Market Performance
| Asset / Index | Value ($) | Daily Change (%) |
|---|---|---|
| Bitcoin (BTC) | 89,943.0 | +0.50% |
| Ethereum (ETH) | 3,004.18 | +0.82% |
| Bitcoin Spot ETF | -586.62M | Net Outflow |
| Ethereum Spot ETF | -287.0M | Net Outflow |
| Nasdaq (NAS100) | 25,423.1 | +0.23% |
| S&P 500 (SPX) | 6,875.61 | +1.16% |
| Russell 2000 (RUT) | 2,702.8 | 0.00% |
| U.S. Dollar Index (DXY) | 98.425 | -0.01% |
| VIX Volatility Index | 16.90 | -15.88% |
| U.S. 10-Year Yield | 4.25599 | -0.78% |
| Brent Crude Oil (BRENT) | 65.122 | -0.43% |
| LBMA Gold (XAU) | 4,832.91 | +0.02% |
| LBMA Silver (XAG) | 93.962 | +1.11% |
“Prepared at UTC 07.52 am”
Today’s Key Events
- President Trump Returns to the White House from Davos
- WEF Fourth to be Followed
- US GDP, PCE, and Jobless Claims to be Tracked
- CZ and Various Crypto Executives to Speak at Davos Panel
Trump Reiterates “America First” Message at Davos
US President Donald Trump once again emphasized his “America First” policy in his speech at the World Economic Forum in Davos. Trump harshly criticized Europe and highlighted Greenland, energy policies, and economic recovery goals.
- Emphasis on Greenland: Trump reiterated the US’s strategic interests in Greenland, saying that they would not use force but that the island was indispensable for US security. Arguing that the US should have retained Greenland after World War II, Trump said Greenland was critical for the deployment of the “Golden Dome” missile defense system. Reminding his audience that Denmark was defeated by Germany within six hours in World War II, Trump argued that no country other than the US could guarantee Greenland’s security.
- US economy: Trump said inflation had been defeated and that fourth-quarter economic growth would reach 5.4%, more than double the IMF’s forecast. Noting that tariffs would contribute to reducing US debt, Trump described the stock market declines since the beginning of the year as “insignificant” and claimed that the stock market would eventually “double.”
- Energy policy: Trump stated that the U.S. has entered an aggressive expansion process in the energy sector, adding that all major U.S. oil companies will enter Venezuela and that the U.S. will receive a share of the revenue from these activities. Trump argued that the profits these companies will make in the next six months will exceed the total for the past 20 years. He also announced that nuclear energy will be rapidly and aggressively expanded in the US.
- Mortgage and credit card interest rates: Defining home ownership as an indicator of the U.S.’s social health and economic vitality, Trump criticized institutional investors for driving up prices with large-scale home purchases. He described credit card debt as “one of the biggest obstacles to saving for a down payment.”
- Cryptocurrencies: Trump said he hopes to sign legislation regulating the cryptocurrency market soon. Reiterating in his Davos speech that the US is “the world’s cryptocurrency capital,” Trump sent a clear and supportive message to the crypto sector.
- Fed Chair: Trump implied that the selection of the Fed chair is effectively finalized. Trump said he has narrowed the field from three to two candidates, that both Rick Ried and Kevin Warsh are good options, and that it may now come down to a single candidate. He reiterated that he wants Hassett to continue in his role as economic advisor.
- Tariffs: US President Trump said that a framework for cooperation with NATO and Greenland had been reached and that the previously planned February 1 European tariffs would not be implemented. Details of the framework were not disclosed. Vice President Vance, Secretary of State Rubio, Special Representative Steve Witkoff, and others will participate in talks on the deployment of the “Golden Dome” in Greenland.
Statements from US Officials
- Warning from Bessent on Greenland: US Treasury Secretary Bessent explicitly warned European countries not to increase their military presence in Greenland. He directly criticized France’s call for NATO exercises. Addressing market concerns that Europe could retaliate by selling U.S. Treasury bonds, Bessent said Denmark’s holdings of U.S. Treasury bonds were less than $100 million and that this was “insignificant.” The statements were made during contacts at Davos.
- Criticism of Europe from Lutnick: US Commerce Secretary Lutnick said that the European economy lacks competitiveness. Following this statement, European Central Bank President Christine Lagarde reportedly stormed out of the dinner.
Supreme Court Cook Decision
The Supreme Court may block Trump’s attempt to remove Fed Chairman Cook. The majority of judges questioned the legality of Trump’s attempt to remove Cook and appeared inclined to uphold the lower court’s decision. The court focused on whether the process violated the principle of due process and whether the mortgage fraud allegations met the legal “reasonable cause” standard. It was stated that the decision could be made in two different ways.
- Trump’s social media announcement could be ruled legally insufficient, and other issues could be left to the lower courts.
- The process could be ended with a broad ruling on the president’s authority to remove central bank officials from office.
Putin-Witkoff Meeting
Russian President Vladimir Putin announced that he would meet with US President’s representative Witkoff on the 22nd. Regarding Greenland, he said that the US’s attempt to purchase Greenland from Denmark had nothing to do with Russia and that he believed the US and Denmark would reach an agreement. Putin confirmed that he had received Trump’s invitation to join the peace committee. He also stated that Russia is prepared to pay the $1 billion entry fee from its frozen assets in the US.
Crypto Market Bill
The US Senate Agriculture Committee published the latest draft of the crypto market bill and announced that it will be reviewed next week. Committee Chairman John Boozman explained that the text is based on a previous bipartisan draft and gives the CFTC new regulatory powers over digital assets. Boozman noted that no agreement has yet been reached with Democrats. Nevertheless, he said he expects the bill to move forward at the review session to be held next Tuesday at 3:00 p.m. Eastern Time.
US Withdraws from WHO
It has been reported that the United States has officially withdrawn from the World Health Organization. According to CCTV, US President Trump signed an executive order containing the withdrawal decision on January 20 last year, and the United Nations received this notification on January 22. According to the WHO charter, the withdrawal process becomes official one year after the withdrawal request, and it was stated that this period has now expired. WHO spokesperson Lindmeier said that the US has the right to withdraw but that all outstanding debts must be paid. It was stated that the US owes approximately $260 million for 2024 and 2025.
Trump’s Artificial Intelligence Framework
David Sacks, the White House’s AI and crypto official, revealed that Trump wanted to establish a single federal framework for AI regulation. Sacks said that one of the biggest threats facing AI innovation is excessive regulation. He noted that inconsistent regulations at the state level could lead to policy confusion. Therefore, he stated that a centralized and uniform framework was the goal.
South Korean Bonds on Solana
South Korean government bonds have been tokenized on the Solana network for the first time. The Solana Foundation announced that its strategic partner Shinhan Securities completed this process in collaboration with Etherfuse. This development means that Korean government bonds have been issued as tokenized bonds on a public blockchain for the first time. It was noted that tokenized bonds provide predictable interest returns on the chain.
Prediction Market Prices
Hayden Adams, founder of Uniswap, commented on pricing differences in prediction markets. Adams recalled that Kalshi priced the likelihood of “the US buying Greenland” at approximately 42%, while Polymarket priced it at 15–23%. He stated that this difference stems not from user composition but from differences in event definitions and rules. He explained that Polymarket prices the probability of occurrence within 2026, while Kalshi prices the probability of occurrence throughout Trump’s entire term. He also mentioned that question wording, payment conditions, and oracle designs also contribute to price differences.
Hyperliquid Volume Record
Hyperliquid’s trading volume on the HIP-3 market exceeded $1 billion for two consecutive days, reaching this level for the first time. According to ASXN data, TradeXYZ assets accounted for the majority of the volume. The volume of TradeXYZ transactions exceeded $860.00 million over two days. It was reported that open positions in the HIP-3 market exceeded $500.00 million.
Solana Capital Model
Solana co-founder toly shared his views on the capital formation process for early-stage ventures. toly stated that an optimal model could follow a three-step path. Accordingly, he recommended providing a staking mechanism for long-term investors, releasing more than 20% of tokens on the TGE day, and, if possible, not involving investors in the process. If investors are involved, he stated that it might be more appropriate for tokens to be 100% unlocked one year after the TGE on the same day. He said that the remaining results would depend on product-market fit.
