Market Overview - The crypto market cap increased by 2.5% to $2.72 trillion, with 95 of the top 100 coins experiencing price increases [5][4] - Bitcoin (BTC) rose by 2.8% to $78,533, while Ethereum (ETH) gained 4.3% to $2,318 [4][5] - The total crypto trading volume reached $160 billion [5] Legislative Developments - US crypto market structure legislation failed to pass the Senate due to disagreements on stablecoin yield offerings [1] - The White House is seeking a compromise on stablecoin yields by the end of the month [5][4] Price Movements - Among the top 10 coins, all saw price increases, with notable gains from Lido Staked Ether (STETH) at 4.5% and Ethereum (ETH) at 4.3% [2][3] - Monero (XMR) and Zcash (ZEC) were the only coins to drop, down 5.6% and 4.7% respectively [1] Market Sentiment - The crypto fear and greed index decreased to 17, indicating extreme fear among market participants [15] - Traders are preparing for potential downside, with significant put buying observed around the $78,000-$74,000 strikes [10][7] ETF Flows - US Bitcoin spot ETFs saw inflows of $561.89 million, while Ethereum ETFs experienced outflows of $2.86 million [16][17] - Fidelity led Bitcoin ETF inflows with $153.35 million, while BlackRock faced negative flows of $82.11 million in its Ethereum ETF [16][17] Technical Analysis - Bitcoin's support is forming around $70,000, with critical resistance at $80,000 [9][13] - Ethereum is nearing a potential drop below $2,000, but could recover if it holds the $2,350 zone [14]

Group 1 - Edison International (NYSE:EIX) has one of the lowest forward PE ratios among stocks [1] - Morgan Stanley raised Edison International's price target to $61 from $57 while maintaining an Underweight rating [1] - UBS reaffirmed a Buy rating and a $70 price target for Edison International, highlighting the company's deleveraging initiatives [2] Group 2 - Edison International has filed for securitization of $1.951 billion related to Woolsey fire expenses to reduce debt [2] - The proceeds from the securitization will be used for debt reduction and investment purposes [2] - UBS expects the Phase 2 wildfire mitigation policy in California to benefit Edison International [3] Group 3 - Edison International specializes in generating power from various sources, including renewable energy, nuclear energy, and natural gas [3]

Bitcoin (BTC-USD) steadied near $78,000 per token on Monday, but some strategists cautioned that its sharp sell-off over the weekend may not be over as investors seemed reluctant to buy the dip. The world's largest cryptocurrency dropped sharply on Saturday, touching its lowest levels since last April and notching a fourth straight month of losses. The move lower coincided with President Trump's announcement on Friday selecting Kevin Warsh to lead the Federal Reserve when Jerome Powell's term ends in M ...

Core Insights - Bitcoin has fallen below $80,000, trading at $77,984, marking a 10.79% decline since the start of 2026 [1] - The cryptocurrency is currently 37% below its all-time high of $124,752 from October 2025, with a 21.75% decline over the past twelve months [2] - The current market environment is described as a "double-barrel" blow to sentiment due to the confirmation of Kevin Warsh as the next Federal Reserve Chair [2] ETF Outflows - Bitcoin ETFs have experienced a three-month consecutive redemption streak, the longest since their inception in January 2024, with approximately $5.67 billion withdrawn during this period [3] - Outflows accelerated in November with $3.48 billion leaving Bitcoin ETFs, followed by reductions of $1.09 billion in December and $1.61 billion in January [4] - Total net assets in Bitcoin ETFs dropped from a peak of $152.01 billion in July 2025 to $107.65 billion as of Monday [4] Institutional Holdings and Market Sentiment - There has been a 29% decline in institutional holdings, coinciding with broader macro fears and a market repricing following Warsh's confirmation [5] - Investors are anticipating earlier policy normalization or tightening from the central bank, raising questions about the "Fed Put" [5] - Gold and silver prices have also retraced amid reduced demand for non-yielding assets, with higher margin requirements contributing to cross-asset contagion [5] Market Volatility - Significant deleveraging events across the cryptocurrency market have occurred, with liquidations wiping out over $2.5 billion in leveraged long positions [6] - Bitcoin prices trended down to $74,500, while Ether fell below $2,170, with Bitcoin stabilizing above $74,500, aligning with the 2025 cycle lows [6]

Core Insights - Trend Research, a significant Ethereum whale, is nearing a critical liquidation threshold of $1.33 billion as Ethereum prices decline [1][2] - The current trading price of Ethereum is $2,226, reflecting an almost 8% drop in the last 24 hours, with liquidation thresholds for Trend Research's holdings ranging from $1,781.09 to $1,862.02 per ETH [3] Group 1: Company Position and Actions - Trend Research holds 618,246 ETH across six addresses, with $1.33 billion in WETH as collateral and $939 million in stablecoins borrowed [2] - In a proactive risk management move, Trend Research deposited 20,000 ETH (approximately $43.88 million) into Binance to manage volatility [4] - The company has strategically deleveraged by withdrawing $77.5 million in USDT to repay 98.1% of its debt on the DeFi lending platform Aave [5] Group 2: Market Context and Trends - A broader trend among Ethereum whales is observed, with significant sales of ETH to manage debt, as seen with BitcoinOG and Trend Research collectively dumping $371 million in ETH over 48 hours [5] - The liquidation risks are highlighted by individual address thresholds, indicating potential multi-billion-dollar liquidations that could impact the wider crypto market [2][5] - The top liquidation thresholds for various addresses indicate significant borrowing against ETH collateral, with the highest being $258 million borrowed at a liquidation price of $1,833.84 [6]

At first glance, the $19 billion liquidity wipeout on Oct. 10 looked routine: a rapid chain of liquidations, or forced closures of trading positions, across major exchanges as bitcoin (BTC), the largest cryptocurrency, tumbled. It's what followed, and the lack of transparency over the day's events, that's made the largest single-day liquidation by dollar value in crypto history frustrating for traders and changed crypto trading fundamentally. And one name has everyone's attention: Binance. The world’s ...

Financial Data and Key Metrics Changes - For 2025, total consolidated revenues were reported at $3.5 billion, with full year FFO of $1.2 billion, equating to $6.85 per share. The fourth quarter FFO was $1.76 per share, which was $0.05 below the midpoint of guidance due to higher G&A expenses and non-cash reserves for accrued rental income [41][42] - The company ended 2025 with an in-service occupancy of 86.7% and expects to increase this to approximately 89% by the end of 2026, indicating a meaningful increase in occupancy [45] Business Line Data and Key Metrics Changes - The company completed over 1.8 million sq ft of leasing in Q4 and over 5.5 million sq ft for the full year 2025, exceeding annual goals [5] - Leasing activity is expected to continue positively into 2026, with a forecast of 4 million sq ft of leasing for the year [25] Market Data and Key Metrics Changes - Direct vacancy for premier workplaces in the five markets where the company competes is reported at 11.6%, significantly lower than the broader market [8] - The company noted a 10% increase in office visits nationwide from December 2024 to December 2025, indicating a recovery in office utilization [6] Company Strategy and Development Direction - The company aims to optimize its portfolio through asset sales, targeting $1.9 billion in net proceeds by 2028, with $1 billion already achieved [9][10] - The strategy includes reallocating capital to premier workplace assets and CBD locations, with new developments launched in key markets [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the leasing environment, citing strong demand from clients, particularly in the AI sector, which is driving growth in leasing activity [6][77] - The company anticipates that the positive trends in leasing will continue, supported by expected earnings growth for companies in the S&P 500 and Russell 2000 indices [5] Other Important Information - The company reported gains on asset sales of $208 million on $890 million of sales in Q4, which will enhance liquidity and be used to reduce debt [43] - The company has a development pipeline of 3.5 million sq ft and $3.7 billion of investment, with several projects expected to deliver strong external growth [18] Q&A Session Summary Question: Inquiry about potential additional asset dispositions - Management confirmed that they are sticking to the original forecast of $1.9 billion in sales and are open to additional sales if attractive prices are offered, emphasizing that many sales are land assets which are accretive [61][62][63] Question: Conversion rates for leasing negotiations - The company reported a conversion rate of approximately 95% for deals in negotiation, with expectations to lease 4 million sq ft of space in 2026 [72] Question: Impact of AI on leasing needs - Management indicated that AI has not negatively impacted leasing needs within their portfolio, with significant leasing activity observed, particularly from AI companies [77]

Core Viewpoint - Xerox Holdings Corporation has announced a pro-rata distribution of warrants to its shareholders as part of its capital structure optimization initiatives, aimed at strengthening its balance sheet and creating long-term value for shareholders [1][2]. Distribution Details - The distribution will occur on or about February 11, 2026, with holders of record of common stock receiving one warrant for every two shares held, rounded down to the nearest whole warrant [3]. - Holders of Series A Preferred Stock and Convertible Notes will receive warrants based on the same ratio, as determined by their respective governing documents [3]. Warrant Features - Each warrant will allow the holder to purchase one share of common stock at an exercise price of $8.00, with an expiration date of two years from the distribution date unless an early expiration condition is met [5]. - The warrants will be distributed at no cost to eligible holders, and the company plans to apply for trading approval for the warrants [5]. Exercise Mechanics - Holders can exercise their warrants using cash or designated Xerox debt securities, which will be specified in the warrant agreement [6][7]. - The right to exercise using designated debt securities will terminate if the average stock price meets certain conditions [7]. Additional Information - Further details regarding the warrant distribution, including key dates and exercise procedures, will be available in the warrant agreement and related investor materials on the company's website [8].

M Idea Morgan Stanley Asia Limited Chetan Ahya Chief Asia Economist Chetan.Ahya@morganstanley.com +852 2239-7812 Morgan Stanley Asia (Singapore) Pte. Derrick Y Kam Asia Economist Derrick.Kam@morganstanley.com +65 6834-8272 Morgan Stanley Asia Limited Jonathan Cheung Economist Jonathan.Cheung@morganstanley.com +852 2848-5652 Kelly Wang January 27, 2026 06:57 PM GMT Asia Economics | Asia Pacific The Viewpoint: Investors' Concerns About Japan's Fiscal Position Are Overdone In this slide deck, we highlight the ...

Cathie Wood: $28 Billion Bitcoin Deleveraging Caused Heavy LossesOn January 26, 2026, speaking on Fox Business, ARK Invest CEO Cathie Wood explained that Bitcoin's recent pullback was caused by a $28 billion deleveraging event triggered by a Binance software glitch on October 10. She stated that the selling pressure is largely behind us and predicts Bitcoin will consolidate in the $80,000 to $90,000 range before ending the four-year cycle's downside and resuming its upward trend.Source: https://t.co/n6iNpWm ...