When Ben Zhou founded Bybit in 2018, he first had to convince his team that Bitcoin wasn’t a scam. Eight years later, digital assets are now mainstream. Governments and traditional finance institutions are warming to cryptocurrencies, perhaps most dramatically shown by the U.S.’s passage of the GENIUS Act last year. “The traditional world is embracing crypto,” Zhou, who leads the world’s second-largest crypto exchange by trading volume, tells Fortune. “If they don’t embrace it, they will be obsolete, es ...

Core Insights - The crypto market remains inefficient, with well-deserving projects performing similarly or worse than MEME-coins, indicating a challenging environment for serious investments [1] Group 1 - The number of crypto projects has reached as many as 24,000, highlighting the vastness and complexity of the market [1] - The author has expertise in Exponential Age, SaaS software, and Blockchain, suggesting a focus on innovative technologies within the investment landscape [1]

Table of Contents As filed with the U.S. Securities and Exchange Commission on January 22, 2026. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Spring Valley Acquisition Corp. IV (Exact Name of Registrant as Specified in its Charter) Cayman Islands 6770 N/A (State or Other Jurisdiction of (Primary Standard Industrial (IRS Employer Incorporation or Organization) Classification Code Number) Identifi ...

Core Insights - U.S.-listed Bitcoin and Ethereum exchange-traded funds (ETFs) experienced over $1 billion in outflows on January 21, indicating a significant shift in investor sentiment during a broader market downturn [1][2][3] - Smaller altcoin-linked products, particularly those associated with Solana and XRP, saw net inflows, suggesting differing institutional positioning amid recent market volatility [1] Bitcoin ETFs - Bitcoin ETFs recorded their largest one-day redemption since November, with outflows coinciding with a rally in conventional risk assets due to improved geopolitical conditions [3] - The iShares Bitcoin Trust at BlackRock had the highest outflow of $356.64 million, followed by Fidelity's FBTC with $287.67 million; Grayscale's GBTC has seen a total cumulative net outflow exceeding $25 billion since its conversion [4] - Despite recent outflows, Bitcoin ETFs have registered weekly net outflows of $1.19 billion, while January remains slightly positive overall with net inflows of $17.56 million [5] Ethereum ETFs - Ethereum ETFs mirrored the selling pressure seen in Bitcoin, with net outflows of $297.51 million on January 21, primarily driven by BlackRock's ETHA, which accounted for over $250 million of the redemptions [6] - Despite the outflows, Ethereum ETFs maintained close to $18.3 billion in assets, representing roughly 5% of Ethereum's market capitalization [7] - Ethereum briefly reclaimed the $3,000 level before declining to around $2,900, reflecting a nearly 13% decrease over the past week [7]

Core Insights - BitGo shares opened 24.6% above their offer price during their debut on the New York Stock Exchange, indicating strong market interest and demand for the company's stock [1] - The valuation of BitGo at the time of its debut was $2.59 billion, reflecting the company's position in the crypto custody sector [1] Company Summary - BitGo is a crypto custody firm that has successfully launched its shares on the New York Stock Exchange, marking a significant milestone for the company [1] - The initial trading performance suggests a positive reception from investors, which may indicate confidence in BitGo's business model and growth potential in the cryptocurrency market [1]

Group 1: BitGo IPO Overview - BitGo Holdings is set to begin trading under the ticker "BTGO" on the NYSE on January 22, marking the first crypto IPO of 2026 [1] - The company plans to sell 11.8 million shares at a price range of $15-$17, ultimately pricing the IPO at $18 per share, resulting in an offering of approximately $212.8 million [4] - The IPO values BitGo at over $2 billion, with underwriters granted a 30-day option to purchase an additional 1,770,000 shares [5] Group 2: Company Background and Market Context - Founded in 2013, BitGo offers self-custody, regulated trust, and prime brokerage services to institutional clients, holding $104 billion in assets on its platform [2] - Despite a market crash in October 2025 that affected the crypto industry, BitGo proceeded with its IPO plans [3] - The digital asset market experienced a surge in IPOs in 2025, with BitGo filing for its IPO on September 19, 2025 [2] Group 3: Analyst Insights - Matthew Sigel from VanEck describes BitGo's equity as a "superior asset," noting it will be the first public company providing direct exposure to the crypto custody business [7] - The $2 billion valuation is considered "modest," yet BitGo is expected to have achieved revenue growth exceeding 50% during a challenging crypto market [7] - Sigel highlights the potential for significant upside for BitGo due to tokenization and crypto institutionalization, especially with new SEC rule-making and the potential passage of the CLARITY Act [8]

Market Overview - Bitcoin has slipped back below $90,000 due to global market volatility, leading to reduced investor appetite for the cryptocurrency [1][2] - The recent geopolitical tensions, including tariff threats from President Trump, have contributed to a "risk-off" sentiment among investors [2][3] Market Dynamics - The combination of rising Japanese government bond yields and a volatile market environment has negatively impacted bitcoin prices [3][4] - Institutional investors have sold off holdings, resulting in nearly $500 million in outflows from U.S. spot bitcoin exchange-traded funds over two trading days [4][6] Liquidation and Leverage - Bitcoin's decline below $90,000 was exacerbated by over $1 billion in liquidations, primarily driven by a mechanical unwind of leveraged positions [6] - The inability of bitcoin to maintain upward momentum has forced leveraged traders to exit their positions, contributing to the price drop [7] Regulatory Environment - Bitcoin faces regulatory challenges, particularly with the Digital Asset Market Clarity Act stalled in the U.S. Senate, which has dampened institutional interest in increasing crypto holdings [7]

Core Insights - RAIN token experienced a significant increase of 16.62% over 24 hours, reaching a price of $0.0100, with an all-time high of $0.0102 following a new exchange listing [1][6] - The token's market capitalization is currently at $3.39 billion, ranking it 44th among cryptocurrencies [1] Exchange Listing Impact - The WhiteBIT listing for RAIN went live on January 21, expanding its availability to over 35 million users globally on the European exchange [2] - This listing has driven increased trading activity for the token [2][3] Market Context - RAIN's price rally occurred despite a general market weakness, with its 16.62% gain surpassing the overall market's increase of 1.59% [4] - The Fear & Greed Index indicates extreme fear at a level of 20, down from 24 the previous day, and significantly lower than the January 15 reading of 61 [4] Institutional Interest - Enlivex Therapeutics, a Nasdaq-listed company, announced a $212 million investment deal in November 2025 to establish a RAIN-focused cryptocurrency reserve, marking it as the first U.S.-listed company with a prediction-markets-oriented treasury strategy [5] - RAIN has been identified as a high-potential cryptocurrency for 2026, largely due to this institutional backing [5]

Bitcoin (BTC) and other cryptocurrencies failed to keep any momentum from Wednesday afternoon's Greenland-related relief rally. After a couple of brief moves above $90,000 over the past 18 hours, BTC has quickly pulled back to $88,500, down 1.5% over the past 24 hours. Ether (ETH) is now below $3,000, lower by 2.5%. Most crypto stocks were in the red as well, even as broader equities moved higher, with the Nasdaq ahead 0.7%. Bullish (BLSH), Hut 8 (HUT), Galaxy Digital (GLXY), and XXI (XXI) were all lowe ...

Core Insights - Eric Trump's bullish prediction for Q4 2025 regarding the crypto market has not materialized, with Bitcoin experiencing a decline of approximately 20% since his forecast [1][3] - The delayed crypto market structure bill is seen as a potential catalyst for the crypto sector to initiate a new upward trend [1] Group 1: Predictions and Market Performance - Eric Trump predicted significant gains for the crypto market in Q4 2025, citing rising M2 money supply and a return to quantitative easing by the Federal Reserve as key catalysts [2] - Historical trends in Q4 have typically shown strength for crypto markets, contributing to Trump's optimistic outlook [2] - Bitcoin's price fell from around $113,400 on September 30 to approximately $89,900, marking a decline of about 20%, while Ethereum dropped by 3.5% during the same timeframe [3] Group 2: Legislative Developments - Eric Trump criticized major banks for allegedly obstructing crypto legislation to maintain their dominance in the financial system [4] - He highlighted the inefficiencies of traditional banking, such as delays in money transfers, which crypto technology can eliminate, allowing for instantaneous transactions [5] - The Senate Banking Committee has postponed the crypto market structure bill until late February or March, with Coinbase Global Inc. withdrawing support due to disagreements with the banking industry [6] - The Senate Agriculture Committee has introduced its own version of crypto legislation, but it faces challenges in garnering bipartisan support, raising concerns about its passage [7]