24 January 2025Macro/TradFiBitcoin hit a new all-time high earlier this week, surpassing US$109K, before pulling back following President Donald Trump’s inauguration.Donald Trump signed an executive order forming a 'Presidential Working Group on Digital Asset Markets' to draft a federal regulatory framework for digital assets, assess stablecoins, and explore a 'strategic national digital assets stockpile’.Wyoming and Massachusetts lawmakers have introduced bills to allow state investments in Bitcoin (BTC), raising the total number of U.S. states with similar proposals to eight.Wintermute reported a 240% surge in institutional crypto trading via OTC in 2024, noting a growing preference for memecoins among TradFi institutions.SEC member Mark Uyeda was appointed acting chair of the financial regulator earlier this week and will serve until June 5, 2026, when permanent chair Paul Atkins assumes office. Uyeda has already launched a 'crypto task force' aimed at creating a comprehensive and clear regulatory framework for crypto assets.Caroline Pham has been named acting chair of the CFTC under Donald Trump. As commissioner, she has previously advocated for regulating digital assets in her role with the financial regulator.Bank of America CEO Brian Moynihan stated in an interview with CNBC that U.S. banks are open to adopting cryptocurrency payments but emphasized the need for clear regulations before many TradFi institutions can move forward. MicroStrategy acquired an additional 11,000 BTC for US$1.1B at an average price of US$101,191 per Bitcoin.CryptoL1/L2:Ethereum developers are tentatively targeting to roll out the first phase of the Pectra upgrade in March 2025, featuring improvements to account abstraction, validator staking, and deposit/exit mechanisms to enhance efficiency and usability.Vitalik Buterin unveiled that 'large changes' are coming to the Ethereum Foundation's leadership, focused on improving communication and developer support while preserving its core mission.Telegram has chosen The Open Network (TON) as its exclusive blockchain partner, making TON the only supported network for Mini Apps and Toncoin the sole token for in-app purchases.DeFi:Jupiter distributed nearly 700M JUP tokens to 2M eligible wallets on Solana as part of its 'Jupuary' airdrop earlier in the week. Hyperliquid's daily trade volume hit a record high of over US$22B this week, driven by the recent listing of memecoins linked to U.S. President Donald Trump and First Lady Melania Trump.Others:Binance unveiled that users transferred US$26B in peer-to-peer remittances between 2022 and 2024, saving US$1.75B in fees.Circle has acquired Hashnote, the issuer of U.S. Yield Coin (USYC), a tokenized real-world asset (RWA) fund. The Jan. 21 announcement highlighted that this acquisition positions USYC as a preferred yield-bearing collateral in crypto markets.LINE NEXT, the Web3 arm of Asia’s leading messaging app, launched its first batch of Telegram-style dApps, accessible through LINE Messenger, to drive large-scale Web3 adoption in Asia.Latest Binance Research Publications Check out our latest publications:Full-Year 2024 & Themes for 2025Monthly Market Insights - January 2025Navigating Crypto: Industry MapThat’s a wrap!Binance ResearchAbout Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, cryptocurrencies or to adopt any investment strategy. The use of terminology and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer, they may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material may contain ’forward looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies or any investment strategy nor shall any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction. Investment involves risks.
Jasper
Hui Xin
Joy
Jixu