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Bitcoin ended 2025 on a weak note despite reaching an all-time high above $126,000, underperforming both gold and the Nasdaq over the year. BitMEX co-founder Arthur Hayes attributed this largely to a contraction in US dollar credit, which he described as the dominant force shaping asset prices during the year. While gold and US equities benefited from global uncertainty and shifting reserve strategies, Bitcoin lagged as tighter fiat liquidity reduced speculative and risk-oriented capital flows. Hayes also pointed to increased gold purchases by sovereign nations seeking to reduce reliance on US treasuries after geopolitical tensions and US policy actions, reinforcing gold’s role as a reserve asset and further highlighting Bitcoin’s sensitivity to dollar liquidity conditions.
Looking ahead to 2026, Hayes expects a reversal as US dollar liquidity expands, driven by renewed growth in the Federal Reserve’s balance sheet, ongoing money creation, and Reserve Management Purchases that he estimates could add at least $40 billion per month to the financial system. He believes this environment would support risk assets, including Bitcoin, which has historically moved in line with periods of monetary expansion. Positioning for this scenario, his firm has taken leveraged exposure to Bitcoin through equity stakes in companies such as Strategy and Metaplanet, and continues to accumulate Zcash despite internal challenges within that project. Hayes argues that stronger bank lending, a growing central bank balance sheet, and lower mortgage rates could make 2026 a markedly better year for Bitcoin than 2025. Source
Uniswap has launched on OKX’s layer-2 blockchain, X Layer, becoming the network’s preferred decentralized exchange as the crypto exchange pushes deeper into decentralized finance. The integration allows users to access Uniswap’s token markets and liquidity pools with transactions settled at layer-2 costs and without fees charged by Uniswap Labs. X Layer, launched in 2024, is an Ethereum Virtual Machine-compatible network that serves as core infrastructure for OKX’s DeFi products and is directly connected to the company’s wallet and centralized exchange, making it easier for users to move assets onchain. Uniswap currently holds about $4.4 billion in total value locked, and its founder said the deployment is expected to boost activity and liquidity on the protocol.
OKX CEO Star Xu described the move as a central part of the company’s second phase of a three-stage rollout focused on integrating major DeFi protocols and strengthening infrastructure. The partnership reflects a broader trend among centralized exchanges to bridge their user bases with onchain ecosystems through proprietary layer-2 networks. Coinbase followed a similar path with Base, which rapidly became a dominant venue for Uniswap traders in early 2024, and Gate.io later launched its own layer-2 network, Gate Layer, in 2025 to underpin its DeFi and Web3 offerings. Source
Robinhood CEO Vlad Tenev criticized the slow pace of US crypto regulation, saying the company is still unable to offer staking in four states despite strong user demand. He described the situation as regulatory gridlock and called for the US to take a leadership role in crypto policy by passing legislation that protects consumers while supporting innovation. His comments followed the Senate Banking Committee’s decision to delay consideration of a major crypto market structure bill that would define when tokens are securities or commodities, clarify the roles of the SEC and CFTC, and set rules for staking, lending, stablecoins, and registration for exchanges and DeFi platforms. Frustration over the delay has spread across the industry, with Coinbase CEO Brian Armstrong warning that the current version could favour traditional financial institutions and overregulate decentralized platforms, prompting Coinbase to withdraw its support.
Staking remains restricted in California, Maryland, New Jersey, and Wisconsin due to lawsuits and regulatory scrutiny claiming that staking services offered by companies such as Robinhood and Coinbase may constitute unregistered securities offerings. These state-level actions have limited the rollout of staking products even as demand continues to grow. In contrast, the European Union has implemented its Markets in Crypto-Assets framework, creating a single regulatory system across member states that allows companies to launch more advanced products. This has enabled offerings such as tokenized stocks, which Robinhood has already introduced in Europe, with Tenev describing them as one of the most significant developments in capital markets in more than a decade. Source
Bitcoin is increasingly moving in response to fiscal and regulatory developments rather than its traditional four-year halving cycle or on-chain indicators, as investors focus on liquidity expectations shaped by government policy. While global equities rallied in 2025, Bitcoin lagged, signalling that price action is now more closely tied to anticipated changes in borrowing costs, public spending, and regulatory direction. Analysts say markets are reacting in advance to signs of quasi-quantitative easing, where governments support liquidity through fiscal and administrative measures rather than direct central bank asset purchases. This shift has weakened the relevance of the historical cycle framework, with early 2026 behaving less like a post-peak phase and more like a continuation driven by expectations of easier financial conditions.
Heavy government spending, subdued real yields, and blurred boundaries between fiscal and monetary policy are reinforcing Bitcoin’s sensitivity to liquidity, according to industry research. With the United States pursuing large-scale stimulus ahead of the 2026 midterm elections and public debt constraining traditional monetary tightening, low yields are eroding the appeal of bonds and regulated credit, pushing investors toward alternatives such as crypto. At the same time, progress on delayed US crypto market structure legislation is emerging as a key short-term catalyst for prices, shaping institutional positioning more than network activity metrics. Analysts argue that institutional demand from ETFs remains supportive, but future inflows will depend heavily on whether regulatory clarity and liquidity expansion align over the coming year. Source
Crypto usage in Iran has surged as nationwide protests erupted in late December following the collapse of the rial to record lows against the US dollar and a violent government crackdown that included internet shutdowns. Chainalysis reports that the country’s crypto ecosystem reached about $7.78 billion in 2025, with growth accelerating during the unrest as both the number and value of daily transactions climbed sharply. A key trend has been a spike in withdrawals from Iranian exchanges into personal Bitcoin wallets, indicating that many people are moving assets into self-custody to preserve value and maintain access to funds as the national currency rapidly loses purchasing power.
At the same time, Iran’s government is also deeply involved in the sector, with crypto activity linked to the Islamic Revolutionary Guard Corps accounting for roughly half of the ecosystem in the fourth quarter of 2025 and more than $3 billion received by associated addresses over the year. Chainalysis describes Bitcoin as functioning not only as a store of value but also as a practical tool for financial independence and mobility in a tightly controlled economy, a pattern seen in other regions facing conflict or repression. Separate data from TRM Labs estimates $3.7 billion in crypto flows into Iran between January and July 2025, while around seven million of the country’s 92 million people are thought to use crypto, suggesting it will remain a central part of how Iranians navigate sanctions and ongoing economic instability. Source
MetaMask has added native support for the Tron blockchain across its mobile and browser apps, continuing its push beyond its origins as an Ethereum-focused wallet. The integration allows users to hold and manage Tron-based assets, interact with decentralized applications directly from the wallet, swap assets between Tron, Ethereum-compatible networks, Solana, and Bitcoin, send USDT, stake TRX, and carry out transactions across multiple chains from a single interface. The move follows the wallet’s addition of Solana and, more recently, Bitcoin, reflecting its strategy to serve users who increasingly operate across several blockchains rather than just one.
Tron brings a large and active ecosystem into MetaMask, with around 3 million daily active wallets and about $4.7 billion locked in decentralized finance protocols, as well as more than $81 billion in USDT issued on the network, close to Ethereum’s total. MetaMask’s parent company, Consensys, has long been a major player in the Ethereum ecosystem, but the company has spent the past year broadening the wallet’s scope to meet demand from traders and investors for multi-chain functionality. Bitcoin support, which arrived in December after being announced earlier in 2025, marked a major step in that shift, and Tron now joins Solana and Bitcoin as another non-Ethereum network accessible through MetaMask’s unified platform. Source
Crypto market sentiment has retreated from a recent multi-month high as uncertainty grows around a proposed US crypto market structure bill. The Crypto Fear and Greed Index fell 12 points to a neutral reading of 49, down from 61 a day earlier, after briefly reaching its strongest level since October. The earlier rise in sentiment coincided with Bitcoin climbing about 5% to nearly 98,000, a move that analysts said was supported by accumulation from large investors and selling by retail traders.
Confidence weakened after executives and lobbyists criticized provisions in the Senate version of the bill, particularly rules that would further limit stablecoin yields, prompting Coinbase CEO Brian Armstrong to withdraw support and argue that the proposal could be worse than having no legislation at all. In response, the Senate Banking Committee canceled its planned markup, while the Senate Agriculture Committee delayed its own review until late January, adding to uncertainty about the bill’s future. Although some investors worry the delays could pressure prices, others see them as constructive, noting that Bitcoin has held relatively steady near 95,500 despite the political setback. Source
Research cited from venture capital firm First Round Capital argues that startup success is strongly tied to the composition of founding teams, not just ideas or timing, highlighting advantages in networks, experience, and complementary capabilities. High-performing teams are more likely to include founders with elite educational backgrounds, technical expertise, prior leadership in high-tech companies, multiple co-founders, gender diversity, and some younger members who contribute cultural and design relevance. These traits are linked to faster growth, higher capital efficiency, and stronger valuations. Markethive positions its own leadership as matching these criteria, pointing to its Stanford- and UCSD-educated CEO with a background in advanced computing, female technical leaders with decades of experience, a young industrial designer under 20, and a three-founder structure intended to balance product development, technology, and strategy.
The company says this foundation supports its broader vision of building a decentralized ecosystem centered on its cryptocurrency Hivecoin, internal wallet infrastructure, and principles of user autonomy, privacy, free speech, and free markets. Instead of relying on traditional venture capital, Markethive emphasizes community funding through its Entrepreneur One subscription model, which grants members early adopter status and revenue-sharing rights as ILP shareholders, including a planned allocation of 25% of net revenue paid monthly. Recent launches such as its vanity promo code service and the upcoming E1X exchange are presented as signs of momentum, with future tools like Sitemaker and Smart Mail dependent on increased subscription revenue. The company closes with a direct appeal for members to purchase or expand subscriptions to accelerate development and fulfill its financial commitments to the community. Source
DeadLock is a newly identified ransomware family first spotted in July 2025 that has remained largely unnoticed due to a small number of victims, the absence of an affiliate program, and no public data leak site. Researchers at Group-IB report that it uses smart contracts on the Polygon blockchain to distribute and frequently rotate proxy server addresses, making its infrastructure harder to track, block, or dismantle. This approach mirrors techniques seen in earlier campaigns such as EtherHiding, where attackers used public blockchains to hide and deliver malicious payloads, showing how decentralized networks are increasingly being repurposed as covert channels for cybercrime.
Once active on a system, DeadLock encrypts files with a .dlock extension, changes the desktop background to a ransom note, and in newer versions threatens to sell or leak stolen data if payment is not made. At least three variants have been identified, with recent versions believed to rely on infrastructure operated directly by the attackers rather than compromised third-party servers. The malware retrieves blockchain network endpoints through embedded JavaScript that queries Polygon smart contracts and also drops an HTML file that integrates the Session messaging app to enable direct communication between victims and operators, highlighting a growing level of technical sophistication despite its currently limited spread. Source
Ethereum has seen a sharp rise in network participation over the past month, with activity retention nearly doubling from just over 4 million to around 8 million addresses, according to Glassnode. The increase reflects a surge in first-time users rather than just existing participants becoming more active, pointing to a broad expansion of the network’s user base. Over the past year, active addresses have grown from about 410,000 to more than 1 million, while daily transactions climbed to a record 2.8 million, up roughly 125% year on year.
Analysts attribute much of the recent growth to booming stablecoin usage combined with falling transaction fees, driven by Ethereum shifting more execution to layer-2 networks while keeping settlement on the main chain. Market sentiment has also improved, with researchers highlighting rising staking levels, sustained inflows into exchange-traded funds, and stronger on-chain fundamentals as factors that could support higher prices. Ether recently touched a two-month high near $3,400 before easing back toward $3,300, and several analysts suggested the current consolidation could precede a near-term breakout as institutional participation increases and liquidity tightens. Source
CME Group will launch futures contracts for Cardano, Chainlink, and Stellar on February 9, pending regulatory approval, expanding its suite of crypto derivatives. The contracts will be available in both standard and micro sizes, with 100,000 ADA and 10,000 ADA for the micro, 5,000 LINK and 250 LINK for the micro, and 250,000 XLM and 12,500 XLM for the micro. This move builds on CME’s existing offerings, which include futures and options for Bitcoin, Ethereum, Solana, and XRP, and reflects growing demand from clients for regulated products to manage cryptocurrency price risk.
The announcement comes as crypto futures and options markets set records in 2025, with average daily contract volume reaching 278,300 contracts worth $12 billion and average open interest hitting 313,900 contracts valued at $26.4 billion. CME also maintains cryptocurrency benchmark indices and reference rates to standardize pricing, recently adding assets like Arbitrum, Ondo, Near, and Sui. Industry participants, including major trading firms, have welcomed the expansion, noting that the availability of additional regulated derivatives will enhance trading opportunities and risk management in the rapidly evolving crypto market. Source
Despite volatile cryptocurrency prices in 2025, Binance highlighted significant improvements in the underlying infrastructure and regulatory environment. Stablecoins solidified their role as essential settlement rails for cross-border payments and crypto markets, offering users and businesses a way to access crypto networks while reducing exposure to volatility. Regulatory clarity through measures like the GENIUS Act in the US and the MiCA framework in Europe helped support these developments, while exchange-traded funds expanded in both scope and structure, providing more regulated pathways for institutional and retail participation.
Corporate adoption of crypto also increased, with over 190 public companies incorporating digital assets into their balance sheets, enhancing market exposure and investor engagement. Banks moved closer to mainstream crypto-backed lending, with major US institutions piloting Bitcoin-backed credit products that allow clients to borrow cash without selling holdings. On-chain activity showed steady engagement, with active addresses peaking above 300 million mid-year before settling near 230 million, while sustained miner investment strengthened network security, driving the Bitcoin hash rate and mining difficulty higher. Source
Coinbase’s sudden withdrawal of support for the Senate’s crypto market structure bill threw the industry into disarray, forcing the Senate Banking Committee to delay a vote that had been expected to advance the legislation. The dispute centers on stablecoin yield limits, with Coinbase objecting to amendments favored by the banking sector that would restrict the interest-like rewards crypto firms can offer on stablecoin holdings. The abrupt reversal fractured the coalition of crypto advocates and left key senators and industry leaders scrambling to salvage the bill, which had initially been positioned as a bipartisan effort supported by both the White House and GOP leadership. Coinbase CEO Brian Armstrong’s decision came amid growing pressure from banking lobbyists and reflected a strategic stance over the future regulatory framework for stablecoins.
Industry insiders warn that the delay and the public display of discord may have lasting consequences for the bill’s prospects. While Coinbase signaled a willingness to re-engage in negotiations, its credibility and leverage on Capitol Hill may have suffered, complicating the path forward for lawmakers seeking to finalize the legislation. Fractures within pro-crypto coalitions are becoming evident, with some groups like Andreessen Horowitz pushing for passage despite imperfections, while others remain skeptical. The next step for the bill could involve additional markups in the Senate Agriculture Committee, but delays are expected as the Senate Banking Committee reassesses its approach. The ultimate fate of the legislation remains uncertain, with key industry and political players evaluating how to move forward. Source
State Street has launched a new institutional digital asset platform designed to help businesses create and manage tokenized financial products. The platform supports tokenized money market funds, exchange-traded funds, tokenized deposits, and stablecoins, providing institutions with tokenization services, digital asset custody, and access to various digital assets. By combining blockchain connectivity with traditional financial controls and global servicing expertise, the platform aims to allow institutions to integrate tokenization into their core strategies while maintaining compliance and operational oversight. The initiative is initially focused on institutional clients and is subject to regulatory approvals in different jurisdictions.
The move reflects a broader trend in traditional finance toward experimenting with blockchain technology to enhance liquidity and product offerings. State Street, which manages $5.4 trillion in assets, has been gradually expanding its digital asset initiatives, including collaborations with Galaxy Asset Management and Ondo Finance for tokenized funds on Solana. Other major financial firms, such as Fidelity, Franklin Templeton, JPMorgan, and BlackRock, have also entered the tokenized finance space, indicating growing momentum for crypto-linked products among institutional investors. Source
Two solo Bitcoin miners achieved rare wins this week, each earning nearly $300,000 in block rewards. One miner received a 3.157 BTC payout worth about $304,000 early Thursday, while another secured a reward valued at $295,000 on Tuesday. These full payouts are uncommon due to the dominance of large mining pools such as Foundry USA, AntPool, and F2Pool, which together account for nearly 57% of mined blocks. Bitcoin mining relies on probabilistic competition to solve cryptographic puzzles, giving miners with greater computing power higher odds, but chance still plays a major role in who wins individual blocks.
The wins highlight both the unpredictability of solo mining and a shifting landscape in global Bitcoin mining. U.S. mining dominance has declined over the past year as firms redirect resources toward building AI infrastructure, allowing countries like China to regain market share. In 2025, North American pools saw their collective block share drop, with Foundry USA, MARA Pool, and Luxor Technologies accounting for 35% of all mined blocks compared to over 40% the previous January. While American miners continue to influence the network, the landscape is increasingly competitive, and solo successes remain exceptional. Source
Interactive Brokers has expanded its crypto services to allow clients to fund brokerage accounts using stablecoins, starting with USDC, which is automatically converted into U.S. dollars upon deposit. The service, launched in partnership with crypto infrastructure provider zerohash, enables 24/7 funding across Ethereum, Solana, and Base blockchains, removing the need for traditional fiat wire transfers and banking hours. Support for Ripple USD and PayPal USD is expected to roll out next week. The move follows the firm’s initial launch of USDC funding for retail accounts in December and reflects broader efforts to streamline access to global markets for institutional and individual investors.
The introduction of stablecoin deposits addresses challenges with traditional cross-border funding, offering near-instant settlement, lower costs, and flexibility outside business hours. Interactive Brokers positions this as a solution for international investors needing rapid access to capital, allowing clients to transfer funds and begin trading within minutes. The announcement comes amid significant growth in the stablecoin sector, which surpassed $300 billion in market capitalization in October 2025 and continues to expand, driven primarily by USDT, USDC, and yield-bearing stablecoins like USDe. Source
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
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