Today's key developments in the crypto circle can be summarized as a general market pullback, a critical US crypto legislation entering review countdown, and Ethereum completing an important upgrade.

The overall market sentiment today is relatively weak, with major cryptocurrencies all experiencing declines.
Bitcoin: Price has fallen below $92,000, down approximately 1.6% in the past 24 hours.
Ethereum: Price around $3,225, slightly down 0.04% in the past 24 hours.
ETF capital flow divergence: Ethereum spot ETF has experienced capital inflows for the third consecutive day (about $115 million on Tuesday), while Bitcoin spot ETF saw approximately $243 million in outflows.
Meme coin volatility: A Meme coin called “114514” reached a historical high of $57 million market cap before plummeting over 90% within 24 hours, with market cap dropping below $4 million. Other popular Meme coins like PEPE and BONK also generally retreated from recent highs.
Market sentiment indicator: The cryptocurrency fear and greed index is at 42, rebounding from previous weeks but still in the “fear” zone, indicating insufficient market confidence.
The US Senate Banking Committee has officially scheduled a review and vote on the “Crypto Market Structure Act” (Clarity Act) on January 15, 2026.
Bill’s goal: To clarify the regulatory responsibilities of the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over digital assets, which industry insiders see as potentially the most important crypto legislation in the US.
Current progress: The committee chair stated they will push for a vote “at all costs” to clear legislative hurdles before the end of January.
Probability assessment: Galaxy Research director evaluated that there is a “good 60%” chance of the bill passing, but the final outcome depends on whether the two parties can reach consensus on issues like DeFi regulation during review.
Ethereum network successfully executed the BPO-1 upgrade today.
Increased each block’s Blob capacity from 6 to 15.
Main impact: Expected to effectively reduce transaction fees on Layer 2 networks (such as Arbitrum, Optimism) and improve their processing capacity.
Overall, today’s main themes in the crypto circle are “volatility and pullback” and “waiting for regulation.” After a rebound at the beginning of the year, the market has entered a profit-taking phase, and the upcoming US Senate vote will be a key event influencing the industry’s long-term development.