加密用户 Matt Batsinelas 表示，相较受 MiFID II 等监管约束的股票研究，美国多数加密研究机构存在“付费研究、披露不足”的现象。对此，Galaxy Research 分析师 Alex Thorn 回应称，Galaxy Research 从未接受任何外部公司、项目或协议的报酬，并在所有报告、通讯与播客中进行充分利益披露。

<div>加密用户 Matt Batsinelas 表示，相较受 MiFID II 等监管约束的股票研究，美国多数加密研究机构存在“付费研究、披露不足”的现象。对此，Galaxy Research 分析师 Alex Thorn 回应称，Galaxy Research 从未接受任何外部公司、项目或协议的报酬，并在所有报告、通讯与播客中进行充分利益披露。<br><br></div>

Galaxy Research 回应“付费研究”质疑，称从未接受外部报酬并充分披露

Crypto user Matt Batsinelas stated that compared to stock research regulated by laws like MiFID II, most US crypto research firms exhibit a pattern of "paid research and insufficient disclosure." In response, Galaxy Research analyst Alex Thorn stated that Galaxy Research has never received compensation from any external companies, projects, or agreements, and that it fully discloses its interests in all reports, communications, and podcasts.

<div>Crypto user Matt Batsinelas stated that compared to stock research regulated by laws like MiFID II, most US crypto research firms exhibit a pattern of &quot;paid research and insufficient disclosure.&quot; In response, Galaxy Research analyst Alex Thorn stated that Galaxy Research has never received compensation from any external companies, projects, or agreements, and that it fully discloses its interests in all reports, communications, and podcasts.<br><br></div>

Galaxy Research responded to allegations of "paid research," stating that it has never received external compensation and has fully disclosed its practices.

Author: Yuanshan Insights
Data Source: Farside Investors, SoSoValue, Fed H.4.1 Report, CryptoQuant

On the first trading day of 2026, BTC ETF saw a net inflow of $471 million.

What does this figure mean?

In November and December, the combined net outflow of spot BTC ETFs was approximately $4.57 billion; with a net outflow of approximately $1.09 billion in December alone.

Many people frantically sold at a loss above 93K, and institutions bought back about one-tenth of that amount on January 2nd alone.

Also happening...

Smart money influx! Decoding the three driving forces behind the BTC rebound.

After a long period of weakness, the meme coin has finally seen an encouraging rebound.
Since mid-September last year, the total market capitalization of Meme Coin gradually declined from approximately $80 billion to a low of only $35 billion, with virtually no significant rebound along the way. However, in the first week of 2026, the total market capitalization of Meme Coin finally rebounded, returning to nearly $50 billion.
During the same period, the market capitalization of Meme coin as a percentage of the overall Altcoin reached its lowest point since July 2022, almost reaching its lowest level since then...

Besides $114,514, what other projects should I keep an eye on?

Source: A16z

Original Title: Privacy Trends for 2026
Compiled and Organized by: BitpushNews

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1. Privacy will become the most important moat in the crypto space this year

Privacy is a key feature for the global financial migration to on-chain. However, almost all existing blockchains lack this feature...