Market Update — January 7
Source: TechFlow (Shenchao)
Yesterday's Market Dynamics
Federal Reserve Governor Milan: The Fed Should Cut Rates by More Than 100 Basis Points This Year
Federal Reserve Governor Milan: The Fed should cut interest rates by more than 100 basis points this year.
The People's Bank of China (PBOC): Strengthening Virtual Currency Regulation and Continuing to Crack Down on Related Illegal and Criminal Activities
The 2026 PBOC Working Conference was held on January 5-6. The conference emphasized the need to study and construct a financial statistics system and standards framework that matches the modern central banking system, and to continue to improve statistical monitoring in key areas such as the "five major tasks" of finance and the debt of financing platforms. It also stressed consolidating the achievements in improving the cash-use environment, continuously improving the efficiency and effectiveness of treasury management, prudently implementing the one-time personal credit repair policy, further improving the social credit system, and optimizing payment services for the elderly and foreign nationals in China in a regular and long-term manner. The conference also emphasized strictly implementing penetrating supervision of payment institutions and supervision of payment business functions, strengthening virtual currency regulation, and continuing to crack down on related illegal and criminal activities, deepening technology management and innovative applications, and steadily developing the digital RMB.
Vice President of Beijing Academy of Social Sciences: Steadily Advancing Collaborative Innovation between Digital RMB and Hong Kong Stablecoins to Achieve Secure Exchange and Circulation at the Value Level
According to a report in the Hong Kong Wen Wei Po, Fan Wenzhong, Vice President of the Beijing Academy of Social Sciences and Executive Director of the China Finance Society, wrote an article entitled "Steadily Advancing Collaborative Innovation between Digital RMB and Hong Kong Stablecoins." The article points out that central bank digital currencies (CBDCs), represented by the digital RMB (e-CNY), and new payment tools, represented by compliant Hong Kong stablecoins, are reshaping the paradigm of cross-border payments through different paths. Through the collaboration between the digital RMB and Hong Kong stablecoins, the cross-border coverage of the digital RMB can be rapidly expanded, the stickiness of RMB in real trade can be enhanced, and the internationalization of the RMB can be promoted; Hong Kong's status as an international financial center can be strengthened, creating the world's first integrated hub of "CBDC + compliant stablecoin." The cross-border payment solution based on dual-currency collaboration does not pursue complete unification of the underlying ledgers of the digital RMB and stablecoins, but rather achieves secure exchange and circulation at the value level by establishing a regulated and standardized interactive interface.
Morgan Stanley's Solana Trust Files S-1 Registration Application with SEC
According to the SEC's official website, Morgan Stanley has filed S-1 registration documents with the U.S. Securities and Exchange Commission (SEC) for both the Solana Trust and the Bitcoin Trust.
MANTRA will abandon all ERC20 $OM tokens on January 15th; unmigrated tokens may be burned.
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. The official announcement reminds token holders to migrate as soon as possible; unmigrated tokens may be burned.
Analyst: Suspected LAB Investor Sells Tokens at 50% Discount Off-Exchange, Causing Price Volatility
Eye, the on-chain analyst who previously uncovered the "1011 Insider Whale," posted on the X platform that LAB, a cross-chain trading infrastructure launched last October, experienced a strong price surge in the past 24 hours. After a brief surge, the price quickly fell. Analysis shows that someone is selling tokens at a 50% discount in over-the-counter (OTC) trading. According to the relevant terms, the trader is suspected to be an investor in LAB.
Arthur Hayes: Zcash Now Maelstrom's Second Largest Holding
According to Decrypt, BitMEX co-founder Arthur Hayes predicts privacy will be the dominant narrative in cryptocurrency by 2026 and revealed that his family office, Maelstrom, has a significant holding of Zcash. Hayes believes that privacy assets will become a crucial channel for crypto demand as US political incentives lean towards aggressive credit expansion and energy price controls.
NFT Paris Cancels February Event Due to "Market Crash"
According to Theblock, NFT Paris, the NFT convention, announced the cancellation of its February 5-6 event, citing a "market crash." Organizers promised compensation to ticket holders, but some sponsors reported receiving non-refundable notices.
Market News: Chat Platform Discord Has Secretly Filed for IPO
According to Jinshi Data, market sources indicate that chat platform Discord has reportedly secretly filed for an IPO.
MSCI Decides to Temporarily Postpone Proposal to Exclude DAT from Indices
According to an official announcement, MSCI has released the results of its consultation regarding Digital Asset Treasury (DAT) and has decided not to implement the proposal to exclude DAT from the MSCI Global Investable Markets Index in the February 2026 index adjustment. The current index treatment of DAT will remain unchanged. DAT companies already included in the index can continue to be included, but MSCI will temporarily suspend increasing the number of shares or inclusion factor, and postpone any new additions or phased adjustments to the index size.
Bitmine stakes another 28,000 ETH, worth approximately $91.16 million.
According to on-chain analyst The Data Nerd (@OnchainDataNerd), Bitmine has transferred 28,320 ETH (approximately $91.16 million) to wallet address 0x921 for staking. It is estimated that Bitmine has now staked a total of 520,864 ETH, with a total value of approximately $1.636 billion.
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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.
The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.
Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.
Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.
The trading process has been streamlined into five steps:
· Choose the trading asset
· Select long or short
· Input position size and leverage
· Confirm order details
· Confirm and open the position
The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.
Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:
· End-to-end encrypted private groups supporting up to 1024 members
· End-to-end encrypted voice communication
· One-click position sharing
· One-click trade copying
On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.
By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.
Mixin has also introduced a referral incentive system based on trading behavior:
· Users can join with an invite code
· Up to 60% of trading fees as referral rewards
· Incentive mechanism designed for long-term, sustainable earnings
This model aims to drive user-driven network expansion and organic growth.
Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:
· Separation of transaction account and asset storage
· User full control over assets
· Platform does not custody user funds
· Built-in privacy mechanisms to reduce data exposure
The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.
Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.
The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.
Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.
This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."
The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.
Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.
Its core capabilities include:
· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations
· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets
· Decentralization: achieving full user control over assets without relying on custodial intermediaries
· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication
Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.

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