The End of the Precious Metals Feast: Gold and Silver Contract 24-hour Trading Volume on Hyperliquid Up MoM

On January 31, Binance founder CZ (Changpeng Zhao) has unfollowed Solana co-founder Anatoly "Toly" Yakovenko on X. Earlier this morning, Toly retweeted a post from OKX Star that questioned Binance, sarcastically commenting: "It only recovered 18 months after the incident" — referencing SOL, which has surged back to its 2021 bull market levels 18 months following the FTX collapse.

January 31 – Per LookOnChain monitoring data, spot silver prices fell below $75/ounce today, with a single-day plunge of over 35% marking the largest daily drop on record. The whale address "0x94d3"—which held a $29 million long position in silver—had its position liquidated, resulting in losses exceeding $4 million.

On January 31, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned two digital asset exchanges linked to Iranian businessman Babak Morteza Zanjani: Zedcex Exchange and Zedxion Exchange. Since its August 2022 registration, Zedcex has processed more than $94 billion in transactions. Multiple addresses tied to both exchanges have handled funds for wallets associated with Iranian officials. OFAC also imposed sanctions on several Iranian officials, including Interior Minister Eskandar Momeni Kalagari.

WILMINGTON, Del. — A Delaware judge ruled Friday that a shareholder lawsuit alleging insider trading against several Coinbase Global Inc. directors—including venture capitalist Marc Andreessen and CEO Brian Armstrong—can proceed, rejecting a bid to dismiss the case over a perceived conflict of interest by an internal investigation committee member. Shareholders filed the suit in 2023, accusing the directors of selling more than $2.9 billion in stock during Coinbase’s 2021 direct listing (a process that skips new share issuance, avoids dilution, and has no lock-up period for existing investors) using confidential information to avoid over $1 billion in losses. Coinbase founder and CEO Brian Armstrong, who has led the crypto exchange since 2012, sold $291.8 million in shares, per the complaint. Andreessen, a board member since 2020, sold $118.7 million via his firm Andreessen Horowitz. Plaintiffs argue directors knew the stock was overvalued based on confidential valuation data, prompt

Local time on January 31, the U.S. government officially began a partial shutdown. Earlier, the Senate passed a spending bill to fund most federal agencies and submitted it to the House for passage. However, House members are not in Washington and will not return until Monday, February 2, so the Senate’s vote failed to avert the partial shutdown.

On January 31, per monitoring from HyperInsight (via its Telegram channel @HyperInsight: https://t.me/HyperInsight), the trader known as “Battle King” shorted 136.15 BTC with 40x leverage at an average entry price of $83,469.3, currently holding an unrealized loss of $74,000. This address has only 5 prior recorded losing trades, totaling $5,195.36 in losses. All other trades were closed for profit, with the account’s total profit reaching $474,000.