Huobi HTX has launched AERGO perpetual contracts and kicked off a contract trading party.

**CryptoOnchain Data: Bitcoin Exchange Internal Transaction Volume Hits 2022 Low** As of January 25, CryptoOnchain data shows the **total internal transaction volume across Bitcoin exchanges** has fallen to its lowest level since 2022—roughly 14,000 BTC. The ongoing drop signals a sharp reduction in Bitcoin’s internal exchange activity, pointing to diminished market-making capacity and a liquidity crunch. On Binance specifically, internal transaction flows are hovering near their historical low of ~2,700 BTC. Lower internal flows have pushed holding ratios higher, cut arbitrage opportunities, and thinned order books—making markets more sensitive to price shocks. Historically, sharp directional volatility has followed when market activity picks back up.

**January 25 – Caixin reports that the civil recovery proceedings for the case involving 60,000 Bitcoin laundered by Qian Zhimin in the UK held its first court hearing of the new year.** While criminal proceedings in the UK have concluded, UK prosecutors’ civil recovery efforts, the rights of Chinese victims, and bankruptcy proceedings are currently running in parallel and intertwined. This hearing was a standard procedural session and did not rule on asset ownership, compensation plans, or any substantive legal matters. The core issue discussed was who will represent the large group of Chinese victims. Presiding Judge Turner has voiced concerns about the current landscape: with more law firms representing different subsets of Chinese victims, the UK High Court faces a real risk of "agency proliferation." Upcoming hearings are set for February 16–17, where further arrangements or guidance may be issued regarding how bankruptcy proceedings specifically impact the civil recovery

Jan. 25 — Per Coinglass data, as Bitcoin fell below $89k, current funding rates across major CEXs and DEXs show the market remains bearish on altcoins but relatively cautious on BTC and ETH. Some CEX trading pairs are posting neutral funding rates, and negative rates aren’t widespread among altcoins. Specific funding rates for top coins are available in the attached image. **BlockBeats Note:** Funding rates are fees set by crypto exchanges to align contract prices with the underlying asset’s price—typically applied to perpetual contracts. They facilitate fund transfers between long and short traders; exchanges do not collect this fee. The mechanism adjusts costs or profits for position holders to keep contract prices close to the underlying asset’s value. - A 0.01% rate is the baseline. - Rates above 0.01% signal a broadly bullish market. - Rates below 0.005% signal a broadly bearish market.

Jan. 25: Scroll co-founder Kenneth Shen’s (@shenhaichen) X account was hacked, per community reports. The hacker is currently impersonating members of X’s official team and sending phishing scams via direct messages (DMs). Users are advised to exercise caution.

**2026 Davos WEF: Crypto Moves From Niche to Core Global Financial Theme** At the 2026 World Economic Forum (WEF) Davos Summit, cryptocurrency and blockchain have shed their "niche topic" label to become a central focus for global financial leaders and policymakers. Here’s a roundup of key remarks: - **Coinbase’s Brian Armstrong**: A senior exec at a top-10 global bank told him crypto is now the institution’s "top priority"—even an "existential imperative." Most leaders he engaged with are open to crypto and actively seeking entry points: "The vast majority see it as a major opportunity." Tokenization was a top-discussed trend. - **Binance’s CZ (Changpeng Zhao)**: Can’t predict Bitcoin’s short-term prices but is bullish long-term. "I’m unsure about 2026 in a 12-month window, but Bitcoin will enter a super-cycle this year," he told CNBC. The U.S.’s landmark crypto shift will impact the West, with many countries adjusting their stances. - **Circle & Ripple Execs**: Stablecoin

January 25 — Per monitoring from Hyperinsight (via its Telegram channel @HyperInsight), a whale address beginning with 0x50b3 has opened 20x-leveraged BTC long positions over the past 24 hours. After multiple additions to the position, its current long size stands at 379.62 BTC (valued at $33.69 million), with an unrealized loss of $209,000 and an entry price of $89,318. Additionally, the same address has initiated several 25x-leveraged ETH short positions or hedges. Its current short size is 9,999 ETH (worth $29.36 million), with an unrealized loss of $15,000 and an entry price of $2,935.