Nifty Gateway shut down on February 23rd; Ethereum staking ratio had reached 29.47%.

Headline

▌NFT platform Nifty Gateway to shut down on February 23

NFT platform Nifty Gateway will officially shut down on February 23, 2026, and has entered a "withdrawal-only" mode, giving users one month to transfer their NFT assets and funds. At its peak, the platform facilitated over $300 million in transactions. Although it shifted its focus to building on-chain creative projects in 2024, it has now decided to cease operations. This shutdown will allow its parent company, Gemini, to focus on building a "one-stop super app," while Gemini will continue to support NFT-related functions through its Gemini Wallet.

▌Data: Ethereum staking ratio reaches 29.47%, Lido's market share reaches 23.65%

According to data from Dune Analytics, the total amount of ETH staked on the Ethereum Beacon Chain has reached 36,618,897 ETH, representing 29.47% of the total supply. Among them, the staking share of the liquidity staking protocol Lido reaches 23.65%. Furthermore, since the Shanghai upgrade, there has been a net inflow of 18,452,939 ETH.

Market Data

As of press time, according to CoinGecko data:

BTC price is $89,024.00, with a 24-hour change of -0.38%;
ETH price is $2,949.05, with a 24-hour change of -0.02%;
BNB price is $883.09, with a 24-hour change of 0);">-0.62%；
SOL price is $126.93, 24-hour change -0.20%；
DOGE price is $0.123536, 24-hour change -0.41%；
XRP price is $1.90, 24-hour change -0.52%；
TRX price is $0.296467, 24-hour change style="color: rgb(0, 176, 80);">+0.05%；
WLFI price is approximately $0.178–$0.179, 24-hour change +3.6%；

HYPE price is $23.17, 24-hour change +1.9%. According to Coin Bureau, Oklahoma lawmakers have submitted a bill to allow state employees, businesses, and individuals to accept Bitcoin payments. Riot Platforms Research Vice President: Bitcoin is Tax-Free in Many Countries, Taxing it in the US is Unjustified. Riot Platforms Research Vice President Pierre Rochard stated, "Bitcoin is not taxed in Dubai, El Salvador, Thailand, Puerto Rico, Singapore, and Germany (after holding it for a year). Taxing Bitcoin in the US is unjustified. This is terrible policy and undermines Trump's 'Bitcoin Superpower' plan. We cannot accept this." Galaxy Research Head: Key Hearing on Crypto Market Structure Legislation Next Week, Bipartisan Lawmakers May Propose Amendments. Next week will see a key hearing in the cryptocurrency market structure legislation process. Republicans on the Senate Agriculture Committee released the draft text of the Digital Commodity Intermediaries Act (DCIA). This text will be merged with related legislation completed by the Senate Banking Committee to form the overall "Crypto Market Structure Act." Since the Senate Agriculture Committee oversees the Commodity Futures Trading Commission (CFTC), this draft primarily focuses on the digital commodities market, particularly granting the CFTC exclusive regulatory and oversight authority over the spot crypto market (i.e., crypto exchanges, dealers, and brokers). The committee plans to hold a markup hearing on January 27 (Tuesday), at which time members from both parties are likely to propose amendments. While the commodities side of crypto market structure discussions—including the CFTC's regulatory authority over the spot market—is generally considered less controversial than the securities sector, this draft remains a partisan document. It has not yet received the endorsement of the Democratic chief negotiator, although it includes numerous clauses negotiated with Democrats. This Senate Agriculture Committee text is largely in line with expectations, but doesn't go far beyond that. It establishes a regulatory framework for the digital commodities spot market structure centered on the CFTC. Compared to the issues being discussed by the Senate Banking Committee, this version has a narrower scope and is less politically controversial.

Blockchain Applications

▌Strive Executive: Bitcoin Payment Adoption Hindered by Tax Policy, Not Scaling Technology

Pierre Rochard, a board member of Bitcoin finance company Strive, stated that the biggest obstacle to Bitcoin's use as a payment method is not scaling technology, which shortens settlement time and reduces transaction costs, but rather tax policy. Rochard used an analogy to describe the current underutilization of Bitcoin in the payment field: "The strongest athlete, if he plays, can beat the weakest athlete 100% of the time; but if he doesn't play and lets the weaker athlete win, then the winning probability drops to 0%." In December 2025, the non-profit policy initiative Bitcoin Policy Institute warned of the lack of a "de minimis tax exemption" for small Bitcoin transactions. Due to the lack of a de minimis tax exemption, every time BTC is used to pay someone else, it triggers a tax obligation, severely hindering its use as a medium of exchange. Currently, US lawmakers are considering limiting the minimum tax exemption to over-collateralized, dollar-pegged stablecoins—that is, tokenized dollars backed 1:1 by fiat currency cash deposits or short-term government securities—a move that has drawn strong opposition from Bitcoin supporters. Cryptocurrency Coinbase Announces Auction Mode Coinbase Markets announced on its X platform that its markets will now enter auction mode. Clients can submit limit orders and view the resulting indicative opening price. The order book will remain in auction mode for at least 5 minutes, during which no trades will occur. After the auction ends, overlapping orders will be matched at the opening price. Coinbase CEO Announces Takeaways from World Economic Forum: Major Progress Expected in Tokenization by 2026 Coinbase CEO Brian Armstrong posted on social media that his trip to the World Economic Forum in Davos yielded the following key takeaways and key issues: Tokenization Everyone is talking about tokenization. While it may seem like a buzzword, it's a significant trend. Starting with stablecoins, it's now expanding to various assets. Fortune 500 business leaders are also paying attention. Tokenization will democratize access to high-quality investments, currently unavailable to approximately 4 billion adults (i.e., "uncovered by brokerage services"). Significant progress is expected in this area by 2026. Crypto Legislation and the Clarity Act As Trump has said, we want to maintain America's position as the global crypto hub. Over the past two weeks, we've had numerous meetings with key players in Washington and Davos. Efforts are underway to draft legislation that benefits everyone—especially consumers—which has sparked some positive discussions. I can say that most of the bank CEOs I met this week were very supportive of crypto and saw it as an opportunity (though some were not entirely convinced). One CEO of a top ten global bank told me that crypto is their top priority; they see it as a matter of survival. The Trump administration and the current administration are among the most pro-crypto governments globally. They are committed to properly advancing market structure. These clear rules are crucial for global competitiveness (especially given the push for stablecoins in China and other countries), while also returning funds to the people and solidifying the US position as a global crypto hub. ESG and DEI These topics were barely mentioned this year. Overall, this week's schedule was efficient and focused on real global progress. Commendation is due to the new World Economic Forum co-chair, Larry Fink, who suggested that future WEF events could be held in other locations. Crypto and AI These are the most watched technologies and are highly complementary. Agents will default to using stablecoins for payments because they cannot perform KYC like humans. The infrastructure is already in place, and usage is growing rapidly. Coinbase and Circle Collaborate in Bermuda The two companies announced a collaboration aimed at building a fully on-chain economy. We look forward to making progress in this area and providing a model for other countries. Coinbase Markets announced on its X platform that Coinbase International will be temporarily offline for routine system maintenance starting at approximately 17:00 (UTC) on Saturday, January 24, 2026, with an estimated maintenance time of 3 hours.

▌CZ: Few Strategies Can Outperform Simple "Buy and Hold"

Binance founder CZ posted on social media that he has seen many different trading strategies over the years, but few can outperform simple "buy and hold," which is exactly what he has been doing.

Important Economic Developments

▌USD's Share of Global Foreign Exchange Reserves Falls Below 60%

In 2025, international gold prices rose by more than 64% this year, marking the largest annual increase since 1979. At this year's World Economic Forum Annual Meeting, central bank gold purchases, de-dollarization, and the independence of the Federal Reserve naturally became core topics in several sub-forums.

As Bridgewater Associates founder Ray Dalio stated, compared to dollar-denominated assets such as US Treasury bonds, gold is becoming a more valued reserve asset for global central banks, and the central bank gold-buying spree is reshaping the demand structure of the global gold market. Data from the International Monetary Fund (IMF) shows that the dollar's share in global foreign exchange reserves has fallen below 60%, hitting a multi-decade low. A survey by the World Gold Council shows that as many as 95% of central banks expect to continue buying gold in the future. This is interpreted by the market as using physical assets with "no sovereign credit risk" to hedge against deep anxieties about the dollar's credibility. (CCTV Finance) Despite the industry's claim to have entered the "mainstream" stage, even the industry's top investors have consistently failed to reach a consensus on public blockchain valuations. One group adheres to fundamental investing principles, emphasizing the importance of tangible cash flow metrics and price-to-earnings ratios (P/E). The other group consists of staunch supporters of Bitcoin and Ethereum, who subscribe to the "currency premium" theory. Is there a valuation model that satisfies both sides? Can we incorporate rational economic analysis while avoiding vague conceptual debates like "currency premium"? A valuation model proposed by Jon Ma, CEO of Artemis, seems to achieve this goal. This model is essentially a fusion of two classic valuation methods: 1. A hybrid valuation framework used by venture capital firms to evaluate early-stage technology network platforms (such as Uber and Amazon); 2. The quantity theory of money (MV = PQ). Jon Ma's model seems to have found a reasonable balance between the two groups of investors, but they will likely still find many points of disagreement. If you are a value investor, this model provides the dual assurance of a price-to-earnings ratio framework and balance sheet discipline, giving you more confidence when investing. If you don't agree with real economic value indicators, believe in the theory of currency premiums, or think that BlackRock's BUIDL tokenized fund will greatly benefit your crypto assets, then this model also fully respects the structural value inherent in tokenization and network effects. If you are a long-term cryptocurrency investor and agree with Haseeb's belief in "power-law growth," this model also leaves ample room for exponential growth. But most importantly, this is a valuation model that can be understood and accepted by Wall Street.