Zaobao| Morgan Stanley Solana Trust filed an S-1 registration application with the SEC, and BitMine

Spot gold exceeded US$4480/ounce, rising 0.70% during the day

Market dynamics

Yesterday\'s market dynamics

● NVIDIA invests in Bitcoin mining company

NVIDIA, with a market value of US$5 trillion, said it will invest in Bitcoin mining company, which is its latest deployment in the cryptocurrency field.

● Federal Reserve Governor Milan: The Federal Reserve should cut interest rates by more than 100 basis points this year

Federal Reserve Governor Milan: The Federal Reserve should cut interest rates by more than 100 basis points this year.

● Etherealize CEO releases 2026 forecast: ETH may rise to US$15,000

Etherealize CEO Vivek Raman released 2026 forecast, saying that Ethereum will achieve five-fold growth in three major areas in 2026. In terms of tokenized assets, JPMorgan, BlackRock, Fidelity and other institutions have deployed money market funds and private credit products in Ethereum, and the total value is expected to increase from US$18 billion to US$100 billion.

Stable coins received regulatory support after the passage of GENIUS Ac. SoFi became the first national bank to issue stable coins on the public chain. Its market value is expected to increase from 308 billion to US$1.5 trillion, with Ethereum accounting for approximately 60%.

The Layer 2 ecosystem is booming, with Coinbase, Robinhood, and Deutsche Bank building exclusive chains one after another. Four companies, including BitMine Immersion and Sharplink Gaming, have purchased approximately 4.5% of ETH supply as reserve assets, imitating the MicroStrategy model. The report predicts that the price of ETH will increase fivefold to US$15,000, with a market value of US$2 trillion, on par with Bitcoin.

● Central Bank: Strengthen supervision of virtual currency, continue to crack down on related illegal and criminal activities, and steadily develop digital RMB

The 2026 People\'s Bank of China Work Conference of China was held on January 5 - 6. The meeting emphasized the need to study and build a financial statistical system and standard system that match the modern central bank system, and continue to do a good job in statistical monitoring in key areas such as the \"five major articles\" of finance and financing platform debt. Consolidate the effectiveness of building a cash use environment. Continue to improve the quality and efficiency of manager treasury management. Steadily implement the one-time personal credit repair policy. Further improve the social credit reporting system. Regularly and long-term optimization of payment services for the elderly and foreigners coming to China. Strictly implement penetrating supervision of payment institutions and supervision of payment business functions. Strengthen the supervision of virtual currency and continue to crack down on related illegal and criminal activities. Deepen science and technology management and innovative application. Steadily develop the digital RMB.

● Vice President of the Beijing Academy of Social Sciences: Steadily promote the collaborative innovation of digital RMB and Hong Kong stablecoins, and plan to achieve safe exchange and circulation at the value level

According to the Hong Kong Wen Wei Po report, Fan Wenzhong, vice president of the Beijing Academy of Social Sciences and executive director of the China Financial Society, wrote an article entitled \"Steadily Promote the Collaborative Innovation of Digital RMB and Hong Kong stablecoins,\" which pointed out: Central Bank Digital Currency (CBDC) represented by Digital RMB (e-CNY) and new payment tools represented by Hong Kong compliant stablecoins are reshaping a new paradigm of cross-border payments from different paths. Through the synergy between digital RMB and Hong Kong stablecoins, we can quickly expand the cross-border coverage of digital RMB, enhance the stickiness of RMB in real trade, and promote the internationalization of RMB; strengthen Hong Kong\'s status as an international financial center and create the world\'s first \"CBDC+ A convergence hub for compliant stablecoins.\" The dual-currency collaborative cross-border payment solution does not pursue the complete unification of the underlying books of digital RMB and stablecoin, but achieves the safe exchange and circulation of the two at the value level by establishing a regulated and standardized interactive interface.

● Wintermute CEO: Oppose insider trading in the prediction market and extract the benefits of users who do not know the truth. It is unethical

Wintermute founder and CEO Evgeny Gaevoy said that it is opposed to insider trading in the prediction market. If insider trading is normalized, it will be beautified as a feature rather than a loophole, which will be very regrettable. Very contemptuous of people who conduct insider trading on Polymarket or Kalshi.

The post it forwarded also mentioned that even if you just smell a trace of non-public information, you should resolutely not trade in the market. Maybe insider traders can get away with punishment, maybe not, but it\'s not worth the risk. Insider traders can end up in prison for doing insider trading on Polymarket. It is extremely immoral to speculate while knowing that you will make a profit and will not lose. It is to extract benefits from those who do not know the truth.

● TD Cowen: The passage of the Crypto Market Structure Bill may be postponed until 2027 and implemented in 2029

According to The Block, investment bank TD Cowen said that the U.S. legislative process aimed at establishing clear rules for the cryptocurrency market may be longer than expected. The passage of relevant bills may be postponed until 2027, and the actual implementation may even be postponed until 2029.

TD Cowen pointed out in a report released on Monday that although there is still a path to pass the Crypto Market Structure Act this year, the political game in the U.S. Congress makes the extension more likely. The agency believes that the Democratic Party currently lacks the incentive to accelerate legislation, especially given its judgment that it is expected to regain control of the House of Representatives in the 2026 midterm elections.

He said election results are always full of uncertainty, so Democrats may reach a deal, which could happen quickly because staff have been studying technical terms for months. Time is in favor of passage of the bill, and if the bill is passed in 2027 and takes effect in 2029, the problem will disappear. The cryptocurrency industry needs to accept that a presidential election could affect the final rule, and Democrats also need to accept that the conflict of interest clause does not apply to Trump.

● Trump: The United States will become No. 1 in the cryptocurrency field

U.S. President Trump said he only cares about one thing, that is, the United States will become No. 1 in the cryptocurrency field.

● MANTRA will abandon all ERC20$OM on January 15. Tokens that have not been relocated or will be destroyed.

MANTRA Chain officially announced today that ERC20$OM tokens currently account for less than 8% of the total supply and will be completely abandoned on January 15, 2026. Officials remind coin holding users to complete the migration as soon as possible, and unmigrated tokens may be destroyed.

● Analysts: It is suspected that a LAB investor sold tokens at a 50% discount off the market, causing price fluctuations.

Eye, an on-chain analyst who previously explored the \"1011 Insider Whale\", wrote on the X platform that LAB, a cross-chain trading infrastructure launched in October last year, has experienced a strong trend of raising shipping prices in the past 24 hours. Prices have risen sharply for a short period of time and then fell rapidly. Analysis showed that someone was selling tokens in over-the-counter (OTC) trading at a discount of 50%, and according to relevant terms, the trader was suspected to be an LAB investor.

● Uniswap founder: AMM is superior to the order book in both high and low volatility markets and hot token areas.

Uniswap founder Hayden Adams posted on the X platform saying that he strongly opposes claims that AMM(Automated Market Maker) is inferior. Hayden Adams pointed out that among low-volatility currency pairs, AMM can provide stable returns to low-cost capital investors, thereby weakening the competitiveness of professional market makers. In highly volatile long-tail markets, AMM is the only scalable option. As a liquidity provider (LP), the project party or early supporter is more effective in creating liquidity than paying option fees to market makers.

Regarding the highly volatile hot token market, Hayden Adams said that AMM is continuing to grow. Although the order book is currently in its best condition, AMM\'s development is only in its infancy. Through the Hook development of Uniswap v4, a more profitable pool of funds will be provided in the future. Hayden Adams believes that AMM will ultimately win in this area due to its low cost of capital advantages and easier liquidity to combine and mortgage.

● Arthur Hayes: Zcash has become Maelstrom\'s second-largest position

According to Decrypt, BitMEX co-founder Arthur Hayes predicts that privacy will become the dominant narrative of cryptocurrency in 2026, and revealed that his family office Maelstrom already holds a large amount of Zcash. Hayes believes that as U.S. political incentives tilt towards aggressive credit expansion and energy price controls, private assets will become an important channel for crypto demand.

● NFT Paris announced the cancellation of February events citing \"market collapse\"

According to Theblock, the NFT exhibition NFT Paris announced the cancellation of the event originally scheduled for February 5-6, citing \"market collapse.\" The organizers promised to compensate participants who had purchased tickets, but some sponsors said they had received notices that they could not be refunded.

● The People\'s Bank of China emphasizes moderately loose monetary policy and high-quality development

From January 5 to 6, 2026, the People\'s Bank of China Working Conference was held. The meeting proposed to continue to implement moderately loose monetary policy, strengthen the integrated effect of incremental policies and stock policies, increase counter-cyclical and cross-cyclical adjustments, and enhance the ability of financial services to high-quality development of the real economy. Deepen financial reform and opening up to the outside world at a higher level, enhance the forward-looking, targeted and collaborative nature of macro policies, focus on expanding domestic demand, optimizing supply, preventing and defusing risks, stabilizing social expectations, and contributing to stable economic growth, high-quality development and financial market stability. Operation provides a good monetary and financial environment to help start the 15th Five-Year Plan. The meeting also emphasized that promoting high-quality economic development and reasonable price recovery should be the focus of monetary policy, flexibly using tools such as reducing reserve requirements and interest rates, maintaining sufficient liquidity, and guiding the scale of social financing and money supply to match the goals of economic growth and overall price levels., to ensure that the RMB exchange rate is basically stable.

● Bitmine pledged another 28,000 Ethereum pieces, approximately US$91.16 million

According to monitoring by online analyst The Data Nerd( OnchainDataNerd), Bitmine has transferred 28320 Ethereum (approximately US$91.16 million) to the wallet address 0x921 for pledge. According to statistics, Bitmine has pledged a total of 520,864 Ethereum pieces, with a total value of approximately US$1.636 billion.

● Data: BitMine has pledged 771,000 ETH in the past two weeks, accounting for 18.6% of its total positions.

CryptoQuant data shows that BitMine, the largest Ethereum treasury company, has pledged a total of 771,000 ETH in the past two weeks, accounting for approximately 18.6% of its 4.14 million ETH positions.

● Wal-Mart launches Bitcoin and Ethereum transaction services through OnePay

Wal-Mart launches Bitcoin and Ethereum transaction services through its OnePay app, providing millions of users with the ability to exchange cryptocurrencies for daily retail consumption.

● Morgan Stanley submits Solana Trust application to the SEC

On January 6, Morgan Stanley submitted Solana Trust S-1 application to the US Securities and Exchange Commission (SEC).

● Morgan Stanley applies to launch Bitcoin and Solana ETFs to accelerate the deployment of digital assets

According to Reuters, Wall Street investment banking giant Morgan Stanley has filed a document with the U.S. Securities and Exchange Commission (SEC) to apply to launch an exchange-traded fund (ETF) linked to the price of crypto assets. Documents show that Morgan Stanley plans to launch ETF products that track Bitcoin (BTC) and Solana(SOL) prices.

This move will further deepen the bank\'s layout in the field of crypto assets. It is worth noting that this move occurred after the SEC approved the spot Bitcoin ETF two years ago, marking the continued increase in the digital asset market by traditional financial institutions.

● Telegram\'s revenue in the first half of the year increased by 65% to US$870 million, but it fell into a loss due to Toncoin impairment

According to Cointelegraph, Telegram\'s revenue in the first half of 2025 reached US$870 million, a year-on-year increase of 65%, of which approximately US$300 million came from Toncoin-related \"exclusive agreements.\" However, as the value of Toncoin plunged 69% this year, the company was forced to write down the value of the cryptocurrency it held, resulting in a net loss of more than $220 million.

In addition, Telegram\'s US$500 million bonds in Russia were frozen due to Western sanctions. Despite the challenges, Telegram plans to achieve its $2 billion revenue target for the full year and consider an IPO after CEO Duroff\'s French investigation makes progress. The company has sold approximately $450 million in Toncoin, accounting for approximately 10% of its market value.

● Solana\'s 2025 data: Internet revenue has increased by 48 times in two years, and Memecoin transaction volume has dropped by 10% year-on-year.

Solana published an article on the X platform to review its data performance in 2025. Its network revenue reached US$1.4 billion, a 48-fold increase in two years; the average daily active wallet reached 3.2 million, a year-on-year increase of 50%, a record high; The supply of stablecoins reached US$14.8 billion at the end of the year, more than doubling year-on-year and setting a record high; the pledged SOL reached 421 million pieces, an increase of 8%, setting a record high.

In addition, Memecoin trading volume reached US$482 billion, a year-on-year decrease of 10%;Launchpad revenue doubled year-on-year to US$762 million;SOL spot ETF net inflow was US$1.02 billion; and DEX trading volume reached US$1.5 trillion, a year-on-year increase of 57%, a record high.

● Bitcoin Core v30 version has a vulnerability, which may cause financial losses when upgrading older versions of wallets

According to market news, Bitcoin Core developers have reminded users that versions 30 and 30.1 have wallet migration vulnerabilities, which may delete files and cause financial losses. This issue occurs only under certain conditions and affects the migration of old Bitcoin Core wallets that have never been renamed or upgraded.

Bitget wallet market analyst Lacie Zhang said the vulnerability is triggered when software attempts to migrate an unnamed older \"wallet.dat\" file stored in a custom wallet directory (usually defined by the \"-walletdir\" setting) while also enabling pruning. In this case, the migration appears to have completed successfully, but the cleanup logic mistakenly deletes the entire wallet directory. Shawn Odonaghue, community leader at Orbs, said the vulnerability mainly affects \"very old wallet settings\" and users using hardware wallets or modern wallet software are unlikely to encounter such problems.

Bitcoin Core version 30.1 was released on January 1, and the wallet migration vulnerability was publicly disclosed on Monday that developers had withdrawn binaries for versions 30 and 30.1 from the official download website. The project reminds users not to use the wallet migration tool until version 30.2 of the repaired version of Bitcoin Core is released, and emphasizes that existing users who have not attempted migration can continue to run their nodes normally.

● Crypto brokerage Habitat Trade completes nearly US$10 million in Series A financing, led by Chizicheng Technology

Crypto brokerage Habitat Trade announced the completion of nearly US$10 million in Series A financing. This round of financing is funded by Newborn Town Inc. Leading the investment, Bright Venture Capital, StableStock and other institutions followed.

HabitTrade is expanding its compliance brokerage infrastructure globally and accelerating the integration of traditional capital markets and on-chain finance. Habitat Trade currently focuses on the Middle East market; Chizicheng Technology has a long-term accumulated user base and mature localized operation capabilities in the MENA region. This investment is expected to provide accelerated support for Habitat Trade\'s regional expansion in terms of traffic, resources and market synergy.

It is reported that HabitTrade provides comprehensive brokerage services covering trading, settlement, asset custody and stock tokenized issuance, and supports the use of stablecoins as a settlement method for off-chain financial assets.

● The U.S. Department of Justice violated executive order to sell BTC paid by Samourai developers

Although Executive Order 14233 stipulates that confiscated BTC must be placed in the U.S. strategic BTC reserve, the U.S. Department of Justice appears to have sold the BTC paid by Samourai developers in plea agreements. Moreover, this is not the first time SDNY has acted in defiance of federal guidance in the Samourai case.

● Bitfinex: U.S. intervention in Venezuelan oil may ease the pressure on energy costs, which will benefit Bitcoin mining profits.

Bitfinex analysts said that if U.S. companies enter Venezuela to develop their huge crude oil reserves, they may lower energy prices in the medium to long term, thereby improving the profitability of Bitcoin miners.

Analysis points out that cheaper and more abundant energy supplies are expected to increase miners \'profit margins and could drive a new round of mining expansion, especially in areas where long-term power contracts can be locked in. Bitfinex believes that even using only a small portion of Venezuela\'s 303 billion barrels of crude oil reserves could have a substantial impact on the energy market, providing relief to miners currently under pressure due to the correction in bitcoin prices, increased difficulty in mining and higher electricity costs.

However, the analysis also pointed out that the substantial recovery of Venezuela\'s crude oil production capacity will still take many years, and its progress depends on political transition and sanctions policy arrangements. Overall, the impact of energy changes on the crypto market is still a secondary factor, and price trends are more likely to be dominated by macro risk appetite and cross-asset allocation.