Core Viewpoint - The cryptocurrency industry is expected to compromise on the stablecoin rewards clause in the market structure bill, as it faces a strong banking lobby [2][3]. Group 1: Industry Dynamics - Galaxy Digital Inc. CEO Mike Novogratz believes the cryptocurrency industry will ultimately lose the battle against the banking lobby, leading to a compromise where stablecoin companies can offer rewards for usage but not on idle balances [2]. - Novogratz expressed that the overall bill is beneficial for the industry, indicating a strong commitment from Democrats to pass the legislation [3]. Group 2: Legislative Context - The urgency for the legislation stems from two main reasons: the desire for America to lead in digital assets and the political implications of being anti-crypto [4]. - Coinbase has withdrawn its support for the cryptocurrency market structure bill due to objections regarding a rule that would prevent cryptocurrency platforms from paying rewards on idle stablecoin balances, which is not applicable to traditional banks [5]. Group 3: Market Reactions - Coinbase CEO Brian Armstrong has called for a "level playing field" for cryptocurrency companies, advocating for users' rights to earn a 3.8% yield on their stablecoins [5].

Core Viewpoint - Ethereum (ETH) has experienced volatility, recently dropping below $3,000, prompting analysts to explore potential bottom scenarios for the cryptocurrency market [1][2]. Price Performance - Ethereum's price has declined by 1.67% in the last 24 hours, trading at $2,970.87 at the time of reporting [2]. - A successful move above the $3,000 to $3,050 range could lead to a target of $3,200, while failure to reclaim this area may result in new yearly lows [3]. Analyst Insights - A CryptoQuant analyst noted that the realized price of Ethereum accumulation addresses is rising and nearing the spot market price, indicating that large investors (whales) are accumulating rather than selling [4]. - The realized price serves as a strong support level for accumulation whales, suggesting that they are likely to defend this price zone by increasing buying activity [5]. - Estimates indicate that even with further declines, a potential bottom for Ethereum could be around $2,720, representing a 7% difference from the current price [6]. Technical Analysis - Trader Kamran Asghar identified that ETH has formed its third "huge weekly rounded bottom," which historically has been followed by price rallies, indicating potential upside [6]. - Other analysts, including Bit Bull, have observed a double bottom structure and an inverse head-and-shoulders pattern on the monthly chart, both of which are considered bullish reversal signals in technical analysis [7].

Market Overview - The cryptocurrency market experienced a challenging year, with a market cap decline of approximately 10% in 2025, now valued at just under $3 trillion [1] - Bitcoin (BTC) has shown remarkable growth over the past decade, increasing by 22,460% as of January 20, although future growth may not replicate this performance [3] Bitcoin Analysis - Bitcoin is characterized as digital, decentralized, portable, divisible, and verifiable, with a capped supply of 21 million coins, making it scarcer than gold [4] - Should Bitcoin reach half of gold's current market cap in the next decade, it could potentially increase ninefold from its current level [4] - Bitcoin is currently trading at $88,831, with a market cap of $1.8 trillion, and is 26% below its peak, suggesting a favorable entry point for investors [5][7] Competitive Advantage - Bitcoin benefits from strong brand recognition, first-mover advantage, and significant liquidity, which contribute to its unrivaled network effect [6] - The cryptocurrency is increasingly viewed favorably by politicians and regulators, and it has a growing ecosystem of financial services that support its adoption [6]

Core Insights - Bitcoin and cryptocurrency are becoming institutionalized, with significant influence from large investors, reducing the role of retail investors [1] - The approval of spot Bitcoin ETFs by the SEC in January 2024 has led to a bullish trend, with Bitcoin prices expected to reach six figures by 2025 [2] - Recent outflows from spot Bitcoin ETFs have raised concerns about liquidity and potential price declines, with significant redemptions observed [3][4] Institutional Influence - The involvement of Wall Street and pro-crypto regulations in the US has led to increased scrutiny of spot Bitcoin ETFs [3] - Spot Bitcoin ETFs have seen over $1 billion in redemptions, reducing assets under management to approximately $116 billion [3][4] Price Dynamics - A notable outflow of over $708 million from spot Bitcoin ETFs occurred on January 21, contributing to a decline in Bitcoin prices from $95,500 to $87,000 [4] - The correlation between ETF outflows and price dips suggests that large investors are recalibrating their portfolios, potentially leading to a "risk-off" environment [5] Market Liquidity - The drop in stablecoin supply, from $304 billion to around $302 billion, indicates a decrease in liquidity, which can exacerbate price volatility during sell-offs [6] - The reduction in liquid capital on exchanges may lead to larger price drops even with moderate sell orders [6]

Core Insights - AIxCrypto Holdings (NASDAQ: AIXC) is entering a new phase of accelerated execution, driven by the success of its "AI × Crypto × RWA" strategy, which has exceeded initial projections in market visibility and user engagement [1][3] - The AIXC Hub has attracted hundreds of thousands of registered wallet addresses, validating the company's product direction and accelerating demand for expanded capabilities [3][4] Strategic Team Expansion - The company is expanding its team to focus on compliance, scalable growth, and institutional partnerships, aligning recruitment with business demands to ensure operational infrastructure scales with product adoption [1][4] - Key recruitment areas include: - **Communications Manager**: To enhance corporate visibility and engage with institutional stakeholders [5] - **Growth Operators**: To focus on user retention and ecosystem development, driving measurable growth through data-driven experimentation [6] - **Event Manager**: To lead global activations and industry gatherings, connecting users, partners, and capital [7] - **Strategic Business Development Leader**: To foster long-term partnerships and support the evolution into a highly interconnected ecosystem [8] Team Philosophy and Recruitment Focus - The company emphasizes assembling talent that excels in rapidly changing environments, prioritizing ownership, execution, and strategic thinking [10][11] - Recruitment is now a core priority alongside product development, with a focus on building a team capable of sustaining innovation and adapting to rising user demand [11]

Financial Data and Key Metrics Changes - 2025 was a record-breaking year for the company, achieving new full-year record levels in revenue, net interest income, fees, non-interest income, earnings per share, loans, and deposits [5][6] - End-of-period deposits grew by 6% year-over-year, with significant traction in both non-interest-bearing and time deposits [5] - End-of-period loans also increased by 6%, driven by growth in commercial and industrial (C&I) and residential mortgage lending [5][9] - Tangible book value per share grew by 17%, and the company generated a 17% return on tangible common equity [6][7] - A quarterly dividend increase of $0.20 was declared, raising it to $0.80 per share, a 33% increase [7][17] Business Line Data and Key Metrics Changes - Fee income grew by 12% in 2025, achieving record levels driven by strong performance in wealth management, derivatives, foreign exchange, deposit fees, and lending fees [11][12] - C&I loan growth in Q4 was primarily driven by new relationships, with expectations for continued growth in 2026 [9][10] - Residential mortgage lending also performed well, with a strong pipeline expected to contribute consistently to growth [9] Market Data and Key Metrics Changes - The company reported a fourth-quarter net interest income of $658 million, benefiting from short-term liability sensitivity and favorable deposit mix shifts [10] - The cost of deposits was reduced by 23 basis points quarter-over-quarter, with a total reduction of 105 basis points since the start of the cutting cycle [10] Company Strategy and Development Direction - The company remains committed to disciplined capital management and delivering top-tier returns for shareholders through prudent growth and robust risk management [7][17] - A focus on deposit growth through dedicated business checking campaigns is planned to continue into 2026 [8] - The company aims to maintain a balanced growth across multiple loan categories, including C&I, CRE, and residential mortgages [36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic outlook for 2026, anticipating stronger loan growth compared to 2025 [20][22] - The company is focused on maintaining high performance relative to peers, regardless of economic conditions [22] - Management projected net charge-offs for 2026 to be in the range of 20 to 30 basis points, reflecting a cautious approach to credit risk [16][18] Other Important Information - The company’s regulatory capital ratios remain well above regulatory requirements, with a Common Equity Tier 1 capital ratio of 15.1% and a tangible common equity ratio of 10.5% [16] - The company is actively investing in technology and hiring to support growth, with total operating non-interest expenses expected to grow by 7% to 9% in 2026 [12][13] Q&A Session Summary Question: Loan growth expectations for 2026 - Management acknowledged strong loan growth in Q4 but emphasized caution in projecting growth for 2026 due to potential economic volatility [20][21] Question: Areas of expense growth - The company highlighted technology investments, hiring in wealth management, commercial banking, and risk management as key areas driving expense growth [25][26] Question: Fee income growth trends - Management expressed aspirations to continue double-digit growth in fee income, supported by investments in various business segments [32][33] Question: Commercial real estate (CRE) growth opportunities - Management indicated expectations for increased activity in CRE, while maintaining a disciplined approach to lending [34][36] Question: Capital management and buyback strategy - The company remains opportunistic regarding buybacks, focusing on creating shareholder value without urgency [96][98] Question: Deposit costs and trends - Management noted a disciplined approach to managing deposit costs, with expectations for betas to exceed 0.5 [44][45] Question: Credit charge-off guidance for 2026 - The increase in charge-off guidance reflects a cautious outlook despite strong credit metrics [46][47] Question: Net interest margin outlook - Management expects to offset declining rates with balance sheet growth, maintaining a focus on growing dollar net interest income [50][51] Question: Non-interest-bearing deposit growth sustainability - The company plans to continue driving core commercial deposit growth, which has shown strong results [53][54]

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]