Biton Daily News (January 29th)

Hot News:

1. Arizona Senate Committee Approves Strategic Bitcoin Reserve Bill: Arizona lawmakers have proposed a bill allowing public funds to be invested in Bitcoin and other digital assets. On January 27, the Arizona Senate Finance Committee approved the bill with a vote of 5 to 2. The proposed legislation, called SB1025 or the "Arizona Strategic Bitcoin Reserve Act," allows the state to invest up to 10% of public funds (including funds held by the State Treasurer and retirement systems) in cryptocurrencies like Bitcoin.

2. Utah House Committee Passes Digital Asset Investment Bill and Submits to Senate: The Utah House Committee passed a bill allowing the state to invest in Bitcoin and other digital assets, which is now submitted to the Senate for a vote. If passed, the bill will open the way for Utah to invest in Bitcoin and other digital assets.

Key Data:

1. Analysis Shows 13 New Ethereum Whales in the Past 24 Hours, Holding Over 10,000 ETH Each: On-chain analyst Ali shared on X that, based on Glassnode data, 13 new whales (addresses holding over 10,000 ETH) have been added to the Ethereum network in the last 24 hours, indicating significant accumulation activity.

2. Survey: Over 20% of Russian Respondents Have Traded or Held Meme Coins: A new survey by financial service provider Vyberu revealed that over 20% of Russian respondents have traded or held Meme coins. The survey, which included 3,000 people aged 18 to 60, also found that 15% bought Meme coins due to "hype," 4% for "quick profit," and 2% to "support the project creators."

3. Institutional and DeFi Interest Boosts Ethereum Active Addresses by 37% in 3 Months: As institutional and DeFi interest grows, the number of active Ethereum addresses surged 37% from 420,000 in November last year to 575,000. Additionally, daily transactions increased from a 12-month low of 1 million to 1.3 million. In DeFi, Uniswap maintains a leading position with a 22% market share, handling nearly $1 billion in daily transactions.

Project Updates:

1. Solana Ecosystem DEX Meteora Achieves $33 Billion in January Trading Volume, a 33x Increase: Solana ecosystem liquidity platform Meteora saw unprecedented growth in January, with a trading volume of $33 billion, a 33x increase from $990 million in December. The DEX now holds about 9% of the total market share and ranks among the top five DEXs globally.

2. Layer 1 Network Developer Pod Raises $10M in Seed Round, Led by A16z CSX and 1kx: Layer 1 network developer Pod raised $10 million in a seed round, co-led by A16z Crypto Startup Accelerator (A16z CSX) and 1kx, with participation from Flashbots, Blockchain Builders Fund, and Protagonist. Angel investors include Nick White of Celestia, David Tse of Babylon, Sergey Gorbunov of Axelar, Waikit Lau of Lau Ventures, and Apostolos Apostolaki of VentureFriends.

3. YZi Labs Leads $16M Funding for Token Distribution and Credential Verification Infrastructure Sign, with HackVC Participating: YZi Labs announced leading a $16 million funding round for Sign, an on-chain infrastructure for token distribution and credential verification. This is YZi's first investment, with participation from Altos Ventures, HackVC, Amber Ventures, and others. Sign aggregates verified credentials on-chain to build a more transparent and secure token distribution infrastructure.

4. Bitcoin Mining Firm HIVE Digital Acquires Bitfarms’ Paraguay Facility for $56M: Bitcoin mining firm HIVE Digital announced the completion of a $56 million deal to acquire Bitfarms’ partially completed 200MW Bitcoin mining facility in Paraguay. The acquisition is expected to increase HIVE's mining power to 25 EH/s by September, leveraging Paraguay's low-cost renewable hydroelectric power.

Other News:

1. Bhutan Government Transfers $1.58M in ETH to New Multi-Signature Wallet on BitGo: According to Arkham data, the Bhutan government address recently transferred $1.58 million worth of 495.43 ETH to a newly created multi-signature wallet on BitGo.

2. Movement Network Developer Mainnet Launched: Movement Network announced the launch of its developer mainnet, marking the beginning of the second phase of its launch plan. Selected developers can now begin deploying core infrastructure and apps on Movement. The third phase, the public mainnet beta, will follow a few weeks later.

3. Jordan to Develop Comprehensive Virtual and Digital Asset Regulatory Framework Within a Year: Jordan has announced plans to develop a comprehensive regulatory framework for virtual and digital assets within a year to align with global standards and promote its digital economy. The Jordan Securities Commission (JSC), with support from the National Future Technology Committee, will lead the initiative, focusing on creating the necessary legal and technical infrastructure to oversee crypto trading platforms and virtual asset activities.

4. Arthur Hayes Predicts Bitcoin May Correct 30% in the Short Term Due to "Trump Effect": Arthur Hayes published an article titled "The Ugly," analyzing the potential negative impact of rising 10-year US Treasury yields and political dynamics surrounding the Trump administration. Hayes discussed a possible mini-financial crisis due to tightening liquidity, forecasting that Bitcoin may dip to $70,000-$75,000 before potentially rising to $250,000 by the end of the year. He mentioned increasing net long positions but is preparing to accumulate Bitcoin and select altcoins if a market correction occurs.