“All the United States is asking for is a place called Greenland.”

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Market Snapshot: Overnight Moves

Daily Updates:

• Risk assets saw a modest recovery yesterday, fueled by another moment of reversal from President Trump as he announced a “framework of a future deal” for Greenland. According to the US president, if his framework is accepted, he will no longer impose the 10% tariff on NATO countries that he had planned to begin from Feb 1, 2026. 
• BTC is currently trying to reclaim the $90K level, while at the time of writing ETH is holding up just above $3K. 
• In options markets, almost all of the bearish skew that was priced in the immediate short-term has now been reversed. For BTC, 7-day volatility smiles showed OTM put contracts trading with a 10 vol point premium over calls earlier in the day yesterday. That premium has now been reduced to 4%, though is still bearish. ETH volatility smiles showed a similar recovery also — the 7-day skew rose from -7% to -2.5%. 

• In Wall Street, after having the worst day since April earlier in the week following a rout in the Japanese government bond market and flaring Greenland tensions, US equities showed signs of recovering risk appetite. 
• The S&P 500 advanced 1.16%, the Nasdaq-100 ended 1.36% higher, and as we have seen so far this year, small-caps (as measured by the Russell-2000) rose 2%. 
• US treasury bonds also rallied, with the yield on the 10-year note sliding four bps to 4.25%.

• Prior to the announcement of the trade framework, Trump said he was “seeking immediate negotiations” with regards to the acquisition of Greenland, during his speech at the World Economic Forum. He cautioned European leaders that “They have a choice. You can say yes, and we will be very appreciative. Or you can say no and we will remember.”
• Trump added in his speech that the US did not need to involve its military either to capture Greenland — “I don’t have to use force. I don’t want to use force. I won’t use force. All the United States is asking for is a place called Greenland.”
• With regards to the US stock market, the president said that it “is going to be doubled. We’re going to hit 50,000 and that stock market’s going to double” due to his administration's policies on the US economy. 

• In Japan, super-long maturity government bonds rebounded for a second session. The 30-year yield is down 10bps over the past 24 hours, while the 40-year yield trades close to 4.0% after touching a record high of 4.22% earlier this week. 
• Additionally, despite another TACO moment from President Trump and further threats over Greenland at least temporarily reduced, the demand for safe-haven gold remained largely intact. Over the past five days, gold is up 4.40% and it currently trades above $4,800. 

• Yesterday the US Supreme Court heard arguments in the case of mortgage fraud allegations from Fed Governor Lisa Cook, which President Trump has attempted to use to fire the governor. 
• Justice Brett Kavanaugh said Trump’s position would “weaken if not shatter the independence of the Federal Reserve”, while Justice Amy Coney Barrett asked whether the risk to financial markets was reason for “caution on our part”. 
• Justice Sonia Sotomayor argued that since the creation of the Fed in 1913 “it’s unprecedented that any Federal Reserve officer has ever been removed. So the unprecedented nature of this case is a part of what the president did, not what Ms. Cook did.”
• In a statement issued after the argument, Cook said that the entire court case “is about whether the Federal Reserve will set key interest rates guided by evidence and independent judgment or will succumb to political pressure.”

• Thailand is preparing a meaningful upgrade to its crypto market infrastructure.
• According to a Bangkok Post report published on January 22, 2026, the Thai SEC is drafting a new rule package for 2026 that would support crypto ETFs and enable crypto futures trading on the Thailand Futures Exchange (TFEX).
• The regulator has already given “in-principle” approval to crypto ETFs and is now working through the detailed eligibility, operational and investor-protection requirements.

• Washington’s crypto market structure push is being delayed again, with the Senate Banking Committee expected to push back its timeline by several weeks as lawmakers shift focus to housing affordability.
• Bloomberg reports the committee is prioritising legislation aligned with President Donald Trump’s move to restrain large institutional investors buying up single-family homes – an agenda pivot that could push crypto markups and negotiations into late February or March.

• The Senate Agriculture Committee has released a bracket-free version of its crypto market structure bill ahead of the 27 January hearing.
• Chair John Boozman said the draft strengthens consumer protections and expands the CFTC’s authority, but acknowledged outstanding disagreements on core policy issues.
• The text also narrows the scope versus the earlier discussion draft, leaving out provisions on non-controlling developers and excluding anti-money laundering language.
• Any bill will still need to be reconciled with the Senate Banking Committee’s framework and secure 60 votes on the Senate floor, with SEC–CFTC jurisdiction, DeFi, and stablecoin rewards remaining key sticking points.

• F/m Investments, a Washington, DC-based asset manager and ETF issuer, is seeking SEC approval to tokenise shares of its U.S. Treasury 3 Month Bill ETF (TBIL) by recording ownership on a permissioned blockchain.
• The firm states that the structure would mirror existing TBIL shares under the same CUSIP, with identical rights, fees, voting, and economic terms, thereby positioning the product as a regulated alternative to unregistered token offerings. 

• Ondo Finance announced that it is rollied-out its tokenized securities platform Ondo Global Markets to Solana, introducing more than 200 tokenized U.S. stocks and ETFs to the network for the first time. 
• The expansion positions Ondo Global Markets as Solana’s largest real-world asset issuer by number of assets.

• BitGo priced its IPO at $18 per share, selling 11.8M shares to raise around $212.8M and becoming the first crypto-focused public listing of 2026.
• The deal implies an approximately $2B fully diluted valuation, and the company is set to start trading on the NYSE on Thursday under the ticker BTGO.

This Week’s Calendar:

Charts of the Day: