Crypto Market Weekly Report: BTC hovers around $100,000 as Japan upgrades regulations to crack down on "Coin Hoarding" companies.

Market Performance

BTC has been a bit volatile this week - it surged to $105,000 before dropping back to just over $101,000, and is now hovering around $102,900. ETH hasn't fared much better, oscillating between $3,300 and $3,500, currently at $34,900. SOL and DOGE have seen slight declines, while FIL has been hit hard this week, initially soaring by 77% before retracing, and is still looking relatively weak.

New Regulatory Actions in Japan: Companies Hoarding Coins Will Be Regulated

The Japan Exchange Group (JPX) has become restless. With listed companies starting to make significant purchases of Bitcoin and retail investors suffering heavy losses, JPX has decided to take action - it is considering strengthening the review standards for “backdoor listings” and has also required companies with substantial crypto assets to conduct supplementary audits.

Three listed companies that planned to buy coins have been dissuaded by JPX, which made it clear: if you continue with the coin hoarding strategy, your future financing will be restricted. Japan currently has 14 listed Bitcoin buyers (the most in Asia), and the largest, Metaplanet, has dropped 75% from its peak, which reflects the situation.

U.S. government shutdown comes to an end, regulators restart

Trump signed the financing bill, officially ending the 43-day government shutdown. Regulatory bodies like the SEC and CFTC can now return to work. The crypto community has been waiting for the SEC to approve the spot crypto ETF applications, and now there is finally an opportunity to move forward.

MEV Robot Brothers Case: Possible Rehearing in February

Brothers Anton and James Peraire-Bueno have been sued over a $25 million Ethereum hacking incident. The court announced that the jury was unable to reach a consensus, resulting in a mistrial. The prosecution has requested a retrial at the end of February or the beginning of March.

On-chain Data Highlights

Spot Bitcoin ETF Bleeding: BlackRock's IBIT saw an outflow of $1.1 billion in a single week, marking the fourth consecutive week of net outflows.

Solana Ecosystem Takeoff: Solana's DEX has a trading volume of 13.9 billion USD in the past 30 days, surpassing ETH's 8.8 billion and BSC's 10.2 billion. SOL spot ETF has seen inflows for 10 consecutive days, with 26 million this week, totaling 368 million.

Technical Overview

BTC: It's a bit precarious to break the psychological barrier of 100,000, but it hasn't collapsed yet. Institutional funds are on the sidelines, while retail is stopping the bleeding.

ETH: Trouble ahead - the key support at $4000 has been breached, falling from the upward trend line since April, with a weekly decline of 30% marking a significant loss. Spot ETFs saw outflows of 108 million and 183 million on Tuesday and Wednesday respectively.

SOL: Instead, it is resilient to downturns, as the booming DEX is supported by real demand.