Gold Token Contract Enters Hyperliquid's Top Ten in 24-Hour Trading Volume

January 21st — According to the Financial Times, Mike Novogratz’s crypto firm Galaxy plans to launch a $100 million hedge fund in the first quarter of this year. The fund has already secured $100 million in investments from family offices, high-net-worth individuals, and large institutions, with a focus on profiting from digital asset price volatility. Up to 30% of the fund’s assets will go to crypto tokens, while the remainder will be invested in financial services stocks tied to digital asset technology and regulation. Galaxy will contribute seed capital to the fund, and the firm currently manages $17 billion in digital assets. Joe Armao, the hedge fund’s manager, noted the fund can generate returns by identifying disruptors in the financial services sector and separating strong companies from weak ones.

January 21st – Per monitoring by Farside Investors, total net outflows from U.S. Bitcoin spot ETFs yesterday hit $479.7 million, with breakdowns below: - BlackRock’s IBIT: -$69M - Fidelity’s FBTC: -$152.1M - Bitwise’s BITB: -$40.4M - ARK’s ARKB: -$46.4M - Franklin’s EZBC: -$10.4M - VanEck’s HODL: -$12.7M - Grayscale’s GBTC: -$160.8M

On January 21st, leveraged prediction market Space unveiled its public sale allocation process, having raised over $20 million total. $14 million of the funds has been allocated, while $6 million will be returned to participants the same day. For those who received full or partial allocations, distributions will be based on a settlement price of $0.069 (equivalent to a $69 million Fully Diluted Valuation, FDV). Partial refunds will hit specified wallet addresses on Wednesday, January 21st. Details on claiming and the Token Generation Event (TGE) will be announced at a later date.

On January 21, the official Mad Lads NFT collection (backed by Backpack) issued a social media statement addressing excessive prior hype around the series—and clarified that holders will **never** receive a Backpack airdrop. “Not now, not ever, and we will not hint at it in any way,” the statement read. It emphasized Mad Lads’ unshakable core spirit: culture and ownership far outweigh any airdrop, urging holders to avoid falling for external hype. Per Magic Eden data, the collection’s current floor price is 23.36 SOL, with 24-hour trading volume at 936 SOL and total market cap of $28.2 million. Notably, the floor price hit an all-time high of ~229.4 SOL on December 9, 2023—its current value is nearly 90% below that peak when measured in SOL.

**January 21st** Driven by gold’s ongoing strength—with the metal breaking above $4890 per ounce to notch a new all-time high today—Hyperliquid whales holding long positions in PAXG (on-chain gold) have racked up substantial unrealized gains. Among them, the whale tagged as the “largest on-chain gold long” closed a portion of its 5x leveraged PAXG longs to lock in profits over the past few hours, netting ~$330,000. After trimming those positions, the whale’s PAXG long size shrank from $7.3 million to $3.58 million (average entry: $4415). It still holds an unrealized gain of ~$350,000 (36% return) and remains the top PAXG long holder on-chain. Its other key positions: - 10x leveraged XYZ100 (Nasdaq 100 futures) long: ~$14.8M size, $290k unrealized loss (avg: $25,530) - 10x leveraged COPPER (copper futures) long: ~$5.84M size, $46k unrealized loss (avg: $5.887)