HIP-3 Open Interest Hits ATH

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Market Snapshot: Overnight Moves

Daily Updates:

• Both crypto and US equities saw modest gains yesterday ahead of the Fed’s first FOMC meeting of the year. 
• BTC currently trades just under $88K while ETH trades above $2,900, both supported by continued demand from digital asset treasury firms. 
• Strategy announced yesterday that it had purchased 2,932 bitcoins for $264.1M. That follows a $2.13B purchase earlier in the month. 
• Meanwhile, the largest ETH digital asset treasury (by supply of ETH owned), BitMine Immersion Technologies, announced yesterday that it had purchased another 40,302 ETH ($116M) over the course of last week — its largest purchase so far this year. 
• Additionally, Onchain data shows BitMine has staked an additional 209,504 ETH worth about $610M today. In total, BitMine has staked 2,218,771 ETH valued at approximately $6.52B, representing more than 52% of its total ether holdings.
• Spot Ethereum ETFs also ended four days of outflows yesterday, recording a net inflow of $117M.

• On Wall Street, the S&P 500 advanced 0.5% while small-cap stocks fell for another day with the Russell-2000 index closing 0.36% lower. 
• The US dollar continued its slide lower, with the Dollar Strength Index (DXY) trading at its lowest level since September 2025.

• President Trump raised tariffs on goods from South Korea from 15% to 25% after claiming that the country had failed to adhere to the trade agreement negotiated between both countries last year.
• On Truth Social the president said that "South Korea's Legislature is not living up to its Deal with the United States” and that the tariff rate is being increased "because the Korean Legislature hasn't enacted our Historic Trade Agreement, which is their prerogative."

• The Senate Agriculture Committee said it has postponed its meeting on wide-ranging cryptocurrency legislation to Thursday, January 29th.
• The session would be the Senate’s first move to amend and vote on a broad crypto framework that would expand the CFTC’s remit. 

• BlackRock has filed with the SEC to launch a yield generating iShares Bitcoin Premium Income ETF. 
• Similar to its headline BTC ETF, IBIT, the fund would hold bitcoin as the underlying to track its price, while also earning income through an actively managed covered-call strategy.

• HYPE stated in a post on X yesterday, Jan 26, that a “surge in commodities trading” is pushing open interest on HIP-3–deployed decentralised exchanges to fresh all-time highs, with onchain data showing OI peaking above $790M. 

• VanEck launched the first US-listed AVAX ETF on Monday.
• The fund trades as VAVX and includes potential staking rewards, which the firm positioned as the first and only US-listed ETP offering both AVAX price exposure and staking-linked returns.
• VanEck is waiving sponsor fees on the first $500M in assets or until 28 February, "whichever comes first," after which the fee will be 0.20%.

• Bitwise said it has launched its first onchain vault strategy via Morpho, according to its post yesterday, targeting up to 6% yield on USDC by deploying capital into over-collateralised lending markets.
• The firm is joining as a vault curator, with Bitwise managing strategy design and real-time risk controls while users remain non-custodial and funds stay onchain.
• Bitwise framed the product as a bridge to onchain yield for investors who want DeFi exposure without having to run complex risk parameters themselves, with scope to expand into other assets and strategies over time.

This Week’s Calendar:

Charts of the Day: