Stablecoins are suddenly in favor. This is how adoption tends to arrive. Fidelity just flipped the switch on its U.S. dollar stablecoin, FIDD, opening access to both everyday investors and large institutions. The move comes as stablecoins continue to grow as crypto’s cash layer, even as prices across major coins chop sideways. Big picture: Wall Street firms now want a direct role in how digital dollars move. Fidelity manages trillions in traditional assets, so this is not a startup experiment. It fits a ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it implies a cautious outlook based on recent market trends and macroeconomic factors [29]. Core Insights - The cryptocurrency market experienced a decline, with a total market capitalization of $2.84 trillion, down 6.0% from the previous week. Bitcoin closed at $84,129, also down 6.0%, while Ethereum closed at $2,702, down 8.5% [10][11]. - The report highlights significant macroeconomic events, including the Federal Reserve's decision to maintain interest rates and the potential impact of political developments on market sentiment [10][12]. - There is a notable decline in Bitcoin mining profitability, with the ratio of Bitcoin price to mining profitability reaching a 14-month low, influenced by extreme weather conditions affecting mining operations [20][21]. Summary by Sections Market Review - The cryptocurrency market saw a total market cap of $2.84 trillion, with Bitcoin and Ethereum prices declining by 6.0% and 8.5%, respectively. The Federal Reserve's interest rate was held steady, impacting market expectations [10][12]. - The overall market sentiment has turned cold, with the Fear and Greed Index indicating a score of 26, reflecting a state of fear among investors [13][14]. Global Policy and Industry News - Tether launched USAT, compliant with U.S. regulations, and plans to increase its gold holdings to 10-15% of its portfolio by 2025 [20][21]. - The report notes that 72% of licensed cryptocurrency exchanges in Indonesia are currently operating at a loss, facing challenges from international competition [23]. - The U.S. Senate Agriculture Committee passed the Clarity Act, which still requires approval from the Senate Banking Committee [23]. Company News - Strategy Company increased its Bitcoin holdings by nearly 3,000 BTC, bringing its total to over 712,000 BTC, with an average purchase price of $76,037 per BTC [24]. - SoFi Technologies reported a revenue exceeding $1 billion for Q4 2025, with a 35% year-over-year increase in membership [25]. - MARA received approval to acquire a 64% stake in Exaion, a data center subsidiary of EDF [24]. Investment Recommendations - The report suggests monitoring companies transitioning to AI data centers and those with significant power reserves, as they may reveal further developments during the earnings season [27].

投资逻辑 本周迎来众多宏观事件，包括美联储 1 月议息会议维持利率不变，中止了自 2025 年 9 月以来的连续 3 次降息；特朗 普提名沃什为美联储主席候选人，沃什此前表示倾向于降低利率和缩减资产负债表；此外，美国部分政府部门将停摆， 关注 2 月 2 日众议院投票结果。受降息中止、美联储主席候选人鹰派表态影响，本周加密货币总市值环比上周下滑 6.0%。比特币收盘价为 84,129 美元/枚，环比上周下滑 6.0%；以太坊收盘价为 2,702 美元/枚，环比上周下滑 8.5%。 芝商所 FedWatch 预计 2026 年 6 月、10 月美联储分别降息 25bp。虽然周内成交额环比上周增长，期权市场看好 Q2 行情，但链上持仓均价持续下滑、周内情绪转冷。 全球政策与产业新闻方面：美国参议院农业委员会通过 Clarity Act，仍需参议院银行委员会批准。Tether 正式推出符 合美国规定的 USAT；至 2025 年末共持有 52 万盎司黄金，占投资组合比重的 7%，计划未来提升占比至 10~15%。 比特币算力受美国极端天气影响而下滑，美国最大矿池 Foundry USA 算力下降约 60%，目前算力 ...

Core Insights - Gold prices have surged, approaching $5,600 per ounce, marking a significant increase of over 27% in the past year and nearly 100% year-to-date [1][2] - The rally is driven by geopolitical tensions, a weaker U.S. dollar, and speculation regarding potential monetary easing by central banks [2] - Tether has expanded its physical gold holdings to approximately 140 tonnes, valued at around $23 billion, positioning itself as one of the largest non-sovereign gold holders globally [2][3] Market Dynamics - The total market capitalization of gold is estimated at roughly $37 trillion, while Bitcoin's market cap is around $1.8 trillion [6] - A notable 5% increase in gold prices on a single day added the entire market cap of Bitcoin, highlighting the scale of the gold market's movement [4] Future Considerations - Potential scenarios that could trigger a rotation between gold and Bitcoin include renewed monetary expansion, stress in bond markets, and shifts in investor psychology [7] - If the Federal Reserve engages in large-scale balance sheet expansion, both gold and Bitcoin could benefit, with Bitcoin potentially outperforming due to its higher beta [7] - Stress in bond markets could enhance gold's appeal, while Bitcoin may regain its status as an uncorrelated hedge if market conditions worsen [7]