Point of View: The Federal Reserve Has Over-Eased, with a 65% Chance of Stagflation in the United States

Jan. 25: Meme coin PENGUIN’s market cap spiked to $170 million (then retraced to $154 million) after Elon Musk liked a related video, per GMGN market data. The token is up 342% over the past 24 hours, with $153 million in 24-hour trading volume.

On January 25, X user Jeffrey Weichsel commented on a post linked to the image “Trump and Nietzsche Penguin Companion”—which was posted to the White House’s official account—while sharing a related Grok-generated video. That video received a heart reaction from Elon Musk.

Jan 25 — ETHZilla, an Ethereum-focused treasury firm, has purchased two CFM56-7B24 aircraft engines for $12.2 million through its newly formed subsidiary ETHZilla Aerospace LLC, per a U.S. Securities and Exchange Commission (SEC) filing submitted Friday. The engines are currently leased to a major airline, with ETHZilla hiring Aero Engine Solutions to handle daily management in exchange for a monthly fee. The deal includes a buy-sell option: at lease end, either party may request a $3 million per-engine buyout if the equipment remains in good condition. The unconventional move comes amid ongoing pressure on digital asset managers from months of crypto market volatility and downturn. Many public firms that raised funds to accumulate tokens last year now see their stock prices well below the net value of their on-chain crypto holdings, making new fundraising difficult. ETHZilla itself sold $40 million worth of ETH in October to fund a stock buyback, followed by $74.5 million in ETH

On January 25th, Galaxy Digital deposited 200,000 SOL (worth ~$25.44 million) to Binance, Bybit, and OKX three hours ago, per The Data Nerd tracking.

**Bitcoin Node Support for BIP-110 Hits 2.38%: Cointelegraph** Jan. 25 (Cointelegraph) — Support for Bitcoin Improvement Proposal 110 (BIP-110) has reached 2.38% of the network’s nodes, new data shows. The temporary soft fork—designed to cap single-transaction data sizes at the consensus layer—is active on 583 of 24,481 total nodes, per The Bitcoin Portal. The primary software running BIP-110 is Bitcoin Knots. BIP-110 limits transaction output size to 34 bytes and OP_RETURN data to 83 bytes. Its GitHub page notes the proposal will deploy for 1 year, with potential extension or modification post-expiration. OP_RETURN—a script enabling arbitrary data embedding—has fueled fierce community debate since the release of Bitcoin Core 30, the most widely used node software. Core developers unilaterally removed the original 83-byte OP_RETURN limit in Core 30, a change tied to a controversial April 2025 code merge request that faced broad community pushback.

Jan. 25 — Coinbase CEO Brian Armstrong disclosed that during his time at the World Economic Forum in Davos, a senior executive from a top 10 global bank told him cryptocurrency has become the bank’s “number one priority” and is even viewed as “existential.” While not naming the bank or executive, Armstrong stressed that many financial leaders he interacted with at the week-long event are not only open to crypto but actively seeking ways to enter the space. “The vast majority are actually very supportive of crypto and see it as a major opportunity,” he said. Armstrong noted tokenization was one of the most discussed trends at Davos, with applications expanding from stablecoins to equities, credit, and other financial products. He specifically cited the roughly 4 billion “unbrokered” adults worldwide who lack quality investment channels, arguing tokenization technology is positioned to bridge this gap — “expecting significant progress in this area by 2026.” He also pointed out t