Today's News Highlights:
The Hong Kong Securities and Futures Commission (SFC) aims to develop a roadmap for virtual asset development.
Macroeconomic Outlook for Next Week: Traders are pricing in interest rate cuts by the Federal Reserve before September, and the dollar's frenzy is cooling off.
KIP: The release and market-making of the LIBRA token are entirely managed by KelsierVentures, and no wallet belongs to KIP.
Kelsier: Milei and his team unexpectedly changed their stance, which he cannot control, and plan to reinvest all funds into the Libra token.
Argentine Presidential Office: The President has requested the Anti-Corruption Office to intervene and establish an investigative task force.
KIP Protocol: There has never been any meeting with the Argentine President in January.
CoinGecko Co-founder: The amount of new tokens minted in the crypto market in January reached 600,000.
NFT trading volume decreased by 35.15% to $112.7 million over the past week, while the number of buyers and sellers increased by over 500%.
Regulation/Macroeconomics
According to Hong Kong media East Net, the Hong Kong SFC may approve virtual asset trading platform licenses again this month. Since implementing the Virtual Asset Trading Platform (VATP) licensing system in June 2023, CEO Ashley Alder stated that a total of 9 licenses have been granted, with 9 still pending approval, and more platforms are expected to receive licenses within the month. Regarding the proposed roadmap for virtual asset development, Alder pointed out that the development of virtual assets involves not only licensed platforms but also custody services, over-the-counter (OTC) trading, etc. The SFC will collect opinions from various entities and considers that there is room for improvement in the trading liquidity of current virtual asset trading platforms, and will consider introducing more products and services to enhance market competitiveness.
According to Hong Kong Wen Wei Po, a fund issuer previously expected to launch the first tokenized retail currency fund in the Asia-Pacific region in Hong Kong by the end of this month. Hong Kong SFC CEO Ashley Alder stated that discussions have been held with the Monetary Authority on the Ensemble project, believing that money market funds have the most potential for tokenization among real-world assets, as they can facilitate efficient subscription and redemption. Currently, many other tokenization applications are under review, including retail products and money market funds.
Alder also revealed that the Hong Kong SFC has established an industry advisory group for licensed virtual asset trading platform (VATP) operators, hoping to release a development roadmap in the near future. Currently, 9 valid applications are being processed, and it was reiterated that there is no cap or target for issuing licenses. In addition to virtual asset trading platforms, the SFC will also assist the Financial Services and the Treasury Bureau in establishing regulatory frameworks for virtual asset custody and OTC trading, with further public consultations expected within the year.
Hong Kong SFC hopes to develop a roadmap for virtual asset development
According to Hong Kong media Ming Pao, the Hong Kong SFC held its first virtual asset advisory group meeting with licensed virtual asset trading platforms (VATP) yesterday. CEO Ashley Alder stated that after establishing the group, VATP licensees can provide feedback on the future operation of VATPs, improving the liquidity of virtual asset trading, and enhancing Hong Kong's competitiveness in virtual asset development internationally. Alder continued that the Hong Kong SFC hopes to develop a roadmap for virtual asset development and diversify products, and will provide assistance for consultations on virtual asset custody and OTC trading.
This week's CPI report showed an increase in U.S. consumer inflation, and Federal Reserve Chairman Jerome Powell acknowledged the need for more work to eliminate price pressures in the economy, leading to a cooling of interest rate cut expectations. However, subsequent weak retail sales data brought some hope. Wall Street's ability to handle dramatic events was tested again. It has been proven that traders can handle this task, and ultimately the overall market was not significantly affected. Here are the key points the market will focus on in the new week:
- Monday 22:30: 2026 FOMC voter and Philadelphia Fed President Harker speaks;
- Monday 23:20: Federal Reserve Governor Bowman speaks;
- Tuesday 23:20: 2027 FOMC voter and San Francisco Fed President Daly speaks;
- Thursday 03:00: Federal Reserve releases January monetary policy meeting minutes;
- Thursday 21:30: U.S. initial jobless claims for the week ending February 15, U.S. February Philadelphia Fed Manufacturing Index;
- Thursday 22:35: 2025 FOMC voter and Chicago Fed President Goolsbee speaks;
- Friday 01:05: 2025 FOMC voter and St. Louis Fed President Bullard speaks at the New York Economic Club;
- Friday 22:45: U.S. February S&P Global Manufacturing PMI preliminary/Services PMI preliminary;
- Friday 23:00: U.S. February University of Michigan Consumer Sentiment Index final, U.S. February one-year inflation expectations final.
After Powell's semi-annual testimony and January inflation data, investors are unlikely to pay much attention to next week's Federal Reserve January meeting minutes. Therefore, the focus may be on the February S&P Global PMI data next Friday. A PMI below 50 could put pressure on the dollar and boost gold. A survey conducted by Bank of America in February among over 50 global fund managers showed that betting on a stronger dollar is still seen as the most crowded position among interest rate and currency traders. Nearly half of investors still expect the dollar exchange rate to peak in the first quarter of this year.
Project Updates
KIP Protocol issued a clarification announcement regarding the release of $LIBRA and KIP's role, stating that the token release and market-making are entirely managed by KelsierVentures, represented by the project's initiator Hayden Davis, and no wallet belongs to KIP or himself. KIP was invited to manage/supervise the selection of funded technology projects after the release and to provide technical infrastructure for AI programs. All matters related to the issuance and tokens should be directed to Kelsier, as they are handling this matter and plan to transfer the tokens to the foundation.
The project gained attention when President Milei posted about it on Twitter. At that time, KIP was not involved in the release, as KIP Protocol's role has always been post-release. KIP has faced a lot of FUD today, including threats against individuals and employees, but was not involved in the release and did not handle any tokens or SOL. All SOL obtained today will be reinvested into LP. All market-making fees will be transferred to a foundation in Argentina. The foundation will continue to operate the program as originally planned. All details regarding the tokens should be sent directly to Kelsier. KIP Protocol has not made a penny in profit from today's activities. KIP is not engaged in the issuance of tokens or market-making business.
Kelsier released an announcement and clarification video regarding the latest developments of the Libra token, stating: "As the release advisor for the Libra Token project, I want to clarify key aspects of the release and address the latest developments regarding Javier Milei's involvement and subsequent withdrawal of support. Javier Milei initially supported and actively promoted the Libra Token on social media platforms, including X and Instagram. His colleagues received his public support at the time of the release and assured me that he would continue to support throughout the release process. Given my role as an advisor, my primary responsibility is to ensure that the token has sufficient quantity, liquidity, and strong funding to support its price and realize the project's vision. However, as an advisor, there are many factors that I cannot control."
"Despite previous commitments, Milei and his team unexpectedly changed their stance, withdrew support, and deleted all prior social media support. This sudden decision was made without any prior warning and directly contradicts previous assurances. I was surprised when Milei later released a statement claiming that his withdrawal was due to alleged misconduct by the project's supporters, calling them fraudsters. I categorically reject this claim and want to emphasize that Julian Peh, the founder of KlP Network and the main sponsor of the Libra Token, is completely innocent. I can only assume that Milei's associates are trying to shift the blame onto Julian to evade responsibility."
"It is crucial to recognize that memecoin investments are driven by trust and recognition. When Milei and his team deleted their posts, investors who bought tokens based on their recognition felt betrayed. This led to a wave of panic selling, further exacerbating the situation. The sudden loss of confidence had a catastrophic impact on the market stability of the token."
"Regarding my responsibilities, I am responsible for ensuring the project's liquidity and still maintain control over all related fees and funds. I want to make it clear that I have not and will not use these funds for personal gain. As the custodian of these funds (not the owner), I am unwilling to transfer them to Milei's colleagues or the KlP team. Instead, after consulting with experts, I recommend reinvesting 100% of the funds I control (up to $100 million) into the Libra token and burning all purchased supplies. Unless a more viable alternative is proposed, I intend to begin executing this plan within the next 48 hours. I remain committed to transparency and will continue to provide updates as the situation develops."
Previous news, KIP Protocol issued a clarification announcement regarding the release of $LIBRA and KIP's role, stating that the token release and market-making are entirely managed by KelsierVentures, represented by the project's initiator Hayden Davis, and no wallet belongs to KIP or himself.
According to Reuters, Argentine President Javier Milei may face impeachment in Congress, accused of promoting a cryptocurrency rug pull that caused the token's market value to plummet from $4 billion to $418 million within hours. The Argentine Fintech Chamber acknowledged that the case could be a "scam," where the developers of the crypto token attract legitimate investments to inflate its value, only to sell off later. Opposition coalition member and Congressman Leandro Santoro stated, "This scandal has brought us shame internationally, and we must initiate impeachment proceedings against the president."
The Argentine Presidential Office issued a statement regarding the release of the LIBRA token, stating:
"On October 19, President Javier Milei met with representatives of KIP Protocol in Argentina, where he learned that the company intends to develop a project called Viva la Libertad, which aims to provide funding for private enterprises in the Argentine Republic using blockchain technology. The national president attended this meeting, which has been officially recorded in the public hearing register; KIP Protocol representatives Mauricio Novelli and Julian Peh; as well as presidential spokesperson Manuel Adorni.
In this context, on January 30, 2025, the president held a meeting with Hayden Mark Davis at the Casa Rosada. According to KIP Protocol representatives, Mr. Davis would provide technical infrastructure for his project. Mr. Davis has had no relationship with the Argentine government, past or present, and KIP Protocol representatives introduced him as one of the project's partners.
Finally, yesterday, the president shared a post on his personal account announcing the launch of the KIP Protocol project, just as he does daily with many entrepreneurs who wish to launch projects in Argentina to create jobs and attract investment. Since he was not involved in the development of any cryptocurrency, after the project launch generated reactions, he decided to delete the tweet to avoid any speculation and further dissemination.
In light of the facts, President Javier Milei has decided to immediately request the Anti-Corruption Office (OA) to intervene to determine whether any members of the national government, including the president himself, have engaged in misconduct.
On the other hand, the president has decided to establish an investigative task force (UTI) within the presidential office, composed of representatives from institutions and organizations related to crypto assets, financial activities, money laundering, and other relevant fields. They will integrate information and conduct an urgent investigation into the launch of the cryptocurrency $LIBRA and all companies or individuals involved in the aforementioned actions.
All information collected during the investigation will be handed over to the courts to determine whether any companies or individuals related to the KIP Protocol project have committed crimes. President Milei has demonstrated his commitment to the truth through his actions, and he is dedicated to thoroughly clarifying the truth of this incident until a final outcome is reached."
KIP Protocol: There has never been any meeting with the Argentine President in January
KIP Protocol responded on Twitter to the statement from the Argentine Presidential Office, stating: Mauricio Novelli was not a member of the KIP Protocol team in the past and has never joined. Novelli is the founder of TechForum Argentina, which KIP Protocol sponsored in October 2024. KIP Protocol has never met with Javier Milei in January 2025.
Previous news, the Argentine Presidential Office claimed that the president has requested the Anti-Corruption Office to intervene and establish an investigative task force.
Opinions
Greeks.live macro researcher Adam released an English community briefing stating that Bitcoin traders are closely monitoring the $94,000-$98,000 range, with major resistance at $98,000. Many have noted that recent volatility has been unusually low, and price movements lack certainty. The market is gradually reaching a consensus that the volatility of short-term options may significantly expand from the current level of 17%, with a clear divide between those advocating for aggressive positions in a low-volatility environment and those suggesting waiting for a clearer direction.
Geoffrey Kendrick, head of global digital asset research at Standard Chartered, stated in a report that Bitcoin has fallen for five consecutive weekends, and this trend is expected to change this weekend. A slight increase this weekend could trigger ETF inflows on Monday, pushing its price back to $100,000 and then up to $102,500.
The last few weekends (from Friday at 5 PM New York time to the same time on Sunday) have been particularly tough for Bitcoin, with negative news weighing it down. A key event was the DeepSeek news over the weekend of January 25-26, followed by the weekend of February 1-2, when Bitcoin was impacted by tariff news from Canada and Mexico.
The weekend of February 15-16 "will be different," as adverse events have already occurred, and the U.S. 10-year Treasury yield fell below 4.5% this week, which is a positive signal for risk assets like Bitcoin. Lower yields often relieve pressure on speculative investments, making a rebound more likely.
Crypto analyst Immortal tweeted: "BTC on-chain transaction volume is far from the levels of 2021… but are we expecting a major bull market? Even transaction fees may not indicate a bull market—just look at past cycles." In response, CZ stated: "My intuition is that due to high fees and long block times, BTC now resembles a reserve asset rather than a currency. Many new funds are buying ETFs, and these ETFs will not reflect on-chain transactions. However, my view could also be wrong."
Important Data
CoinGecko co-founder Bobby Ong stated that there was a surge in new token creation in the crypto market in January, with 600,000 new tokens minted, a 12-fold increase compared to the 50,000 tokens minted monthly from 2022 to 2023. The acceleration in token creation began in the fourth quarter of 2024; the monthly minting volume reached 400,000 and then jumped to a record level in January. Blockchain networks and DEXs are also rapidly increasing. Data shows that about 5 to 10 new chains go live each month, with the number of new chains peaking at 17 in May 2024. Additionally, 89 new DEXs were tracked in March 2024 alone.
Market analysts warn that this surge could lead to liquidity fragmentation. In response to concerns about market impact, Ong acknowledged the potential downsides: "There are too many tokens, and each token disperses traders' limited attention and liquidity. That's why we haven't seen the significant increases of previous cycles."
According to CryptoSlam data, NFT trading volume has dropped to $112.7 million over the past 7 days, a decrease of 35.15% compared to the previous week. However, market participation has significantly increased, indicating that despite the overall lower value, interest from new traders is rising. The number of NFT buyers surged by 624.41% to 203,994; the number of NFT sellers increased by 519.61% to 158,805; and the number of NFT transactions slightly decreased by 1.41% to 1,443,007.
Ethereum network trading volume fell by 41.25% to $56 million, while the number of buyers rose by 81.43% to 30,598. The Mythos Chain network ranked second with a trading volume of $13.9 million, an increase of 4.66%. The Solana network, despite a 32.56% decline, maintained third place with $11 million. The Polygon (formerly MATIC) network performed strongly, ranking fourth with a trading volume of $8.1 million, an increase of 10.76%. The Bitcoin network dropped to fifth place with a trading volume of $6.7 million, a decrease of 71.42%.
The best-selling NFTs of the week are as follows:
- Uncategorized Ordinals #8912771: $7,749,449 (80.1296 BTC)
- CryptoPunks #2550: $331,955 (125 ETH)
- CryptoPunks #793: $146,683 (53.5 ETH)
- CryptoPunks #9634: $128,988 (47.5 ETH)
- CryptoPunks #9701: $122,883 (45 ETH)
A trader who made $1.3 million on TRUMP profited $6.72 million on LIBRA using insider information
According to Lookonchain, a trader who made $1.3 million on TRUMP used insider information to profit $6.72 million on LIBRA. Before LIBRA's launch, this trader created two new wallets and transferred funds into the new wallets to purchase LIBRA. Upon LIBRA's launch, he spent $2.02 million from these two wallets to buy 5.08 million LIBRA and quickly sold them for $8.74 million, realizing a profit of $6.72 million.
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