1. The US core CPI rose 0.3% month-on-month and 2.5% year-on-year in January.
In January 2026, the U.S. Consumer Price Index (CPI) rose 0.2% month-over-month (seasonally adjusted) and 2.4% year-over-year (unadjusted); the core CPI, excluding food and energy, rose 0.3% month-over-month and 2.5% year-over-year in January.
2. Vitalik discusses crypto incentive mechanisms, arguing that the focus should be on practical applications rather than indiscriminate subsidies.
Ethereum founder Vitalik Buterin published a lengthy article discussing the boundaries of crypto incentive mechanisms, arguing that ideal incentives should only be used to compensate for unavoidable temporary costs before a protocol matures, rather than to attract low-quality users who will never use it after the protocol matures. Vitalik emphasized that liquidity rewards in the DeFi space are justified because they compensate for early risks, but simply paying tokens in exchange for social attention (such as tweet subsidies) often damages community quality and leads to user churn after incentives dry up. He called on the industry to return to its essence, focusing on developing truly useful applications rather than maintaining a false prosperity through indiscriminate payments.
3. Coinbase reported a loss of $667 million in Q4, with revenue down 20% year-over-year.
Coinbase Global Inc. reported a 20% year-over-year decline in revenue to $1.8 billion in the fourth quarter of 2025, reversing a net loss of $667 million from a profit of $1.3 billion in the same period last year. This was primarily driven by the decline in cryptocurrency prices, which dampened trading activity, and impairment losses on holdings. The stock price has fallen nearly 37% year-to-date. During the same period, Bitcoin has fallen nearly 50% from its October high, retail trading has cooled, and several platforms have faced pressure, including Gemini Space Station Inc. planning to lay off up to 25% of its workforce, the departure of Payward Inc.'s CFO, and Robinhood Markets Inc. reporting a 38% decline in cryptocurrency trading revenue. Coinbase announced that its Bitcoin investment holdings increased by $39 million in the fourth quarter.
4. The total market capitalization of tokenized gold has exceeded $6 billion, an increase of over $2 billion since the beginning of this year.
The total market capitalization of tokenized gold has exceeded $6 billion, an increase of more than $2 billion since the beginning of this year. Tether Gold (XAUT) and Paxos Gold (PAXG) together account for approximately 96.7% of the market share. More than 1.2 million ounces of gold have been locked in tokenized gold, with the largest single-day minting occurring on January 31, when XAUT minted 192,700 gold tokens, equivalent to $937 million.
5. Arkham: Bhutan sells another $6.7 million worth of Bitcoin, total holdings still reach $372 million.
Bhutan has sold another $6.7 million worth of Bitcoin. This follows weekly Bitcoin sales in the country over the past three weeks. Bhutan originally planned to partner with Bitdeer Technologies for mining, expecting to provide up to 600MW of Bitcoin hashrate, but on-chain data shows that its mining speed has slowed since the April 2024 halving. Furthermore, Bhutan sold at least $100 million worth of Bitcoin in September and continues to sell gradually. Identified wallets still hold approximately $372 million worth of Bitcoin.
