YM Lee

Coinbase, the largest crypto exchange in the United States, has entered a full-scale technical validation phase ahead of the launch of a bespoke stablecoin service for corporates. The buildout of infrastructure that would allow companies to issue their own branded dollar-pegged tokens is coming into view. According to Cointelegraph on the 27th (local time), Coinbase is running a pilot of USDF, a stablecoin being developed by Flipcash, within the exchange’s internal systems. The test is being conducted as part of the “Coinbase Custom Stablecoins” feature unveiled in December last year. Via X, Coinbase said that “the new Coinbase Custom Stablecoin, USDF, has been enabled on the Coinbase exchange for operational testing purposes,” adding that “this phase is limited to backend testing and trading, deposits and withdrawals are not yet available.” The custom stablecoin feature is designed to let companies issue their own dollar-pegged tokens and move funds freely across blockchains supported by Coinbase. The tokens are minted with Circle’s U.S. dollar stablecoin, USDC, as collateral, and companies can use them across a range of areas including payments, payroll, business-to-business transactions, cross-border remittances and treasury management. USDF is a stablecoin under development by Flipcash, a crypto infrastructure company, with an expected launch in early 2026. After launch, it is slated to be used as a primary payment method within the Flipcash application. In addition, Solana-based self-custody wallet Solflare and decentralized finance platform R2 are also preparing to launch their own stablecoins in collaboration with Coinbase. Coinbase’s stablecoin business is being run around its partnership with Circle. Coinbase secures interest income and various fees through USDC listings and is positioning stablecoins as a core growth driver. In fact, Coinbase posted about $247 million in stablecoin-related revenue in the fourth quarter alone last year.

Asset manager Bitwise has begun preliminary steps ahead of launching an exchange-traded fund (ETF) backed by decentralized exchange Uniswap as the underlying asset. According to Decrypt on the 28th (local time), Bitwise registered a statutory trust in the state of Delaware under the name “Bitwise Uniswap ETF.” Such state-level trust registrations are a customary step typically taken before filing an ETF application with the U.S. Securities and Exchange Commission (SEC), though in many cases they do not ultimately lead to an actual filing. The market is viewing the registration as a strategic move. Vincent Liu, chief investment officer (CIO) at Kronos Research, said, “This action is a kind of placeholder step to keep options open,” adding that it “does not mean an SEC review is about to begin or that a specific launch timeline is imminent.” The move is drawing attention because it comes after regulatory uncertainty surrounding Uniswap Labs was resolved. The SEC closed its investigation into Uniswap Labs in February 2025, a decision interpreted as a step back from its earlier enforcement posture targeting decentralized finance (DeFi) projects. Since President Donald Trump returned to office, the SEC has withdrawn many major enforcement actions related to digital assets. Experts say that future ETF review issues are likely to focus on structural factors rather than the protocol’s legality. Ryan Yoon, senior researcher at Tiger Research, said, “Legal uncertainty has largely been resolved,” adding, “Now the key is actual liquidity, market structure, and feasibility.” He added that “while this registration can be seen as an attempt to link regulatory clarity with ETF productization, its near-term market impact will be limited.” In particular, Uniswap’s decentralized structure is cited as a challenge in terms of pricing and oversight. Liu said, “Uniswap has sufficient on-chain liquidity, but trading volume is fragmented and its governance structure is complex,” adding that “smart-contract-based custody can increase operational risk and will be an important item of review in the SEC’s assessment.”

U.S. spot Ethereum exchange-traded funds (ETFs) saw net outflows totaling $63.85 million in a single day. While a few products posted limited inflows, they were not enough to offset the broader pullback centered on large ETFs. According to data compiled by TraderT on the 27th (local time), total net outflows across spot Ethereum ETFs came to $63.85 million. Outflows from BlackRock and Grayscale ETFs drove the overall trend. BlackRock’s iShares Ethereum Trust (ETHA) recorded $59.29 million in net outflows. Grayscale Ethereum Trust (ETHE) also saw $14.55 million leave the fund. By contrast, Grayscale Mini Ethereum ETF (ETH) posted $9.99 million in net inflows, providing some support. Fidelity (FETH), Bitwise (ETHW), 21Shares (CETH), Invesco (QETH), Franklin (EZET) and VanEck (ETHV) ETFs reported no inflows or outflows. Most products appeared to remain in wait-and-see mode. The ETF flow data is seen as reflecting heightened volatility across the broader digital-asset market and weakening investor sentiment. With net outflows now extending from Bitcoin ETFs to Ethereum ETFs, analysts say institutional money is staying cautious in the near term. Market watchers expect Ethereum ETF flows to remain rangebound until price direction becomes clearer.

U.S. spot Bitcoin exchange-traded funds (ETFs) recorded net outflows totaling $146.05 million in a single day. With redemptions concentrated in major asset managers, institutional demand appears to be contracting again. According to data compiled by TraderT on the 27th (local time), total net outflows across spot Bitcoin ETFs came to $146.05 million that day. Outflows were seen only in BlackRock and Fidelity ETFs, while the rest of the products showed no change in flows. BlackRock’s iShares Bitcoin Trust (IBIT) posted net outflows of $101.49 million. Fidelity’s Bitcoin ETF (FBTC) also saw $44.56 million leave, accounting for most of the day’s total net outflows. By contrast, Bitwise (BITB), ARK Invest (ARKB), Invesco (BTCO), Franklin (EZBC), Valkyrie (BRRR), VanEck (HODL), and WisdomTree (BTCW) ETFs recorded neither inflows nor outflows. Grayscale Bitcoin Trust (GBTC) and the Grayscale Mini Bitcoin ETF were also tallied as having no net inflows or outflows. Spot Bitcoin ETF flows are seen as reflecting the mood in the crypto market, where volatility has recently increased. The market views institutional money as staying on the sidelines in the near term, as investor attention shifts toward traditional assets such as gold and silver. With Bitcoin prices failing to show a clear direction recently, ETF flows have also remained constrained. Market participants also suggest that until additional macro variables and policy signals emerge, ETF fund flows could remain range-bound for the time being.

An analysis suggests that as gold and silver prices surge, investor attention on social media is shifting from crypto assets to precious metals. The shift in focus among retail investors chasing short-term price gains is becoming increasingly pronounced. According to Cointelegraph on the 27th (local time), market data analytics platform Santiment said that mentions of gold and silver exceeded those of crypto assets for most of this month. Sanbase data show that gold was the most-mentioned asset on social media from January 8 to 18. In the third week of January, interest in crypto assets rebounded temporarily. Santiment explained that during this period, investors stepped in to buy the dip, pushing crypto-asset mentions higher again from January 19 to 22. However, after silver prices hit a new all-time high, attention shifted back to precious metals. Santiment analysts said retail investors’ asset preferences are shifting rapidly. “Crypto investors are accustomed to rotating between sectors within digital assets such as memecoins, artificial intelligence, and large-cap coins,” they said, adding that “recently, interest has been expanding beyond digital assets to other asset classes such as gold, silver, and equities.” A warning also emerged over the spike in silver prices. According to Santiment, silver climbed above $117.70 per ounce intraday on the 27th, but as overheated retail interest peaked, it plunged below $102.70 in just two hours. Santiment noted that “strong retail FOMO typically signals prices are nearing a short-term top.” Google Trends data indicate that interest in crypto assets has not faded entirely. Over the past seven days, the search index for “crypto” hit a high of 100, then moved between the 60s and 90s and is currently in the 80s. The Bitcoin search index also peaked at 100 and is now holding in the mid-80s. Meanwhile, search interest in silver has been trending lower since peaking on January 22. Santiment added that if investor interest cools quickly after a short-term price spike, it cannot be ruled out that capital flows may shift again to other asset classes, including crypto assets.

A smart contract specification standardizing the registration and trust verification of artificial intelligence (AI) agents on the Ethereum network is expected to be applied to the mainnet this week. As groundwork is laid to enable interactions among AI agents without a centralized intermediary, Ethereum’s role as AI infrastructure is expected to strengthen further. According to Cointelegraph on the 27th (local time), Marco De Rossi, head of AI at MetaMask, said it is highly likely that the ERC-8004 standard could be deployed to the Ethereum mainnet as early as this week. Via a developer Telegram channel, he said, “ERC-8004 development has already entered a freeze phase, and it will be deployed to mainnet during the week, probably around 9 a.m. (U.S. Eastern Time) on Thursday.” ERC-8004 is an Ethereum Improvement Proposal designed to allow AI agents to be registered and verified on-chain. With the standard in place, AI agents belonging to different organizations and platforms can discover one another, check reputations, and then interact even without a pre-established trust relationship. This process is implemented at the smart contract level without changes to the Ethereum network’s structure. Ethereum’s official account also said on X on the day, “ERC-8004 enables AI agent discovery and portable reputation, supporting cross-organization interactions,” adding that “trust information can be propagated across the network.” Developers believe this could make an open AI agent economy a reality. Existing protocols such as MCP (Model Context Protocol) and Agent2Agent supported communication and task execution among AI agents, but had the limitation of not addressing trust and discovery. ERC-8004 is designed to enable agent-to-agent collaboration even in trustless environments by standardizing these two elements. Davide Crapis, head of AI at the Ethereum Foundation, said, “Ethereum is uniquely positioned to securely settle and guarantee AI-to-AI interactions,” adding that “trust and discovery mechanisms are key elements in building a cross-organization agent economy.”

Stablecoin issuer Tether is emerging as a major source of demand in the global gold market on the back of large-scale gold holdings. The development is drawing attention as an example of a crypto firm expanding its influence in traditional commodities markets. According to Bloomberg on the 28th (local time), Tether Holdings currently holds about 140 tonnes of gold—worth roughly $23 billion. Excluding banks and sovereigns, it is one of the largest gold hoards in the world, and Tether is also said to be adding another 1–2 tonnes each week. In a Bloomberg interview, Tether CEO Paolo Ardoino compared the company’s gold-holding strategy to the way central banks manage reserve assets. “We are effectively becoming one of the world’s largest gold central banks,” he said, adding that “in an environment of rising geopolitical uncertainty, gold’s role will become even more important.” Tether’s gold purchases are funded by profits generated from its USDT stablecoin business. USDT in circulation totals about $186 billion, and Tether invests the proceeds across assets including US Treasuries and gold to earn interest and trading income. Tether alone added about 70 tonnes of gold last year—more than most central banks. The gold is stored in a high-security vault in Switzerland. Ardoino stressed that directly holding physical gold is key, explaining that the goal is to “secure stable access to gold over the long term.” Tether also aims to build the capability to compete with global financial institutions in the gold trading business. Still, increasing gold’s share within reserves is also being flagged as a risk factor. In November last year, S&P Global downgraded Tether’s USDT stability assessment to “weak,” citing increased exposure to higher-risk assets such as gold, Bitcoin and corporate bonds. The assessment suggests that shifts in the reserve-asset mix could weigh on confidence in the stablecoin. Tether is extending this strategy through Tether Gold (XAUT), a gold-backed token. XAUT currently has about 16 tonnes outstanding, and the company has indicated its circulating value could expand to $5–10 billion by year-end. Some also expect that if demand for gold tokens continues to rise, Tether’s gold purchases could increase further.

An analysis suggests that the Bitcoin (BTC) market is moving into a more stable phase after undergoing a purge of excessive leverage. The assessment is that the market structure is shifting away from abrupt price swings toward one that responds more to liquidity and the macro environment. According to Decrypt on the 28th (local time), Coinbase Institutional and on-chain analytics firm Glassnode said in their quarterly report, 'Charting Crypto: 1Q 2026,' that a substantial portion of excess leverage in the Bitcoin market was unwound during the correction in the fourth quarter of last year. As a result, the risk of cascading liquidations has declined and the market’s resilience to external shocks has improved, they explained. The report said the current Bitcoin trend is closer to a stage where stability and sustainability are prioritized rather than a new speculative upswing. Unlike past cycles driven by high-risk, retail-led trading, global liquidity conditions, institutional investors’ positioning, and portfolio rebalancing are having a greater impact on price formation, it said. The authors wrote, "The crypto-asset market is entering 2026 in a healthier state," adding that "excess leverage within the system was removed during the fourth quarter, the macro environment is broadly stable, and monetary policy is also moving in a supportive direction." On the liquidity front, Coinbase’s in-house global M2 money supply index was presented as a key indicator. The index is analyzed to have led Bitcoin’s price by about 110 days in the past and is maintaining a positive trajectory this quarter as well. The report, however, added that it is necessary to be mindful of the possibility that the pace of money supply growth may gradually slow. Stabilization signals are also emerging in derivatives markets. Bitcoin options open interest has surpassed that of perpetual futures, indicating that investors are opting for strategies that defend against downside risk rather than directional bets. Hedge-focused positioning, rather than an expansion of leverage, is becoming mainstream in the market. Farzam Ehsani, co-founder and CEO of VALR, said, "In an environment where the Federal Reserve’s rate decisions and inflation indicators, political risks, and trade tensions are all acting at once, leverage-driven trading is not attractive." On-chain indicators are also pointing to redistribution flows rather than abrupt capitulation. Bitcoin transfers increased late last year, but this was analyzed not as forced selling but as a process of long-term holders adjusting positions. The share of long-term holdings edged down, but signs of an exit from the market remain limited. The report said investor sentiment has shifted from optimism to caution since October last year, and that unrealized profit-and-loss indicators are also reflecting the correction phase. Accordingly, it assessed that Bitcoin is likely to remain for some time in a stable phase characterized by slower price discovery and tighter linkage with macro variables.

A warning was raised that bearish interpretations surrounding Bitcoin’s price pullback are being overread. Eric Balchunas, Bloomberg’s senior ETF analyst, said Bitcoin has overwhelmingly outperformed other major assets over the past several years, and that the latest move looks less like a trend reversal and more like a consolidation phase. On the 26th (local time), Balchunas shared data on X comparing returns of major assets since late 2022, saying, “Since 2022, Bitcoin is up 429%, far outpacing gold, silver and the Nasdaq index.” He underscored that this point in time was just before BlackRock filed for a spot Bitcoin ETF. According to the data he released, from Dec. 30, 2022 to Jan. 26, 2026, Bitcoin gained 429.14%. Over the same period, the gold ETF (GLD) rose 177.54%, the silver ETF (SLV) climbed 350.89%, and the Nasdaq-100 ETF (QQQ) advanced only 134.86%. The takeaway is that after Bitcoin posted outsized gains in 2023 and 2024, a relative pullback followed. Commenting on the market’s reaction to Bitcoin’s recent weakness, he said, “Both the fear among Bitcoin holders and the excessive optimism from the opposing camp are merely short-term perspectives.” He added, “People are forgetting that even after other assets had a year at record highs, they still couldn’t catch up to Bitcoin’s performance.” Balchunas attributed the backdrop of this correction to the “institutionalization narrative” being priced in ahead of time. “The narrative of Bitcoin’s mainstream adoption was reflected in prices too quickly and too forcefully before it actually played out,” he said, explaining that “the market then needed time for prices to pause so the reality could catch up.” He went on to say, “This correction doesn’t mean Bitcoin has slipped into a coma—it’s a process of catching its breath,” adding that “there’s no need for the market to be excessively anxious.”

An analysis suggests that Circle’s U.S. dollar stablecoin USDC has, for the first time, come under clear competitive pressure after Tether launched a new stablecoin, USAT, aimed at the U.S. market. The assessment is that USDC’s position—having effectively dominated institutional demand by leveraging the U.S. regulatory environment—is now being put to the test. According to CoinDesk on the 27th (local time), multiple market analysts said Tether’s USAT could become USDC’s first meaningful domestic rival in the U.S. market. USAT is Tether’s U.S.-regulated dollar stablecoin designed with institutional investors as its primary target, launched in partnership with federally chartered bank Anchorage Digital and Cantor Fitzgerald. Tether’s existing flagship stablecoin, USDT, commands an overwhelming share—about $186 billion—across global crypto trading and emerging markets. By contrast, USAT is a product aimed at the tightly regulated U.S. market, setting up direct competition with USDC, which has grown mainly among banks, fintech firms, and regulated exchanges. USDC’s market capitalization is about $72 billion—less than half of USDT’s—but its growth pace last year was twice as fast. Noelle Acheson, author of the “Crypto Is Macro Now” newsletter, said, “USAT is a threat to USDC,” adding, “Tether and Circle have different DNA, but USAT was designed to directly target customers at regulated financial institutions.” She added that USAT is “an institutional stablecoin intended to win over institutional clients that previously used USDC.” Acheson cited Anchorage Digital’s custody capabilities, traditional finance partnerships such as Cantor Fitzgerald, and the potential to leverage a global network via conversion with USDT as USAT’s strengths. She also said the involvement of former White House official Bo Hines could help ease institutional concerns about the transparency of Tether’s reserves. Nicholas Roberts-Huntley, CEO of Blueprint Finance, said, “Tether’s entry into the U.S. market shows there is genuine demand for regulated dollar stablecoins, particularly among banks and fintech firms.” He added that “competition in the stablecoin market is shifting from sheer scale and usability to regulatory positioning and institutional trust.” Still, some urged caution. Owen Lau, an analyst at Clear Street, said, “It’s still too early to judge,” while adding, “USAT could be a risk factor for USDC, but at a manageable level.” He added that the launch of USAT could also pose an internal competitive risk for Tether—namely cannibalization that erodes USDT’s existing dominance.

As the use of stablecoins increases rapidly, US banks could face the risk of large-scale deposit outflows, according to a new analysis. The warning is that if stablecoins proliferate as a means of payment and custody for digital assets, the deposit base of traditional finance could be structurally weakened. According to Bloomberg on the 28th, Standard Chartered said the spread of stablecoins could lead to as much as $500 billion in deposits flowing out of banks across advanced economies by the end of 2028. Geoff Kendrick, head of digital assets research at Standard Chartered, said roughly one-third of stablecoins’ market capitalization could translate into a decline in US bank deposits. The amount of stablecoins currently in circulation is about $300 billion, up about 40% from a year ago. Standard Chartered said growth could accelerate further if the “Clarity Act,” a crypto-asset regulatory bill under discussion in the US Congress, is passed. Kendrick also said that in the process, crypto firms such as Coinbase would come into full-fledged competition with traditional financial institutions. The report noted in particular that US regional banks are more exposed to deposit outflow risk than large banks or investment banks. Kendrick explained that “the share of net interest margin (NIM) in bank earnings is the best indicator of deposit outflow risk, and by that metric the vulnerability of regional banks stands out.” Among 19 US banks and securities firms reviewed, the biggest deposit-outflow risks were flagged for Huntington Bancshares, M&T Bank, Truist Financial, and Citizens Financial Group. The assessment is that these banks rely more heavily on lending than large banks, meaning a decline in deposits would have a larger impact on profitability. Tensions between the banking sector and the crypto industry are also continuing over whether to offer compensation on stablecoin holdings. Coinbase is providing compensation of around 3.5% to customers holding Circle’s US dollar stablecoin, USDC. Bank lobbying groups warn that allowing crypto companies to offer such compensation could accelerate deposit outflows. Brian Armstrong, CEO of Coinbase, criticized the bank lobby groups at the World Economic Forum in Davos, Switzerland, saying they are trying to block competition and that it is “un-American” and harmful to consumers. Still, Kendrick said that “despite the confrontation between banks and the crypto industry, there is a high likelihood that legislation related to digital asset market structure will pass by the end of the first quarter.” Meanwhile, bank stocks have been relatively stable in the short term. The KBW Regional Banking Index has risen about 6% in January, outperforming the 1% gain in the KBW Bank Index, which is centered on large banks. Kendrick said that while rate cuts could lower deposit costs and stimulus measures could support loan growth, it will be difficult to avoid the structural risks posed by stablecoins.

The expansion of artificial intelligence (AI) data centers is running into pushback from local communities across the United States. With disputes intensifying over surging power demand and the burden of infrastructure costs, analysts say the dynamic is starting to resemble the resistance previously faced by the bitcoin (BTC) mining industry. On the 27th (local time), Cointelegraph, citing data from Miner Mag, reported that AI hyperscalers and data-center developers are facing opposition from residents and local governments as they expand power-hungry facilities. The outlet noted that even if companies secure cheap electricity and industrial sites, community acceptance is not guaranteed—mirroring the earlier phase of bitcoin-mining expansion. In the past, bitcoin-mining projects touted job creation and higher tax revenues, but when the benefits fell short of expectations they triggered backlash in multiple areas. Miner Mag said the accumulation of those experiences is fueling skepticism toward AI data centers as well, particularly over long-term costs and environmental impacts. In states including Texas, Georgia, Illinois and Mississippi, concerns have been raised that attracting large-scale AI data centers could strain the power grid and drive up infrastructure costs. The mood suggests that local governments and residents are no longer taking at face value claims that AI infrastructure will be different from existing industries. Against this backdrop, some areas have temporarily halted new AI data-center development and are reviewing zoning rules, backup generation requirements and how infrastructure costs should be allocated. According to industry materials cited by Miner Mag, the value of U.S. data-center projects delayed or halted due to local opposition totals about $64 billion. Companies are also revising their response strategies. Microsoft and OpenAI are opting for an approach aimed at easing tensions with communities by directly covering the costs of power generation and transmission-grid expansion. OpenAI has previously said it would shoulder the energy costs associated with scaling AI. Miner Mag assessed these moves as similar to how bitcoin miners previously responded to local opposition by renegotiating power contracts and introducing noise and environmental mitigation measures. At the same time, major mining firms such as Hut 8, Marathon Holdings, Riot Platforms, Terawulf and HIVE Digital Technologies are accelerating a shift into AI and high-performance computing (HPC) as profitability comes under pressure following the 2024 bitcoin halving.

News that Anthropic, the developer of the generative AI Claude, is raising a large funding round has fueled expectations for AI infrastructure. Shares of mining companies that have shifted their businesses from Bitcoin (BTC) mining to AI and high-performance computing (HPC) infrastructure broadly advanced. On the 27th (local time), the Financial Times reported that “Anthropic is pushing ahead with a new fundraising of about $20 billion, and its valuation could be assessed at around $350 billion.” That is double the originally targeted $10 billion. After the report, shares of miners linked to AI infrastructure rose in tandem. Among Bitcoin mining companies, IREN and Cipher Mining—both of which have been expanding their AI infrastructure exposure—climbed more than 12% each. Hut 8 and TeraWulf also posted gains of more than 8%. The view is that the ability to repurpose mining equipment and power infrastructure for AI compute has come back into focus. According to the report, $10 billion to $15 billion of the round could come in as soon as this week, with the remainder expected to be wrapped up over the following weeks. The fundraising is said to be led by Singapore’s sovereign wealth fund GIC and U.S. investment firm Coatue, with Sequoia Capital also participating on a large scale. AI-related crypto assets also showed limited strength. NEAR Protocol (NEAR), an AI-based blockchain project, edged higher. The market is analyzing that capital inflows into major AI companies are lifting expectations of AI infrastructure benefits, particularly for miners that own power and data centers. Meanwhile, Microsoft and Nvidia have previously said they would invest $10 billion and $5 billion, respectively, in Anthropic. With capital from major tech companies and institutional investors flowing in at the same time, momentum for expanding AI infrastructure is increasingly seen as likely to continue.

Even as Bitcoin (BTC) trades without a clear direction, listed companies continue to add to their holdings. Despite prices remaining below last year’s levels, companies are expanding Bitcoin positions as part of their treasury strategies. According to Cointelegraph on the 28th (local time), a number of listed firms—including American Bitcoin—have recently disclosed changes in their Bitcoin holdings through filings and other announcements. Despite Bitcoin’s recent softness, buying by listed companies has not abated. American Bitcoin Corporation, a Nasdaq-listed U.S. company, reported Bitcoin holdings of 5,843 BTC, up by 416 BTC from the previous disclosed figure. Since its Nasdaq listing in September 2025, the company ranks 18th among listed firms by Bitcoin holdings. American Bitcoin Corporation said that as of Jan. 25, 2026, its Bitcoin yield was 116%. The metric indicates how much Bitcoin exposure per share has increased. The company is a subsidiary launched on the back of mining assets from Bitcoin mining firm Hut 8. Buying activity by other companies also continued. Hyperscale Data, an AI data center company, said its subsidiary Ault Capital Group purchased 10 BTC in the market during the week ended Jan. 25, lifting consolidated Bitcoin holdings to 560 BTC. Healthcare services company SRx Health Solutions said its holdings of digital assets, including Bitcoin and Ethereum (ETH), totaled $18 million. Companies’ purchasing stance is being maintained even as Bitcoin trades sideways.

A large-scale deleveraging was cited as the backdrop to the sharp drop in Bitcoin’s price. Cathie Wood, CEO of ARK Invest, said the recent decline in Bitcoin stems from roughly $28 billion in leveraged liquidations that occurred last year, and assessed that selling pressure has largely been alleviated at this point. Speaking on Fox Business on the 26th (local time), Wood explained, “Bitcoin’s recent pullback is the result of a deleveraging event triggered by a Binance software glitch on October 10 last year.” She said that about $28 billion in leverage was removed from the market in the process. On current market conditions, Wood said that “most of the selling pressure has already passed,” projecting that Bitcoin is likely to trade in a range between $80,000 and $90,000 for the time being. The assessment is that this corresponds to the final phase of the down cycle in the four-year cycle. She added that after Bitcoin completes its adjustment, it will shift back into an uptrend, reaffirming her view that the existing bull cycle remains intact over the medium to long term.