January 31, OKX founder Star posted on social media, stating that the market crash on October 10 was caused by irresponsible marketing activities of certain companies, with no complex reasons, and certainly not by chance.On October 10, hundreds of billions of dollars in funds were liquidated. As the CEO of OKX, we clearly observed that since that day, the cryptocurrency market's microstructure has undergone a fundamental change. Many industry participants believe that the damage caused by this event is more severe than FTX's collapse. Subsequently, extensive discussions have taken place in the market regarding the reasons for the incident and how to prevent a recurrence. The root cause of the problem is not difficult to trace. Here is what happened originally:· Binance launched a temporary user acquisition activity, offering up to a 12% annualized yield for USDe, while allowing USDe to be used as collateral and giving it the same treatment as USDT and USDC, without setting an effective limit.· USDe is essentially a tokenized hedge fund product, fundamentally different from BlackRock's BUIDL, which is a low-risk tokenized money market fund. In contrast, USDe embeds hedge fund-level risk.· Binance encouraged users to convert USDT and USDC to USDe to earn attractive returns but did not emphasize its underlying risks sufficiently. From a user's perspective, trading with USDe seemed no different from traditional stablecoins—yet the actual risk level was significantly higher.· As the risk escalated with a series of user operations, accompanied by inflated annualized returns, even a slight market shock was enough to trigger a collapse. When volatility struck, USDe quickly deviated from its peg. Chain liquidations followed rapidly, and risk management flaws surrounding assets such as WETH and BNSOL further amplified the crash. The prices of some tokens briefly approached zero. This has caused severe damage to global users and businesses (including OKX customers), and the recovery process will take time.Star emphasized that the discussion was about the root cause, not blaming or attacking Binance. Candid discussions about systemic risk can sometimes be uncomfortable, but if the industry is to mature and take responsibility, it is a necessary step. What the industry needs is leaders who prioritize market stability, transparency, and responsible innovation, rather than those who see criticism as hostility and adopt a winner-takes-all mindset.

January 31st, Citigroup Friday said that the gold investment allocation is supported by a series of intertwined geopolitical and economic risks, but about half of these risks may dissipate later this year.Citibank said that some core risk factors supporting gold demand — including concerns about U.S. government debt and AI uncertainty — could lead to the gold price remaining at elevated levels above historical averages.However, the bank estimated that most of the risk currently priced into the gold price will not truly materialize by 2026, or even if it does, it will not hold beyond 2026. The bank added: "We see the Trump administration working to achieve 'American-style gold stability' during the 2026 midterm elections, and we also see the end of the Russia-Ukraine conflict and the eventual easing of the Iran situation, all of which will mean a relative decline in risk compared to current levels. If Powell's nomination is approved, this will further confirm our long-held view that the Fed continues to maintain its political independence. This view is another mid-term negative factor affecting the gold price." (Oriental Wealth)

January 31st, according to Bitget market data, the U.S. stock market closed down on Friday, with the three major indexes falling, the Dow Jones Industrial Average fell by 0.36%, the Nasdaq fell by 0.94%, and the S&P 500 fell by 0.43%. Cryptocurrency stocks also fell across the board, including:Coinbase (COIN) fell by 2.23%Circle (CRCL) fell by 5.36%MicroStrategy (MSTR) rose by 4.55%Bullish (BLSH) fell by 7.53%Gemini (GEMI) rose by 0.91%Bitmine (BMNR) fell by 5.99%SharpLink Gaming (SBET) fell by 5.23%Bit Digital (BTBT) fell by 3.79%ETHZilla (ETHZ) fell by 7.54%BTCS Inc (BTCS) fell by 11.46%ALT5 Sigma (ALTS) fell by 2.33%American Bitcoin (ABTC) fell by 1.95%Kindly MD (NAKA) fell by 4.3%

January 31st, according to Bloomberg, a Nomura Holdings Inc. executive stated that the company has strengthened its risk controls for its cryptocurrency business as its European operations turned into losses due to the downturn in the digital asset market.Chief Financial Officer Hiroyuki Moriuchi said during a quarterly earnings review call, "We have tightened management of positions and risk management to suppress short-term profit fluctuations." He stated that Japan's largest brokerage has reduced its cryptocurrency holdings but remains committed to the long-term development of its cryptocurrency business.

January 31st, according to Bitget market data, spot silver plummeted over 35% in a single day on January 30th, ultimately closing down 26.48% at a price of $85.3.According to Coinglass data, liquidations across the network in the past 24 hours amounted to $1.382 billion, with XYZ:SILVER (mainly on Hyperliquid for silver) liquidating $150 million and XAG liquidating $36.69 million. Silver trading overall has become the third largest asset in terms of liquidation amount in the crypto field, second only to Ethereum and Bitcoin. Silver, as a TradFi trading asset, has been massively launched in the crypto field for less than a month.

January 31st. USD stablecoin USDT issuer Tether announced on Friday that it expects to achieve a net profit of over 10 billion US dollars for the full year 2025. This strong performance is attributed to the steady growth of its flagship token and its ongoing holdings of US Treasury bonds and gold positions.The fourth-quarter attestation report, signed by the Italian accounting firm BDO Italy, shows that Tether holds excess reserves of 6.3 billion US dollars, providing a buffer for its 186.5 billion US dollars in outstanding tokens. The circulating supply of USDT has increased by 50 billion US dollars in the past year, with a total supply surpassing 186 billion US dollars.The company continues to hold US Treasury bonds, with a direct exposure of 122 billion US dollars, totaling 141 billion US dollars when including overnight repurchase agreements. This positions Tether as one of the largest holders of US government debt globally.Tether also maintains significant allocations to gold and Bitcoin, with the report showing holdings of 17.4 billion US dollars in gold and 8.4 billion US dollars in Bitcoin. According to a Bloomberg interview with Paolo Ardoino earlier this month, the company has been purchasing physical gold at a rate of up to two tons per week, with monthly purchase amounts potentially exceeding 1 billion US dollars at this pace.Furthermore, Tether's investment portfolio (managed separately from reserve assets) is valued at 20 billion US dollars.

January 31, Friday: The US dollar surged significantly, marking its largest single-day gain since July, as the plunge in gold and silver weighed on currency exchange rates from the Australian Dollar to the Swiss Franc.The US Dollar Index (DXY) ended this turbulent month with a gain of around 0.9%. During this period, the index experienced significant volatility due to Trump's policies. The dollar's rebound on Friday was supported by the fall in precious metal prices and the impact of Trump's choice of Powell as Federal Reserve Chair, but the index still fell by about 1.4% in January, making it the worst-performing month since August."Overall, market sentiment is rather tense," said Catherine Brooks, Research Director at XTB. "The dollar depreciation trade has currently been paused, but that does not mean the trade has ended." The Australian Dollar, Swiss Franc, and Swedish Krona (currencies affected by precious metal prices) led the decline among G10 currencies. Silver saw its largest single-day drop in history, while gold experienced its largest drop since the early 1980s, ending its previous uptrend. (FX Street)

January 31st, according to Bloomberg, a political fundraising group initiated by cryptocurrency billionaire brothers Cameron Winklevoss and Tyler Winklevoss raised over $22 million in the last five months of 2025, but these Bitcoin-based donations may shrink significantly due to market volatility.According to the latest filings submitted to the Federal Election Commission (FEC), the twins, who operate the cryptocurrency exchange Gemini, transferred 188.4547 Bitcoins to their super PAC Digital Freedom Fund in August. At that time, the price of Bitcoin was around $114,000, but the super PAC did not immediately convert it to cash. The filings show that as of December 31st, the committee still held these Bitcoins. However, by that time, the price of Bitcoin had dropped by about 23% to below $88,000, resulting in a nearly $5 million loss in the donation's market value.

January 31st: On January 30th local time, the U.S. Senate passed a spending bill to fund most federal government departments and sent it to the House for consideration. As House members are not in Washington and will not return until Monday, February 2nd, the Senate's vote could not avoid a partial government shutdown starting in the early hours of the 31st.House Speaker Mike Johnson said during a private call with House Republicans on the same day that the most likely path for the House to pass the bill would be through a quick vote on Monday evening.

January 31st, according to Onchain Lens monitoring, in the past 24 hours, a whale spent 8.02 million USDT to purchase 1,585 XAUT.Currently, the whale holds a total of 2,563.77 XAUT, with a total purchase cost of 13 million USDT, and an average purchase price of 5,069 USDT.