Tether 发布 2025 年第四季度（Q4）报告，USDT 多项核心数据刷新历史纪录。报告显示，USDT 市值在 Q4 增长 124 亿美元，达到 1873 亿美元；季度内链上月活跃用户数、转账次数及转账金额均创历史新高，链上持有 USDT 的钱包数量也录得最大单季度增幅。用户规模方面，USDT 在 2025 年第四季度新增约 3520 万名用户，预估用户总数增至 5.345 亿，已连续第八个季度实现单季用户增长超过 3000 万。储备方面，Tether 总储备在第四季度增加 117 亿美元，达到 1929 亿美元，净资产约 63 亿美元。储备资产包括 96,184 枚比特币（季度内增加 9,850 枚）以及 127.5 公吨黄金（季度内增加 21.9 公吨）。报告指出，USDT 市值在 10 月环比增长 4.9%，随后受 10 月 10 日清算风暴影响，增速有所放缓。

何一在 X 平台发文表示，社区部分用户发起了“提币运动（withdrawal campaign）”，不过在该行动启动后币安地址内的资产数量反而出现增长，定期对所有交易平台发起提币其实是一次非常有效的压力测试，但提醒在提币过程中需要仔细核对地址以降低操作错误风险，因为区块链转账一旦完成通常无法追回资金。何一还表示，正在学习以积极的心态看待一切，例如价格下跌可能是以更低价格获得高价值资产的机会，而 FUD 可以提高那些之前不了解币安的人对币安的认知，同时强调相关观点不构成投资建议。

The recent fluctuations in the metals and foreign exchange markets are driving a surge in recruitment by hedge funds and banks, as institutions compete for traders who can capitalize on increased volatility. According to Jin10, multi-strategy fund companies are particularly focused on hiring experts in 'volatility arbitrage,' a strategy that profits from the difference between expected and actual market volatility. Tony Ernest, managing partner at hedge fund recruitment firm Monroe Partners Asia, noted that these traders have been highly successful in recent days. A founder of a recruitment company in Tokyo reported that Japanese securities firms are actively seeking foreign exchange and fixed income traders. Additionally, a source revealed that a major Australian bank, following its best monthly trading revenue performance in nearly a decade, plans to expand its workforce in areas including commodities.

Hong Kong's new consumer sector experienced a notable upswing as several stocks showed significant gains. According to Jin10, Pop Mart International Group (09992.HK) led the charge with an increase of over 4%. Other companies such as Gu Ming (01364.HK), Lao Pu Gold (06181.HK), Blue Orca (00325.HK), Weilong (09985.HK), and Mixue Group (02097.HK) also followed suit with upward trends in their stock prices.

On February 5, Westpac's Chief Economist Luci Ellis suggested that the Reserve Bank of Australia (RBA) might be compelled to implement a second consecutive interest rate hike in March. According to Jin10, the RBA became the first major monetary authority to raise rates this year on Tuesday. Previously, traders and economists widely anticipated that the RBA would take further action at its May meeting following the release of first-quarter inflation data. For most market observers, the threshold for action next month is considered high. Ellis, who previously served as the RBA's Assistant Governor, stated in an interview on Wednesday, "I cannot rule out the possibility of consecutive rate hikes in March." Although her core prediction remains a rate hike in May, she added, "If the data flow between now and the March meeting shows stronger momentum, consecutive hikes could occur." Ellis noted, "If conditions roughly align with our expectations, I believe they have reason to maintain rates until May. However, I also observed that the Governor clearly stated in the press conference that their projected inflation trajectory is unacceptable. They wish to reduce inflation more swiftly."

据链上分析师余烬监测，4 小时前，某巨鲸 (a82e...51f5c) 已完成全部清仓。该巨鲸在 4 天时间内止损卖出 96,585 枚 ETH（价值 2.14 亿美元）和 33.4 万枚 SOL（价值 3151 万美元），累计亏损达 1.41 亿美元。其中，ETH 于去年 7 月以 3363 美元均价买入，近日以 2222 美元均价卖出，亏损 1.1 亿美元；SOL 于去年 10 月以 186 美元均价买入，近日以 94 美元均价卖出，亏损 3078 万美元。在清仓并偿还借款后，该地址目前持有 5834 万 USDC。

Hong Kong's Securities and Futures Commission (SFC) is contemplating permitting licensed virtual asset trading platforms (VATPs) to offer secondary trading services for tokenized securities to retail clients. According to ChainCatcher, Lo Hoi-sze, Deputy Director of the SFC's Intermediaries Division, stated that the authorities are examining the relevant requirements, operational risks, and control measures, and are drafting related circulars. Currently, retail investors in Hong Kong can only subscribe to and redeem tokenized funds in the primary market. Lo highlighted the SFC's interest in the local tokenized money market funds and expressed a desire to enable their trading on licensed VATP platforms. The SFC has initiated preliminary consultations with the industry regarding these requirements. Lo emphasized that from the SFC's perspective, tokenized securities are fundamentally the same as ordinary securities, with the addition of a technological aspect. Therefore, the regulatory principle of "same business, same risk, same rules" will be applied.

Uniswap founder Hayden Adams expressed concerns on the X platform regarding the characterization of Rollup projects as 'parasitic.' According to Odaily, Adams highlighted that these projects undertake significant and costly engineering efforts to expand Ethereum. In a Rollup-centric roadmap, these tasks are intentionally outsourced. Adams suggested that if Ethereum aims to be more self-reliant, it should adopt a serious engineering-driven approach rather than treating every issue as a research problem.

Uniswap 创始人 Hayden Adams 在 X 平台发文表示，将 Rollup 描述为“寄生”的主要问题在于，这些项目承担了大量扩展以太坊的艰巨且昂贵的工程工作。在以 Rollup 为中心的路线图中，这些工作是有意向其外包的。如果以太坊希望更加独立，则需要采取严肃的工程驱动方法，而非将每个问题都视为研究问题。

US officials have suggested that cryptocurrency market legislation could be signed by April. According to NS3.AI, Senate Democrats are reportedly showing positive signals towards this development. Meanwhile, CME Group is considering the launch of its own token. Investment groups and miners are actively raising significant funds to expand their Bitcoin holdings. In China and Hong Kong, regulatory scrutiny is intensifying. New laws are being introduced to address cryptocurrency-related crimes, and there are developments in stablecoin licensing. These regulatory changes reflect a growing focus on the cryptocurrency sector in the region.

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