"One of the two Kevins"

Find out our latest reports, listed below:

• 2026 – the year of RWA perps?

• Keep Calm and Carry Yen
  
  
• Bybit x Block Scholes: “2026: It's Different This Time?”

• Tokenised Markets on Bitget UEX: Unlocking Real-World Assets On-Chain for 24/7 Global Access

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Market Snapshot: Overnight Moves

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Daily Updates:

• A sudden and sharp selloff in both precious metals and US tech stocks in the last 24 hours has had ripple effects across Wall Street and crypto markets. 
• BTC has fallen to a two-month low of $81K, 30% below the October 2025 all-time high, while the total market cap of cryptocurrencies plunged 4.7%, including an 8% drop in ETH to $2.7K.

• The S&P 500 closed 0.13% and the Nasdaq-100 fell 0.53% after Microsoft experienced its largest single day loss since 2020, fueled by concerns over the profitability of the company’s investments into AI. The company’s spending surged to a record high while growth in its cloud sales slowed down. 
• Gold prices experienced their largest intraday drop since Oct 21, 2025 (-8%), slumping from a record $5,586 per ounce to under $5,000, before slightly paring back losses earlier today. Silver prices fell even more dramatically from $120 per ounce to $98. 
• The decline in precious metals prices occurred alongside a slight rebound in the US dollar which had fallen to multi-year lows earlier this week after comments from President Trump. 

• As such, yesterday marked a simultaneous selloff across asset classes — metals, crypto and equities. The pullback in crypto spot prices finally lifted volatility in options markets but, despite the severity of the spot plunge, moves in options have so far been mostly limited to short-dated expiries. 
• 7D BTC ATM IV jumped more than 10 vol points to 46%, with ETH volatility rising 11 percentage points to 58%. However, further out the volatility curve, IV levels have only lifted slightly. 
• Spot Bitcoin ETFs experienced their worst day of outflows yesterday since Nov 13, 2025. The ETF products in total sold $817.8M of bitcoins.
• Ethereum Spot ETFs did not fare much better either, selling $155.7M of ether tokens. Though that was less than outflows seen earlier this month (such as Jan 20 and Jan 21, 2026 which saw single-day outflows exceed $200M). 

• President Trump has officially nominated Kevin Warsh for the chairmanship of the Fed, after current Chair, Jerome Powell’s term is scheduled to end in May. 
• In a Truth Social post, Trump wrote “I am pleased to announce that I am nominating Kevin Warsh to be the CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM” and that “I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best.” 
• Warsh has been viewed by markets as a slightly less dovish pick for the Chairmanship, compared to other candidates in the runup such as Kevin Hassett, the Director of the National Economic Council. 

• Binance has announced a restructuring of its Secure Asset Fund for Users (SAFU), a $1B reserve created to protect users during periods of market stress, by gradually converting its current USDC holdings into Bitcoin over the next 30 days from publication of the announcement on Jan 30.
• The exchange also stated that if the fund’s value drops below $800M due to Bitcoin price movements, it will top up its Bitcoin reserves to bring SAFU back to $1B.
• Justin Sun, founder of Tron (TRX), said on X, “In response to Binance’s move, Tron will also increase its BTC holdings in the future.”

• Metaplanet has approved a new equity financing plan to raise up to ¥20.7B (around $135M). 
• The majority of proceeds will be used to further build its Bitcoin reserves via phased Bitcoin purchases beginning in 2026, while part of the proceeds are expected to be split between expansion of its Bitcoin derivatives-based income generation business, and partial repayment of outstanding debt. 
• The Tokyo-listed company will issue 24.5M new common shares priced at ¥499 per share, along with stock acquisition rights that could convert into an additional 15.9M shares if fully exercised, through a third-party allotment.

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This Week’s Calendar:

Charts of the Day: