Arthur Hayes: I bet that Bitcoin will surpass $110,000 before retracing to $76,500

WILMINGTON, Del. — A Delaware judge ruled Friday that a shareholder lawsuit alleging insider trading against several Coinbase Global Inc. directors—including venture capitalist Marc Andreessen and CEO Brian Armstrong—can proceed, rejecting a bid to dismiss the case over a perceived conflict of interest by an internal investigation committee member. Shareholders filed the suit in 2023, accusing the directors of selling more than $2.9 billion in stock during Coinbase’s 2021 direct listing (a process that skips new share issuance, avoids dilution, and has no lock-up period for existing investors) using confidential information to avoid over $1 billion in losses. Coinbase founder and CEO Brian Armstrong, who has led the crypto exchange since 2012, sold $291.8 million in shares, per the complaint. Andreessen, a board member since 2020, sold $118.7 million via his firm Andreessen Horowitz. Plaintiffs argue directors knew the stock was overvalued based on confidential valuation data, prompt

Local time on January 31, the U.S. government officially began a partial shutdown. Earlier, the Senate passed a spending bill to fund most federal agencies and submitted it to the House for passage. However, House members are not in Washington and will not return until Monday, February 2, so the Senate’s vote failed to avert the partial shutdown.

On January 31, per monitoring from HyperInsight (via its Telegram channel @HyperInsight: https://t.me/HyperInsight), the trader known as “Battle King” shorted 136.15 BTC with 40x leverage at an average entry price of $83,469.3, currently holding an unrealized loss of $74,000. This address has only 5 prior recorded losing trades, totaling $5,195.36 in losses. All other trades were closed for profit, with the account’s total profit reaching $474,000.

On January 31, Coinbase Institutional shared on social media that the debate over whether a gold price surge will ultimately benefit Bitcoin has resurfaced. Our research team conducted an in-depth analysis and found this assumption may not hold water. Key takeaways include: - **No Consistent Correlation**: Historical data shows no consistent statistical link between gold’s price gains and Bitcoin’s subsequent performance. At most, there’s occasional correlation, with significant differences across time frames. - **Divergent Market Roles**: Gold typically benefits from risk-off environments, while Bitcoin tends to outperform during risk-on sentiment. These fundamentally different dynamics mean the two asset classes often move independently. - **Unproven Causality**: The claim that “gold’s strength will drive Bitcoin higher” rests on an unproven assumption—one lacking empirical support and a clear causal lag relationship. The team noted that while gold and Bitcoin may occasiona

January 31st — Early this morning, Binance founder Changpeng Zhao (CZ) addressed recent market FUD, stating the "1011 Flash Crash" was not caused by any Binance system issue or operational error. Binance is currently properly regulated and has no motive for misconduct. No website or trading platform can guarantee 100% uptime, and user terms clearly note such scenarios may occur with no platform liability. While Binance did face minor system performance issues during peak hours, it has handled compensation for related losses well. Later, OKX founder Star took to social media to address the recent implications, explicitly calling on Binance to take responsibility for the first time. Star claimed the "1011 Flash Crash" stemmed from Binance’s irresponsible USDe activities: the exchange encouraged users to convert USDT and USDC to USDe for attractive returns but failed to adequately highlight underlying risks, ultimately leading to a minor market shock that triggered a broader collapse.

As of January 31st, per monitoring from HyperInsight (Telegram: @HyperInsight), the "Long-Term BTC Bear" whale (address 0x5d2f4) has been steadily reducing its Bitcoin short position over the past 10 hours. Currently, the whale holds a 20x leveraged short position of 389.91 BTC, with an unrealized gain of $10.72 million. The whale entered the trade when Bitcoin was priced at $111,499.3, opening a 20x leveraged short of 499.91 BTC. To date, it has collected $9.9967 million in funding fee settlements.