7*24

Hot topic

Market

Activities

Claim1,200 USDT in the Monthly Creation ChallengeCreate Content for HTX and Win a Share of 1000U!Contest for HTX Community's Most Popular PostCrypto’s 2025 ‘whipsaw’ year drove capitulation as markets

Claim1,200 USDT in the Monthly Creation Challenge

Create Content for HTX and Win a Share of 1000U!

Contest for HTX Community's Most Popular Post

Crypto’s 2025 ‘whipsaw’ year drove capitulation as markets look toward a 2026 rebound, Pantera says

What looked like a choppy year for crypto in 2025 was, beneath the surface, a full-scale bear market for most tokens that began more than a year earlier, according to prominent venture capital firm Pantera Capital.

In its 2026 outlook, the VC firm said that the non-bitcoin token market has been in a sustained downturn since December 2024. Total crypto market capitalization excluding bitcoin BTC$89,910.13, ethereum ETH$2,970.80, and stablecoins dropped about 44% from its late-2024 peak through the end of 2025.

The decline compressed sentiment and leverage to levels historically associated with capitulation – a stage of a panic-driven sell-off, where holders abandon hope of a recovery and liquidate positions to prevent further losses.

While bitcoin finished last year only modestly lower, Pantera said the rest of the market endured a grinding and largely unresolved drawdown.

The dispersion was extreme.

Bitcoin ended 2025 down roughly 6%, while ETH fell about 11% and SOL declined 34%. The broader token universe, excluding BTC, ETH, and SOL, dropped close to 60%, with the median token down roughly 79%. Pantera described 2025 as an exceptionally narrow market where only a small fraction of tokens generated positive returns.

Rather than fundamentals, Pantera said macro shocks, positioning, flows, and market structure dominated price action. The year featured repeated whipsaws tied to policy developments, tariff threats, and shifting risk appetite, before culminating in a major liquidation cascade in October that wiped out more than $20 billion in notional positions, larger than during the Terra/Luna and FTX collapses.

Structural issues compounded the pressure. Pantera highlighted unresolved questions about token value acc

Crypto’s 2025 ‘whipsaw’ year drove capitulation as

Check In Weekly, Win Prizes Weekly — Join the Fun!Join Nov. Creation to share of 1,000 USDTClaim1,200 USDT in the Monthly Creation ChallengeПитер Брандт предупреждает о крахе фиата и рисках для альтко

Check In Weekly, Win Prizes Weekly — Join the Fun!

Join Nov. Creation to share of 1,000 USDT

Питер Брандт предупреждает о крахе фиата и рисках для альткоинов
Опытный финансовый и товарный трейдер Питер Брандт, известный своим многолетним опытом на рынках, сделал одно из самых мрачных и масштабных предупреждений для криптоиндустрии. Он утверждает, что фиатные валюты уже начинают терять ценность, а большинство альткоинов может обесцениться еще сильнее, чем доллар США в условиях глобальной денежной перестройки. (gate.com)
 Основное предупреждение Брандта
Брандт прямо заявил в социальных сетях:
«Разрушение фиатных валют началось… Альткоины станут даже более обесцененными, чем доллар США.» (u.today)
Он связывает это с ростом денежной массы по всему миру, вызванным длительной политикой центральных банков, что подрывает доверие к государственным валютам. В таких условиях спекулятивные альткоины особенно уязвимы, если рынок перестроится. (gate.com)
Почему это важно
Брандт анализирует несколько ключевых факторов:
 Эрозия доверия к фиату: увеличение денежной массы снижает покупательскую способность и доверие инвесторов, что может привести к долгосрочному падению фиатных валют. (gate.com)
 Риск для альткоинов: большинство альткоинов не имеют фундаментальной поддержки или широкой практической ценности, поэтому их стоимость может упасть сильнее, чем у биткоина или доллара. (u.today)
 Золото и реальные активы: по мнению Брандта, с ослаблением фиата золото и физические товары могут снова стать предпочтительными безопасными активами. (gate.com)
 Неравномерное влияние на крипторынок: хотя биткоин может удержать ценность относительно фиата, не все цифровые активы выиграют, а многие альткоины могут упасть сильнее. (u.today)
 Что это значит для инвесторов
Инвесторы могут рассматривать биткоин и ограниченные активы как более безопасные, чем фиат

Питер Брандт предупреждает о крахе фиата и рисках

Check In Weekly, Win Prizes Weekly — Join the Fun!Predict BTC's Price & Win 450M $HTX for 30 Days$ARPA Token Economics & Governance 印度持有的美国国债已降至五年低点,该国正致力于支撑本币汇率并实现外汇储备多元化,这使其加入了一些主要经济体减持全球最大债券市场——美国国

Predict BTC's Price & Win 450M $HTX for 30 Days


印度持有的美国国债已降至五年低点,该国正致力于支撑本币汇率并实现外汇储备多元化,这使其加入了一些主要经济体减持全球最大债券市场——美国国债的更广泛趋势。

根据上周公布的美国政府数据,印度持有的美国长期国债已降至1740亿美元,较2023年的峰值下降了26%。印度央行数据显示,美国国债目前占印度外汇资产的三分之一,而一年前这一比例为40%。

随着黄金和其他替代资产在印度储备中占据更大份额,这一转变与更大的持有国的举措相呼应,重新引发了关于美国例外主义及其国债作为储备资产角色的质疑。特朗普在格陵兰岛问题上重新发出的贸易威胁,只是加深了这种不安,增加了欧洲各国政府也可能开始缩减(美债持仓)的可能性。

拥有近四十年市场经验的Nassau 1982银行首席经济学家Win Thin表示,这种转变很大程度上可能反映了(各国)为降低制裁风险而减持美元资产。“印度仍有空间减持其美国国债头寸。”

印度央行未就其对减持美债的置评请求作出回应。印度财政部长尼尔马拉·西塔拉曼(Nirmala Sitharaman)去年9月曾表示,央行正在做出“非常审慎的决定”以实现储备多元化。

￼

印度减持美债的同时增持黄金

对孟买(金融市场)和其他方面而言,教训来自于美国在2022年2月俄乌冲突爆发后冻结俄罗斯的外汇储备。自那以后,印度持续购买俄罗斯石油成为其与美国总统特朗普之间的一个争议点,并导致了美国对这个亚洲国家征收高额关税。

“去年美印关系恶化的速度令许多人感到意外,并促使政策制定者去减少其脆弱性,”凯投宏观的希兰·沙阿(Shilan Shah)表示。根据彭博社排名,他是上季度卢比汇率预测最准确的分析师。

此举的部分考量源于印度央行捍卫受创卢比汇率的努力。由于美国对印度出口征收高达50%(亚洲最重)的关税导致美印贸易协定延迟,卢比已跌至创纪录低点。通过出售美国国债,印度央行可以利用所得资金购买卢比以支撑其币值。

在投资界,特朗普的全球贸易关税以及通过制裁将美元武器化的做法,引发了关于美国国债是否仍是最佳选择的疑问。近期(美国)对委内瑞拉的突击搜查行动,更加剧了这些疑虑。

根据截至去年11月的数据,印度央行并非美国国债的主要持有者,其持有量仅为中国近6830亿美元持有量的四分之一,也远低于日本的1.2万亿美元。而且,外国持有美国国债的总量仍接近历史最高水平。尽管如此,印度的抛售行为加剧了关于美国主权债券在全球投资组合中作用的辩论。

买入黄金

全球各国央行现在不得不驾驭日益复杂的政策格局,这对储备配置造成了更大压力。尽管美元(以及由此延伸的美国国债)仍是首要的全球储备资产,但对替代资产的寻求无疑正获得更多关注。

印度央行的抛售行为正值该央行持续增加黄金购买之际。巴西去年10月将其长期美债持有量削减至至少2011年以来的最低水平。就在本周,全球已披露的最大黄金买家——波兰央行批准了再购买150吨黄金的计划。



印度的美债储备缩水

也有理由认为印度减持美债的步伐可能会放缓,例如卢比表现趋于稳定会降低干预需求,或者如果陷入停滞的贸易协议最终敲定,紧张局势可能缓和。

道富投资管理公司亚太区经济学家克里希纳·比马瓦拉普(Krishna Bhimavarapu)表示:“如果贸易协议达成,积极捍卫货币的必要性可能会减弱。”

然而,越来越多的市场观察人士表示,向其他资产的转移正在到来。智库官方货币与金融机构论坛(OMFIF)去年11月的一项调查发现,绝大多数央行仍持有美元,但近60%的央行计划在未来一两年内寻找替代品。

“目前这一趋势已非常明确,”伦敦Pepperstone的高级研究策略师迈克尔·布朗(Michael Brown)在谈到印度抛售美债时表示。一项贸易协议“只会让(印度的美债)持有量稳定下来,而不是让印度进行某种大规模购买狂潮。”



印度持有的美国国债已降至五年低点,该国正致力于支撑本币汇率并实现外汇储备多元化,这使其加入了一些主要

UN receives Circle grant to upgrade cross-border refugee aid Jan 22, 2026 Circle said digital financial infrastructure, including stablecoins, can save 20% of the cost of delivering humanitarian aid. 

UN receives Circle grant to upgrade cross-border refugee aid

Jan 22, 2026

Circle said digital financial infrastructure, including stablecoins, can save 20% of the cost of delivering humanitarian aid.

 

Listen

0:00

￼News

Cointelegraph in your social feed

Follow our Subscribe on 

     

Stablecoin issuer Circle has issued a grant to support the rollout of digital financial infrastructure across the United Nations, with the aim of making humanitarian aid payments more efficient.

Announced at the World Economic Forum conference in Davos, Switzerland, on Wednesday, the Circle Foundation said its first international grant would support the UN’s Digital Hub of Treasury Solutions (DHoTS) “efforts to streamline monetary value transfers across the UN ecosystem.”

The company, however, did not specify the size or form of the grant.

The grant builds on Circle’s first collaboration with UNHCR and DHoTS in 2022, which facilitated USDC (USDC) stablecoin payments for displaced Ukrainians.

Alexander De Croo, administrator of the United Nations Development Programme (UNDP), said that stablecoin payments would enable the UN to “make every dollar work harder” with “tight budgets.”

Circle said digital financial infra



UN receives Circle grant to upgrade cross-border r

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure The crypto industry is preparing for a potential security challenge with the anticipated arrival of 

Coinbase Announces New Board Of Experts To Combat Rising Quantum Computing Risks

HTX Year-End Carnival: 150,000 USDT Over 28 Days!XRP价格预测：ETF资金流入推动新一轮上涨，XRP目标价位2.78美元斐波那契扩展位 XRP价格近期走势延续了自2024年底低点以来的强劲反弹，吸引了技术分析师和机构观察人士的关注。尽管近几个交易日上涨势头有所放缓，但市场关注的焦点仍然是XRP能否守住2美元附近的支撑位，并产生足够的后续上涨动力，挑

HTX Year-End Carnival: 150,000 USDT Over 28 Days!

XRP价格预测：ETF资金流入推动新一轮上涨，XRP目标价位2.78美元斐波那契扩展位





XRP价格近期走势延续了自2024年底低点以来的强劲反弹，吸引了技术分析师和机构观察人士的关注。尽管近几个交易日上涨势头有所放缓，但市场关注的焦点仍然是XRP能否守住2美元附近的支撑位，并产生足够的后续上涨动力，挑战更高的阻力位。

Check In Daily, Win Prizes Daily — Join the Fun!

XRP价格预测：ETF资金流入推动新一轮上涨，XRP目标价位2.78美元斐波那契扩展位

B：比特币安全 + EVM兼容的混合L2

Check In Weekly, Win Prizes Weekly — Join the Fun!Predict BTC's Price & Win 450M $HTX for 30 Days$ARPA Token Economics & Governance STON.fi Partners Privy to Streamline TON Wallet Swaps STON.fi has an

STON.fi Partners Privy to Streamline TON Wallet Swaps


STON.fi has announced its strategic partnership with Privy, a wallet infrastructure platform that simplifies user onboarding and crypto integration for applications. The primary objective of this groundbreaking partnership is to facilitate seamless token swaps and engage a massive user base on Telegram.


🔧 Building on TON just got easier! Wallet infrastructure @privy_io now supports TON with docs powered by STONfi's Omniston aggregator.


Developers can now:

✓ Add TON wallet onboarding

✓ Execute token swaps via Omniston

✓ Tap into Telegram's 1B+ users


STON.fi is a leading decentralized Automated Market Maker (AMM) exchange on The Open Network (TON) blockchain as a decentralized exchange for fast wallet integration. Both platforms have a strong foundation on Web3 infrastructure. So the issue of trust is no more among users; STON. fi is powered by Omniston aggregator. STON.fi has released this news through its official social media X account.


Empowering Developers with TON-Native Apps and Omniston Swaps


STON.fi and Privy integration help users in seamless onboarding of TON Wallet, execute token swaps through the Omniston aggregator, and build TON-native apps. All these facilities are available for developers to make a prominent position in the decentralized world. The specific features that both platforms have will be purposefully used for the growth of users and developers.


Moreover, both platforms have a certified security system that ensures the seamless transfer and protection of the wallet. These specialties are also making this collaborative platform one of the most trusted platforms. This integration also supports a secure and seamless tap into Telegram’s 18+ users.


STON.fi and Privy Unlock the Future of Efficient, User-First Web3 Apps


The alliance of STO

STON.fi Partners Privy to Streamline TON Wallet Sw

Bitcoin hovered near $92,000 on early Monday as the Asian market opened comparatively higher than previous days. Investors are also looking for the US inflation data to be released this week, another 

Bitcoin Holds Near $92K as Asia Rises Ahead of US CPI Data

SQD: Decentralized Multi-Chain Data

Check In Weekly, Win Prizes Weekly — Join the Fun!$ARPA Token Economics & Governance Myriad Moves: Bitcoin Bearishness Grows as Gold Gets Closer to Beating Ethereum to $5K Tight ranges continue to def

Myriad Moves: Bitcoin Bearishness Grows as Gold Gets Closer to Beating Ethereum to $5K


Tight ranges continue to define the crypto market, which has only afforded traders a consistent dose of chop lately—a few percentage points up, a few percentage points down.


Below, we’ll look at some of this week’s top prediction markets on Myriad, including those centered on a new Bitcoin all-time high, Ethereum and gold racing to $5,000, and where Zcash is headed next as its recent developer drama subsides.


(Disclaimer: Myriad Markets is a product of Decrypt’s parent company, Dastan.)


New Bitcoin all-time high before July?


Market Open: January 1

Market Close: June 30

Volume: $16K

Link: See the latest odds on the "New BTC all-time high before July?" market on Myriad


Bitcoin jumped above $97,000 earlier this month, but was unable to sustain the momentum in a push towards $100K. Since that time, the top crypto asset has floundered, leading predictors on Myriad to become even more bearish on its chances of making a new all-time high anytime soon.


As of Thursday afternoon, predictors give Bitcoin just a 19% chance of reaching a new all-time high—that is, surpassing its October mark of $126,080—by July. That represents nearly a 10% move in the last week, as the price of BTC has slid below $90,000, recently changing hands around $89,312.


President Trump’s recent waffling around his pursuit of Greenland and punitive tariffs against uncooperative EU allies haven’t helped the markets, with investors exiting Bitcoin ETFs to the tune of $709 million on Wednesday.


Some crypto bulls remain optimistic, however—like Ripple president Brad Garlinghouse, who still foresees the crypto market reaching all-time highs in 2026. But Bitcoin will need to jump more than 29% to overtake its previous high mark by July to satisfy this market’s believers.

Myriad Moves: Bitcoin Bearishness Grows as Gold Ge

Check In Weekly, Win Prizes Weekly — Join the Fun!Predict BTC's Price & Win 450M $HTX for 30 Days$ARPA Token Economics & Governance 由行业领先专家和资深编辑审核的权威编辑内容。广告披露：在参议院银行委员会对期待已久的加密货币市场结构法案（CLARITY法案）进行审议未


由行业领先专家和资深编辑审核的权威编辑内容。广告披露：在参议院银行委员会对期待已久的加密货币市场结构法案（CLARITY法案）进行审议未获通过后，参议院农业委员会公布了该法案的新草案，并计划于1月27日星期二举行审议会议。稳定币收益监管条款被排除在外。农业委员会的法案版本主要涉及商品期货交易委员会（CFTC）的监管，该委员会将获得更大的权力来监管比特币（BTC）和以太坊（ETH）等加密货币。相比之下，参议院银行委员会的立法部分则侧重于证券交易委员会（SEC）及其监管。值得注意的是，农业委员会的草案拨款1.5亿美元用于支持CFTC实施该法案。相关阅读：索拉纳政策研究所所长对CLARITY法案的首要任务以及该法案的最新进展。市场专家詹姆斯·墨菲审阅了新草案的关键条款，并对其影响表示乐观。 他强调，该法案为去中心化金融（DeFi）规避美国商品期货交易委员会（CFTC）的监管开辟了一条途径，为开发者和特定服务提供商提供了重要的责任保护。参议院农业委员会的草案还排除了任何关于稳定币收益率的监管条款。这一决定意义重大，尤其因为它解决了导致Coinbase（COIN）上周撤回对银行委员会版本法案支持的关键条款。银行委员会版本的《CLARITY法案》旨在限制稳定币平台可以提供的收益率。虽然银行出于对存款可能外流的担忧而支持这一做法，但加密货币公司反对，认为此类限制会阻碍竞争。相比之下，农业委员会的法案旨在豁免稳定币的CFTC监管，并依赖于现有的框架，例如已通过的稳定币法案或《GENIUS法案》，该法案强制要求稳定币必须有充分的资金支持。 参议院农业委员会推迟加密货币法案审议。参议院农业委员会主席约翰·布兹曼对立法者之间的合作表示感谢，特别提及科里·布克参议员及其团队为消费者保护和美国商品期货交易委员会（CFTC）的权力所做出的贡献。尽管与民主党方面在一些基本政策问题上仍存在分歧，但委员会主席强调了推进该法案的重要性：“虽然我们未能达成一致令人遗憾，但我感谢各方合作，正是这种合作使这项立法更加完善。现在是时候推进这项法案了，我期待下周的审议。” 相关阅读：香港财政司司长在达沃斯透露，香港将于第一季度发放稳定币牌照。然而，尽管加密货币行业普遍对农业委员会版本的市场结构法案持乐观态度，但推进整体立法的时间表仍然不明朗。 彭博社报道称，参议院银行委员会预计将推迟审议其自身负责的法案部分，这可能会将讨论推迟到2月下旬甚至3月。一维图表显示，目前加密货币总市值约为2.9万亿美元。数据来源：TradingView.com上的TOTAL。特色​​图片来自OpenArt，图表来自TradingView.com。Bitcoinist的编辑流程以提供经过深入研究、准确且公正的内容为核心。我们坚持严格的信息来源标准，每篇文章都经过我们顶尖技术专家和经验丰富的编辑团队的认真审核。这一流程确保了我们内容的完整性、相关性和价值，从而更好地服务于我们的读者。

由行业领先专家和资深编辑审核的权威编辑内容。广告披露：在参议院银行委员会对期待已久的加密货币市场结构

Bitcoin Needs Expanding Dollar Liquidity To Regain Momentum: Hayes

Is X Banning Crypto? Elon Musk Faces Backlash Over Tokenized Engagement Crackdown and AI Slop

Ethereum: Will $43M ETH whale move test THIS danger zone?

Crypto Coming To Capitol Hill? West Virginia Proposes State Investment Bill

Todos os comentários0Mais recentePopular

Tópicos em destaque