companies now collectively hold about 12% of the total bitcoin supply. In 2025 alone, ETF bitcoin holdings grew nearly 20%, while public company holdings surged more than 70%, highlighting accelerating institutional demand.
Based on Ark’s projections, bitcoin’s market capitalization could grow at a compound annual growth rate of roughly 63% over the next five years, rising from around $2 trillion today to $16 trillion by 2030. While Ark has slightly adjusted its assumptions—raising its estimate for bitcoin’s “digital gold” opportunity after gold’s market cap surged, but lowering expectations for bitcoin as a safe haven in emerging markets due to the rapid adoption of stablecoins—the firm says its overall outlook for 2030 remains relatively stable.
Beyond bitcoin, Ark expects smart contract platforms to account for much of the remaining growth in the crypto market. The firm forecasts that smart contract networks could collectively reach around $6 trillion in market capitalization by 2030, supported by the expansion of onchain financial activity, tokenized securities, and decentralized applications.
Bags, a Solana-based launchpad, has seen explosive growth as the viral adoption of Anthropic’s Claude Code among developers sparked a frenzy of AI-linked token launches. Launchpad fees surged to over $100,000 in a single day, far surpassing previous records, while the number of tokens graduating from Bags overtook Pump.fun. This surge coincided with a broader rise in Solana network activity, with transactions and active addresses climbing nearly 50% over two weeks.
The trend is driven by speculation around open-source AI projects, where tokens are launched for popular repositories and, in some cases, later claimed by the actual project developers who then receive trading fees. While this model could be validated if developers actively adopt and build around these tokens, its sustainability remains uncertain. Failed follow-through risks turning the current wave into pure speculation, as illustrated by the $GAS token, which collapsed rapidly after initial developer support was withdrawn.
The trend is driven by speculation around open-source AI projects, where tokens are launched for popular repositories and, in some cases, later claimed by the actual project developers who then receive trading fees. While this model could be validated if developers actively adopt and build around these tokens, its sustainability remains uncertain. Failed follow-through risks turning the current wave into pure speculation, as illustrated by the $GAS token, which collapsed rapidly after initial developer support was withdrawn.
Trump says he hopes to sign sweeping crypto legislation “very soon”
U.S. President Donald Trump said he hopes to sign comprehensive cryptocurrency legislation into law “very soon,” even as divisions persist among key stakeholders over several core provisions.
Speaking Wednesday at the World Economic Forum in Davos, Switzerland, Trump reiterated his view that the United States is the “crypto capital of the world,” noting that Congress is working intensively on market structure legislation covering crypto and bitcoin.
Momentum to pass the bill in the Senate has increased following a turbulent week, during which Coinbase withdrew its support and the Senate Banking Committee postponed a scheduled hearing at the last minute. One of the most contentious issues centers on stablecoin rewards, pitting banking groups against the crypto industry.
Banking associations have criticized the GENIUS stablecoin law passed over the summer, arguing that while it prohibits issuers from paying direct interest to stablecoin holders, it still allows third-party platforms such as Coinbase to offer rewards. Banks warn this could draw deposits away from community lenders, while crypto firms accuse banks of trying to stifle competition.
White House officials and industry leaders have urged swift passage of the bill to avoid losing momentum under the current pro-crypto administration. Ripple CEO Brad Garlinghouse called for approval, saying that while no legislation is perfect, a clear regulatory framework is needed to allow innovation to flourish.
White House AI and Crypto Czar David Sacks also emphasized the need for compromise, saying he supports reaching a solution that would allow market structure legislation to reach the president’s desk.
The Senate Agriculture Committee is scheduled to hold a hearing on Jan. 27 to amend and vote on its version of the crypto bill, with legislative text expected to be released this week. The Senate Banking Committee has not yet rescheduled its hearing.
U.S. President Donald Trump said he hopes to sign comprehensive cryptocurrency legislation into law “very soon,” even as divisions persist among key stakeholders over several core provisions.
Speaking Wednesday at the World Economic Forum in Davos, Switzerland, Trump reiterated his view that the United States is the “crypto capital of the world,” noting that Congress is working intensively on market structure legislation covering crypto and bitcoin.
Momentum to pass the bill in the Senate has increased following a turbulent week, during which Coinbase withdrew its support and the Senate Banking Committee postponed a scheduled hearing at the last minute. One of the most contentious issues centers on stablecoin rewards, pitting banking groups against the crypto industry.
Banking associations have criticized the GENIUS stablecoin law passed over the summer, arguing that while it prohibits issuers from paying direct interest to stablecoin holders, it still allows third-party platforms such as Coinbase to offer rewards. Banks warn this could draw deposits away from community lenders, while crypto firms accuse banks of trying to stifle competition.
White House officials and industry leaders have urged swift passage of the bill to avoid losing momentum under the current pro-crypto administration. Ripple CEO Brad Garlinghouse called for approval, saying that while no legislation is perfect, a clear regulatory framework is needed to allow innovation to flourish.
White House AI and Crypto Czar David Sacks also emphasized the need for compromise, saying he supports reaching a solution that would allow market structure legislation to reach the president’s desk.
The Senate Agriculture Committee is scheduled to hold a hearing on Jan. 27 to amend and vote on its version of the crypto bill, with legislative text expected to be released this week. The Senate Banking Committee has not yet rescheduled its hearing.
Neynar acquires Farcaster in $1 billion–valued deal
Decentralized social media infrastructure firm Neynar, backed by Haun Ventures, is acquiring Farcaster, the Ethereum-based social media protocol previously valued at $1 billion, from R&D firm Merkle Manufactory.
According to the announcement, ownership of Farcaster’s protocol contracts, code repositories, the Farcaster app and Clanker will be transferred to Neynar in the coming weeks. Neynar will take over ongoing maintenance and operation of the entire ecosystem.
Farcaster founder Dan Romero said Neynar is well positioned to lead the protocol’s next phase and will soon share a new builder-focused vision. Romero and co-founder Varun Srinivasan have been gradually stepping back from Farcaster in recent months, shifting their attention toward building a wallet application based on the protocol after concluding that a social-first strategy had not delivered the desired results.
Founded in 2020 by former Coinbase executives Romero and Srinivasan, Merkle Manufactory raised $150 million in a Series A round in 2024, valuing Farcaster at $1 billion. However, the protocol generated just $1.84 million in revenue in the fourth quarter of 2025, down 85% year over year.
The acquisition comes amid broader changes in the decentralized social media sector. Earlier this week, Lens, a rival social protocol created by Aave founder Stani Kulechov, transferred ownership to Mask Network, while Ethereum founder Vitalik Buterin reaffirmed his commitment to supporting decentralized social platforms.
Decentralized social media infrastructure firm Neynar, backed by Haun Ventures, is acquiring Farcaster, the Ethereum-based social media protocol previously valued at $1 billion, from R&D firm Merkle Manufactory.
According to the announcement, ownership of Farcaster’s protocol contracts, code repositories, the Farcaster app and Clanker will be transferred to Neynar in the coming weeks. Neynar will take over ongoing maintenance and operation of the entire ecosystem.
Farcaster founder Dan Romero said Neynar is well positioned to lead the protocol’s next phase and will soon share a new builder-focused vision. Romero and co-founder Varun Srinivasan have been gradually stepping back from Farcaster in recent months, shifting their attention toward building a wallet application based on the protocol after concluding that a social-first strategy had not delivered the desired results.
Founded in 2020 by former Coinbase executives Romero and Srinivasan, Merkle Manufactory raised $150 million in a Series A round in 2024, valuing Farcaster at $1 billion. However, the protocol generated just $1.84 million in revenue in the fourth quarter of 2025, down 85% year over year.
The acquisition comes amid broader changes in the decentralized social media sector. Earlier this week, Lens, a rival social protocol created by Aave founder Stani Kulechov, transferred ownership to Mask Network, while Ethereum founder Vitalik Buterin reaffirmed his commitment to supporting decentralized social platforms.
The bitcoin treasury firm backed by BTC Inc. CEO David Bailey has officially rebranded as Nakamoto Inc. (Nasdaq: NAKA).
Like many digital asset treasury firms, Nakamoto was formed through a corporate merger, in this case with healthcare operator KindlyMD. The healthcare business will continue operating as Kindly LLC, a wholly owned subsidiary of Nakamoto.
“By rebranding under the name Nakamoto, we are reinforcing the company’s role as a Bitcoin-focused firm built for the future,” said Bailey, who serves as chair and CEO. He added that the name change is intended to remove ambiguity around the firm’s objectives and underscore its commitment to Bitcoin’s long-term success.
Nakamoto emerged as one of the most talked-about bitcoin digital asset treasury firms in 2025, alongside other major accumulators such as Twenty One Capital. However, these firms remain far smaller than Michael Saylor’s Strategy, the largest corporate bitcoin holder, with 709,715 BTC. MARA Holdings ranks second with more than 53,000 BTC, while Twenty One Capital is the third-largest corporate holder with roughly $4 billion in bitcoin.
The second-largest crypto-focused digital asset treasury, Bitmine, holds around $12 billion worth of ether along with some bitcoin.
Despite a challenging second half of 2025 for digital asset treasuries amid macro uncertainty and market shocks, cumulative holdings have rebounded since the start of the year.
Beyond direct bitcoin accumulation, Nakamoto has invested in Japan-based Metaplanet’s global equity offering and a Europe-based bitcoin treasury initiative. Bailey has previously said the firm aims to acquire 5% of bitcoin’s fixed 21 million supply.
Shares of NAKA fell more than 7% on Wednesday to around $0.39, according to CNBC data. The stock previously hit an all-time high daily close of $25.03 on May 27, shortly after Bailey unveiled the bitcoin accumulation strategy.
Like many digital asset treasury firms, Nakamoto was formed through a corporate merger, in this case with healthcare operator KindlyMD. The healthcare business will continue operating as Kindly LLC, a wholly owned subsidiary of Nakamoto.
“By rebranding under the name Nakamoto, we are reinforcing the company’s role as a Bitcoin-focused firm built for the future,” said Bailey, who serves as chair and CEO. He added that the name change is intended to remove ambiguity around the firm’s objectives and underscore its commitment to Bitcoin’s long-term success.
Nakamoto emerged as one of the most talked-about bitcoin digital asset treasury firms in 2025, alongside other major accumulators such as Twenty One Capital. However, these firms remain far smaller than Michael Saylor’s Strategy, the largest corporate bitcoin holder, with 709,715 BTC. MARA Holdings ranks second with more than 53,000 BTC, while Twenty One Capital is the third-largest corporate holder with roughly $4 billion in bitcoin.
The second-largest crypto-focused digital asset treasury, Bitmine, holds around $12 billion worth of ether along with some bitcoin.
Despite a challenging second half of 2025 for digital asset treasuries amid macro uncertainty and market shocks, cumulative holdings have rebounded since the start of the year.
Beyond direct bitcoin accumulation, Nakamoto has invested in Japan-based Metaplanet’s global equity offering and a Europe-based bitcoin treasury initiative. Bailey has previously said the firm aims to acquire 5% of bitcoin’s fixed 21 million supply.
Shares of NAKA fell more than 7% on Wednesday to around $0.39, according to CNBC data. The stock previously hit an all-time high daily close of $25.03 on May 27, shortly after Bailey unveiled the bitcoin accumulation strategy.
Polymarket search interest hits record, signals brand dominance in prediction markets
Google search interest for “Polymarket” has surged to 100, its highest level on record, surpassing the prior peak of 99 seen during the November 2024 U.S. election, when the platform handled $3.700.000.000 in election-related volume.
The milestone comes despite the absence of a similarly high-profile event, suggesting Polymarket has moved beyond its image as an election-focused tool and established itself as core infrastructure for real-time information markets. Strong post-election user retention appears to be driving sustained brand interest.
In contrast, search volume for the generic term “prediction markets” fell to 40 in January, down 60% from December and well below its category peak. The widening gap between Polymarket’s rising brand searches and declining category searches mirrors Google’s early-2000s trajectory, when “Google it” became synonymous with web search itself.
Rival platform Kalshi recorded a January search volume of 77, higher than pre-election levels but down 23% month over month.
The data suggests Polymarket has captured definitional authority in the public mind. Users increasingly search directly for “Polymarket” rather than discovering the prediction market category first and comparing platforms later, reinforcing network effects and raising barriers to competitive displacement.
Notably, prediction markets surpassed $800.000.000 in trading volume on Sunday, an all-time high that puts the sector on pace to set a new monthly record.
Google search interest for “Polymarket” has surged to 100, its highest level on record, surpassing the prior peak of 99 seen during the November 2024 U.S. election, when the platform handled $3.700.000.000 in election-related volume.
The milestone comes despite the absence of a similarly high-profile event, suggesting Polymarket has moved beyond its image as an election-focused tool and established itself as core infrastructure for real-time information markets. Strong post-election user retention appears to be driving sustained brand interest.
In contrast, search volume for the generic term “prediction markets” fell to 40 in January, down 60% from December and well below its category peak. The widening gap between Polymarket’s rising brand searches and declining category searches mirrors Google’s early-2000s trajectory, when “Google it” became synonymous with web search itself.
Rival platform Kalshi recorded a January search volume of 77, higher than pre-election levels but down 23% month over month.
The data suggests Polymarket has captured definitional authority in the public mind. Users increasingly search directly for “Polymarket” rather than discovering the prediction market category first and comparing platforms later, reinforcing network effects and raising barriers to competitive displacement.
Notably, prediction markets surpassed $800.000.000 in trading volume on Sunday, an all-time high that puts the sector on pace to set a new monthly record.
F/m Investments seeks SEC approval to tokenize U.S. Treasury ETF
F/m Investments is seeking approval from the U.S. Securities and Exchange Commission to become the first firm to tokenize shares of an exchange-traded fund.
The company plans to tokenize its U.S. Treasury 3 Month Bill ETF (Nasdaq: TBIL) and record ownership on a permissioned blockchain ledger. F/m Investments said it believes this is the first time a firm has requested “SEC relief specifically for tokenized shares of a registered investment company.”
If approved, the existing TBIL ETF shares would be represented on a permissioned ledger under the same CUSIP, with identical rights, fees, voting rights and economic terms as the current shares, in compliance with the Investment Company Act of 1940.
CEO Alexander Morris said tokenization of traditional financial instruments is inevitable. The firm also emphasized that the structure would include board oversight, daily transparency, and third-party custody and auditing.
The move comes as lawmakers, regulators and financial industry leaders debate how tokenized securities should be regulated in the U.S. This week, the New York Stock Exchange said it is developing a platform for trading and onchain settlement of tokenized U.S. equities and ETFs, pending regulatory approval.
F/m Investments is seeking approval from the U.S. Securities and Exchange Commission to become the first firm to tokenize shares of an exchange-traded fund.
The company plans to tokenize its U.S. Treasury 3 Month Bill ETF (Nasdaq: TBIL) and record ownership on a permissioned blockchain ledger. F/m Investments said it believes this is the first time a firm has requested “SEC relief specifically for tokenized shares of a registered investment company.”
If approved, the existing TBIL ETF shares would be represented on a permissioned ledger under the same CUSIP, with identical rights, fees, voting rights and economic terms as the current shares, in compliance with the Investment Company Act of 1940.
CEO Alexander Morris said tokenization of traditional financial instruments is inevitable. The firm also emphasized that the structure would include board oversight, daily transparency, and third-party custody and auditing.
The move comes as lawmakers, regulators and financial industry leaders debate how tokenized securities should be regulated in the U.S. This week, the New York Stock Exchange said it is developing a platform for trading and onchain settlement of tokenized U.S. equities and ETFs, pending regulatory approval.
Tom Lee expects a positive year for crypto as real-world utility gains traction
Tom Lee, a long-time crypto bull and chairman of ethereum treasury firm Bitmine Immersion Technologies, believes the digital asset market is entering a promising phase as the practical value of blockchain technology becomes increasingly recognized.
In a recent interview on the Master Investor Podcast, Lee explained why crypto failed to meet bullish expectations in 2025. According to him, the market was actually outperforming traditional assets until Oct. 10, when a sharp downturn wiped out roughly $500 billion in market capitalization and triggered billions of dollars in liquidations.
Lee acknowledged that limited liquidity and a lack of sustained institutional support remain structural weaknesses in crypto markets and are likely to persist. Even so, he said he is sticking with his $250,000 price target for Bitcoin and expects BTC to set new highs this year.
Lee argued that the next leg higher will be driven primarily by growing awareness of crypto’s real-world usefulness. He noted that banks are increasingly embracing blockchain technology, particularly its strength in delivering settlement finality — an area where blockchain systems clearly outperform traditional infrastructure.
He also pointed to Tether as a concrete example of how blockchain is proving its value in finance. According to Lee, Tether operates a bank-like model that is far more efficient than traditional financial institutions. The company is expected to generate nearly $20 billion in earnings in 2026 with only around 300 full-time employees, compared with roughly 300,000 employees at JPMorgan.
In Lee’s view, the fact that a blockchain-native institution can achieve top-tier profitability with a relatively small balance sheet signals a much broader shift. Financial services, he said, may be steadily moving onchain, laying the foundation for a new growth cycle across the entire crypto ecosystem.
Tom Lee, a long-time crypto bull and chairman of ethereum treasury firm Bitmine Immersion Technologies, believes the digital asset market is entering a promising phase as the practical value of blockchain technology becomes increasingly recognized.
In a recent interview on the Master Investor Podcast, Lee explained why crypto failed to meet bullish expectations in 2025. According to him, the market was actually outperforming traditional assets until Oct. 10, when a sharp downturn wiped out roughly $500 billion in market capitalization and triggered billions of dollars in liquidations.
Lee acknowledged that limited liquidity and a lack of sustained institutional support remain structural weaknesses in crypto markets and are likely to persist. Even so, he said he is sticking with his $250,000 price target for Bitcoin and expects BTC to set new highs this year.
Lee argued that the next leg higher will be driven primarily by growing awareness of crypto’s real-world usefulness. He noted that banks are increasingly embracing blockchain technology, particularly its strength in delivering settlement finality — an area where blockchain systems clearly outperform traditional infrastructure.
He also pointed to Tether as a concrete example of how blockchain is proving its value in finance. According to Lee, Tether operates a bank-like model that is far more efficient than traditional financial institutions. The company is expected to generate nearly $20 billion in earnings in 2026 with only around 300 full-time employees, compared with roughly 300,000 employees at JPMorgan.
In Lee’s view, the fact that a blockchain-native institution can achieve top-tier profitability with a relatively small balance sheet signals a much broader shift. Financial services, he said, may be steadily moving onchain, laying the foundation for a new growth cycle across the entire crypto ecosystem.
Lens Protocol hands over stewardship to Mask Network
Stani Kulechov, founder of Aave and Lens Protocol, announced that stewardship of Lens Protocol is being transferred to the Mask Network team, the builders behind Orb, as Lens shifts its focus toward deeper application-layer development.
In a post on X, Kulechov said the team spent years building some of the most important onchain financial primitives before expanding that vision to social primitives that users truly own. Lens Protocol and its underlying onchain rails — including advanced decentralized data storage for content governed by smart contracts — were designed to provide neutral social infrastructure that developers can rely on to build consumer-grade applications capable of reaching mainstream users.
According to Kulechov, the transition marks the next phase of Lens’ evolution, with Mask Network taking the lead in advancing the ecosystem at the application layer. He emphasized that Lens’ social primitives will remain fully open source and continue to serve as foundational infrastructure for anyone building decentralized social applications.
The original Lens team will remain involved as technical advisors, while refocusing their efforts on innovation in their core area of expertise: DeFi.
Stani Kulechov, founder of Aave and Lens Protocol, announced that stewardship of Lens Protocol is being transferred to the Mask Network team, the builders behind Orb, as Lens shifts its focus toward deeper application-layer development.
In a post on X, Kulechov said the team spent years building some of the most important onchain financial primitives before expanding that vision to social primitives that users truly own. Lens Protocol and its underlying onchain rails — including advanced decentralized data storage for content governed by smart contracts — were designed to provide neutral social infrastructure that developers can rely on to build consumer-grade applications capable of reaching mainstream users.
According to Kulechov, the transition marks the next phase of Lens’ evolution, with Mask Network taking the lead in advancing the ecosystem at the application layer. He emphasized that Lens’ social primitives will remain fully open source and continue to serve as foundational infrastructure for anyone building decentralized social applications.
The original Lens team will remain involved as technical advisors, while refocusing their efforts on innovation in their core area of expertise: DeFi.
Bitcoin is facing mounting downside risk as technical weakness continues to dominate market structure, according to veteran trader Peter Brandt. In a widely shared post on X, Brandt said Bitcoin could trend toward the $58,000–$62,000 range, arguing that momentum has faded and recent price action lacks the strength needed to sustain a renewed uptrend.
Brandt’s view is rooted in chart behavior rather than conviction-driven forecasting. He emphasized that his projection is probabilistic, not certain, noting that failed rallies below the $100,000 area signal distribution rather than accumulation. Daily charts show Bitcoin trading within a modestly rising channel after a sharp selloff, with momentum indicators pointing to indecision and weakening follow-through.
The following day, Brandt moved away from precise price targets and instead highlighted broader structural risk. He pointed to a rising diagonal formation developing after the decline from recent highs, a pattern he considers unreliable and difficult to trade. According to Brandt, such structures often resolve with sharp moves that catch traders off guard, particularly when upside momentum is already deteriorating.
With resistance holding near $100,000 and multiple downside reference levels stacked through the $80,000 and $70,000 zones, Brandt sees the low-$60,000 area as a realistic outcome if the current pattern breaks lower. Overall, his analysis underscores a cautious outlook, warning that Bitcoin remains vulnerable to further downside unless market structure and momentum improve materially.
Brandt’s view is rooted in chart behavior rather than conviction-driven forecasting. He emphasized that his projection is probabilistic, not certain, noting that failed rallies below the $100,000 area signal distribution rather than accumulation. Daily charts show Bitcoin trading within a modestly rising channel after a sharp selloff, with momentum indicators pointing to indecision and weakening follow-through.
The following day, Brandt moved away from precise price targets and instead highlighted broader structural risk. He pointed to a rising diagonal formation developing after the decline from recent highs, a pattern he considers unreliable and difficult to trade. According to Brandt, such structures often resolve with sharp moves that catch traders off guard, particularly when upside momentum is already deteriorating.
With resistance holding near $100,000 and multiple downside reference levels stacked through the $80,000 and $70,000 zones, Brandt sees the low-$60,000 area as a realistic outcome if the current pattern breaks lower. Overall, his analysis underscores a cautious outlook, warning that Bitcoin remains vulnerable to further downside unless market structure and momentum improve materially.
Bitmine Immersion Technologies (BMNR), the largest corporate holder of ether, has secured shareholder approval to increase the number of authorized shares, giving the company greater flexibility to raise capital in the future.
The move was approved under Proposal 2 at Bitmine’s annual shareholder meeting on Jan. 15, passing with 81% of votes cast in favor, the company said in a press release on Tuesday.
The approval does not mean new shares will be issued immediately. Instead, it raises the legal ceiling on how many shares the company can issue, enabling Bitmine to fund growth initiatives, pursue acquisitions, or support its ongoing ether accumulation strategy.
Shares of BMNR fell about 8% on Tuesday, tracking a sharp decline in ether’s price to just above $3,000.
Bitmine executives acknowledged that additional share issuance could dilute existing shareholders, but emphasized that the company would not sell equity below its market net asset value (mNAV), which reflects its substantial ETH holdings. Bitmine added 35,268 ETH to its balance sheet last week and is currently trading at around 0.86 times mNAV.
The company also disclosed that its digital asset holdings now total 4.203 million ether, representing roughly 3.5% of ether’s circulating supply, alongside 193 BTC and a $22 million stake in Eightco Holdings (ORBS).
The move was approved under Proposal 2 at Bitmine’s annual shareholder meeting on Jan. 15, passing with 81% of votes cast in favor, the company said in a press release on Tuesday.
The approval does not mean new shares will be issued immediately. Instead, it raises the legal ceiling on how many shares the company can issue, enabling Bitmine to fund growth initiatives, pursue acquisitions, or support its ongoing ether accumulation strategy.
Shares of BMNR fell about 8% on Tuesday, tracking a sharp decline in ether’s price to just above $3,000.
Bitmine executives acknowledged that additional share issuance could dilute existing shareholders, but emphasized that the company would not sell equity below its market net asset value (mNAV), which reflects its substantial ETH holdings. Bitmine added 35,268 ETH to its balance sheet last week and is currently trading at around 0.86 times mNAV.
The company also disclosed that its digital asset holdings now total 4.203 million ether, representing roughly 3.5% of ether’s circulating supply, alongside 193 BTC and a $22 million stake in Eightco Holdings (ORBS).
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