On-chain Evening Recap: Whale Whale Manipulation and Hedge in Tandem, Privacy Sector Bears Gather

On January 20, Bitmine disclosed that it purchased 35,268 ETH last week—worth roughly $1.087 billion. The firm now holds a total of 4,203,036 ETH, valued at approximately $12.96 billion. Bitmine has staked 1,838,003 ETH, and its MAVAN staking solution remains on track, with a planned launch in Q1 2026. The company currently holds 3.48% of Ethereum’s total circulating supply, having hit nearly 70% of its “5% Alchemy” goal in just six months. Bitmine recently announced a $200 million investment in Beast Industries. Its combined crypto, cash reserves, and “Moonshots” investments total $14.5 billion, including 4.203 million ETH, $9.79 billion in cash, and other crypto holdings.

January 20th: Danish pension fund AkademikerPension plans to sell all its U.S. Treasury holdings by the end of January, citing credit risks linked to former President Trump’s policies. Its chief investment officer, Anders Schelde, said Tuesday: “Overall, the U.S. credit outlook is weak, and the federal government’s long-term fiscal situation is unsustainable.” The fund manages roughly $25 billion in savings for teachers and academics, with about $100 million in U.S. Treasuries as of the end of 2025. Schelde noted the fund previously held Treasuries only for risk management and liquidity needs, but “we’ve decided we can find other alternatives.” Drivers for the decision include Trump’s threatening remarks about Greenland, concerns over U.S. fiscal discipline, and a weak U.S. dollar—all pushing the fund to reduce its exposure to U.S. assets.

On January 20, spot gold staged a short-term rally, surging past $4,740 per ounce to a new high—with Bitget market data showing a 1.48% intraday gain. Earlier, Poland’s central bank greenlit plans to purchase 150 metric tons of gold.

On January 20th, Coinglass data shows that over the past 24 hours, centralized exchanges (CEXs) recorded a total net outflow of 49,300 Ethereum (ETH). The top three exchanges by ETH outflow were: - Binance: 44,000 ETH outflow - Coinbase Pro: 7,617.67 ETH outflow - Bybit: 3,529.40 ETH outflow Additionally, Gate led the inflow list with 10,800 ETH in inflows.

January 20th: The U.S. Dollar Index (DXY) briefly fell nearly 40 points, hitting a low of 98.21. On the news front, Danish pension fund Akademiker Pension will withdraw from the U.S. Treasury market. As of the end of December, the fund held $100 million in U.S. Treasuries. Its Chief Investment Officer (CIO) stated that the U.S. is "basically no longer a good credit risk." (Source: Jinse)

Jan. 20 — Market sources report that Trump Media Group has entered a partnership with Crypto.com to mint, display and custody digital tokens for eligible shareholders registered by the Feb. 2 deadline. The tokens will be distributed to those shareholders. Additional details on the specific allocation process will be released at a later date.