HONG KONG — Thomas Lee, chief investment officer of Fundstrat and chairman of ether treasury firm BitMine Immersion (BMNR), said that investors should focus less on timing the exact low and start looking for entries in a keynote speech at Consensus Hong Kong 2026 on Wednesday. "You should be thinking about opportunities here instead of selling," Lee said. BTC has suffered a 50% drawdown from its October record highs, its worst correction since 2022. On Wednesday, bitcoin fell back below $67,000, giving ...

Core Viewpoint - Apeiron Capital Limited has sold its entire position in the iShares Ethereum Trust ETF (NASDAQ:ETHA) for approximately $8.99 million during the fourth quarter of 2025, indicating a strategic shift away from cryptocurrency investments [1][2]. Group 1: Transaction Details - Apeiron Capital sold all 285,400 shares of the iShares Ethereum Trust ETF, resulting in a net position change of $8.99 million for the quarter [2]. - The fund's ETHA stake is now zero, reflecting a complete divestment from this investment [2]. Group 2: ETF Performance and Market Context - As of January 30, 2026, ETHA shares were priced at $20.17, down 17.7% over the past year, significantly underperforming the S&P 500 by 32.0 percentage points [3]. - The one-year losses for ETHA have exceeded 30%, driven by broader volatility in the cryptocurrency market [3][9]. Group 3: ETF Overview and Strategy - The iShares Ethereum Trust ETF has assets under management (AUM) of $10.3 billion, providing a regulated vehicle for investors to gain exposure to ether without managing digital wallets [4][5]. - The ETF aims to closely track the value of ether while minimizing operational complexities for investors, targeting both institutional and retail investors [7]. Group 4: Implications of the Transaction - Selling out of the Ethereum ETF does not necessarily reflect a negative outlook on blockchain technology but rather a decision to allocate capital where it can be more effective [8]. - Apeiron's remaining portfolio is focused on operating businesses, suggesting a strategic pivot towards investments with more predictable fundamentals rather than speculative assets [10].

Core Viewpoint - BitMine Immersion Technologies (BMNR) continues to purchase Ethereum (ETH) despite a significant sell-off in the crypto market, resulting in unrealized losses and a decline in stock price to a 7-month low [1][3]. Group 1: Company Holdings and Financials - BMNR purchased 41,788 ETH last week, the largest weekly acquisition this year, valued at approximately $96 million, increasing total ETH holdings to 4,285,125 tokens, representing about 3.55% of Ethereum's circulating supply [2]. - The firm also holds 193 bitcoin (BTC), $586 million in cash, a $200 million stake in Beast Industries, and a $20 million stake in Eightco Holdings [2]. - The total value of BMNR's crypto, cash, and equity holdings has decreased to $10.7 billion due to falling crypto prices, with an estimated $6 billion in unrealized losses [3]. Group 2: Market Activity and Trends - Despite the price weakness of ether, there has been a rise in activity on the Ethereum blockchain, with daily transactions and active addresses reaching record highs [4]. - The chairman noted that the current situation contrasts with previous crypto winters, where transaction activity and active wallets declined [4]. - The market has been affected by the lingering effects of October's crypto crash and a surge in precious metals prices, which have drained liquidity from the crypto economy [5]. Group 3: Staking and Revenue - BMNR has increased its staking activities, raising total staked ETH to nearly 2.9 million tokens, which is about two-thirds of its holdings, generating an estimated annualized staking revenue of $188 million [5].

Core Insights - The decentralized exchange Hyperliquid has seen a significant increase in activity, with its permissionless markets reaching record highs of $1 billion in open interest and $4.8 billion in 24-hour volume following the introduction of Hyperliquid Improvement Proposal 3 (HIP-3) [2] - Hyperliquid's native token, HYPE, has gained 41% over the past week, contrasting with the decline of major cryptocurrencies like Bitcoin and Ethereum, leading some to view HYPE as a "defensive play" in the current market [3] - The broader crypto market has experienced a downturn, with Bitcoin falling below $75,000 and most sub-sector indices down 15% or more this year, raising concerns about potential large redemptions from spot ETF holders [5][6] Hyperliquid Developments - HIP-3 allows anyone to create markets for various assets by staking 500,000 HYPE tokens, representing a move towards democratizing market making [2] - The surge in trading activity on Hyperliquid may provide a diversification opportunity in a market heavily influenced by Bitcoin's performance [4] Market Conditions - Bitcoin's recent decline has put pressure on the entire crypto market, with analysts noting that a drop below the key support level of $74,000 could lead to further losses [7] - Concerns are growing regarding the performance of Strategy's shares, which are closely tied to Bitcoin's price movements, particularly given its leverage [6]

Crypto Market Overview - The crypto market faced a significant sell-off over the weekend, resulting in a drop of $290 billion in market capitalization, with Bitcoin (BTC) falling to $74,674 and Ethereum (ETH) to $2,164, although both have since recovered by approximately 1% [1] - The market-wide futures open interest (OI) decreased to $108.94 billion, the lowest level since April, indicating a growing aversion to leveraged bets [5] - Over $800 million in leveraged positions were force-closed by exchanges within 24 hours, primarily affecting bullish long positions [5] Equity and Commodities Market - U.S. equities are experiencing declines in pre-market trading, with S&P 500 index futures down 0.58% and Nasdaq 100 futures down 0.85% [2] - Gold and silver prices have decreased by about 3.5% since midnight after reaching record highs last week [2] Derivatives and Trading Strategies - On the CME, Bitcoin futures opened lower at $77,730, following the weekend's price drop, with potential for a bounce above $80,000 [5] - The popularity of the $75,000 put option has increased, indicating downside fears among traders, alongside significant open interest in other put options at $80,000 and $70,000 [5] - A demand for ether put butterfly strategies has emerged, suggesting traders are anticipating market consolidation after recent volatility [5] Altcoin Market Dynamics - The altcoin market experienced a wave of liquidations, with over $300 million in ether positions forcibly closed in the past 24 hours [5] - Privacy coin DASH has lost 25% of its value over the past week, while other tokens like OP, SUI, ETH, and XTZ have also seen declines exceeding 20% [5] - HyperLiquid's HYPE token is an outlier, having increased by over 40% in the past week, attributed to significant trading volume in precious metals markets [5] Market Liquidity Conditions - Low liquidity in altcoin markets has led to exaggerated price movements due to insufficient resting orders on the order book, resulting in larger swings in both directions [6]

Bitcoin's (BTC) fast tumble back to $84,000 during U.S. morning hours Thursday came alongside equally speedy declines in stocks and precious metals. But while stocks, gold and silver have since bounced off their worst levels, crypto remains near its session lows, with BTC, ether (ETH), XRP (XRP), and solana (SOL) all down 5%-7% over the last 24 hours. "Everything from weak earnings results to worries around Iran and government shutdown are causing a broad-based selloff," said Joshua Lim, global co-head ...

Core Insights - BitMine Immersion Technologies (BMNR) made its largest purchase of ether (ETH) this year, acquiring 40,302 ETH valued at nearly $117 million, increasing its total holdings to over 4.24 million ETH, which represents 3.52% of the total ether supply [1][3] Group 1: Financial Position - The company's total crypto and cash holdings amount to $12.8 billion, which includes 193 bitcoin (BTC), $682 million in cash, and investments in Eightco Holdings and Beast Industries, the latter being a $200 million investment [2] - Following a shareholder vote that approved an increase in the authorized share count, BitMine gained the ability to raise additional funds through equity issuance, allowing for more aggressive accumulation of assets [3] Group 2: Staking and Income Generation - BitMine has staked over 2 million ETH, nearly half of its total holdings, converting a significant portion of its treasury into a yield-generating asset [4] - The company expects to generate over $400 million in annual pre-tax income from its ether holdings, as stated by Chairman Tom Lee during a recent shareholder meeting [4]

Market Overview - Bitcoin (BTC) price has been fluctuating between $85,000 and $95,000, with potential for movement following the Federal Open Markets Committee's interest rate decision [1] - The consensus indicates a 97% probability that the Federal Reserve will maintain interest rates at 3.50%-3.75% [1] Company Insights - Tesla (TSLA) is expected to report earnings on January 28, with a projected earnings estimate of $8.22 per share [5] - Tesla holds over 11,500 BTC, making it the 13th largest corporate holder of Bitcoin [2] Exchange Developments - Bybit, the second-largest crypto exchange, will present its 2026 roadmap on January 29, following a significant security breach last year where hackers stole approximately $1.4 billion in ether (ETH) [3] Upcoming Events - Key events include the U.S. durable goods orders and the Fed's interest rate decision on January 28, which may impact market sentiment [4]

Let's say an investor has a house in Switzerland and a beach house in Miami. They're worth, perhaps, $10 million. But what they are really looking for right now is a line of credit for some time on the slopes at St. Moritz, a trip to the Cannes film festival and a few upgrades to the yacht. In traditional finance, they might be able to approach their bank and use those assets to secure a flexible, short-term loan. However, if a substantial part of the investor's assets is in crypto, it's likely much hard ...

Core Insights - The investment landscape for crypto assets like ether has evolved from direct ownership to include staking and exchange-traded funds (ETFs), providing investors with more options and decisions to make [2][3] Group 1: Investment Methods - Initially, traders bought cryptocurrencies directly on platforms like Coinbase or Robinhood, or stored them in self-custody wallets [1] - Staking emerged as a method for investors to earn passive income while holding tokens, with crypto exchanges facilitating this process [2][6] - New products like ETFs that track spot prices of ether now coexist with direct ownership, offering traditional investors easier access to ETH exposure [3] Group 2: Staking and ETFs - ETFs that track ether now offer staking products, allowing investors to earn passive income through staking yields while gaining exposure to ether price [3] - Grayscale's Ethereum Staking ETF (ETHE) recently paid shareholders staking rewards, illustrating the potential earnings from such investments [4] - Investors face a decision between buying and holding spot ETH directly or purchasing an ETF that stakes it on their behalf, weighing ownership against yield [4][5] Group 3: Yield vs Ownership - Directly purchasing ETH through exchanges allows investors to gain or lose based on price fluctuations, while the exchange holds the asset [5] - Staking ETH through platforms like Coinbase enables investors to earn annual rewards of approximately 3% to 5%, minus exchange commissions [6] - Buying shares of an ether ETF means the fund purchases ETH on behalf of the investor, simplifying the process and potentially including staking rewards [7]