Bitwise Advisor Analyzes J.P. Morgan Launch of Bitcoin ETF: Bullish for Bitcoin, Significant Unmet Market Demand
**January 7**
Bitwise advisor Jeff Park highlighted an overlooked point in a social media post: Morgan Stanley’s Bitcoin ETF launch is an "epic bullish signal" for Bitcoin, with three key drivers:
1. **Unmet demand = early-stage growth**: Even as IBIT (the first spot Bitcoin ETF) became the fastest ETF ever to hit $80 billion in AUM, Morgan Stanley sees significant unmet real demand—signaling the market is still in its early days, especially for attracting new clients.
2. **Economic + social client value**: The firm bets Bitcoin isn’t just economically meaningful to clients, but socially important. Even if the ETF doesn’t become a "phenomenal hit," the intangible brand lift will boost its influence.
3. **Defensive move against decentralization/fee leakage**: With IBIT already aggregating liquidity at scale, Morgan Stanley’s launch acknowledges a critical truth: controlling distribution channels, not product superiority, is what truly owns the customer.
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「Buddy」 Partially Closes ETH Long Position, Account Total PnL $1.57M
Jan. 7 — Per data from HyperInsight, the wallet address linked to "Brother Maji" (Huang Licheng) closed one ETH long position today.
As of now, the address holds:
- 8,600 ETH long positions (25x leverage), valued at ~$28.15M, with an unrealized gain of $1.135M;
- 250,000 HYPE long positions (10x leverage), valued at ~$6.93M, with an unrealized gain of $442K.
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Top Whale Watch: "BTC OG Insider Whale" Sees $27M Paper Profit, "Strategy Bear Whale" Adds $18M to ETH Short Position
**January 7th Update**
Per the Coinbob Popular Address Monitor, market recovery has boosted the "BTC OG Insider Whale’s" unrealized profits to $27 million. Meanwhile, the "Strategy Counterparty" has expanded its ETH short position to $79.5 million. Most whales held positions steady or made minor adjustments; key details below:
### BTC OG Insider Whale
Total unrealized profits hit $27.06 million. Its core holding is an ETH long position (16% profit) worth ~$660 million at an average entry of $3,147 (unrealized gain: $21.33 million). It also holds profitable BTC and SOL long positions. Total account holdings sit at ~$825 million, making it the top ETH, BTC, and SOL long holder on Hyperliquid.
### CZ Counterparty
Current ETH long position has $3.5 million in unrealized profits (~$185 million holding, avg $3,190). It also holds an XRP long position (~$87.95 million) with $1.05 million in unrealized losses. It’s the largest XRP long holder and second-largest ETH long holder on Hyp
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Coinbase Bitcoin Premium Index returns to negative premium, currently at -0.0277%
On January 7th, Coinglass data shows the Coinbase Bitcoin Premium Index has flipped negative again, now at -0.0277%. Yesterday, the index switched from a discount to a premium after 22 days, hitting 0.011%.
BlockBeats Note: The Coinbase Bitcoin Premium Index measures the gap between Bitcoin’s price on Coinbase (a leading U.S. exchange) and the global market average. It’s a key gauge of U.S. market capital flows, institutional investment interest, and shifts in market sentiment.
A positive premium means Coinbase’s Bitcoin price trades above the global average, typically signaling: strong U.S. buying pressure, active entry by institutions or compliant funds, ample USD liquidity, and broadly optimistic investor sentiment. A negative premium (discount) means Coinbase’s price trades below the global average, usually reflecting: heavy U.S. selling pressure, reduced investor risk appetite, higher market risk aversion, or capital outflows.
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Fusion: Arbitrum Network USDC Fusion Optimizer Treasury Hacked, $336,000 Lost
January 7th Security Update: Fusion Discloses Hack of Arbitrum Network USDC Fusion Optimizer Treasury
On January 6th, the IPOR team was notified of a vulnerability that resulted in a $336,000 USDC loss. The exploit targeted a specific outdated version of the Fusion Vault—this was the only vault susceptible to the attack vector due to its unique configuration.
The loss accounts for less than 1% of Fusion’s total insured funds. Fusion is collaborating with the Security Alliance to track and recover the stolen funds. The IPOR DAO will cover the shortfall from its treasury, and all affected depositors will be fully reimbursed.
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