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Garrett Jin: BTC, ETH Underperform Other Risk Assets Due to Deleveraging and Market Structure Issues

2 hours ago

**BTC OG Whale Insider Agent Garrett Jin’s Crypto Market Take (Jan 29)** Garrett Jin, the “BTC OG Whale Insider” agent, posted on social media January 29th noting Bitcoin (BTC) and Ethereum (ETH) have recently lagged other risk assets notably. The main driver, he said, is the crypto market still being in its deleveraging cycle’s late stage and facing microstructural issues — not worsening fundamentals. He pointed out the wave of deleveraging since last October has wiped out leveraged retail positions, while AI stocks and precious metals have drawn a flood of speculative capital. Institutional involvement in crypto remains thin, leaving the market vulnerable to short-term narratives and controlled by a handful of exchanges, market makers, and speculative funds. Garrett emphasized over a 6-year horizon, BTC and ETH still outperform most assets; the current slump is just mean reversion within their long-term uptrend. With regulatory clarity improving, ample marginal liquidity, and futures volumes near historic lows, their deleveraging cycle may be nearing completion.
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Ethereum Drops Below $2900

On January 29, Ethereum dropped below $2,900, per HTX market data, notching a 3.85% 24-hour decline.

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A whale accumulated 1,066 XAUT at an average price of $5,261, longing silver and gold and shorting Nvidia.

As of Jan. 29, Lookonchain data shows whale address **0x8709ac3CeaAe2a7A70c1D8e39DF9804def7cAC54** has been accumulating spot gold, while also taking long positions in silver and gold, and shorting NVIDIA (NVDA). Key operations: - Spent 5.6M USDC to buy 1,066 XAUT at an average price of $5,261; - Deposited 3.5M USDC into Hyperliquid to open long positions: - 53,528 silver units (~$6.48M); - 158.36 gold units (~$876k); - Shorted 4,229 NVDA shares (~$809k). Address: 0x8709ac3CeaAe2a7A70c1D8e39DF9804def7cAC54

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The three major U.S. stock indexes opened higher, while cryptocurrency-related stocks experienced a sharp decline

**U.S. Equities Trade Mixed at Open on January 29** U.S. stocks opened mixed on January 29: the Dow Jones Industrial Average (DJIA) rose 0.14%, the S&P 500 gained 0.18%, while the Nasdaq Composite dipped 0.13%. Meta Platforms Inc. (META.O) jumped ~10% after reporting better-than-expected fourth-quarter earnings, first-quarter guidance, and full-year capital expenditure (capex) that beat forecasts. Microsoft Corp. (MSFT.O) slid over 8% as slowing cloud business growth and record-high capex stoked investor concerns. Among crypto-related stocks: - MicroStrategy Inc. (MSTR) fell 3.89% - Coinbase Global Inc. (COIN) dropped 3.97% - Crypto.com Coin (CRCL) declined 4.02% - Sports Betting & Gaming Inc. (SBET) was down 1.30% - Marathon Digital Holdings Inc. (BMNR) lost 3.98%

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A certain new address FOMOed into gold, adding 1454 XAUT at $5365, with an unrealized profit of $230,000

As of January 29, per AI Auntie’s monitoring, the address that entered the gold rally when prices hit $5,338 has continued to expand its position: Address 0x0E4…4927E withdrew an additional 204.28 XAUT from Bybit 1 hour ago, valued at $1.13M; it has accumulated 1,454.28 more XAUT since yesterday (worth $7.802M), with an average cost of ~$5,365 and current unrealized profit of $230k.

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BIRB down over 10% in the last hour, Moonbirds airdrop claim page has a BUG

January 29: Moonbirds ecosystem token BIRB has seen ongoing volatility since its launch, tanking more than 10% in under an hour and dropping its market cap to $89.93 million. Since the official airdrop claim page went live this evening, multiple technical glitches have been reported: users are facing page loading failures, crashes, eligible tokens showing up as 0, invalid password/verification prompts, and a brief outage from unexpected traffic surges. Community feedback notes the "vibe coded" rollout is low-quality and lacks planning—the claim function crashed within minutes of launching, and some features remain partially un restored.

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Robinhood's crypto trading platform Talos, valued at $1.5 billion

On January 29, Robinhood announced it has invested in Talos’ Series B extension round, pushing the institutional-grade crypto trading infrastructure provider’s valuation to approximately $1.5 billion. This round includes $45 million in new capital, with backers including the Sony Innovation Fund, IMC, QCP, and Karatage—while existing shareholders like a16z crypto, BNY, and Fidelity also participated. Talos delivers end-to-end crypto trading infrastructure to hundreds of global institutional clients, which collectively manage roughly $21 trillion in assets. This funding underscores institutional demand for crypto market infrastructure and reflects Robinhood’s accelerated push into blockchain and crypto-native finance—including building its own Arbitrum ecosystem blockchain, tokenized stock trading, and a suite of diversified crypto products.

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