TL;DR

• BTC and ETH prices are in a range-bound consolidation, with BTC price rising by 0.20% over the last 24 hours.
• Among altcoins, Tokenized Assets, RWA Protocol, and Liquid Staked ETH sectors saw significant gains.
• Solana DEX’s monthly transaction volume surpassed $200 billion, setting a historical record for the entire blockchain industry.
• Trump signs executive order on cryptocurrency, exploring national crypto asset reserves.
• Senator Lummis becomes the chair of the Senate Banking Subcommittee on Digital Assets, advocating for Bitcoin strategic reserves.
• SEC withdraws SAB 121, allowing banks to custody cryptocurrencies.

Market Analysis

• BTC — BTC price increased by 0.20% in the last 24 hours, with fluctuations of over 5.2%. The current price is $104,161.6. Technically, short-term support is at $101,200, with resistance around $107,000. A breakout above the resistance level could open up further upward potential. [1]

• ETH — ETH price rose by 2.94% in the last 24 hours, with the current price at $3,303.2. The moving averages are in a bullish alignment, indicating that the market’s bulls are in control. Short-term support is at $3,200, while key resistance is at $3,365. If resistance is broken, the price could challenge $3,500, with an overall bullish trend. [2]

• ETF — As of 4 am UTC on January 24, according to SoSoValue data, the total net inflow for US Bitcoin spot ETFs on January 24 was $188 million[3], while the total net outflow for US Ethereum spot ETFs was $14.93 million[4].
• Altcoins — The Tokenized Assets, RWA Protocol, and Liquid Staked ETH sectors saw increases of 8.8%, 3.1%, and 2.1%, respectively. [5]
• US Stock Indices — The S&P 500 index rose by 0.53%, the Nasdaq index rose by 0.22%, and the Dow Jones index increased by 0.92%. [6]
• Spot Gold — Spot gold price reached $2,776 per ounce, up 0.77% for the day. [7]
• Fear and Greed Index — The Fear and Greed Index stands at 75, indicating that the market is in a state of greed. [8]

Top Performers

According to Gate.io market data [9], based on trading volume and price performance over the past 24 hours, the top-performing altcoins are as follows:

TROLL (Troll) — 1-Day Gain of Approximately 41.1%, circulating market cap of $11.37 Million
Troll was created by a group of degens and has gradually focused on building a community. After Elon Musk added “Chief Troll Officer” to his X profile, Troll gained significant attention from the cryptocurrency community on X. Recently, the price of $TROLL surged by 41.1% following the announcement of a strategic partnership with MyMemes in the Troll ecosystem. [10]

XCN (Onyxcoin) — 1-Day Gain of Approximately 105.6%, Circulating Market Cap of $813 Million
XCN (Onyxcoin) is a blockchain-based cryptocurrency designed to provide a secure and transparent payment platform while supporting decentralized finance (DeFi) applications. As the core of the Onyx ecosystem, it emphasizes privacy and security and uses advanced encryption techniques and zero-knowledge proofs (ZKPs) to protect transactions. Recently, the number of daily active addresses for XCN has increased significantly, rising by 600.66%, indicating a substantial rise in user engagement on the network. This surge in activity could be the main factor driving the price increase. [11]

XPR (XPR Network) — 1-Day Gain of Approximately 78.2%, Circulating Market Cap of $95.31 Million
XPR Network is a layer-1 proof-of-stake blockchain designed to provide additional functionality for decentralized applications (dApps), supporting token development, NFTs, decentralized exchanges, and lending applications. By using WASM smart contracts, XPR offers high performance, scalability, and efficient computation, simplifying the development process while eliminating gas fees and lowering the barrier to entry.
The recent price increase of XPR may be attributed to positive market sentiment and updates to the network’s technology. Additionally, the widespread use of XPR Network in decentralized applications, along with its low cost and high efficiency, has attracted more investors’ attention.

Data Highlights

Solana DEX Monthly Transaction Volume Surpasses $200 Billion, Setting a Historic Record for the Entire Blockchain Industry

Solana has recently become the first blockchain in history to achieve a monthly transaction volume exceeding $200 billion on a decentralized exchange (DEX), with January’s volume reaching $201.9 billion. This milestone highlights Solana’s strong competitiveness in the decentralized finance (DeFi) space and reflects the high activity and user engagement within its ecosystem.
Solana’s success is closely tied to the surge in meme coin trading, especially after Trump confirmed his election as the 47th President of the United States, which boosted market sentiment and led retail investors to flock into the meme coin market. Although meme coin trading is highly speculative, this craze has undoubtedly injected new energy into Solana, attracting significant investor attention. [13]

Ethereum Layer 2 Protocol Transaction Throughput Hits Record High, Base Leads with 67% Growth

According to data from growthepie, the transaction throughput of Ethereum’s Layer 2 protocols has reached a record high of 29.64 million Gas units per second, with Base contributing 67% of this total. This performance improvement demonstrates the enormous potential of Layer 2 solutions in increasing transaction processing speed and reducing transaction costs. With efficient scalability, Layer 2 protocols play a key role in meeting the growing transaction demands of the Ethereum blockchain. [14]

Spotlight Analysis

Trump Signs Executive Order on Cryptocurrencies, Exploring National Crypto Asset Reserves

On January 23, U.S. President Donald Trump signed a highly anticipated executive order on cryptocurrency, establishing a favorable regulatory framework for the digital asset industry. The order directs the government to establish a working group led by the head of cryptocurrency and AI affairs, Sax, with participation from multiple departments, including the SEC (Securities and Exchange Commission), CFTC (Commodity Futures Trading Commission), and cabinet officials. This group will conduct a comprehensive review of existing regulations and propose modifications or repeals. Additionally, the order explicitly bans the administration from advancing any form of Central Bank Digital Currency (CBDC) and repeals the executive order on cryptocurrency issued by former President Biden in 2022.

This policy direction signals the Trump administration’s support for the digital asset industry, seeking to provide more legal protection for industry development through legislative and regulatory collaboration.

Although the executive order itself does not carry direct legal weight, it sets the tone for cryptocurrency regulation in the U.S. and triggered short-term market reactions. However, the final implementation of the policy will depend on legislative action from Congress and enforcement by independent regulatory bodies, and the specific outcomes remain to be seen. The market response to this move was mixed, with Bitcoin’s price briefly surpassing $106,000 before pulling back to $103,500. As cooperation between the Republican-led Congress and the Trump administration continues, the crypto industry may see more policy support, though balancing industry growth with risk regulation will remain a significant challenge. [15]

Senator Lummis Appointed Chair of the Digital Asset Committee, Promoting Bitcoin Strategic Reserves

The U.S. Senate Banking Committee has officially announced the members of the newly established Digital Asset Committee, with Republican Senator Cynthia Lummis of Wyoming appointed as the chair. Lummis is regarded as one of the most crypto-friendly supporters in Congress. New Ohio Senator and blockchain entrepreneur Bernie Moreno is also on the committee. Moreno has received strong backing from the crypto political action committee, Fairshake, which provided up to $40 million in financial support for his 2024 election bid. Additionally, Arizona Democratic Senator Ruben Gallego joined the committee, having received approximately $10 million in ad support from Fairshake during the election. The committee consists of five Republicans and four Democrats, and its creation is seen as a major step in pushing forward digital asset legislation.

With the formation of this committee, the crypto industry’s focus on Congressional legislation will significantly increase. Unlike last year’s resistance from the Banking Committee, led by Democrat Sherrod Brown, to digital asset bills, new chair Lummis is expected to advance the legislative process. Lummis has previously introduced several bills related to cryptocurrency regulation, which has led to expectations that the new Congress will pass more industry-supportive legislation. However, the committee’s partisan divisions and the complexity of the crypto industry may still pose challenges for legislation, suggesting that future progress may be contentious and slow. [16]

SEC Withdraws SAB 121, Allowing Banks to Custody Cryptocurrencies

On January 23, 2025, the U.S. Securities and Exchange Commission (SEC) officially withdrew Staff Accounting Bulletin No. 121 (SAB 121) and released the new SAB 122. This landmark allows financial institutions to no longer treat client-held cryptocurrencies as liabilities when custodizing them, paving the way for banks to participate in the crypto market. SAB 121 had previously required financial institutions to record client-held crypto assets as liabilities, a rule that had been widely criticized by the industry.

This change marks a significant shift in the SEC’s stance on cryptocurrency regulation, reflecting the new leadership’s more crypto-friendly approach. With the implementation of SAB 122, companies will have more flexibility in handling accounting obligations related to crypto assets, while still being required to disclose the associated risks and liabilities. This policy change is seen as an important step in fostering the growth of the crypto industry and may catalyze increased market activity. [17]

Funding News

According to RootData, on January 24, 2025, four projects announced funding rounds, raising a total of approximately $17 million, with a focus on the Lightning Network sector. The following are the top three funding rounds:[18]

Breez — Breez completed a $5 million funding round, with participation from Entrée Capital, Ego Death Capital, and others. Breez is a Lightning Network solutions provider that is reimagining how the Lightning Network works with embedded non-custodial SDKs. This will allow any company to easily integrate P2P payments and enable users to access their Bitcoin from any device or application. With this Lightning SDK, companies can create value for users more quickly, without worrying about their Lightning infrastructure, liquidity management, or on-chain interoperability.

Radius — Radius completed a $7 million funding round, led by Pantera Capital and Hashed. Radius is a company focused on building decentralized cloud storage solutions. Its goal is to provide efficient, secure, and privacy-preserving infrastructure that allows users to easily store and manage data. The platform is dedicated to advancing the development of Web3 applications and improving the flexibility and usability of blockchain data access.

Swarm Network — Swarm Network completed a $3 million funding round, led by y2z Ventures and Zerostage. Swarm Network is an innovative company focused on decentralized finance (DeFi) solutions, specializing in providing trustless asset trading and management tools for users. The platform utilizes smart contract technology to achieve efficient and secure asset transactions, further promoting the development of decentralized trading markets.

Airdrop Opportunities

Avalon Labs

Avalon Labs focuses on building a DeFi ecosystem centered around Bitcoin, with its core product being the over-collateralized stablecoin USDa. The project raised over $10 million in funding, led by the well-known U.S. venture capital firm, Framework Ventures. USDa offers an 8% fixed lending rate, addressing the barriers between traditional finance and decentralized finance (DeFi), providing Bitcoin holders with an efficient and stable way to utilize their funds. According to the whitepaper, 20% of Avalon Labs’ tokens will be used for airdrop rewards, and users can earn Avalon Tokens (AVL) through task completion. [19]

How to Participate:

1. Enter the Swap interface, exchange USDT for USDa, and stake it as sUSDa. [20]
2. Complete personal information registration on the airdrop page. [21]

Note:
The airdrop plan and participation methods may be updated at any time. Users are advised to follow Avalon’s official channels for the latest information. Additionally, users should exercise caution, be aware of the risks, and conduct thorough research before participating. Gate.io does not guarantee the distribution of future airdrop rewards.


References:

1. Gate.io,https://www.gate.io/trade/BTC_USDT
2. Gate.io,https://www.gate.io/trade/ETH_USDT
3. SoSoValue,https://sosovalue.xyz/assets/etf/us-btc-spot
4. SoSoValue,https://sosovalue.xyz/assets/etf/us-eth-spot
5. Coingecko,https://www.coingecko.com/en/categories
6. Investing,https://investing.com/indices/usa-indices
7. Investing,https://investing.com/currencies/xau-usd
8. Gate.io,https://www.gate.io/bigdata/homeindex
9. Gate.io,https://www.gate.io/price
10. Gate.io,https://www.gate.io/trade/TROLL_USDT
11. Gate.io,https://www.gate.io/trade/XCN_USDT
12. Gate.io,https://www.gate.io/trade/XPR_USDT
13. Dfillama,https://defillama.com/dexs/chains
14. Growthepie,https://www.growthepie.xyz/fundamentals/throughput
15. Fortune,https://fortune.com/crypto/2025/01/23/trump-executive-order-crypto/
16. X,https://x.com/SenLummis/status/1882579714151530872
17. SEC,https://www.sec.gov/rules-regulations/staff-guidance/staff-accounting-bulletins/staff-accounting-bulletin-122
18. Rootdata,https://www.rootdata.com/Fundraising
19. Avalon Labs,https://docs.avalonfinance.xyz/avl-governance-token/avl-tokenomics
20. Avalon Labs,https://usda.avalonfinance.xyz/rewards/?referral_code=LVK91P
21. Avalon Labs,https://avl.avalonfinance.xyz/airdrop/

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Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.