PA Daily | a16z raises $15 billion, focusing on investments in AI and the crypto sector; Meme coin "I'm coming" reaches a new market cap high

Today’s Headlines Reminder:

1. South Korea’s Supreme Court rules that Bitcoin within exchanges can be seized

2. After the Non-Farm Payrolls report, the probability of the Federal Reserve maintaining interest rates in January rises to 97.2%

3. a16z completes $15 billion fundraising, focusing on AI and crypto investments

4. Stablecoin payment company Rain completes $250 million in a new funding round, post-money valuation reaches $1.95 billion

5. Total stablecoin trading volume in 2025 hits a record high of $33 trillion, with USDC leading

6. Meme coin “I’m Coming” reaches a new market cap high, up 63.4% in 24 hours

Macro & Regulation

South Korea’s Supreme Court rules that Bitcoin within exchanges can be seized

On December 11, 2025, South Korea’s Supreme Court ruled that Bitcoin stored on centralized exchanges is subject to seizure under criminal procedure law. The court upheld the decision to seize 55.6 BTC held by a money laundering suspect. The ruling states that Bitcoin has independent management, tradability, and economic value. This means that in South Korea, users storing Bitcoin on platforms like Upbit and Bithumb face clearer legal risks. Crypto assets related to suspected crimes can be directly frozen and seized on exchanges, which will also face increased pressure to cooperate with search warrants and maintain strict KYC and tracking systems.

French tax authorities may have leaked cryptocurrency holder information

According to Cryptopolitan citing French media, a former French tax official may have leaked data on cryptocurrency holders, increasing the risk of physical attacks targeting this group. The former tax official Ghalia C. was convicted of aiding organized crime and is currently appealing. Investigations show she used access to confidential tax databases to gather information on potential targets, including crypto investors, and may have leaked their locations and capital gains data. Although there is no evidence she planned actual attacks on crypto holders, this case highlights the risk of tax systems becoming sources of data leaks. As European tax authorities tighten monitoring of crypto assets, such leaks could pose higher security threats to holders.

Grayscale HYPE ETF registered in Delaware

According to US company registration data, Grayscale HYPE ETF was officially registered in Delaware on January 8, 2026, with registration number 10465863. The entity is a statutory trust, with CSC Delaware Trust Company as registered agent, located at 251 Little Falls Drive, Wilmington, DE 19808.

Earlier today, it was also announced that Grayscale BNB ETF completed registration in Delaware.

Bank of New York Mellon launches tokenized deposits to expand digital asset services

BNY Mellon has launched a tokenized deposit service allowing clients to transfer funds via blockchain, marking its deeper entry into digital assets as a major global bank. The company states that this digital cash form is an on-chain representation of deposits in BNY Mellon accounts. As the bank moves toward 24/7 operations, this service can be used for collateral and margin trading, and can accelerate payments. Participating clients include exchange operator Intercontinental Exchange, trading firms Citadel Securities and DRW Holdings, Ripple Labs Inc.'s Ripple Prime, asset manager Baillie Gifford, and stablecoin company Circle.

US December Non-Farm Payrolls fall short of expectations, unemployment rate dips slightly but labor market deterioration persists

According to Jinshi, data from the US Bureau of Labor Statistics released on Friday shows 50,000 new jobs in December, below economists’ forecast of 60,000. The unemployment rate fell to 4.4% from 4.6% in November. After severe impacts from the government shutdown on November and October data, this release provides the most complete picture of the US labor market in months. November’s job gains were revised down to 56,000 from an initial 64,000. The data further confirms signs of labor market deterioration, with federal layoffs and private sector hiring slowdown impacting the market. The Fed has cut borrowing costs in all three recent meetings, maintaining the target range at 3.5-3.75%, a three-year low. Fed Chair Powell hinted in December that the threshold for further rate cuts is high, stating current borrowing costs are “in a good place.” However, weak December data may complicate the Fed’s decision to pause rate cuts at its upcoming meeting. The Fed also expressed concerns about the accuracy of recent labor statistics, with Powell noting that US job growth is about 60,000 less per month than reported.

After the Non-Farm Payrolls report, the probability of the Fed holding rates steady in January rises to 97.2%

According to Jinshi, CME’s “FedWatch”: after the non-farm data release, the probability of the Fed cutting rates by 25 basis points in January drops to 2.8% (from 11.6%), and the chance of holding rates steady rises to 97.2% (from 88.4%). The probability of a cumulative 25 basis point cut by March is 32.3% (from 35.8%), with a 66.8% chance of no change (from 60.6%), and a 0.9% chance of a 50 basis point cut (from 3.7%).

Project Updates

Vulnerability Discovered in Babylon Staking Code May Slow Block Generation

On Thursday, developers posted on GitHub that a software vulnerability in Babylon, a Bitcoin staking protocol, could allow malicious validators to disrupt parts of the network consensus process, potentially slowing block generation during critical periods. The vulnerability affects Babylon’s block signing scheme, specifically the BLS voting extension used to prove validator agreement on a block.

This flaw allows malicious validators to omit the block hash when sending vote extensions, which could cause consensus issues at network epoch boundaries. The block hash informs validators which block they support during consensus; the vulnerability permits omitting this field. Theoretically, malicious validators could cause other validators to crash during key consensus checks at stage boundaries, slowing block production if multiple validators are affected. No active exploitation has been reported yet, but developers warn that if unpatched, the vulnerability could be exploited.

Binance Wallet Launches Unitas (UP) Exclusive Booster and Token Generation Event (TGE)

According to official announcement, Binance Wallet has launched two exclusive Unitas activities: 1. Booster: by completing phased tasks and supporting early project development, participants can share airdrops totaling 30 million UP tokens. 2. TGE: eligible users can participate in early subscription of Unitas tokens before they are listed for trading.

The Unitas Binance Wallet Booster will start at 18:00 on January 12, 2026 (UTC+8). Rewards before the TGE, totaling 16 million tokens (1.6% of total supply), will be unlocked on the day of TGE; remaining rewards will be distributed proportionally in phases. All Binance Wallet users holding sufficient Binance Alpha points (non-key wallet) can participate. Participation requires spending 5 Binance Alpha points.

Details of the Unitas TGE: During the exclusive TGE, users can subscribe to Unitas tokens UP within Binance Wallet. The subscription uses an oversubscription model, with a maximum deposit of 3 BNB per user. Token distribution is proportional to total BNB deposited by all participants. After the subscription ends, users can claim UP tokens on the [Assets] page; unused BNB will be automatically refunded. TGE phases: Phase 1: Eligible users deposit up to 3 BNB during the subscription period to participate. Ensure individual deposits do not exceed the maximum. Phase 2: Token distribution (non-tradable): after subscription, users receive tokens based on final calculations. Tokens are credited to user accounts but cannot be traded before the official launch announced by the project. Phase 3: After Binance Alpha opens trading, users can freely trade the distributed tokens on Binance Alpha.

According to official announcement, Binance Wallet has launched two exclusive Unitas activities: 1. Booster: by completing phased tasks and supporting early project development, participants can share airdrops totaling 30 million UP tokens. 2. TGE: eligible users can participate in early subscription of Unitas tokens before they are listed for trading.

The Unitas Binance Wallet Booster will start at 18:00 on January 12, 2026 (UTC+8). Rewards before the TGE, totaling 16 million tokens (1.6% of total supply), will be unlocked on the day of TGE; remaining rewards will be distributed proportionally in phases. All Binance Wallet users holding sufficient Binance Alpha points (non-key wallet) can participate. Participation requires spending 5 Binance Alpha points.

Details of the Unitas TGE: During the exclusive TGE, users can subscribe to Unitas tokens UP within Binance Wallet. The subscription uses an oversubscription model, with a maximum deposit of 3 BNB per user. Token distribution is proportional to total BNB deposited by all participants. After the subscription ends, users can claim UP tokens on the [Assets] page; unused BNB will be automatically refunded. TGE phases: Phase 1: Eligible users deposit up to 3 BNB during the subscription period to participate. Ensure individual deposits do not exceed the maximum. Phase 2: Token distribution (non-tradable): after subscription, users receive tokens based on final calculations. Tokens are credited to user accounts but cannot be traded before the official launch announced by the project. Phase 3: After Binance Alpha opens trading, users can freely trade the distributed tokens on Binance Alpha.

Grayscale BNB ETF registered in Delaware

Grayscale has officially registered a BNB-based ETF entity (Delaware statutory trust form) in Delaware, USA, as an important step toward future potential BNB ETF investment products. The specific issuance timeline or regulatory approval progress has not yet been announced.

Pump.fun co-founder: Will adjust creator fee mechanism

Pump.fun co-founder Alon Cohen posted that the Creator Fees mechanism needs adjustment. He stated that the dynamic fee V1 launched months ago aimed to incentivize project founders and teams to launch tokens on Pump.fun, which was effective. Many novice creators began launching tokens and live streaming, creating the best on-chain environment in 2025, with trading volume doubling.

However, this model is unsustainable and exposes key internal issues. It incentivizes low-risk activities (like creating tokens) over high-risk activities (like trading). For ordinary meme coin deployers, the fee mechanism has not significantly changed behavior, making creator fees less practical (e.g., sending fees to celebrities to boost community). Cohen says major changes are coming, with more content to be released.

Binance Alpha to launch CharacterX (CAI) on January 12

According to official announcement, Binance Alpha will launch CharacterX (CAI) on January 12. Eligible users can, after Alpha trading opens, visit the Alpha activity page to use Binance Alpha points to claim airdrops. Details will be announced separately.

Analysis & Opinions

Yi Lihua: Once panicked and sold SOL, missed the subsequent 15x rally; patience is key in investing

Liquid Capital founder Jack Yi (Yi Lihua) posted on X that: “Most of investing is waiting. Not just to buy the bottom correctly, but to have patience to see the final result. Our secondary team published a SOL research report on July 26, 2023, and built a position near $20. We were very optimistic about SOL’s ecosystem and undervalued value, but later, FTX OTC share news kept emerging. We panicked and quickly sold below $50, missing the subsequent 15x rally. Investing and trading seem easy, but the start-process-result is the hardest part. It’s a huge anti-human test. Besides those who boast and are right about ups and downs, no one can predict short-term volatility or how long the waiting process will take.”

Vitalik supports Tornado Cash developer, condemns viewing code as a crime

Ethereum co-founder Vitalik Buterin posted a support letter on Friday, backing Tornado Cash developer Roman Storm. Storm was convicted in August of conspiracy to transfer funds and is awaiting sentencing in the US. Buterin believes the prosecution targets the act of software development itself, not the direct financial harm caused. He sees privacy tools like Tornado Cash as essential defenses against systemic data exploitation, and reveals he has used Storm’s software to buy tech tools and support human rights charities, with no data recorded by companies or governments.

Buterin states he always supports Storm’s work, both because of the importance of privacy and because he is an active user of privacy tools. Unlike some who profit from privacy under false pretenses or develop flashy but useless software, Storm’s applications remain usable even after years without maintenance, earning his respect more than many “consumer tech” products. He also places Storm’s case within broader data protection debates, emphasizing that privacy should be a fundamental infrastructure, not a niche issue. Modern privacy tools aim to preserve protections before widespread digital surveillance.

VanEck predicts Bitcoin price in 2050: optimistic scenario reaching $53.4 million

Global asset manager VanEck states that under a more optimistic forecast, Bitcoin could reach $53.4 million per coin by 2050. During the so-called “Bitcoin supercycle,” Bitcoin will become a key component of global and domestic trade settlement. Their base forecast is $2.9 million per BTC by 2050; in a bearish scenario, the price would be only $130,000.

Investment & Financing

Stablecoin payment company Rain completes $250 million in new funding, post-money valuation hits $1.95 billion

According to Bloomberg, stablecoin payment company Rain announced a $250 million funding round, with a post-money valuation of $1.95 billion. The round was led by ICONIQ, with participation from Sapphire Ventures, Dragonfly, Bessemer, Lightspeed, and Galaxy Ventures. This brings Rain’s total funding to over $338 million.

Co-founder and CEO Farooq Malik said the funds will be used to expand in North America, South America, Europe, Asia, and Africa, and to help adapt to rapidly changing global regulations. Rain currently issues stablecoin payment cards in over 150 countries through a partnership with Visa, allowing cardholders to spend at local merchants or withdraw cash at ATMs. The company also plans to connect with US ACH and European SEPA payment systems via partner financial institutions. Malik said the company may pursue strategic acquisitions, having acquired rewards platform Uptop and currency conversion platform Fern in the past year.

a16z raises over $15 billion, focusing on AI and crypto investments

According to the official blog, a16z announced it has just completed raising over $15 billion. The funds include: AmericanDynamism fund ($1.176 billion), Apps fund ($1.7 billion), Bio+Health fund ($700 million), Infrastructure fund ($1.7 billion), Growth fund ($6.75 billion), and other VC funds ($3 billion). The announcement states their mission is to ensure the US wins future 100-year technological competition, focusing on key areas like AI and crypto. They also aim to promote related tech applications in biotech, health, defense, public safety, education, and entertainment.

Insiders: Tether’s investment in Ledn is about $40-50 million, valuation around $500 million

According to CoinDesk, when Tether announced a “strategic investment” in Ledn last November, the details were kept confidential. Insiders reveal Tether paid roughly $40-50 million for this investment. Ledn is a Bitcoin-backed company providing fiat and stablecoin loans, and this investment valued Ledn at about $500 million.

Key Data

2025 stablecoin trading volume hits a record $33 trillion, USDC leads

According to Bloomberg, Artemis data shows that in 2025, stablecoin trading volume surged 72% to $33 trillion, a new high. USDC, developed by Circle, performed strongly with $18.3 trillion in trading volume, while Tether’s USDT traded $13.3 trillion. Despite the overall increase, trading volume on decentralized crypto platforms declined, indicating stablecoins are more widely used in mainstream markets.

By market cap, Tether’s USDT is the largest stablecoin globally, with a circulation of $187 billion, far exceeding Circle’s USDC at $75 billion. Artemis data shows USDC dominates trading flow. In Q4 2025, stablecoin trading volume reached a record $11 trillion, up from $8.8 trillion in Q3. Bloomberg Intelligence projects total stablecoin payment flows could reach $56 trillion by 2030.

BlackRock transfers about 2,405 BTC and 24,760 ETH to Coinbase Prime

According to Solid Intel, BlackRock transferred approximately 2,405 BTC (worth about $21.7 million) and 24,760 ETH (worth about $76.6 million) to Coinbase Prime custody addresses.

Data: Large Bitcoin holders saw the fastest decline since early 2023

CryptoQuant posted on X that addresses holding between 1,000 and 10,000 BTC decreased their holdings by 220,000 BTC year-over-year, the fastest decline since early 2023. Historical data shows similar patterns in 2021-2022, followed by peak prices.

BNB Chain incentive program bought $50,000 worth of $Rensheng and $Tama

According to BNB Chain, the BNB Chain Foundation wallet purchased new assets in the “$100 million incentive plan,” spending $50,000 on $Rensheng and $50,000 on $Tama (I’m Coming).

Whale holding 101,000 ETH for five years transfers over 40,000 ETH to exchanges, realizing $204.9 million profit

On-chain analyst Yu Yanjun tracked that a whale/organization holding 101,000 ETH for five years, with an average cost of $660, transferred 40,251 ETH (worth about $1.24 billion) to Bitstamp recently. The latest transfer was 26,000 ETH (about $80.16 million) an hour ago to Bitstamp.

This whale accumulated 101,000 ETH from Binance and Bitstamp five years ago at an average of $660. Currently, 75,200 ETH (about $254 million) have been transferred to exchanges at an average of $3,383, realizing a profit of $204.9 million. The remaining ETH held is 26,000.

Meme coin “I’m Coming” hits new market cap high, up 63.4% in 24 hours

Market data shows Meme coin “I’m Coming” reached a market cap of $28.1 million, a new all-time high, currently at $25.8 million, up 63.4% in 24 hours.

Bitcoin spot ETF outflows $250 million yesterday, 4 days of continuous outflows

According to SoSoValue, yesterday (January 9, US Eastern Time), Bitcoin spot ETFs had a net outflow of $250 million.

The ETF with the largest single-day inflow was Fidelity’s FBTC, with $7.8655 million, bringing total inflows to $11.722 billion.

The ETF with the largest single-day outflow was Blackrock’s IBIT, with $252 million, with total outflows reaching $62.406 billion.

As of press time, Bitcoin spot ETF total assets under management are $116.857 billion, with a net asset ratio (market cap relative to total Bitcoin market cap) of 6.48%, and total net inflows of $56.403 billion.

Ethereum spot ETF outflows $93.815 million yesterday, third consecutive day of outflows

According to SoSoValue, Ethereum spot ETFs saw a net outflow of $93.815 million yesterday (January 9, US Eastern Time).

The ETF with the largest single-day outflow was Blackrock’s ETHA, with $83.7783 million, with total net inflows reaching $12.718 billion.

Second was Grayscale’s Ethereum Trust ETF ETHE, with $10.0368 million outflow, total net outflows of $5.141 billion.

As of press time, Ethereum spot ETF total assets under management are $18.699 billion, with a net asset ratio of 5.04%, and total net inflows of $12.434 billion.