Today's market update: Upcoming launch of joint trading with coin stocks, the crypto market faces short-term pressure but institutional signals remain positive

On January 20, 2026, the overall crypto market showed a trend of oscillation and adjustment. Bitcoin (BTC) prices fluctuated narrowly within the $92,000-$93,000 range, a slight decline of about 0.4%-1% compared to the previous day. Ethereum (ETH) fell to around $3,120-$3,180, with a 24-hour decline of approximately 0.8%-2.5%. The total market capitalization shrank by over $100 billion, partly due to macro uncertainties (such as trade tariff comments) and light trading during the holiday period. AI and RWA sectors led the decline, while some meme or new projects like Berachain (BERA) rose against the trend by over 12%.

Despite short-term price pressures, signals of coin-stock correlation and institutional adoption continued to be released. Actions regarding Bitcoin reserves by enterprises and governments were frequent; meanwhile, new token launches and airdrops on platforms like Binance Alpha became today’s focus for retail users, bringing localized liquidity and speculative opportunities.

Binance Alpha Intensive Launches and Airdrops: HeyElsa (ELSA) leads, participation thresholds announced

Binance Alpha was very active today, becoming the “first launch platform” for new projects:

HeyElsa (ELSA) opened Alpha trading today at 16:00 (UTC+8), with an initial price of about $0.151 (later experiencing significant retracement on Alpha and MEXC platforms, with some users reporting drops of over 40% after claiming airdrops). Users holding at least 235 Alpha points can claim an airdrop of 200 ELSA tokens (spending 15 points). First come, first served, with the threshold automatically decreasing by 5 points every 5 minutes. Claims must be confirmed within 24 hours on the activity page.

Acurast (ACU) also opened trading today at 18:00, with users holding at least 241 points eligible to claim 320 ACU tokens (also consuming 15 points, with a similar mechanism).

FIGHT (FIGHT) is scheduled to launch on January 22. Eligible users can claim airdrops via Alpha points; details to be announced.

These activities attracted many users, but feedback from the X community indicated that some tokens experienced “dump” phenomena during early Alpha trading, warranting caution regarding short-term volatility and project coordination issues.

(Visual reference: Binance Alpha new coin launch and airdrop mechanism schematic)

OKX delists multiple spot trading pairs, tightening liquidity management

OKX announced it will delist spot trading pairs for ULTI, GEAR, VRA, DAO, CXT, RDNT, ELON, and others on January 27, and will fully delist related USDT pairs by January 30. Trading suspension begins at 16:00 on January 24, requiring users to handle assets in advance. This move reflects the exchange’s ongoing cleanup of low-liquidity or non-compliant projects, which may exert additional short-term pressure on the prices of related tokens.

Coin-stock correlation: Bitcoin strategic reserves advancing, corporate “HODLing” enthusiasm remains high

Patrick Witt, the White House digital assets advisor, stated that the US Bitcoin strategic reserve plan is still progressing, despite being hindered by “uncommon and complex” legal clauses and inter-agency coordination. Agencies like the Department of Justice are actively discussing, and the matter remains a priority. Polymarket shows the approval probability has risen to about 32%.

Today, US fast-food chain Steak 'n Shake announced an addition of $10 million worth of Bitcoin reserves (notional value), continuing its “strategic Bitcoin reserve” strategy initiated last year after accepting BTC payments. The company claims BTC payments significantly boosted sales, and this increase in holdings highlights a trend of traditional retail moving toward crypto asset allocation.

These signals reinforce market expectations of long-term bullishness of BTC by institutions and governments, despite short-term price pressures from macro factors.

(Visual reference: Concept diagram of Bitcoin strategic reserves and corporate treasuries; Steak 'n Shake BTC payment scenario)

Other key developments

The Chinese Ministry of Finance is promoting private investment guarantee programs, encouraging “scenario finance + digital RMB” innovation models to support financing for small and micro enterprises, which may indirectly benefit the application of digital assets in real-world scenarios.

The Hong Kong Securities and Futures Professional Association recommends accelerating RWA product approval, introducing international liquidity, and opening up secondary markets. The virtual asset regulatory framework has preliminarily taken shape, and the 2026 fiscal budget proposal is expected to further address investor protection on February 25.

CZ (Changpeng Zhao) posted that the NYSE plans to launch a tokenized securities platform (supporting 24/7 trading, instant settlement, and stablecoin transfers), which is positive for the entire crypto ecosystem and highlights traditional exchanges’ accelerating embrace of blockchain.

Market summary: Today’s crypto market is dominated by short-term “risk-off” sentiment, with main tokens like BTC/ETH under pressure. However, Binance Alpha’s new coin airdrops and launches provide outlets for speculative funds; meanwhile, the long-term positive factors such as the US Bitcoin strategic reserve, corporate accumulation, and NYSE’s tokenization plans continue to build. Investors should monitor macro trade comments and key support levels (BTC ~$91,800), as well as opportunities in structured sectors like RWA and AI agents. Tomorrow, focus on the launch of FIGHT and feedback from more Alpha activities.