OSL Research Daily Brief | Jan 28, 2026

1. BTC edged higher overnight, touching a high of $89,330; ETH outperformed, surging to $3,030 before consolidating. The Crypto Fear & Greed Index remains in the "Fear" zone but shows a clear rebound. Gold hit a new high, and silver accelerated upwards after breaking 110. The Fed is expected to keep rates unchanged at its January meeting.

2. Bitwise CIO: The probability of the U.S. "Clarity Act" passing has dropped to 50%. If it fails, the crypto industry must make stablecoins and tokenized assets indispensable within three years, or face catastrophic consequences.

3. Tether's 2025 profits are estimated at $15 billion; its U.S. Treasury holdings now exceed South Korea's. With regulatory clarity improving, stablecoins are entering the mainstream financial system.

4. Standard Chartered: Stablecoins pose a material threat to bank deposits. If the market cap reaches $2 trillion by 2028, developed market banks could lose approximately $500 billion in deposits.

5. The Bank of Korea now permits residents to invest in overseas virtual assets and is considering allowing domestic institutional issuance, though concerns remain over capital flight via KRW stablecoins.

6. Over the past 10 days, the market cap of the top 12 stablecoins dropped by $2.24 billion, and BTC fell by roughly 8%, suggesting capital may be flowing into gold/silver or exiting the market.

7. Wintermute: Bitcoin has ranged between $85,000 and $94,000 for 60 days. With record ETF outflows and selling pressure primarily from U.S. capital, short-term consolidation is expected to continue.

8. Hang Seng Gold ETF will issue tokenized units on Ethereum, with HSBC acting as the agent. Investors can subscribe to and redeem units in tokenized form.

9. Morgan Stanley has appointed a new Head of Digital Asset Strategy, filed for Bitcoin and Solana ETFs, and plans to launch its own digital wallet.

10. PayPal Survey: 40% of merchants already accept crypto payments, with a 50% adoption rate among large enterprises; it is expected to become common practice within 5 years.