Binance ORCA funding rate reaches -200%, with high bearish sentiment in the market

[USDC Circulation Decreases by Approximately 300 Million in 7 Days] According to official data, over the past 7 days as of January 8, Circle issued approximately 5.4 billion USDC and redeemed approximately 5.7 billion USDC, resulting in a circulation decrease of about 300 million USDC. The total circulation of USDC stands at 74.9 billion, with total reserves of approximately $75 billion. Among these reserves, U.S. Treasury securities in overnight reverse repurchase agreements amount to approximately $50.7 billion, Treasury securities with maturities of less than 3 months amount to approximately $13.7 billion, deposits at systemically important institutions amount to approximately $9.9 billion, and other bank deposits amount to approximately $700 million.

[Goldman Sachs Analyst Says 'Crypto Market Structure Bill' Could Be a Key Catalyst] On January 10, a team led by Goldman Sachs analyst James Yaro stated in a report that an improved regulatory environment is a key driver for institutional adoption of cryptocurrencies, particularly for buy-side and sell-side financial institutions. The report mentioned that the U.S. Market Structure Bill is advancing in Congress and must be passed by the first half of 2026; otherwise, the November midterm elections could delay the process. Jim Ferraioli, Director of Crypto Research and Strategy at Charles Schwab, noted that after a sharp sell-off at the end of 2025, institutional adoption may slow in the first half of this year, but the passage of the 'Clarity Act' could accelerate the entry of institutional investors. Youwei Yang, Chief Economist at BIT Mining, predicted that Bitcoin prices could reach $225,000 in 2026, though macroeconomic and geopolitical uncertainties may increase market volatility.

[XRP Spot ETF Attracts Over $1 Billion, Some Institutions Still View It as a Meme Coin] Since its launch in November 2025, the XRP Spot ETF has accumulated over $1 billion in funds. However, some analysts predict that the hype may not last. Brian Huang, co-founder of the investment platform Glider, stated that the lack of ecosystem builders for XRP limits its growth potential. Additionally, most major institutions do not regard Ripple-associated XRP as a serious project and may be unwilling to hold XRP, considering it a Meme coin.

[Whale Address 0x94d… Profits $9.9 Million in 22 Days, Currently Holds $310 Million in Long Positions with $1.4 Million Unrealized Loss] On-chain data analyst Yu Jin detected that 22 days ago, whale address 0x94d… transferred 255 BTC (approximately $21.77 million) to Hyperliquid, selling at a price of $85,378. Through 69 transactions with a 62% win rate, the address achieved a profit of $9.9 million. In the past two days, the address has been consistently opening long positions, currently holding $310 million in long positions with an unrealized loss of $1.4 million, including: - 1,699 BTC ($154 million), opening price $90,801; - 33,000 ETH ($102 million), opening price $3,099; - 336,000 SOL ($45.83 million), opening price $138.6; - 3.777 million XRP ($7.91 million), opening price $2.13. The long positions of this address are similar to those of the 'BTC OG Insider Whale,' with the total value of long positions across the two addresses reaching $1.1 billion, accounting for one-third of all long positions on the Hyperliquid platform.

Tom Lee stated in a CNBC live stream that Bitcoin will reach a historic high by the end of January. （The Bitcoin Historian）