Bloomberg Dollar Spot Index Falls to Lowest Since March 2022

CNBC reported on January 27 that despite expectations of a new Federal Reserve chair appointed by former President Trump in the coming months, survey respondents only foresee a modest shift in the federal funds rate over the next two years. The survey results align broadly with federal funds futures market pricing, indicating both Wall Street insiders and economic forecasters do not expect the next Fed chair to make significant cuts to the overnight rate to reach the low level the president has pushed for. The market’s average forecast calls for two additional 25-basis-point rate cuts this year, totaling 50 basis points, with no cuts anticipated in 2027. The federal funds rate is projected to hold around 3% this year and stay at that level through 2027. Trump has said U.S. interest rates should rank among the lowest in the world and has called on the Fed to cut rates to 1%. Against the backdrop of roughly 2% inflation, this request would effectively result in a negative real i

**Silver Surges: iShares Trust Volume Hits $40B (Matching S&P 500 ETF, Outpacing Tesla/Nvidia)** A sharp silver rally on Monday, January 27 pushed trading volume for the iShares Silver Trust to nearly $40 billion—matching that of the S&P 500 ETF and outpacing tech giants Nvidia and Tesla. Silver prices have more than doubled since the start of 2025, climbing nearly 60% this month alone—their biggest monthly jump since 1979. Gold and mining stocks have rallied in tandem, but thin liquidity suggests speculative activity is the main force behind the surge, raising the risk of a sharp price reversal.

On January 27th, Ethena Labs Research proposed that ENA token holders vote to reduce the Risk Committee’s size from 5 voting members to 3 ahead of next week’s election. The firm argues the smaller committee will clarify responsibilities, with members focusing on specific areas: DeFi lending exposure, reserve funds and redemption requirements, protocol partner integration, and collateral assets. Additionally, the reduced size will let the Ethena Foundation increase member compensation, incentivizing greater time and resources dedicated to the committee. If the proposal passes, ENA and sENA holders will elect 3 voting members, with Ethena Labs Research serving as a non-voting advisor. If it fails, the original plan to elect 5 members will move forward.

On January 27, monitoring data from HyperInsight showed that the "Strategy Opponent Plate" opened a 15x leveraged short position of 7,347 ETH—equivalent to roughly $21.37 million—with an average entry price of $2,910.90. The position currently holds a slight unrealized profit. The address began building its position in December 2023, starting with an initial account size of around $20 million, and has gradually expanded short positions in major cryptocurrencies like BTC and ETH. Since its trading direction is directly opposite to MicroStrategy (the publicly traded firm that has consistently accumulated BTC), the market recognizes this address as its clear on-chain counterparty. It frequently reverses positions to open trades in different directions and holds massive positions valued in the billions of dollars.

January 27: The Block reports Australia’s Federal Court has ordered BPS Financial Pty Ltd to pay a 14 million Australian dollar fine (roughly $9.7 million USD) for operating its Qoin wallet project without required licensing and making misleading statements to consumers.