Core Insights - Bitcoin is expected to trade sideways between approximately $75,000 and $100,000 in the first half of the year, with a potential breakout later as regulatory clarity improves and macro risks are digested [7] - The surge in gold prices reflects global concerns about fiat currencies and asset seizure risks, which may funnel demand toward Bitcoin as a superior form of self-custody and settlement [7] - Central banks are beginning to explore Bitcoin, asking fundamental questions about its security and risks, with expectations that they may own Bitcoin in the future, potentially more than gold, but this adoption is likely 10 to 20 years away [7] Market Dynamics - The current market shows a lot of Bitcoin available for sale around $100,000, indicating a need for patience before significant price movements [7] - Silver is viewed as a late-stage momentum trade, similar to speculative altcoins, which may influence Bitcoin's demand dynamics over time [7] - The declining volatility of Bitcoin is critical for institutional adoption, with Bitcoin now being less volatile than Nvidia, a stock many investors already hold [7] Long-term Outlook - The long-term price target for Bitcoin is projected to be around $6.5 million per coin over the next 20 years, based on the continuation of global debt growth, money printing, and currency debasement [7] - Regulatory clarity in Washington could accelerate the next bull phase for Bitcoin, but it is not deemed necessary for the long-term trajectory of the cryptocurrency [7] - The fundamentals for Bitcoin are considered strong, with expectations for continued expansion of ETFs, stablecoins, and tokenization, suggesting a favorable outlook for 2026 [7]

Core Insights - U.S.-listed spot bitcoin and ether ETFs experienced significant redemptions, with nearly $1 billion withdrawn in a single session as crypto prices fell sharply and risk appetite diminished [1][5] - Bitcoin saw a decline, dropping below $85,000 and nearing $81,000 during U.S. trading hours, while ether dropped over 7% on the same day [2][8] Bitcoin ETF Redemptions - BlackRock's IBIT faced the largest outflow, losing $317.8 million, followed by Fidelity's FBTC with $168 million and Grayscale's GBTC with $119.4 million [3] - Smaller products like Bitwise, Ark 21Shares, and VanEck also reported significant outflows [3] Ether ETF Redemptions - BlackRock's ETHA lost $54.9 million, Fidelity's FETH saw $59.2 million exit, and Grayscale's ETH products continued to experience asset losses [4] - Total ether ETF assets decreased to $16.75 billion from over $18 billion earlier in the month [4] Market Sentiment and Trends - The simultaneous selling across bitcoin and ether ETFs indicates that institutional investors are reducing overall crypto exposure rather than shifting between assets [5] - Rising implied volatility, weakness in equities, and speculation regarding future Federal Reserve leadership negatively impacted market sentiment [6] Leveraged Positioning and Price Action - Aggressive unwinding of leveraged positions in crypto markets added pressure to spot prices, with ETF flows currently tracking price action rather than leading it [7] - Analysts expect ETF demand to remain fragile as long as bitcoin and ether are under pressure, with investors waiting for volatility to subside before re-entering the market [7]

Core Insights - The ETF market is evolving with issuers exploring new products beyond traditional offerings, indicating a shift towards thematic investing [1] - Thematic ETFs have seen significant growth, with a total of $779 billion in assets under management globally by the end of Q3 2025 [2] Group 1: Bitwise Crypto Industry Innovators ETF - The Bitwise Crypto Industry Innovators ETF (NYSEMKT: BITQ) has nearly $431 million in assets under management and is approaching its five-year anniversary, demonstrating sustained investor interest [3] - This ETF does not directly own cryptocurrencies but tracks the Bitwise Crypto Innovators 30 Index, which consists of crypto-correlated equities [4] - The ETF has correlations to Bitcoin and Ethereum of 0.7 and 0.63, respectively, providing investors with significant exposure to the performance of these digital currencies [5] Group 2: Financial Services Sector Exposure - The Bitwise ETF offers a modern approach to investing in the financial services sector, with a 41.1% allocation to custody and trading companies, differentiating it from traditional financial services ETFs [6][7] - Coinbase Global is the largest holding in the ETF, making up 8.39% of the portfolio, alongside other innovative financial companies like Bullish and Robinhood Markets [7]

Ethereum's 2026 Roadmap [feat. Bitwise] #CHAINREACTION https://t.co/caPN4c72yz ...

Coinbase's (COIN) decision to end support for U.S. market structure legislation won't derail the process, investment bank HSBC said, suggesting that while CEO Brian Armstrong prefers no bill over a bad bill, he would probably accept a sensible compromise. The report maintained that a legislative floor is essential to providing the stability required for institutional entry. "Coinbase withdrawal of support is not a death-knell for U.S. market structure legislation," analysts Daragh Maher and Nishu Singla ...

Core Insights - Bitwise has registered a Delaware statutory trust named Bitwise Uniswap ETF, indicating a potential future launch of an ETF linked to Uniswap [1] - The registration follows the SEC's closure of its investigation into Uniswap Labs in February 2025, which examined whether activities related to the decentralized exchange violated U.S. securities laws [2] Legal and Regulatory Considerations - Analysts note that the focus has shifted to structure, liquidity, and trade execution as legal uncertainties diminish, with any ETF needing to demonstrate clear pricing and sufficient volume [3] - Approval for the ETF will likely depend on regulators' assessment of Uniswap's decentralization and the reliability of its on-chain liquidity [3] Governance and Internal Issues - Uniswap is recognized as a highly liquid decentralized exchange but is currently facing challenges related to fragmented volumes and internal governance issues [4] - There is growing scrutiny over governance, with community members arguing that tokenholders gain limited economic benefits from governance rights [5] - Tensions have escalated following Uniswap Labs' launch of Unichain without DAO approval, leading to concerns about the concentration of control [5] Recent Developments in Governance - The UNIfication governance vote merged the Uniswap Foundation into Uniswap Labs, which critics argue has weakened DAO independence [6] - UNI's market performance has suffered, trading around $4.78, down approximately 60% over the past year [6] Market Performance - UNI's market cap has decreased by $4.15 billion, dropping it to the 32nd position among the largest crypto assets [7] - Despite recent price weakness, Uniswap processed about $859 million in trading volume in the last 24 hours, and the protocol facilitated nearly $1 trillion in volume over the past year [8][9] Sentiment and Potential Price Movement - Sentiment data indicates a potential short-term price reversal for UNI, with high negative commentary suggesting that retail selling may be exhausting [8]

🔥LATEST: Cumulative inflows for the XRP ETFs has exceeded $1.2 Billion!The ETFs are provided by Canary, @BitwiseInvest, @FTI_US, @21shares_us, and @Grayscale.Data sourced by @SoSoValueCryptoBSCN (@BSCNews):💥NEW: JAPAN'S SBI FILES FOR DUAL-ASSET CRYPTO ETF COMBINING $BTC AND $XRPAccording to various reports, including @Coindesk, Japan's SBI Group has filed for a dual-asset crypto ETF combining $BTC and $XRP in a single regulated product.The Tokyo-based financial giant had https://t.co/khH1fsFayT ...

RT Hunter Horsley (@HHorsley)Great piece on Vaults in Bloomberg today by @MuyaoShen —Bitwise, Morpho, Gauntlet, and Steakhouse all weighed in.“People want yield,” said Jonathan Man, portfolio manager and head of multi-strategy solutions at Bitwise, which just launched their first vault. “They want their assets to be productive. And the vault is just another way to deliver that.”Finance is moving onchain. ...

Core Insights - U.S. spot Bitcoin ETFs experienced a net inflow of $6.8 million, ending a five-day streak of outflows that totaled nearly $1.72 billion [1] - BlackRock's iShares Bitcoin Trust ETF (IBIT) and Grayscale Bitcoin Mini Trust ETF (BTC) were the top gainers, attracting inflows of $15.9 million and $7.7 million respectively [1] - Conversely, Bitwise's Bitcoin ETF (BITB) and Fidelity's Wise Origin Bitcoin Fund (FBTC) faced outflows of $11 million and $5.7 million, while ARK 21Shares Bitcoin ETF (ARKB) lost $2.9 million [2] Market Context - The recent inflow marks a positive shift after significant losses, with the previous Wednesday alone seeing outflows of $708.7 million [3] - Bitcoin's price was down 0.4% at approximately $87,815, reflecting a decline of 2.5% over the past week, 5.8% over the past fortnight, and 11.9% year-to-date [3] - Analysts view the uptick in ETF inflows as a significant indicator, despite Bitcoin's recent price stagnation [4] Analyst Commentary - David Morrison, a senior analyst, noted that the inflow is a positive sign amidst previous outflows linked to Bitcoin's selloff [4] - He expressed that Bitcoin may need to consolidate before a sustained rally, as it is not currently responding to movements in U.S. equities [5] - Morrison highlighted that the strongest correlation for Bitcoin is with the U.S. dollar, which has recently fallen to a three-and-a-half year low [6] Future Outlook - A potential increase in the dollar could positively impact Bitcoin, helping it to break above mid-January highs [7]

Crypto things you might have missed:-Senator expects crypto market structure to pass-Bitwise says CLARITY Act could trigger rally-$1B @Ripple x GTreasury deal is live-US Banks are building Bitcoin products-Dollar hits lowest level in 4 years-BTC to follow metal rally? ...