derivatives

According to charts and analysis released by Matrixport, Bitcoin is attempting to stage a counter-trend rebound after experiencing a capitulation-style sell-off. This round of decline has washed out weak positions and triggered passive selling pressure and chain liquidations in the derivatives market.In the short term, there is still some upward space from a technical perspective, but whether the rebound can be sustained largely depends on whether there is new capital to take over, rather than relying solely on short covering and systematic hedging funds. Matrixport points out that Bitcoin is still in a larger bear market reset phase, where rapid rebounds are not uncommon but often difficult to maintain. On-chain data also indicates that the current environment remains weak, with insufficient demand momentum and limited structural accumulation. Meanwhile, hedging activities in the options market are heating up, which may further amplify price volatility. If spot demand is insufficient, Bitcoin's price is more likely to experience a rapid decline, and the impact of derivatives on price will also increase.

According to the latest in-depth report by ChainCatcher, as liquidity in the cryptocurrency market continues to be under pressure and the trading activity of native assets declines, an increasing number of exchanges are turning their growth focus towards the on-chainization and derivatives trading of traditional assets such as metals and U.S. stocks. Among them, Gate is gradually demonstrating its platform advantages in this round of "all-asset competition" due to its early establishment of a complete product system and leading trading activity.Data from Coinglass shows that during the recent fluctuations in metal prices, the 24-hour trading volume of Gate's XAUT contracts remained stable in the range of $300 million to $500 million, with trading activity ranking among the top in the world for similar assets. In addition, Gate has maintained a high level of trading stickiness during the downturn in crypto spot markets through methods such as TradFi launch celebrations and trading incentives, with its strategy leaning more towards a "long-term retention" approach to all-asset expansion.ChainCatcher believes that as the industry gradually shifts from the "crypto narrative internal cycle" to a new stage of "global asset on-chain," the core of exchange competition is no longer just the speed of new listings, but rather the ability to find a balance between compliance boundaries, liquidity support, and risk management. From the current progress, Gate is occupying a more advantageous position in this structural shift and is expected to continue amplifying its first-mover advantage in the next stage of the integration of TradFi and the crypto market.

The digital asset trading platform Gate released its transparency report for January 2026, disclosing its phased progress in multi-asset trading and platform structure. The data shows that Gate continues to expand its influence in the derivatives sector, with a market share of derivatives rising to 11%; the trading volume of perpetual contracts grew from $911.2 billion in the first quarter of 2025 to $2.42 trillion in the third quarter, maintaining a high level of $1.93 trillion in the fourth quarter. Meanwhile, Gate TradFi has covered metals, foreign exchange, indices, commodities, and some stocks, with trading volume exceeding $20 billion since its launch.In terms of products and infrastructure, Gate is simultaneously advancing intelligent and on-chain capability construction. GateAI launched in January, focusing on market analysis and asset interpretation, with a user satisfaction rate of approximately 88% in the first month. After the upgrade, Perp DEX's monthly trading volume exceeded $5.5 billion, and the number of on-chain addresses for Gate Layer surpassed 100 million. In asset management, the on-chain earning TVL reached $1.301 billion, and the ETH staking scale hit a record high. In January, the overall reserve coverage ratio increased to 125%, with major assets maintaining excess reserves.Overall, Gate is continuously solidifying its long-term development foundation as a comprehensive digital asset platform through multi-asset coverage, expansion of trading scale, and upgrades in technological capabilities.

According to CoinDesk, the crypto market shows signs of stabilization after a significant sell-off on Tuesday, with Bitcoin and Ethereum rebounding from their recent lows, but the overall derivatives market remains in a risk-off state.On the macro level, the U.S. House of Representatives passed a government funding plan to end part of the government shutdown, boosting U.S. stock futures and global risk assets; precious metals also rebounded, with gold returning above $5,000 and silver rising to around $90, with a daily increase of nearly 6%.In the derivatives market, traders continue to reduce risk exposure, with the total nominal open interest of crypto futures contracts across the network dropping to $105.9 billion, the lowest level since April of last year. The 30-day implied volatility of Bitcoin has climbed to an annualized 53%, the highest level since December 1, while the open interest in Bitcoin and Ethereum futures has decreased by 0.7% and 2%, respectively.

Resolv Stablecoin Protocol Review of 2025 Progress and Outlook for 2026 PlansIn 2025, Resolv built a high-performance infrastructure, achieving deep integration across multiple currency markets and yield sources. Currently, the four core asset clusters in its collateral pool include delta-neutral ETH/BTC, USD-denominated DeFi lending and money market exposure, delta-neutral altcoins, and RWA.The main goals for Resolv in 2026 include: driving continuous growth in total customer value at an institutional scale, establishing USR as a primary asset; expanding the investment scope from Q1 to cover more investment-grade tokenized funds and gradually incorporating investment-grade RWA; optimistic about the continued penetration of stocks and commodities into the on-chain derivatives market, accessing traditional assets (such as gold, other commodities, stock indices, and individual stocks) through delta-neutral strategies, and utilizing on-chain derivatives venues for hedging and liquidity support; introducing external risk experts to further enhance decision-making transparency and observability; continuing to expand in the liquidity lending market under strict risk standards; and upgrading the Resolv infrastructure to a "stablecoin as a service" platform, among others.

Hyperliquid announced on X that it will introduce "Outcome Contracts" trading in HIP-4. Outcome Contracts are fully collateralized contracts that settle within a predefined range. They are a general-purpose primitive suitable for applications such as prediction markets and range-bound options-like instruments. There is already significant user demand for these two types of applications, and developers are likely to conceive more innovative use cases based on this primitive.Outcome Contracts introduce a nonlinear payoff structure, expiration contracts, and an alternative derivative trading form that does not involve leverage or liquidation mechanisms. This primitive expands the expressive power of HyperCore and can be combined with other primitives (such as the composite margin mechanism and HyperEVM). Outcome Contracts are currently still in development and are being tested only on the testnet at this stage. Once the technical development is complete, standardized (Canonical) markets based on objective settlement sources will be deployed, which will be priced in USDH. After collecting user feedback, the relevant infrastructure will further expand to a permissionless deployment model.

Coinbase's Coinbase Derivatives has announced the upcoming launch of the COIN50 perpetual futures contract. The official statement indicates that this is the first time in the U.S. market that a single perpetual futures contract will provide investors with overall exposure to the top 50 digital assets. The related product will be available to both retail and institutional traders and will be offered through approved futures commission merchants (FCMs).The Coinbase 50 Index (COIN50) is used to track the performance of the top 50 digital assets by market capitalization and liquidity, covering Bitcoin, Ethereum, and various emerging tokens. The index is rebalanced quarterly, with a maximum weight limit of 50% for any single component. Coinbase states that diversification can be achieved through a single contract, helping to simplify trading strategies and align more closely with overall market trends.

Hyperliquid announced on the X platform that HyperCore will support result trading (HIP-4). It is reported that a result is a fully collateralized contract with a settlement price confined within a fixed range. This is a generic foundational trading component suitable for applications such as prediction markets and bounded options tools.There is already significant user demand in the aforementioned two areas, and developers are likely to create innovative applications. Result trading introduces a non-linear yield structure, forward contracts, and a form of derivative trading that does not involve leverage or forced liquidation. This foundational component expands HyperCore's expressive capabilities and can be combined with other foundational components, such as composite margin and HyperEVM.The result trading feature is currently still in development and is being tested only on the testnet at this stage. A standard market based on objective settlement sources will be deployed after the technical development is completed, priced in USDH. After collecting user feedback, this infrastructure will expand to an open deployment model without permission.

The Hong Kong Legislative Council's Finance Committee announced that Member Li Weihong has been elected as the Chairman of the Finance Committee of the Hong Kong Legislative Council.Li Weihong had previously called for the promotion of the development of virtual assets and futures markets, expedited approval for license upgrades, suggested that the futures exchange achieve 23-hour trading as soon as possible, increase the variety of futures traded during holidays, and open more derivatives for virtual asset options and futures. In addition, Li Weihong also urged the Hong Kong government to accelerate the establishment of an international gold trading center and strive to join the Regional Comprehensive Economic Partnership (RCEP) as soon as possible, allowing the industry to export gold and other precious metals from Hong Kong to RCEP members at zero tariffs.

Coinbase announces that it will begin scheduled maintenance. Coinbase Derivatives will undergo system maintenance on January 24, 2026, at 23:30, during which it will be temporarily offline, with an expected duration of about 3 hours.

According to CoinDesk, the AI-driven derivatives trading platform Perpetuals com (PDC), founded by former core members of FTX Europe (FTX EU), has officially launched, with its stock beginning trading on Nasdaq on Tuesday. The platform was co-founded by Patrick Gruhn and Robin Matzke, who were co-founders of the Swiss digital asset company Digital Assets, which was acquired by Sam Bankman-Fried in 2021 and renamed FTX EU.The launch of Perpetuals com stems from the business integration following Earlyworks Co.'s acquisition of Perpetual Markets Ltd. The company stated that its platform offers regulated 24/7 self-clearing trading and blockchain-based settlement technology.After the bankruptcy of FTX's parent company, Gruhn and Matzke successfully repurchased the remaining assets of FTX EU after a lengthy legal process and quietly developed the Perpetuals platform. Gruhn stated that this process provided the company with a vast amount of retail trading data to train its AI and machine learning systems.It is reported that Perpetuals' AI system is trained on over 10 million transaction histories from multiple mainstream crypto exchanges, capable of analyzing market sentiment and calculating the profit and loss probabilities of individual traders, helping option issuers, market makers, and others optimize their hedging strategies. The company's goal is to provide the market with innovative products that serve as alternatives to traditional CFDs (Contracts for Difference) and perpetual contracts, and to reduce potential losses for retail traders in a trading environment that has long been considered unfair and even predatory through AI-enhanced derivatives.

According to CoinDesk, Bitcoin and the broader cryptocurrency market have fallen again, with the BTC price giving back all of last week's gains that rose to $98,000. This cryptocurrency market sell-off is in line with the movements of U.S. stock index futures, with futures linked to the Nasdaq 100 index dropping more than 1.9%, and S&P 500 index futures falling 1.6%.Additionally, the open interest in Bitcoin futures remains stable, and the funding rates for most major tokens are still positive, while the futures open interest (OI) for DOGE, ZEC, and ADA has seen significant declines, indicating capital outflows. On some derivatives platforms, traders are continuously pricing bearish options for BTC and ETH higher than bullish options, with traders pricing the likelihood of BTC falling below $80,000 at 30%.

According to the Korea Herald, South Korean financial authorities are working to advance the reform of the digital asset regulatory system, planning to abolish the "1 exchange - 1 bank" binding restriction, allowing the issuance of crypto derivatives and participation in trading with corporate accounts, in order to break the current market monopoly structure and promote liquidity.Regulators believe that although this restriction is not legally mandatory, it has long existed due to anti-money laundering requirements, limiting competition among exchanges and user choices. Subsequent policies will be included in the second phase of the legislation of the "Basic Act on Digital Assets," and both parties in the National Assembly have reached a consensus on some directions for regulatory relaxation.

According to PRNewswire, the dYdX Foundation has released the 2025 dYdX Ecosystem Annual Report, which outlines the protocol activity, development, governance execution, and ecosystem growth of the ecosystem. The report shows that its historical cumulative trading volume has surpassed $1.55 trillion, with a trading volume of $34.3 billion in the fourth quarter of 2025, marking the highest quarterly volume of the year, while the trading volume in the second quarter was approximately $16 billion.In terms of product expansion, dYdX has launched Solana native spot trading and, with governance approval, has expanded the buyback scale to 75% of the protocol's net revenue. In execution, distribution, and governance, dYdX continues to focus on building a lasting foundation to support ongoing participation and long-term development as on-chain derivatives continue to grow and mature.

According to The Block, Coinbase's crypto derivatives platform Deribit has launched TRX options for eligible Deribit users in certain jurisdictions.The newly launched options offer two daily expirations, two weekly expirations, one monthly expiration, and one quarterly expiration, further expanding the application of institutional-grade derivatives within the TRON ecosystem.

According to Businesswire, Blockstream Capital Partners (BCP) announced that it has reached an agreement to strategically acquire the digital asset trading and investment business unit of Numeus Group, with the specific acquisition amount not disclosed.It is reported that after the acquisition is completed, BCP plans to explore specific Bitcoin derivative trading strategies focused on yield generation to support the growing demand for crypto derivatives and volatility trading from institutional clients.

Coinbase Markets posted on the X platform that Coinbase Markets has launched a global derivatives data dashboard.This feature supports viewing perpetual contracts, options, and scheduled futures data from Coinbase International Exchange and Deribit in a unified interface.

Matrixport's latest charts and analysis indicate that after a large-scale deleveraging in the derivatives market, the crypto market may establish a more solid starting point for the 2026 rally.The analysis shows that since the peak in October 2025, the leverage corresponding to the open interest of BTC and ETH futures has been cleared by nearly $30 billion. Operating in a state of lighter positions and lower leverage in the new year will help the market return to a relatively balanced price rhythm. Matrixport believes that as crowded trades gradually recede and speculative overheating significantly cools, the price movements of Bitcoin and other crypto assets may align more closely with fundamental rhythms, potentially opening up upward space.

According to Cointelegraph, the price of Bitcoin has risen above $90,000, reaching a nearly three-week high. Data shows that despite the price rebound, the demand for Bitcoin leveraged long positions remains steady, with the Bitcoin futures basis below the neutral threshold, currently at an annualized premium of 4%.Additionally, the fund flows of derivatives and spot ETFs indicate that traders remain cautious, suggesting limited confidence in further price increases. Since December 15, Bitcoin spot ETFs have recorded a net outflow of over $900 million, while Bitcoin put options traded at a premium on Saturday, indicating an increased demand from professional traders for downside risk protection.