Crypto One Liners: What’s Driving the Market in a Minute - January 11

Only a few days left: Consensus Hong Kong Tickets for $519 (Save $450!)

This year, we had the pleasure of hosting several successful 10x Research community events and investor meetings across Hong Kong, Dubai, London, and Singapore. We’re excited to announce that this lineup will return in 2026 — with the possibility of adding one or two new cities.

The first stop will be in Hong Kong during the Consensus Conferences (February 10–12, 2026). We’re pleased to offer our community an exclusive 20% discount code — meaning that instead of $1,099, early bird buyers can secure tickets for just $519 (a $450 saving + another 20% saving).

Discount code: 10XDESK

We’ll also be hosting another 10x Research side event during that week. You can secure your conference ticket below. Questions: [email protected]

Hong Kong Consensus Tickets HERE

CRYPTO CURRENCIES

Market Overview: Crypto markets are emerging from consolidation with improving volumes and a selective rotation into higher-beta assets.

Altcoin vs Bitcoin Positioning: Easing Bitcoin dominance continues to favor selective altcoin exposure over broad Bitcoin positioning.

Bitcoin (BTC): Bitcoin remains range-bound as mixed institutional flows and cautious participation cap upside despite improving trend signals.

Ethereum (ETH): Ethereum faces distribution pressure from whales and ETF outflows, keeping sentiment constructive but restrained.

Solana (SOL): Institutional filings and upcoming network upgrades support Solana’s narrative, though price remains capped near key levels.

Ripple (XRP): XRP benefits from strong ETF inflows and regulatory progress, with derivatives activity signaling rising institutional engagement.

BNB Chain (BNB): Anticipation of the Fermi hard fork and expanding institutional access continue to underpin BNB’s medium-term outlook.

Tron (TRX): Stablecoin dominance and ETF inclusion narratives are reinforcing Tron’s positioning as an institutional settlement layer.

Ton (TON): Clarified token vesting and expanding Telegram wallet integration have stabilized sentiment after supply concerns.

Polygon (MATIC / POL): A shift to sustained token burns and institutional-focused development has materially improved Polygon’s scarcity narrative.

Ethena (ENA): Mixed signals from token unlocks, buybacks, and stablecoin partnerships are driving volatile but resilient price action.

Pudgy Penguins (PENGU): Brand expansion, retail partnerships, and rising cultural mindshare continue to fuel speculative interest.

World Liberty Finance (WLFI): Regulatory ambitions and treasury optimization have strengthened WLFI’s institutional credibility and valuation narrative.

Sui (SUI): High-profile partnerships, buybacks, and ecosystem expansion have positioned Sui as a leading Asia-focused Layer-1.

Raydium (RAY): Exchange-listing momentum and record Solana DEX volumes have elevated Raydium’s institutional visibility.

Monero (XMR): Renewed privacy focus and upcoming protocol upgrades have reignited demand despite looming regulatory risks.

Stacks (STX): Confidence in Bitcoin-native yield infrastructure and growing TVL continue to support Stacks’ long-term thesis.

Hyperliquid (HYPE): Venture accumulation and interoperability progress offset near-term supply pressure from scheduled token unlocks.

Zcash (ZEC): Governance turmoil and developer exits have materially weakened confidence despite ongoing protocol innovation.

Render (RENDER): Surging demand for decentralized AI compute and ecosystem upgrades are driving outsized interest in Render.

Virtuals (VIRTUAL): AI-agent commercialization, major partnerships, and exchange listings have propelled strong speculative inflows.

Bittensor (TAO): Institutional access via Grayscale and emission reductions have reinforced Bittensor’s position as a core AI infrastructure asset.

MACRO

U.S. equities (SPY) were supported by strength in energy, AI infrastructure, and defense stocks, while Apple lagged amid competitive pressure from Alphabet.

The U.S. dollar (DXY) strengthened following a sharp contraction in the trade deficit, signaling unexpected economic resilience.

Gold (GLD) surged as geopolitical hedging activity intensified and non-monetary gold exports hit record levels.

Treasury yields (TY) moved higher on renewed inflation concerns, reinforcing expectations for a more hawkish Federal Reserve stance.

TREASURY COMPANIES

MicroStrategy (MSTR) rallied after MSCI retained digital asset treasury firms in its indexes, though dilution concerns and a fading NAV premium weighed on sentiment.

Metaplanet (3350) gained after expanding its Bitcoin holdings and reporting stronger-than-expected revenue from its derivatives operations.
Bitmine rose on analyst coverage and disclosure of growing ETH holdings, despite proposing a massive increase in authorized shares.

CEA Industries (BNC) fell sharply amid a governance conflict with a major shareholder challenging the company’s strategic direction.

DIVERSIFIED

Coinbase (COIN) benefited from major analyst upgrades driven by diversification into stable infrastructure revenues and its expanded product roadmap.

BITCOIN MINING

Marathon (MARA) rebounded on its AI data-center pivot but faced renewed dilution concerns following a large equity filing.

Riot (RIOT) gained on operational improvements, leadership changes, and balance-sheet strengthening, though investors remained cautious about new equity issuance.

Bitfarms (BITF) rallied after selling its final Latin American site to fund its transition toward AI and North American operations.

Bitdeer (BTDR) recovered as production growth and AI services offset legal overhangs tied to ASIC chip delays.

CleanSpark (CLSK) advanced on higher production, monetization of bitcoin holdings, and progress in AI-focused data center initiatives.

HIVE (HIVE) surged after tripling year-over-year production and accelerating its AI cloud expansion.

Hut 8 (HUT) climbed following major AI data center development milestones and expanded financing capacity.

Iren (IREN) jumped on a landmark AI cloud contract with Microsoft, though dilution concerns resurfaced.

Core Scientific (CORZ) rallied after a bullish analyst upgrade and growing confidence in its AI infrastructure strategy.