JACK DING

The gap between companies holding bitcoins and non-holders does not lie in the strength of their "faith" in the asset. For most companies, Bitcoin has never even been on the management discussion agenda. Instead of being vetoed after debate, it has not been discussed at all. The management team that really seriously considers the inclusion of Bitcoin in asset allocation has already crossed a threshold that most enterprises have never approached: that is, in the process of implementing a long-term strategy, they are willing to bear the pressure of being misunderstood by the market for many years. That is why few companies in the world have really adopted this strategy.
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Many employees of Goldman Sachs are highly concerned about issues including the U.S. Congressional Clarity Act, which may have a significant impact on the tokenization and stablecoin fields. But based on the news in the past 24 hours, the bill is expected to have a long way to go before it can make progress, but I do think these innovations are crucial.
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In 2026, the crypto market will undergo major adjustments, and the market focus will shift from price fluctuations to infrastructure construction. Macro uncertainty collides with institutional capital flows and an increasingly tight market structure, which is reshaping the Bitcoin cycle. Bitcoin is still the main indicator of risk sentiment, but demand, liquidity and risk channels have changed. The spot Bitcoin ETF and digital asset finance companies listed in the United States last year contributed nearly $44 billion in net spot demand. However, due to the supply of a large amount of tradeable inventory by long-term holders, the market performance has not met expectations. This year's regulatory progress in the United States will reshape the form of on-chain liquidity. In the absence of a clear risk preference background, the slowdown in the momentum of institutional instruments and the compression of premiums may limit the upward space of Bitcoin.
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#加密市场观察

If the issuer is allowed to pay interest, the interest-bearing stablecoin may suck up to $6 trillion in deposits from the U.S. banking system. A large number of bank deposits may turn to stablecoins because of this kind of products. The operation model of such products will be closer to that of money market mutual funds. Funds will be deposited in cash, central bank reserves or short-term government bonds, rather than for lending. This transfer of deposits will shrink the size of bank deposits, thus weakening the credit supply capacity, especially affecting small and medium-sized enterprises that rely more on bank loans rather than capital markets, and may push up the overall cost of borrowing.

#加密市场观察

Ethereum founder Vitalik Buterin and OpenAI CEO Sam Altman are expected to attend the annual shareholders' meeting today (January 15). The meeting will vote on the company's proposal to increase the authorized shares from 500 million shares to 50 billion shares. If the proposal is not approved, the company will not be able to issue new shares to buy more Ethereum or make acquisitions. The company has never issued shares at a price lower than the net asset value. In addition, BitMine will present the development roadmap for 2026 at the meeting, including growth sources other than pledged earnings, and reveal the possibility of acquiring other crypto treasury companies in the future.$ETH

After months of efforts, the text of the bill approved by both parties is ready and will be considered on Thursday. The Digital Asset Market Clarity Act will provide the industry with the necessary regulatory certainty, which can not only retain innovation in the United States, but also protect consumers.
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