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According to Jinshi reports, the Iranian Foreign Minister stated that Iran has no intention of closing the Strait of Hormuz at this stage, nor does it plan to disrupt navigation there. The new Supreme Leader may be chosen in a day or two, and a regime change is not possible.

According to The Block, the Indiana state legislature has advanced a bill that provides cryptocurrency investment options for key public retirement and savings plans, and protects individuals' access to digital assets. The bill is currently awaiting final approval from the governor.The HB 1042 bill was approved by both chambers after the House agreed to the Senate amendments on Wednesday. With the approval from both chambers, HB 1042 is now awaiting the signature of Indiana Governor Mike Braun. If signed, the provisions of the bill will take effect on July 1, 2026.

The American fintech company TruStage is launching a stablecoin pegged to the US dollar, TSDA, which will be issued in collaboration with the blockchain technology company Block Time Financial.TruStage reportedly has business dealings with 93% of credit unions in the United States, primarily providing insurance products and investment solutions. The TSDA stablecoin will be issued by TruStage's affiliates and maintained with a 1:1 cash reserve, while Block Time will provide operational support such as security protocols and digital account functionalities. TruStage is currently recruiting credit unions to join its pilot program, which will run in the first half of 2026.TruStage states that TSDA is expected to be used for loan financing and settlements, peer-to-peer transactions, cross-border payments, and settlements and payments between credit unions. According to Standard Chartered, the market capitalization of all stablecoins is expected to reach $2 trillion by the end of 2028.

The Bitcoin Strategic Reserve Fund Bill HB2080 in Missouri, USA, has currently entered the review stage in the House Commerce Committee. If the bill passes, it will allow the state treasurer to receive, invest, and hold Bitcoin under specific circumstances.

According to Cointelegraph, the Missouri Bitcoin Strategic Reserve Fund Bill HB2080 has now been submitted to the state House Business Committee for review. If the bill passes, the state treasurer will be allowed to receive, invest, and hold Bitcoin under certain circumstances.

According to an analysis model released by CryptoQuant analyst Darkfost, the indicator based on Bitcoin's four-year Simple Moving Average (SMA) has entered the bear market level range.This indicator measures Bitcoin's valuation status through standard deviation and SMA multiples: the higher the multiple, the deeper the overbought level, and the closer the price is to the four-year SMA, the lower the valuation. The current Bitcoin price has fallen back to the green zone and is close to the four-year SMA level, which is currently around $57,500. Historically, this level usually marks the final stage of each bear market, with BTC prices often consolidating in this area for several months. Darkfost stated that he typically does not favor models based on moving averages, but believes this indicator is worth paying attention to.

Global leading full-stack Web3 security company ExVul has established a long-term strategic partnership with high-performance financial public chain Pharos, jointly setting up a $1.25 million security audit Grants to support the development of early startup teams within the Pharos ecosystem.The Grants are aimed at early projects in the Pharos incubator, providing complete security audit services for core smart contracts and key system modules, along with funding and ongoing security advisory support. The collaboration between Pharos and ExVul fully reflects a high level of trust in their professional capabilities and highlights the close binding of both parties in the long-term construction of the ecosystem. Through this cooperation, ExVul will build a sustainable, secure, and compliant infrastructure for Pharos's early projects, solidifying the foundation for the ecosystem's long-term development.

Matrixport's analysis states that after a round of capitulation selling, Bitcoin is attempting to stage a counter-trend rebound. 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 room for a technical rebound; however, whether the rebound can extend further depends on whether there is new capital to take over, rather than relying solely on short covering and systematic hedging funds to sustain it.As previously mentioned, Bitcoin is still in a larger bear market reset phase. During this phase, rapid surges are not uncommon, but they often struggle to sustain. On-chain data continues to confirm that the current environment remains relatively weak: demand momentum is weakening, and structural accumulation is limited. Meanwhile, hedging activities in the options market are heating up, further amplifying volatility. If spot demand remains weak, prices are more likely to experience gap-down movements, and the impact of derivatives on Bitcoin prices will also increase.

1confirmation announced that it has begun investing from its fourth fund (Fund IV) and will intensify support for the best early-stage crypto entrepreneurs.The firm stated in a declaration that they established the first crypto venture capital fund 10 years ago, firmly believing that cryptocurrency would empower people and bring more freedom to the world, "and this is happening. Looking forward to the next 10 years."

CryptoQuant released a report indicating that on-chain data signals show the current market downturn is deepening, performing worse than the early stages of the 2022 bear market, with BTC prices potentially dropping towards $60,000.The next major support zone for BTC is between $60,000 and $70,000, and there is widespread structural weakness in the crypto market. Institutional demand has sharply reversed, with U.S. spot BTC exchange-traded funds shifting from net buying last year to net selling, while retail participation remains sluggish, with Coinbase premiums consistently negative since mid-October. Liquidity conditions are also tightening.Additionally, long-term demand growth has significantly collapsed, with annual spot demand for BTC dropping from 1.1 million BTC to 77,000 BTC over the past four months, a decline of 93%.

CryptoQuant analyst Woominkyu stated that the "Supply in Loss (%)" of Bitcoin has begun to rise again. Historically, this shift marks the early stages of a bear market: at this point, losses begin to spread, no longer limited to short-term holders, but gradually affecting long-term participants.In previous cycles (2014, 2018, 2022), this indicator started to rise before the market hit bottom, while prices continued to weaken. A true bottom will only form after the "Supply in Loss (%)" significantly expands. Currently, the "Supply in Loss (%)" is still far below historical capitulation levels, but the directional change itself is significant. This suggests that the market may be transitioning to a bear market structure rather than experiencing a temporary pullback within a bull market trend.

CryptoQuant analyst Woominkyu stated that the market may be transitioning to a bear market structure, rather than experiencing a temporary pullback within a bull market trend. The Supply in Loss (SALL) of Bitcoin has started to rise again. Historically, this shift marks the early stages of a bear market, during which losses begin to spread, no longer limited to short-term holders, but gradually affecting long-term participants.In previous cycles (2014, 2018, 2022), this indicator had risen before the actual market bottom, while prices continued to weaken. A true bottom will only form after a significant expansion of the supply in loss. Currently, the supply in loss is still far below historical capitulation levels, but its directional change is significant in itself.

Ray Dalio, the founder of Bridgewater Associates, published a lengthy analysis on social media, warning that the United States is in the fifth stage of his "Big Cycle" theory (the eve of order collapse), with multiple indicators suggesting that society may slide into the sixth stage (civil war and order collapse). His core judgments are based on:Deteriorating finances and conflicts: High government deficits and rising debt, along with historical highs in wealth and value gaps, constitute a "classic deadly combination."Populism and extremism: Increased political polarization, the silencing of moderates, media becoming a tool for partisan struggle, and the "loss of truth" in the public sphere.Escalation of violent incidents: Recent deaths of protesters in Minneapolis and conflicts between federal and state governments are typical signs of transitioning to the sixth stage.Systemic dysfunction: Legal and political systems are increasingly used as weapons in struggles, with rules giving way to the logic of "winning at all costs."Ray Dalio stated that the current situation is highly similar to the early period of order reorganization from 1930 to 1945. If consensus cannot be built through leadership and painful but necessary reforms are not implemented, society may repeat the mistakes of civil war/revolution. Investors and policymakers should recognize the forces of the cycle, promote productivity-oriented reforms (education, infrastructure, research), and replace "zero-sum struggle" with "win-win cooperation" to avoid an irreversible collapse of the system. Although the trajectory is difficult to change, it is still possible and necessary to mitigate conflicts and reshape broad prosperity through wise choices before sliding into the sixth stage.

The product head of OKX Wallet, Zakk Wang, stated at the New Year's dinner event hosted by OKX that X Layer is an important cornerstone for the continuous advancement of OKX Web3 and needs to fulfill its historical responsibilities.The construction of X Layer will be promoted in three steps: the first step is to solidify the underlying technology, ensuring high performance, stability, and low cost over a long period, with transaction gas being almost free and TPS and block speed maintained at a high level; the second step is the construction of infrastructure, DeFi, and assets. While introducing Uniswap, the priority will be to build a stable and solid Swap and DeFi system, continuously enhancing the on-chain TVL to support high-frequency and common use cases like Staking, avoiding ecological singularity, and improving payment infrastructure, including capabilities like cards and X402. All related constructions will revolve around X Layer; currently, the overall progress has reached the third stage, and OKX will begin to implement the previously announced incentive funds, starting with the X Layer hackathon aimed at the community and universities to promote more projects that truly contribute to the development of the industry.

The UK's Financial Conduct Authority (FCA) has entered the final stage of its regulatory consultation for cryptocurrency companies and is seeking feedback on how its consumer duty rules apply to crypto asset firms, with a deadline of March 12. The FCA plans to open the application process for crypto asset licenses in September 2026.Consumer duty is a regulation from the UK's Financial Conduct Authority (FCA) aimed at setting high standards for how financial firms treat retail customers. The regulation requires firms to act with integrity, avoid causing foreseeable harm, and help people achieve their financial goals. Companies must provide clear information, fair pricing, and support throughout the entire customer journey (not just at the point of transaction).

Gate released its Q4 2025 report. Focusing on the construction of the Web3 ecosystem, the platform has continued to improve the growth loop from trading to on-chain infrastructure through multi-product line collaboration this quarter. During the quarter, Launchpool launched a total of 28 projects, with a cumulative airdrop scale exceeding $4.8 million; the selected projects on Launchpad saw an oversubscription scale of $149 million in a single season, with an overall oversubscription rate exceeding 2,500%; the HODLer Airdrop launched 23 projects, with annualized airdrop returns exceeding 130%; CandyDrop maintained high-frequency operations, with the platform's cumulative contract trading volume surpassing $51 billion, continuously enhancing user participation and capital activity.On the on-chain and infrastructure level, Gate's Web3 strategy has entered the stage of large-scale implementation. The Gate Layer ecosystem continues to expand, with the total number of on-chain addresses exceeding 100 million and multiple cross-chain capability upgrades completed; Gate Fun has created over 20,000 tokens, with trading volume exceeding 22 million USDT; Gate Perp DEX officially entered the large-scale trading phase in Q4, with the first complete quarter's on-chain trading volume surpassing $10 billion. The GT on-chain destruction mechanism continues to be executed according to established rules, and after completing a new round of destruction in Q4, the cumulative destruction ratio of GT has increased to 61.61%, further reinforcing its long-term value constraint and deflationary attributes within the Gate ecosystem. Through the collaborative advancement of centralized trading, on-chain infrastructure, assets, and incentive mechanisms, Gate is steadily building an integrated Web3 ecosystem.

Messari recently released a research report that provides an in-depth analysis of the market structure evolution of Bitget, pointing out that its Universal Exchange (UEX) model has entered a stage of scalable growth driven by tokenized assets and institutional business. According to the report, as of December 2025, the total trading volume related to U.S. stocks on the Bitget platform has surpassed $18 billion.In terms of segmented business performance, tokenized stocks have become one of the most significant growth areas for Bitget. The report mentions that this business has rapidly expanded since its launch in July 2025, with related futures trading volume reaching $17.1 billion and spot trading volume in December amounting to approximately $1 billion. Notably, Bitget holds nearly 90% of the market share in the overall trading activity of Ondo tokenized stocks.Additionally, the report also discusses the overall expansion of the Bitget Universal Exchange (UEX) architecture. Since its launch in April 2025, the on-chain trading segment of Bitget has accumulated a trading volume of over $2.4 billion. Messari believes that as institutional participation continues to rise, the UEX model reflects not only an expansion at the product level but also indicates that trading infrastructure is evolving from a relatively decentralized model to a more unified and integrated system.

Zhao Changpeng stated in a Chinese AMA that the prediction market is a large track in the long term, but the outcome in the short term remains unclear.This track is in its early stages. Taking Polymarket as an example, the platform currently has only one or two capable market makers, and they are focused on the sports events segment. In the future, it faces multiple uncertainties from regulatory bodies in various countries and competitors in the track.

Liquid Capital (formerly LD Capital) founder Yi Lihua stated on social media: "China, the United States, and South Korea are the three main markets in the cryptocurrency industry. Coincidentally, these three stock markets are all in a bull market. Currently, large funds are mainly in the stock market and even in precious metals (such as gold, silver, and rare earths). Coupled with the impact of the interest rate hike cycle, and the reality that blockchain technology has not had the expected impact, it has led to a complete four years since Bitcoin reached 69,000 in 2021. Aside from a slight increase in BTC, ETH is even far below its peak four years ago. This should be considered a disappointing four years for crypto investors.However, bull markets often arise during periods of despair, especially with the arrival of a rate cut cycle, the globalization of stablecoins, crypto-friendly policies, and financial applications on the blockchain. In both macroeconomic conditions and technical indicators analysis, we are currently at the dawn before a major crypto bull market. Be greedy when others are fearful; although the bull market may be slow to arrive, it will be more spectacular when it does. I also strongly agree with CZ that the crypto super cycle is about to come, and industry leaders like BMNR, Strategy, Tether, Binance, and USD1 are continuously buying."

BlackRock's U.S. Equity ETF Head Jay Jacobs said in an interview with CNBC, "It is still early days for Bitcoin."