upside

According to Jinshi reports, Federal Reserve Vice Chairman Jefferson stated that the current labor market faces downside risks, while inflation faces upside risks.

According to CoinDesk, analysts at brokerage firm Bernstein maintain an "outperform" rating on USDC issuer Circle's stock, with a target price of $190, representing about a 60% upside from the current level of $120.The report notes that the adoption of stablecoins is increasingly decoupling from the cryptocurrency market cycle. Despite the market being in a bear phase, the supply of USDC has rebounded to nearly a record $78 billion, and the total market capitalization of dollar-pegged stablecoins remains stable at around $270 billion. Adjusted stablecoin trading volume has increased by over 90% year-on-year, with trading turnover rising, indicating that stablecoins are being used more frequently in scenarios outside of cryptocurrency trading.Payment adoption is the main driver, as stablecoins are gradually being integrated into traditional card networks. Visa currently supports over 130 stablecoin-linked cards across more than 50 countries, with an annual settlement volume of approximately $4.6 billion. AI-driven "proxy finance" could become a new growth theme, as machine-to-machine micropayments between autonomous software agents will require stablecoins as a natural payment rail.

According to market news, Bitcoin's recovery today is closely related to a similar rebound in the U.S. stock market, with artificial intelligence and tech stocks leading the market higher. The tech-heavy Nasdaq index led the gains, rising by 1.05%, while the S&P 500 index increased by 0.68%. The Dow Jones Industrial Average rose by 421 points, closing up 0.86% on Tuesday. Analysts point out that the correlation between Bitcoin and gold, as well as U.S. stocks, is currently at its lowest level since the FTX incident in 2022.Despite gold rising 51% over the past six months while Bitcoin has fallen 43%, on-chain data firms believe that this extreme divergence historically indicates significant upside potential. Additionally, the Coinbase premium index turned positive for the first time since January 15, accompanied by a net inflow of $258 million into spot ETFs on Tuesday, indicating that U.S. institutional buying is returning. QCP Capital founder Darius Sit stated that this divergence reflects changes in liquidity driven by position liquidations and leverage, rather than a failure of Bitcoin's long-term narrative.

According to Cointelegraph, cryptocurrency economist Timothy Peterson's latest analysis indicates that Bitcoin still has structural upside potential during the current bear market correction: 50% of the months in the past 24 months recorded positive returns, suggesting a higher probability of a positive return turning point in any 24-month period.Based on this, Peterson estimates that the probability of Bitcoin being above the current level in the next 10 months is 88%. He emphasizes that this statistical model shows the market may be approaching a turning point rather than continuing to decline.The current Bitcoin price is approximately $68,173, down nearly 25% from the year's high, erasing most of the gains after the 2024-2025 U.S. elections; the Crypto Fear & Greed Index has fallen to "Extreme Fear" at 9 points, and social media interest in Bitcoin predictions has dried up, with sentiment trending neutral.

According to The Block, despite BitGo's stock price dropping on Tuesday, Mizuho Bank has given a positive outlook on the institutional-grade crypto custody platform in its first research report.Mizuho Bank analysts Dan Dolev and Alexander Jenkins described BitGo as a "military-grade custodian," believing that its long-term security record and focus on institutional clients constitute a core advantage in the increasingly competitive custody market.The report noted that over 80% of BitGo's revenue comes from recurring businesses such as custody and staking, rather than volatile trading activities, which sets it apart among crypto infrastructure companies. The analysts assigned BitGo a "buy" rating with a target price of $17, implying nearly 70% upside from the current trading price of about $10.15.Mizuho Bank expects that as stablecoins and tokenized real-world assets drive institutional adoption, the company's revenue growth will accelerate. Nevertheless, BitGo's stock price has fallen about 44% since its NYSE debut at an issuance price of $18 in January, reflecting the overall cautious sentiment in the market towards crypto-related stocks.

According to The Block, Robinhood's stock price fell on Tuesday after the company reported a year-over-year decline in cryptocurrency business revenue for the fourth quarter. However, analysts from research and brokerage firm Bernstein stated that this weakness reflects a temporary "crypto market tension" and reiterated their target price of $160.Robinhood's total revenue reached an all-time high, but cryptocurrency trading revenue fell 38% year-over-year to $221 million. Bernstein analysts noted that the revenue weakness due to decreased crypto trading activity was "expected" and stated that "there is no need to turn bearish when the stock price is approaching a cyclical low." Despite the "crypto market tension," several business metrics for the company remained "robust" in the fourth quarter. Additionally, Robinhood Banking, launched at the end of 2025, has attracted over 25,000 funded customers, with total account balances exceeding $400 million.Analysts pointed out that Robinhood's prediction market set a new record, accounting for about 14% of trading revenue and 8% of total revenue. The platform traded 8.5 billion contracts in the fourth quarter, far exceeding previous expectations. The report indicated that trading volume at the beginning of 2026 reached $4 billion, while the previously forecasted trading volume for 2026 was $27 billion.

JPMorgan analyst Ken Worthington significantly lowered his target price for Coinbase stock from $399 to $290 ahead of the company's fourth-quarter earnings report, which is set to be released this Thursday. Worthington remains optimistic about the stock, noting that the revised target price still implies a 75% upside from Coinbase's current price of $165.5.He expects adjusted EBITDA to be $734 million, down from $801 million in the third quarter. He stated that this would represent a sharp decline compared to previous quarters, primarily driven by decreased trading volumes, weakening cryptocurrency prices, and a slowdown in the growth of USDC stablecoin balances. Worthington anticipates that the spot cryptocurrency trading volume for the quarter will be $263 billion.He also pointed out the reduction in circulating USDC and predicted stablecoin-related revenue to be $312 million. These adverse factors are partially offset by the total quarterly revenue contributed by Deribit (the cryptocurrency derivatives exchange acquired by Coinbase last August). Including Deribit, JPMorgan's model forecasts total trading revenue of $1.06 billion, with Deribit contributing approximately $117 million based on an estimated trading volume of about $586 billion.In the previous quarter, the trading platform reported trading revenue of $1 billion. In terms of subscription and services revenue, the bank expects revenue to be $670 million, down from Coinbase's prior guidance range of $710 million to $790 million, reflecting weak cryptocurrency prices, declining staking yields, and a slowdown in USDC growth. Worthington also expects operating expenses to be below guidance due to the company's cost control measures.

According to market news, despite Galaxy Digital's stock price plummeting due to a $482 million loss in the fourth quarter, the market may be overlooking its potential in long-term catalysts such as AI data centers and U.S. cryptocurrency regulatory legislation.Galaxy's current stock price is around $21, and Benchmark maintains its "buy" rating with a target price of $57, anticipating a 170% upside. Galaxy CEO Mike Novogratz stated during the earnings call that there is a 75%-80% probability of passing U.S. cryptocurrency market structure legislation, which could attract more institutional capital into the market. Additionally, the company plans to announce more institutional partnerships and infrastructure expansion plans in the coming quarters, including the expansion of on-chain credit markets.Benchmark also mentioned that Galaxy's Helios data center in Texas is an undervalued asset, with over 1.6 gigawatts of approved power capacity, and plans to start generating revenue this year through a leasing agreement with AI cloud service provider CoreWeave. Analysts believe that the valuation of the Helios data center alone could exceed Galaxy's current market value.Despite the decline in fourth-quarter performance, Galaxy's lending business continues to grow, with total loans reaching $1.8 billion, while the company has $2.6 billion in cash and stablecoin reserves, providing ample financial support for its expansion in cryptocurrency infrastructure and AI.

JPMorgan stated that investors should not sell gold. After Trump nominated Kevin Warsh to head the Federal Reserve, gold prices plummeted last Friday. They experienced significant volatility on Monday and rebounded slightly on Tuesday. JPMorgan believes this is merely a stumble on the way to higher year-end targets for gold prices.The investment bank updated its gold price target for 2026 to $6,300 per ounce, an increase of about 34% from the approximately $4,700 price on Monday evening. Given what happened last Friday, this forecast may seem overly optimistic, but the bank's Gregory Shearer insists that a rebound is imminent. However, according to Shearer, investors need not worry about further declines in gold prices. In the report, he emphasized that gold demand remains strong, exceeding his team's expectations.

VanEck's Head of Digital Asset Research, Matthew Sigel, stated in a post on X that VanEck will participate in BitGo's public offering. He believes that BitGo is one of the few publicly traded cryptocurrency-related companies that may see revenue growth exceeding 50% in the disappointing cryptocurrency market of 2025.At the same time, they expect BitGo's growth momentum to be less robust than Coinbase's, but revenue is still projected to grow by 26% by 2028. This could position the company to achieve over $400 million in revenue and over $120 million in EBITDA by 2028. Therefore, they estimate BitGo's fair market value at $2.4 billion (approximately $21 per share), which represents a 30% upside from the midpoint of the offering price range.In a more optimistic scenario, they believe BitGo's reasonable market value should exceed $3 billion, with a 12-month target price reaching $26.50 per share, about 65% higher than the midpoint of the price range.

Coinbase Institutional posted that after the December sell-off, there are signs of a reset in the cryptocurrency market: inflows into spot BTC and ETH ETFs; low leverage; balanced order books; options positions.The institution stated that systemic leverage has dropped to 3% of the total cryptocurrency market capitalization, while options skew indicates that demand for upward movement is increasing. With the recovery of liquidity after the holidays, early inflows suggest that institutional investors are cautiously re-taking on risk.

According to Jin Ten's report, the chart in the Federal Reserve's economic outlook shows that most participants believe there is greater uncertainty regarding the unemployment rate, with risks tilted to the upside.

According to Jinshi reports, Federal Reserve Chairman Powell stated that the inflation risk is tilted to the upside.

ChainCatcher news, according to Jinshi reports, Federal Reserve's Williams stated that the upside inflation risks have eased, so a rate cut is a wise move.

ChainCatcher news, Pantera Capital officially stated on X that Solana is reaching an important inflection point for consumer, fintech company, and institutional adoption. Blue-chip companies like Stripe and PayPal have begun building applications on it.The narratives for Bitcoin and Ethereum have largely been established, while Solana's narrative is just beginning to unfold. Solana is still in its early stages, with no SOL ETF currently available, and only 5 publicly listed companies holding SOL. The allocation of institutions to SOL is significantly lower compared to BTC and ETH, holding less than 1% of the total supply (BTC at 16%, ETH at 7%). In terms of market capitalization, Solana is still only 1/20th of Bitcoin and 1/4th of Ethereum ------ but it has already outperformed both in key usage metrics. The adoption narrative for Solana is just beginning, with greater asymmetric upside potential.

ChainCatcher news, according to Jinshi reports, the chart in the Federal Reserve's economic outlook shows that most participants believe there is greater uncertainty regarding PCE inflation and core PCE inflation, with risks tilted to the upside.

ChainCatcher message, according to Jinshi reports, Federal Reserve's Williams stated that he believes tariffs will reduce the upside risks of inflation.

ChainCatcher news, according to Jinshi reports, ECB Executive Board member Schnabel stated that current inflation risks are tilted to the upside and that relevant economic data changes need to be closely monitored.

ChainCatcher news, in an exclusive interview with Mario Nawfal, BitMine's board chairman Tom Lee stated, "The financial system will be reconstructed based on blockchain, reminiscent of the moment in 1971 when the dollar abandoned the gold standard, and Ethereum will be one of the main beneficiaries. I remain very optimistic about Bitcoin, which has the potential to reach $200,000 or even higher. As for Ethereum, I believe it has greater upside potential because, with the development of blockchain and artificial intelligence, it possesses more potential. Therefore, we refer to Ethereum as the biggest macro trade for the next 10 to 15 years. I think Bitcoin has a 2x upside from now until the end of the year, while Ethereum has more than 2x upside. However, in the long term, we conducted some research and envisioned a five-year experiment, which predicts that Ethereum's eventual price will be around $60,000. Therefore, Ethereum has huge upside potential in the next 5 years."In mid-2017, Tom Lee made his first public prediction that Bitcoin would reach $25,000 within five years (by 2022). In an interview with CNBC, he stated that Bitcoin is "eroding the demand for gold" and views it as "digital gold," possessing scarcity and value storage potential. At that time, the traditional financial community and some media mocked his prediction.

ChainCatcher news, according to Jinshi reports, Deutsche Bank stated that given the challenges faced by the Federal Reserve, the upside potential for the dollar is limited. Federal Reserve Chairman Powell may find it difficult to navigate between appropriate monetary policy and political demands, leading to a challenging and volatile situation for the dollar. In addition, President Trump has repeatedly called for interest rate cuts and criticized Powell's cautious stance on policy easing. The dismissal of Federal Reserve Governor Lisa Cook on Monday has raised new concerns about the independence of the Federal Reserve.