该行将OSL集团全年收入预测下调至约5.6亿港元。不过，该行对OSL集团2026年度增长保持乐观，因 其收购项目Banxa的整合进度略早于预期，估计将于2026年度贡献约1.1亿港元收入。同时，公司的支付 业务持续增长和新的交易产品推出利好。整体而言，该行预期OSL集团2026年度收入约为10亿港元，较 原先预期的12亿元低。 星展发布研报称，OSL集团(00863)作为加密货币交易所，收入和股价表现与比特币价格相关，而比特 币在第四季下跌24%，该行料将对OSL的交易量及收入造成负面影响。该行预期OSL集团将被纳入"港 股通";对其目标价维持20港元不变，评级下调至持有，主要由于关键利好因素已大致反映，而去年第四 季交易表现带来的短期阴霾仍然存在。另预期公司于2024至2026财年的收入年均复合增长率约为64%， 相对于原预期为77%。 ...

该行将OSL集团全年收入预测下调至约5.6亿港元。不过，该行对OSL集团2026年度增长保持乐观，因 其收购项目Banxa的整合进度略早于预期，估计将于2026年度贡献约1.1亿港元收入。同时，公司的支付 业务持续增长和新的交易产品推出利好。整体而言，该行预期OSL集团2026年度收入约为10亿港元，较 原先预期的12亿元低。 智通财经APP获悉，星展发布研报称，OSL集团(00863)作为加密货币交易所，收入和股价表现与比特币 价格相关，而比特币在第四季下跌24%，该行料将对OSL的交易量及收入造成负面影响。该行预期OSL 集团将被纳入"港股通"; 对其目标价维持20港元不变，评级下调至持有，主要由于关键利好因素已大致 反映，而去年第四季交易表现带来的短期阴霾仍然存在。另预期公司于2024至2026财年的收入年均复合 增长率约为64%，相对于原预期为77%。 ...

星展发布研报称，OSL集团作为加密货币交易所，收入和股价表现与比特币价格相关，而比特币在第四 季下跌24%，该行料将对OSL的交易量及收入造成负面影响。因此，将OSL集团全年收入预测下调至约 5.6亿元。不过，该行对OSL集团2026年度增长保持乐观，因其收购项目Banxa的整合进度略早于预期， 估计将于2026年度贡献约1.1亿元收入。同时，公司的支付业务持续增长和新的交易产品推出利好。 OSL集团(00863)跌超5%，截至发稿，跌4.53%，报17.48港元，成交额1593.18万港元。 消息面上，在美国总统特朗普宣布拟对八个欧洲国家加征新关税后，避险需求升温令风险资产普遍承 压，加密货币市场随之遭遇重挫。1月19日晚，加密货币集体大跌，比特币价格一度跌逾3%，跌破 92000美元。这也打断了今年年初以来的加密货币反弹节奏。 ...

Core Viewpoint - OSL Group's stock price has declined over 5% following a drop in the cryptocurrency market, influenced by increased risk aversion due to new tariffs proposed by the U.S. government [1] Group 1: Market Impact - The cryptocurrency market experienced a significant downturn, with Bitcoin's price dropping over 3% to below $92,000, interrupting the early-year rebound [1] - OSL Group's performance is closely tied to Bitcoin's price, which fell 24% in the fourth quarter, negatively impacting OSL's trading volume and revenue [1] Group 2: Financial Forecasts - DBS Bank has revised OSL Group's annual revenue forecast down to approximately 560 million HKD [1] - Despite the short-term challenges, there is optimism for OSL Group's growth in 2026, driven by the integration of the acquisition project Banxa, expected to contribute around 110 million HKD in revenue [1] - The company's payment business continues to grow, and the launch of new trading products is seen as a positive factor for future performance [1]

Core Insights - dYdX Foundation released the "2025 Ecological Annual Report," revealing that the protocol's historical cumulative trading volume has surpassed $1.55 trillion [1] - Quarterly trading volume rebounded from approximately $16 billion in Q2 to $34.3 billion in Q4, setting a new annual high [1] - The foundation has initiated a DYDX buyback plan, with governance approval to increase the buyback ratio to 75% of net protocol revenue [1] Trading Volume - Historical cumulative trading volume exceeded $1.55 trillion [1] - Q4 trading volume reached $34.3 billion, up from about $16 billion in Q2 [1] Ecosystem Development - dYdX is advancing institutional access by integrating with execution and routing platforms such as CoinRoutes, CCXT, and Cryptocom [1] - The product offering has expanded to include native spot trading on Solana, achieving a unified on-chain trading experience for spot and derivatives [1] Token Mechanism - The foundation has launched a DYDX buyback plan [1] - Governance has approved an increase in the buyback ratio to 75% of net protocol revenue [1] - The number of DYDX holding addresses was approximately 98,000 by year-end [1]

Group 1 - Hyperliquid is a significant player in the perpetual trading platform market, witnessing a growth cycle similar to the DeFi Summer, with various competitors emerging in the space [1][4] - The competition among wallets to integrate perpetual trading capabilities is intensifying, with platforms like Metamask and Phantom leading the charge [5][4] - The referral and builder fee mechanisms of Hyperliquid are seen as innovative, allowing developers to earn additional fees while maintaining user transaction costs [5][6] Group 2 - The integration strategies of different platforms vary, with some opting for open API access while others use read-only nodes, each having its advantages and challenges [10][12] - The market dynamics reveal a complex interplay of user engagement and revenue generation, with a significant portion of trading volume concentrated among a small number of high-value users [28][30] - The overall profitability of integrating with Hyperliquid is questioned, as many platforms may find the return on investment (ROI) to be low despite the initial hype [32][31]

Group 1 - Binance will automatically close and settle four USDT perpetual contracts (BIDUSDT, DMCUSDT, ZRCUSDT, and TANSSIUSDT) on January 21, 2026, at 09:00 (UTC) [1] - Following the automatic settlement, these contracts will be delisted from the platform [1]

Core Insights - Binance has introduced a service allowing users to withdraw USD directly via bank transfer (SWIFT), facilitated by BPay [1] - The transfer process takes between 0 to 5 business days [1] - BPay Global, a subsidiary of Binance, was established in April 2025 and has obtained a payment service provider license from the Central Bank of Bahrain (CBB) [1] Company Partnerships - Bahrain's leading retail and corporate banking institution, Bahrain Kuwait Bank (BBK), has signed a memorandum of understanding with Binance Bahrain [1] - BBK becomes the first bank in the Gulf Cooperation Council (GCC) to join Binance's linking program [1] - The partnership will leverage Binance's "crypto-as-a-service" technology solutions [1]

Core Insights - Binance will launch perpetual contracts for SPORTFUNUSDT and AIAUSDT on January 16 at 21:45 and 22:00 respectively, with a maximum leverage of 20 times for both contracts [1] Group 1 - SPORTFUN is a blockchain-based sports prediction market [1] - AIAUSDT is associated with DeAgentAI, an AI infrastructure project [1]

Core Viewpoint - Coinbase Global stock experienced significant declines, ranking among the worst performers in the S&P 500, primarily due to self-inflicted issues [1] Company Summary - The decline in Coinbase's stock price is attributed to internal factors rather than external market conditions [1]