（来源：吴说） 据 Arkham 监测，JELLYJELLY 在 OKX 与 Bybit 的合约未平仓量出现大幅上升，同时 MEXC、KuCoin 与 Bitget 等中心化交易所也出现该币小幅累积。原因尚未明确。 ...

| | Futures trading volume of major Exchanges | | | | --- | --- | --- | --- | | Exchange | 2025-12 | 2026-01 | MoM % | | Binance | 1,634,599,155,325 | 1,645,958,003,670 | 0.7% | | Bybit | 502,379,600,693 | 491,615,661,904 | -2.1% | | OKX | 478,061,185,149 | 490,945,923,415 | 2.7% | | Bitget | 248,161,339,966 | 269,382,689,256 | 8.6% | | MEXC | 143,742,971,549 | 104,819,358,230 | -27.1% | | Gate | 85,883,230,639 | 94,963,220,524 | 10.6% | | HTX | 84,307,402,259 | 87,902,563,546 | 4.3% | | KuCoin | 79,356,557 ...

Decentralized perpetuals trading platform Lighter saw its native token LIT surge nearly 10% during the early hours of the US session.   It follows news that it had struck a major revenue-sharing deal with USDC issuer Circle. Lighter Strikes $920 Million USDC Revenue-Sharing Deal with Circle — A Win for DeFi Traders LIT, the powering token for the Lighter ecosystem, exploded by nearly 10% on the news, and was trading for $1.46% on the news. Lighter (LIT) Price Performance. Source: TradingView The agreem ...

Core Insights - The total spot trading volume of the top ten centralized exchanges globally is projected to reach $18.7 trillion in 2025, reflecting a year-on-year growth of 7.6% [1] Group 1: Market Performance - Binance maintains its leading position with a market share of 39.2%, with an annual spot trading volume of approximately $7.3 trillion, showing a slight decline of 0.5% year-on-year [1] - Bybit ranks second with an annual trading volume of about $1.5 trillion and a market share of 8.1% [1] - MEXC is identified as the fastest-growing exchange in 2025, achieving an annual trading volume of around $1.5 trillion, which represents a significant year-on-year growth of 90.9%, primarily due to its ongoing zero-fee trading strategy [1] Group 2: Other Exchanges Performance - Other platforms such as Bitget, Gate, and HTX also recorded double-digit growth in their annual trading volumes [1] - Conversely, exchanges like OKX and Upbit experienced varying degrees of decline in their trading volumes [1] Group 3: Market Share Distribution - The market share distribution among the top ten centralized exchanges is as follows: - Binance: 39.2% - Bybit: 8.1% - MEXC: 7.8% - Gate: 7.5% - Crypto.com: 7.2% - Bitget: 6.4% - OKX: 6.3% - Coinbase: 6.1% - HTX: 6.0% - Upbit: 5.5% [2]

Market Overview - The Bitcoin market experienced a significant downturn, with Bitcoin dropping to $81,000, leading to a rapid liquidation of over $1.68 billion in leveraged positions in a single day [1][2] - Approximately 267,000 accounts were liquidated, with long positions constituting about 93% of the losses, indicating a concentrated risk across trading venues [2][3] Liquidation Dynamics - The liquidation event was primarily driven by leverage snapping under its own weight rather than panic selling, with Bitcoin absorbing around $780 million of the losses and Ethereum about $414 million [2] - Major exchanges like Hyperliquid, Bybit, and Binance saw significant forced closures, with Hyperliquid leading at approximately $598 million in liquidations [3] Market Sentiment and Future Outlook - There is growing concern that potential new buyers may no longer afford Bitcoin, as some demographics, particularly Gen Alpha, view holding Bitcoin as a status symbol [2] - The total crypto open interest fell sharply alongside the selloff, indicating that leverage was flushed out of the market rather than rotated, with funding rates having been persistently positive before the drop [4] Impact on Related Companies - The crash had immediate repercussions for companies linked to Bitcoin, with firms like MicroStrategy and Bitmine Immersion Technologies seeing stock drops of nearly 10% [5] - MicroStrategy's stock is currently valued lower than its net asset value, which is approximately $73.62 billion, suggesting potential for recovery if the company avoids liquidation [6]

Core Insights - The cryptocurrency market experienced nearly $1.7 billion in liquidations within 24 hours, with a total market capitalization decline of 6% [1][2][6] Group 1: Liquidation Data - A total of 270,438 traders were liquidated during the recent market downturn, with long positions accounting for the majority of losses at $1.57 billion, while short positions totaled $107.74 million [2] - Bitcoin liquidations reached $768.69 million, predominantly from long positions at $745.3 million, while Ethereum saw total liquidations of $417.43 million, with $390.5 million from long positions [3] - Hyperliquid recorded the highest liquidation volumes at $567.2 million in long liquidations, followed by Bybit at $329 million and Binance at $152.3 million in long liquidations [4] Group 2: Market Conditions - Bitcoin and Ethereum dropped to two-month lows of $80,815 and $2,687, respectively, during early Asian trading hours [6] - By the time of reporting, Bitcoin had slightly recovered to $82,023 and Ethereum to $2,737, while Solana experienced the largest decline among the top 10 cryptocurrencies, falling 7.7% [7] - The market crash affected not only cryptocurrencies but also precious metals and equities, indicating a broader market impact [7]

Core Insights - Bybit plans to launch "My Bank," a retail banking service for users who complete Know Your Customer checks, allowing them to have their own international bank account number (IBAN) [1][2] - The service aims to facilitate transactions in multiple fiat currencies, enabling users to send and receive funds, receive salaries, pay bills, and trade digital assets seamlessly [2][3] - Bybit is collaborating with various banking providers to launch this service, targeting a February release [3][4] Company Expansion - Bybit currently has 82 million users across 181 countries but is not operational in the U.S. and Canada, with ambitions to expand into the Americas and pursue a public listing on Wall Street [5] - The introduction of My Bank represents a significant move for a crypto-native brand to offer traditional financial services, distinguishing it from neobanks like Robinhood and Revolut [4] Security Context - The launch of My Bank follows a major security incident where $1.4 billion worth of cryptocurrency was stolen, linked to North Korean cybercriminals, marking the largest hack in the industry's history [6]

Core Insights - Bybit, the second-largest crypto exchange by trading volume, plans to launch dollar-denominated banking accounts called "MyBank" in February 2026, pending regulatory approvals [1] - The initiative aims to position Bybit as a neo-bank, allowing seamless conversion between fiat and digital assets, with support from partner banks like Pave Bank [2][4] - The accounts will support transfers across 18 currencies, requiring users to pass "know your customer" checks [3] Company Strategy - Bybit's operational reach includes over 200 jurisdictions and partnerships with nearly 2,000 banks, providing a strong foundation for the banking product rollout [4] - The CEO emphasized that crypto serves as the infrastructure for a new financial system, positioning the accounts as a bridge between traditional finance and digital assets [5] - Beyond retail banking, Bybit plans to launch a custody product targeting institutional investors involved in tokenizing real-world assets [6] Market Positioning - The move aligns with Bybit's goal of achieving dominance in real-world asset trading and on-chain capital by 2026 [6] - Despite the popularity of prediction markets, Bybit will avoid entering this space due to compliance challenges [7]

Core Insights - Bybit announced the launch of MyBank in February 2026, which will provide users with personal IBAN/bank accounts for transactions after completing KYC [1] - The company plans to introduce RWA Earn, allowing users to earn yields from traditional assets such as government bonds and gold [1] - Bybit aims to upgrade TradeGPT into a more comprehensive AI Agent, which will soon include executable/automated trading capabilities and personalized analysis based on user trading history [1] - The company is set to release account-level stop-loss and take-profit features, enhancing risk management with optimal buy/sell prices and slippage protection [1] - Bybit Card will also integrate with Android/Google Pay to facilitate transactions [1]

Core Insights - In 2025, crypto tokens listed on major exchanges faced significant price declines, raising questions about the effectiveness of traditional buy-and-hold strategies in the current market environment [1] Exchange Performance - Binance listed 100 tokens in 2025, with 93 trading in the red, resulting in a median ROI of 0.22x, indicating substantial value loss for newly listed altcoins [2] - Bybit listed 150 tokens, with 127 experiencing declines and a median ROI of 0.23x, while MEXC led with 878 new tokens, reporting 747 in negative territory and a median ROI of 0.21x [3] - Coinbase had a relatively better performance, listing 111 tokens with 94 trading lower, achieving a median ROI of 0.43x, the highest among major centralized exchanges [3] - Kraken also followed a similar trend, posting a median ROI of 0.30x despite most newly listed tokens finishing in negative territory [4] Market Trends - The weak performance across exchanges was attributed to broader market conditions rather than the specific listing venues, as many tokens were common across multiple platforms [4] - A separate analysis of Hyperliquid, a decentralized exchange, showed similar results, indicating that the poor performance was not exclusive to centralized platforms [5] - The overall market saw over 11 million new tokens issued in 2025, many classified as "low-quality," contributing to the weak performance of the buy-and-hold strategy [6] - By January 2026, the total crypto market capitalization was below $3 trillion, lower than at the start of 2025, reflecting a loss of over $1 trillion in value since October 2025 [6]