Market Update — January 7

Source: TechFlow (Shenchao)

Yesterday's Market Dynamics

Federal Reserve Governor Milan: The Fed Should Cut Rates by More Than 100 Basis Points This Year

Federal Reserve Governor Milan: The Fed should cut interest rates by more than 100 basis points this year.

The People's Bank of China (PBOC): Strengthening Virtual Currency Regulation and Continuing to Crack Down on Related Illegal and Criminal Activities

The 2026 PBOC Working Conference was held on January 5-6. The conference emphasized the need to study and construct a financial statistics system and standards framework that matches the modern central banking system, and to continue to improve statistical monitoring in key areas such as the "five major tasks" of finance and the debt of financing platforms. It also stressed consolidating the achievements in improving the cash-use environment, continuously improving the efficiency and effectiveness of treasury management, prudently implementing the one-time personal credit repair policy, further improving the social credit system, and optimizing payment services for the elderly and foreign nationals in China in a regular and long-term manner. The conference also emphasized strictly implementing penetrating supervision of payment institutions and supervision of payment business functions, strengthening virtual currency regulation, and continuing to crack down on related illegal and criminal activities, deepening technology management and innovative applications, and steadily developing the digital RMB.

Vice President of Beijing Academy of Social Sciences: Steadily Advancing Collaborative Innovation between Digital RMB and Hong Kong Stablecoins to Achieve Secure Exchange and Circulation at the Value Level

According to a report in the Hong Kong Wen Wei Po, Fan Wenzhong, Vice President of the Beijing Academy of Social Sciences and Executive Director of the China Finance Society, wrote an article entitled "Steadily Advancing Collaborative Innovation between Digital RMB and Hong Kong Stablecoins." The article points out that central bank digital currencies (CBDCs), represented by the digital RMB (e-CNY), and new payment tools, represented by compliant Hong Kong stablecoins, are reshaping the paradigm of cross-border payments through different paths. Through the collaboration between the digital RMB and Hong Kong stablecoins, the cross-border coverage of the digital RMB can be rapidly expanded, the stickiness of RMB in real trade can be enhanced, and the internationalization of the RMB can be promoted; Hong Kong's status as an international financial center can be strengthened, creating the world's first integrated hub of "CBDC + compliant stablecoin." The cross-border payment solution based on dual-currency collaboration does not pursue complete unification of the underlying ledgers of the digital RMB and stablecoins, but rather achieves secure exchange and circulation at the value level by establishing a regulated and standardized interactive interface.

Morgan Stanley's Solana Trust Files S-1 Registration Application with SEC

According to the SEC's official website, Morgan Stanley has filed S-1 registration documents with the U.S. Securities and Exchange Commission (SEC) for both the Solana Trust and the Bitcoin Trust.

MANTRA will abandon all ERC20 $OM tokens on January 15th; unmigrated tokens may be burned.

MANTRA Chain officially announced today that ERC20 $OM tokens currently account for less than 8% of the total supply and will be completely abandoned on January 15, 2026. The official announcement reminds token holders to migrate as soon as possible; unmigrated tokens may be burned.

Analyst: Suspected LAB Investor Sells Tokens at 50% Discount Off-Exchange, Causing Price Volatility

Eye, the on-chain analyst who previously uncovered the "1011 Insider Whale," posted on the X platform that LAB, a cross-chain trading infrastructure launched last October, experienced a strong price surge in the past 24 hours. After a brief surge, the price quickly fell. Analysis shows that someone is selling tokens at a 50% discount in over-the-counter (OTC) trading. According to the relevant terms, the trader is suspected to be an investor in LAB.

Arthur Hayes: Zcash Now Maelstrom's Second Largest Holding

According to Decrypt, BitMEX co-founder Arthur Hayes predicts privacy will be the dominant narrative in cryptocurrency by 2026 and revealed that his family office, Maelstrom, has a significant holding of Zcash. Hayes believes that privacy assets will become a crucial channel for crypto demand as US political incentives lean towards aggressive credit expansion and energy price controls.

NFT Paris Cancels February Event Due to "Market Crash"

According to Theblock, NFT Paris, the NFT convention, announced the cancellation of its February 5-6 event, citing a "market crash." Organizers promised compensation to ticket holders, but some sponsors reported receiving non-refundable notices.

Market News: Chat Platform Discord Has Secretly Filed for IPO

According to Jinshi Data, market sources indicate that chat platform Discord has reportedly secretly filed for an IPO.

MSCI Decides to Temporarily Postpone Proposal to Exclude DAT from Indices

According to an official announcement, MSCI has released the results of its consultation regarding Digital Asset Treasury (DAT) and has decided not to implement the proposal to exclude DAT from the MSCI Global Investable Markets Index in the February 2026 index adjustment. The current index treatment of DAT will remain unchanged. DAT companies already included in the index can continue to be included, but MSCI will temporarily suspend increasing the number of shares or inclusion factor, and postpone any new additions or phased adjustments to the index size.

Bitmine stakes another 28,000 ETH, worth approximately $91.16 million.

According to on-chain analyst The Data Nerd (@OnchainDataNerd), Bitmine has transferred 28,320 ETH (approximately $91.16 million) to wallet address 0x921 for staking. It is estimated that Bitmine has now staked a total of 520,864 ETH, with a total value of approximately $1.636 billion.