glassnode: Option Data Shows Market's Response to Bitcoin's Movement is Cautious Rather Than Fearful

On January 10, Web3 wallet data platform Zerion announced it has strategically integrated the TRON network into its multi-chain wallet, per official sources. This update lets users securely self-custody, manage, track, and exchange digital assets directly on the TRON network via Zerion’s interface.

**January 10th Crypto Update** A team led by Goldman Sachs analyst James Yaro said in a report: “We believe improvements to the regulatory environment are a key driver for ongoing institutional adoption of cryptocurrency—especially for financial institutions acting as buyers and sellers—while new use cases for crypto beyond trading are also emerging.” The report highlighted the long-awaited U.S. market structure legislation currently advancing in Congress as a critical catalyst. Goldman Sachs analysts warned the legislation must pass by the first half of 2026, as November’s U.S. midterm elections could delay the process. Other voices have aligned with Goldman’s crypto market outlook. Jim Ferraioli, Director of Crypto Research & Strategy at Javelin Wealth Management Financial Research Center, noted in an email: “Following the sharp sell-off at the end of 2025, institutional adoption may slow in the first half of this year—but passage of the Clarity Act could accelerate entry fo

January 10 As of January 10, the XRP spot ETF has drawn over $1 billion in inflows since its launch in November 2025—but some analysts warn the current enthusiasm may not last. Brian Huang, co-founder of investment platform Glider, noted: “The core of investing boils down to growth potential and which builders are building on the blockchain. When we look at the builders a16z is betting on, XRP doesn’t even crack the list.” Huang’s skepticism stems from a lack of builders in XRP’s ecosystem. “Builders creating infrastructure and apps drive ecosystem growth and boost the value of the underlying token,” he explained. “Without builders, XRP’s growth will be extremely limited. Most big institutions don’t even view Ripple-linked XRP as a serious project—and the institutional investors who hold most crypto ETFs may be reluctant to add XRP, since they see it as a meme coin.”

January 10th: On-chain analyst Yu Jin found that a whale address (starting with 0x94d) transferred 255 BTC (~$21.77M) to Hyperliquid 22 days ago at $85,378 per BTC. Over the past 22 days, the address executed 69 high-frequency trades with a 62% win rate, netting $9.9M in profit. In the last two days, the address has maintained a long position—currently holding $310M in long positions with an unrealized loss of $1.4M, including: - 1,699 BTC ($154M) at an entry price of $90,801 - 33,000 ETH ($102M) at $3,099 entry - 336,000 SOL ($45.83M) at $138.6 entry - 3.777M XRP ($7.91M) at $2.13 entry Notably, this address’s long targets match those of the “BTC OG Insider Whale” with similar entry prices. Combined, the two addresses hold $1.1B in long positions, accounting for one-third of all long positions on Hyperliquid.

On January 10th, monitoring by HyperInsight (via its Telegram channel at https://t.me/HyperInsight) shows that the "BTC OG Insider Whale" has paid a total of $5.55 million in funding fees since it began absorbing losses on December 12, 2025. Specifically, to maintain its 5x-leveraged ETH long position (with a notional value of $627 million), the whale has paid $4.615 million in funding fees, and this position currently has a floating loss of $12.09 million. Notably, the whale was nearly $80 million in floating losses on December 19, 2025, but turned those losses into gains following the market rebound on January 4. It once held a floating profit of $27 million but has not reduced its position. Currently, its overall floating loss is approximately $9 million, while its SOL long position has a floating profit of $3 million.

On January 10, according to market data from GMGN (link: https://t.me/gmgnaibot?start=i_m4TE56o8), the Chinese meme coin “Laozi” briefly topped $4 million in market cap, currently sitting at $3.35 million. The token traces its origins to a tweet posted 10 hours ago by Binance CEO CZ.