The performance of the three major US stock indices was mixed, but blockchain concept stocks collectively strengthened, becoming a market highlight. At the same time, actions by multiple institutions and market participants are also worth noting.

BitMine shareholders will vote before January 14 to decide whether to approve an important proposal—expanding authorized shares from 500 million to 50 billion. Tom Lee has publicly urged shareholders to support this proposal. Meanwhile, Robinhood announced it will release its full-year 2025 earnings report on February 10. Whether this report can surprise investors remains to be seen.

It is worth noting that the latest view from BlackRock: stablecoins are no longer niche assets and may pose a challenge to the status of fiat currencies in the future, fundamentally changing the banking deposit ecosystem. This assertion reflects traditional financial giants' deep thinking about the digital asset ecosystem.

There are also many highlights on the trading front. A leading quantitative team recently closed all long positions in Bitcoin and ZEC, with overall weekly profits exceeding $1.5 million, demonstrating a cautious stance in locking in profits. Meanwhile, the founder of Strategy is optimistic about Bitcoin’s potential to enhance liquidity, with its stock trading activity even surpassing tech giants like Tesla and Nvidia.

From a long-term perspective, Grayscale’s research director pointed out four reasons that could drive Bitcoin to reach new highs again in the first half of 2026. However, the reality is that in 2025, global ETF net inflows hit a record high of $1.48 trillion, but BlackRock’s IBIT fund was the only one among the top 15 ETFs to deliver negative returns. The logic behind this divergence cannot be ignored.