One nice effect of block-payload separation under ePBS is that removing the EL payload keeps the beacon block size essentially constant. As a result, propagation-to-attestation time no longer scales with L1 throughput.
I hadn’t appreciated that perspective enough.

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The months-long "reality show" of selecting the Federal Reserve Chairman is about to reach its final chapter, with the market predicting a frenzy of bets on the former Fed governor who once declared "inflation is an option," as he may become the "tough guy" chairman who ends the era of loose monetary policy.

The Fed Chair's decision will be revealed tonight: Kevin Warsh's chances of winning surge to 95%. Is he an ally of the crypto or the ultimate boss?

Original Title: Why BTC and ETH Haven't Rallied with Other Risk Assets
Original Author: @GarrettBullish
Original Translation: Peggy, BlockBeats
Editor's Note: Amidst rising prices across multiple asset classes, the temporary stagnation of BTC and ETH is often simply attributed to their "risk asset attributes." This article argues that the core issue lies not in the macro environment, but in the deleveraging phase and market structure of the crypto market itself.

As leverage clearing nears its end...

The truth behind Bitcoin and Ethereum's "stagnation": an endogenous deleveraging dilemma

Authors: Viee, Amelia | Biteye Content Team

On January 29, 2026, gold prices plummeted 3% in a single day, marking its largest drop in recent times. Just days earlier, gold had broken through $5,600 per ounce, reaching a new high, with silver following suit. The year 2026 has barely begun, and gold has already far exceeded JPMorgan Chase's mid-December forecast.

In contrast, Bitcoin remains within a weak, oscillating range after its correction, and the market performance of traditional precious metals and Bitcoin continues to diverge. Despite being called "digital gold," Bitcoin seems far from stable, especially amidst traditionally bullish factors such as inflation and war...