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This Week’s Top Stories

“Coinbase can’t support the Senate Banking Committee crypto market structure bill draft in current form.” – Wednesday, 14 January 2026 

• On Wednesday, Brian Armstrong, CEO of Coinbase, tweeted that after reviewing the draft of the bill, Coinbase could not support the legislation in its current form, as they believe there are too many issues.
• Armstrong mentions key concerns, including a de facto ban on tokenized equities, prohibitions on DeFi that would give the government unlimited access to users' financial records, removing the right to privacy. He also mentions draft amendments that would restrict yields on stablecoins, essentially allowing the big banks in the U.S. to “ban” their competition.
• He also said that while he appreciates the work of the Senate, the current form of the bill would be materially worse than the status quo, and that he would rather have no bill than a bad bill. He ended his tweet with remarks that he remains optimistic they will get to the right outcome in the end.  

“Tuesday’s CPI data shows that inflation is currently not re-accelerating.” – Tuesday, 13 January 2026 

• CPI data rose 0.2 percent from November, bringing the annual inflation rate to 2.7 percent in December from the year before. The overall and core inflation rates of 2.7 percent were cooler than January’s 3 percent and 3.3 percent rates.
• While tariffs continue to be a risk to inflation, it currently looks like inflation is not re-accelerating, and the Core CPI even came in slightly lower than expected for December (2.6 percent vs 2.7 percent YoY).
• The inflation data, however, seemingly does not move the needle for the Federal Reserve regarding their interest rate decision, with the market currently expecting the Fed to hold the rate unchanged at 3.50–3.75 percent.  

“Federal Reserve was served with grand jury subpoenas from the DoJ, threatening criminal indictments.” – Sunday, 11 January 2026 

• On Sunday, Federal Reserve Chairman Jerome Powell released a statement addressing the grand jury subpoenas that the Fed received from the Department of Justice related to his testimony before the Senate Banking Committee in June 2025. The DoJ is threatening a criminal indictment against Powell because of his testimony about the multi-year project to renovate historic Federal Reserve office buildings.
• Jerome Powell made it clear that he believes these threats are not about his testimony but rather about the Fed's interest rate decisions and course of action, which are based on their best assessment of what will serve the public, rather than following the preferences of the President. 

A Quick Crypto Overview: Crypto Market is Up This Week After U.S. Inflation Data 

The crypto market traded flat over the weekend and experienced a sharp move to the upside after Jerome Powell’s statement regarding the grand jury subpoenas from the DoJ. However, the move was cut short, and the week started with a red Monday morning. The market began trading higher on Tuesday morning and accelerated further in the afternoon after U.S. inflation data (Core CPI) came in slightly lower than expected. The market seems to have realized that inflation is currently not re-accelerating. While the Fed is not heavily focused on inflation in regard to its interest rate decision, this modest inflation print helped the crypto market rally this week. 

Bitcoin is currently trading at $95’600, Ethereum is above $3’300, Solana is at $143, and total crypto market capitalization reached its highest level since November 2025 this week. Bitcoin dominance is up 1 percent this week, while Ethereum dominance is up almost 3 percent, putting Ethereum in an interesting position against Bitcoin. The ETHBTC ratio has been steadily trading higher since the beginning of November. 

The S&P 500 reached a new all-time high on Tuesday, trading above 7’000 for the first time in history, while the Nasdaq is still trading below its October all-time high at the time of writing. The Russell 2000 continues to outperform and is reaching new all-time highs daily, trading just shy of 2’700 today. Gold and silver have also reached new all-time highs this week, with silver outperforming gold by a large margin since November. Silver is up roughly 60 percent against gold over the past two months. 

Chart of the Week: ETHBTC Move Incoming? 

The ETHBTC ratio is looking interesting right now, slowly grinding higher since its low at the beginning of November and is currently up 12 percent over the past two months. Ethereum is up more than 6 percent this week, while Bitcoin is up 5 percent. A look at the spot ETF flows this week reveals a positive picture for both Bitcoin and Ethereum. Market capitalization-adjusted flows were roughly the same on Tuesday and Wednesday, with Ethereum taking the lead by a large margin yesterday. It will be interesting to keep an eye on this dynamic over the coming days and weeks.

What’s Happening Onchain? SharpLink Deploys ETH on Linea, BNY Launched Tokenized Deposit Service & X Shuts Down InfoFi Projects 

SharpLink Gaming announced that it has deployed and staked roughly $170 million worth of ETH on Linea. As we all know, Joseph Lubin, the chairman of SharpLink Gaming, is also the founder and CEO of Consensys, the company behind Linea. Linea’s TVL has dropped sharply since its token launch last September, falling almost 90 percent from $1.6 billion to below $200 million today. 

BNY has announced the launch of a tokenized deposit service, allowing clients to transfer bank deposits on blockchain rails in its latest digital assets push. The bank will allow clients to use such onchain deposits for payments, collateral, and margin transactions. 

Interactive Brokers communicated this week that it has officially launched 24/7 account funding using USDC, allowing its clients to transfer funds via Ethereum, Solana, or Base, with a conversion fee of 0.3 percent per deposit. 

In other news, Nikita Bier, the head of product at X, posted that they are revising their developer API policies and will no longer allow apps that reward users for posting on X (“InfoFi” projects), as this has led to a large amount of AI slop and spam on the platform. Consequently, API access for applications such as Kaito has been revoked. The Kaito token is currently down more than 20 percent since the news, and Kaito has already communicated the sunsetting of Yaps and the launch of Kaito Studio. 

Digital Asset Fund Flows: $450M Outflows in the First Week of 2026 

The first full week of the year was accompanied by $454 million in net outflows for digital asset investment products. While the first two days of the year were bullish and digital asset products saw $1.5 billion in net inflows, last week almost completely reversed it. However, Monday saved the week with large inflows, bringing the total outflows to $454 million. Without Monday’s inflows, the week would have seen $1.3 billion in net outflows. 

While the Bitcoin and Ethereum spot ETFs saw net outflows last week, XRP and Solana continue their streak of net inflows, with the XRP products recording their highest weekly trading volume since launch and attracting almost $40 million in net inflows last week. 

In other news, JPMorgan communicated this week that they expect inflows into the crypto market to rise even further in 2026 thanks to the passing of additional crypto regulations, which will trigger further institutional adoption of digital assets as well as new activity around crypto VC funding, M&A, and IPOs in sectors such as stablecoin issuers, payment firms, exchanges, wallet providers, blockchain infrastructure, and custody solutions. 

The inflows into digital assets in 2025 were largely led by DATs (more than half of the $130 billion), while other sectors such as venture capital funding remained well below the peaks of previous bull markets, as capital previously reserved for early-stage startups was redirected toward treasury strategies offering immediate liquidity rather than long-dated venture exposure. 

Looking ahead, the JPMorgan analysts expect crypto inflows to be driven more by institutional investors rather than retail investors or DATs. 

Market Sentiment: Neutral Crypto Markets While Stock Market is Greedy 

The Crypto Fear and Greed Index was in greedy territory yesterday (61) but is now back in neutral levels today (49), up quite a lot from last week’s fear levels. The CNN Fear and Greed Index on the other hand continues to stay at greedy levels (62), continuing on its upward trend since early November.

AAII members are increasingly bullish. This week, 49.5 percent of all members feel bullish for the coming six months. This is the highest number of bullish members since the middle of November 2024. Back then, the S&P 500 traded more or less sideways for three months before declining more than 20 percent amidst the Trump Tariff situation in April 2025. This is something to keep an eye on. Historically, it’s always a good idea to be cautious when the majority of retail investors are bullish. 

Other Relevant News 

• President Donald Trump told The New York Times that he has no plans to pardon former FTX CEO Sam Bankman-Fried (SBF). – Link 

• Crypto market data platform CoinGecko is exploring a potential sale, seeking a valuation of approximately $500 million. – Link

• Zcash Foundation says SEC has closed the book on its years-long probe into the organization. – Link

• Peter Thiel-backed Bitpanda eyes IPO in first half of 2026. – Link

• Bitmine Immersion Technologies (BMNR) announced a $200 million equity investment in Beast Industries. – Link

• Crypto custodian BitGo targets $201 million raise in U.S. IPO. – Link 

• Strategy acquired 13’627 BTC for ~$1.25 billion at an average price of ~$91’519 per BTC. – Link 

• Bitwise rolls out Chainlink ETF, CLNK, on NYSE Arca. – Link 

Looking Ahead: How Far can This Rally go? 

The crypto markets are up this week, and Bitcoin is trading above $95’000 again for the first time since November. Does this rally have legs, or will it get smacked back down as we’ve seen over the past few months? There are arguments for both outcomes, and many market participants are cautious as we approach the $100’000 level. As we’ve mentioned previously, this will likely be a key level to watch if Bitcoin is able to reach it. A move back down below $90’000 would likely open the door to even lower prices. 

The Fed interest rate decision is still almost two weeks away, scheduled for the 28th of January, and currently it looks like the crypto market structure bill will need some revisions before being passed. Additionally, geopolitical tensions are worrying many investors globally, while AAII members are increasingly bullish, with almost 50 percent stating a bullish stance. This is the highest level since November 2024. The question is: how would the crypto market react to a stock market correction? 

As long as the crypto market is able to grind higher and hold current levels as support, there is no need to worry, as many indicators have been reset and large OG whale selling has slowed down over the past few weeks. 

Below, you can find some of the key data releases and events to watch out for next week. 

Monday, 19 January 2026 

USA – Martin Luther King Jr. Day (Holiday) 

China – GDP, Unemployment Rate, NBS press Conference 

Eurozone – CPI Core, CPI 

Tuesday, 20 January 2026 

Swiss – PPI, WEF in Davos, SNB Vice Chairman Schlegel speaks 

Wednesday, 21 January 2026 

Swiss – WEF in Davos 

Eurozone – ECB President Lagarde speaks 

Thursday, 22 January 2026 

Swiss – WEF in Davos 

USA – GDP, Initial Jobless Claims, PCE Prices, Core PCE Prices 

Friday, 23 January 2026 

Japan – CPI, Core CPI, BoJ Interest Rate Decision and Monetary Policy Statement