JUST IN: BlackRock's spot Bitcoin ETF records $10 billion in daily trading volume for the first time ever.

Binance Strengthens SAFU Reserves With $233 Million Bitcoin Purchase

Asian markets sink as global tech selloff spreads

Bitcoin is still down 50% from its all-time high. Yes, deeper drawdowns (-70% to -80%) are possible compared to previous bear markets, but the bigger risk now is time capitulation, not price. It’s not just how low it goes, but how long it stays there.

Bybit released its 28th Proof of Reserves report (snapshot date: Jan. 27). User BTC holdings were about 60,500 BTC, down 4.25% from the previous snapshot on Dec. 17 (down 2,685 BTC). User ETH holdings were about 470,000 ETH, down 12.44% (down 66,790 ETH). User USDT holdings rose

Key Takeaways: Forced liquidations continue to drive price action, not fundamentals Negative funding shows aggressive short positioning and extreme fear Bitcoin’s long term narrative is openly questioned again Tokenomics innovation emerges as teams adapt to

DeFi Brief: Hyperliquid launches HIP 4, enabling outcome based derivatives. Lido V3 goes live with stVaults, modular and segregated staking infrastructure. Ethena rolls out Exchange Points, distributing 100M points weekly for six months. 5/6

️ Major Project Updates: Unclaimed ETH from the 2016 DAO Hack redirected to an Ethereum security endowment. Lighter introduces LighterEVM, enabling general purpose apps to tap perp liquidity. MegaETH shifts to KPI based token unlocks tied to performance, not time.

Narrative of the Week: No Bids, No Mercy Traders caught off guard by the speed and depth of the selloff. Flood points to possible government selling, exchange stress, or hidden leverage. Bob Kendall argues derivatives have eroded Bitcoin scarcity and price

Market Overview: Crypto market cap down 20% to $2.24T. BTC -20.79%, ETH -29.07%. $2.75B in longs liquidated over the weekend, another $1.8B wiped out Thursday. Funding rates plunge deep into negative territory across majors. Strategy buys 855 BTC for $75.3M,