If Bitcoin breaks $94,000, mainstream CEX cumulative short liquidation pressure will reach $465 million

### Coinbase’s 2025 Key Developments Review (Jan. 7) **Highlights from the official recap:** - Became the first crypto-native firm listed on the S&P 500. - Completed 10 total acquisitions, including the **industry’s largest-ever** with its purchase of Deribit. - Set a record for new asset listings; the SEC proactively dropped a lawsuit; U.S. and European regulatory environments improved significantly. **Business milestones:** - Launched futures/perpetual contracts, U.S. stock trading, prediction markets, crypto-backed loans, and integrated DEX trading; secured the EU’s MiCA license. - Institutional custody business hit $300 billion. - Base network achieved Stage 1 decentralization; stablecoins, payments, and developer ecosystems continued growing. Coinbase called 2025 a “year of high-intensity delivery” and will enter a new phase in 2026.

Jan. 7: Per Bitget TradFi market data, the Dow Jones Industrial Average (Dow) hit an intraday all-time high, last seen up 0.4%; the Philadelphia Semiconductor Index (SOX) set a record high, last up 2.5%.

Jan. 7 — Per HTX market data, Bitcoin briefly fell below $93k, with a 24-hour decline of 0.96%.

January 7 South Korea’s financial regulator—the Financial Services Commission (FSC)—is considering rolling out a “preventive freeze tool” that would let it temporarily freeze affected accounts in crypto transactions suspected of price manipulation before proceeds are withdrawn. The FSC is also studying a trade suspension system, aiming to align crypto enforcement standards with those of the stock market. This addresses the current gap: regulators now need a court order to act, causing delays in addressing suspicious activity. The discussion comes as South Korea advances its crypto legislation into the second phase, focusing on stablecoins and market manipulation. If implemented, regulation would shift from post-facto accountability to proactive intervention, ramping up scrutiny of high-frequency algorithmic trading and short-term abnormal price swings. The move would significantly tighten the market enforcement landscape.

U.S. media reports that the Supreme Court has scheduled this Friday—January 6—for opinion releases, marking the first chance to rule on former President Trump’s global tariff policy. The announcement, posted on the Supreme Court’s website, comes as justices wrap up a four-week break and return to the bench. The court never previews which opinions are ready, only noting that argued-case opinions will be issued when the justices gavel in at 10 a.m. Eastern time. Given the court’s expedited handling of the case to date, the tariff dispute is likely to be decided Friday. A ruling against Trump would undercut his signature economic policy and mark his biggest legal setback since returning to the White House. At the heart of the dispute: tariffs Trump imposed on April 2—dubbed “Liberation Day”—that hit most imported goods with 10% to 50% duties, citing fentanyl smuggling, and targeted Canada and Mexico. (Golden Finance)

On January 6, Coinglass data shows total crypto liquidations across the past 24 hours reached $459 million. Of that, long positions accounted for $88.16 million in liquidations, while short positions totaled $371 million. Globally, 124,640 traders were liquidated over the period, with the largest single liquidation being $91.33 million on the HTX exchange for the BTC-USDT trading pair.