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#内容挖矿焕新公测开启 Crypto Daily: Citrea Mainnet Launch, US SEC/CFTC Joint Regulatory Meeting to Begin, MSTR and BMNR Strategy Divergence Alters Market Structure
1. Bitcoin Layer 2 Project Citrea Mainnet and Native Stablecoin ctUSD Launch
1. Supported by Founders Fund and Galaxy, the Bitcoin Layer 2 project Citrea officially launches its mainnet and introduces the native stablecoin ctUSD.
2. Citrea is based on zkEVM architecture, processing transactions off-chain in batches and generating zero-knowledge proofs written onto the Bitcoin mainnet, achieving native Bitcoin settlement and data availability.
3. ctUSD is issued by MoonPay, built on M0 stablecoin infrastructure, fully backed by short-term US Treasuries and cash, compliant with the GENIUS Act, mainly used to support BTC collateralized lending and structured products.
2. Enterprise Cryptocurrency Hoarding Strategies Analysis (MSTR and BMNR)
1. MicroStrategy (MSTR): Adopts a leveraged hoarding strategy, holding approximately 709,715 BTC as of January 2026, with an average cost of $75,979, financed through equity and debt, with stock volatility 2-3 times that of Bitcoin, relying on Bitcoin appreciation to create shareholder value.
2. BitmineImmersion Technologies (BMNR): Positioned as the “world’s largest Ethereum treasury,” holding about 4.203 million ETH, over 1.83 million of which are staked, generating approximately $590 million in annual cash flow. Its strategy is more defensive and yield-oriented, building diversified income through staking and services.
3. The strategies of both represent an aggressive leverage model and a defensive ecosystem model, respectively, providing short-term market support, amplifying medium-term volatility, and reshaping long-term corporate financial management paradigms.
3. Regulatory Policy Developments
1. SEC and CFTC Regulatory Coordination Meeting: The SEC and CFTC will jointly hold the “US Financial Leadership in the Crypto Era: Regulatory Coordination” meeting on January 29, 2026, to discuss regulatory coordination, with SEC Chair Paul Atkins and CFTC Chair Michael Selig participating in a fireside chat.
2. Hong Kong Securities and Futures Commission Warning Platform: HK SFC has listed “Ju” on its suspicious virtual asset trading platform warning list, alleging unlicensed activities.
3. Japan SBI Applies for Dual-Asset ETF: Japanese financial group SBI Holdings has submitted an application to FSA for a Bitcoin and XRP dual-asset ETF, aiming to become Japan’s first ETF tracking two cryptocurrencies simultaneously.
4. Market Dynamics and Asset Comparison
1. Gold and Bitcoin Market Divergence: Early 2026, gold prices surpass $5,000, silver soars above $100, while Bitcoin fluctuates around $86,000. The market shows a “clash of extremes,” reflecting capital shifting from Bitcoin to traditional safe-haven assets like gold.
2. Whale Capital Movements and Yield Strategies: Some funds shift from gold and BTC to crypto yield products (e.g., ListaDAO’s lisUSD staking), by staking mainstream coins to generate stablecoins and earn interest, creating a yield system that “does not rely on single asset appreciation but maintains continuous income.”
3. Impact of MSTR and BMNR on Market: MSTR provides short-term support through leveraged accumulation, while BMNR builds a defensive strategy via staking yields. Both reinforce narratives of Bitcoin as a “scarce safe-haven asset” and Ethereum as a “productivity platform,” intensifying market volatility and asset differentiation trends.
4. SXP Deposit Suspension Warning: Up designated SXP (Solar) as a suspicious trading project and suspended deposits due to substantive and ongoing issues, affecting trading pairs including SXP/KRW and SXP/BTC.
5. BnFutures Launches Tesla Equity Perpetual Contract: BnFutures will launch the USDⓈ-denominated TSLAUSDT equity perpetual contract at 22:30 (UTC+8) on January 28, 2026, with Tesla common stock as the underlying.
6. US Government Shutdown Risk: Market forecasts indicate nearly an 80% chance of a new US government shutdown before January 31.
7. BlackRock Actions: BlackRock has deposited approximately 1,814.76 BTC (about $159.46 million) and 15,112 ETH into Coinbase, and submitted an S-1 filing for a Bitcoin premium yield ETF.
8. Zerohash Financing and Zama ICO: Zerohash is in talks to raise $250 million at a $1.5 billion valuation; Zama’s first crypto ICO has completed, with a total bid amount of $118 million, using fully homomorphic encryption to protect bidding privacy.

#加密市场观察 Market Interpretation
If you're still watching Bitcoin drop by a few points, it means you haven't understood the "power transition" behind today's news. Simply put, Web3 is undergoing an ultimate transformation from "wild growth" to "structural market-making." The most critical signal isn't how many coins MicroStrategy has bought again, but the crypto market structure bill currently being pushed through the U.S. Senate. This is not just a document; it marks the endgame of the ongoing "territory dispute" between the SEC and CFTC that has lasted for years. Once the bill is enacted, it will mean the crypto asset market will officially bid farewell to the chaos of "enforcement-style regulation" and enter a regulated, orderly market led by traditional financial elites. The underlying signal is: the gates to compliance are fully open, and the last hurdles for institutional entry are being flattened.
Interestingly, while regulatory battles deepen, Wall Street's moves have already become almost "reckless." BlackRock is no longer satisfied with simple spot ETFs and has quickly filed for a "premium yield" ETF. What does this indicate? It shows that simple Bitcoin holdings no longer satisfy the appetite of old money; they are starting to use derivatives strategies to "collect rent" in the crypto market. Plus, VanEck's rush to launch an Avalanche spot ETF suggests that institutional focus is shifting from Bitcoin and Ethereum to mainstream altcoins. This "liquidity migration" is happening at a pace far beyond market expectations. Traditional finance is leveraging their expertise with financial instruments to layer crypto assets into familiar, large-scale distributable financial products.
The real highlight lies in the structural changes on the supply side. Bitmine, for example, has taken 3.5% of the circulating Ethereum supply, while MicroStrategy acts like an endless pump, having completed four massive accumulations in January. This "institutional lock-up" effect is creating an extreme mismatch of supply and demand. As these whales and ETFs absorb the circulating chips, liquidity becomes highly sensitive. At this point, macro-level negative news like a U.S. government shutdown acts more like a psychological stress test for retail investors. In this environment, the record high in gold prices and the surge in Tether's gold-backed token XAUt holdings actually reflect capital seeking an "on-chain safe haven."
Finally, let's talk about people. CZ has explicitly stated that even if granted amnesty, he will not return to Binance management, marking the complete end of the era of "personal heroism" in the crypto industry. The founders who once relied on charisma and a rugged image to conquer the world are now actively or passively handing over the baton to more compliant professional managers and algorithmic systems. The future Web3 market will no longer be a wild west where a single big shot can turn the tide with a word, but a financial empire woven from public company treasuries, complex derivatives structures, and strict legal frameworks. This may lack some passion, but for hardcore investors, a more transparent, certain, and even duller market is where true wealth can be sustainably accumulated.