Gate Research Institute: VanEck's First AVAX Spot ETF | Zerohash is in talks for a new round of financing

Cryptocurrency Market Overview

• BTC (+0.98% | Current price 88,575 USDT): The risk of government shutdown and tariff edge policies jointly suppress global economic growth expectations, leading to a significant increase in market risk aversion. Over the weekend, Bitcoin briefly fell nearly 3%, touching the 86,000–86,500 USD range, then rebounded about 1.3%, back to around 87,000 USD. However, after the rebound, the price remains below the local low formed last week and is trading below the 50-day and 200-day moving averages, indicating that in the context of temporarily controlled volatility, short-term selling pressure still dominates. Last week, net outflows of spot Bitcoin reached approximately 1.32 billion USD, the highest level since February 2025. Although Bitcoin is still in a controlled retracement phase, the overall price structure has shown clear signs of fatigue.
• ETH (+1.88% | Current price 2,933 USDT): Ethereum confirmed the formation of a large head and shoulders reversal pattern on the daily chart, and currently hovers around 2,900 USD. The neckline of this pattern is roughly at 2,880 USD; on January 25, the closing price broke below this level, then briefly fell to around 2,780 USD. Based on the vertical distance from the head to the neckline, the potential downside space is slightly above 20%. If sellers regain momentum, the technical target zone may point to around 2,300 USD, and the market should remain highly vigilant of downside risks.
• Altcoins: In the past 24 hours, altcoins generally strengthened, with XRP up 1.16% and SOL up 2.21%. The altcoin seasonal index stands at 28, indicating the market is in a bottoming rebound phase.
• Macro: On January 26, the S&P 500 index fell 0.50% to 6,950.23 points; the Dow Jones Industrial Average declined 0.64% to 49,412.40 points; the Nasdaq Composite dropped 0.43% to 23,601.36 points. As of 09:00 AM (UTC+8) on January 27, spot gold is temporarily quoted at 5,070 USD per ounce, up 1.17% within 24 hours.

Hot Tokens to Watch

ACU Acurast (+34.04%, Market Cap $52.77 million)

According to Gate data, the ROSE token is currently priced at 0.24272 USD, up 34.04% in 24 hours. Acurast is the first decentralized verifiable computing network driven by smartphones, transforming idle phone computing power into permissionless computing resources. Through Trusted Execution Environment (TEE) and cryptographic verification mechanisms, Acurast provides low-cost, verifiable, and globally distributed computing capabilities for Web3 applications.

The strong rise of ACU is attributed to expanded market access and increased on-chain utility. On January 23, Acurast and Aerodrome announced the launch of a new ACU/USDC liquidity pool on the Base network, with the pool eligible for AERO token rewards. This move directly enhanced ACU’s on-chain utility and liquidity depth. Additionally, ACU’s market access has been rapidly expanding, with multiple exchanges listing it for spot trading since January 20. Each new listing on major exchanges brings the token to more potential buyers, directly boosting demand.

BTR Bitlayer (+93.52%, Market Cap $36.365 million)

According to Gate data, the BTR token is currently priced at 0.14129 USD, up 93.52% in 24 hours. Bitlayer (BTR) is a Layer 2 network based on Bitcoin, utilizing BitVM to enable trustless cross-chain and smart contract capabilities, aiming to expand Bitcoin’s programmability. Its focus is on secure cross-chain operations, BTC asset utilization, and developer ecosystem building, pushing Bitcoin from a store of value toward application layer.

The rise of BTR more reflects the benefits gained by high-volatility altcoins during capital rotation. As market risk appetite temporarily improves, funds begin shifting from mainstream assets to small-cap tokens, with traders favoring more volatile and elastic targets. However, technically, BTR has clearly entered an overbought zone, with the 14-day RSI rising to 87.53, well above the 70 overbought threshold, indicating short-term correction risks should not be ignored.

AXS Axie Infinity (+32.41%, Market Cap $441 million)

According to Gate data, AXS is currently priced at 2.5857 USD, up 32.41% in 24 hours. Axie Infinity is a digital pet universe built on the Ethereum blockchain, where anyone can earn tokens through skilled gameplay and contributions to the ecosystem.

Axie Infinity launched bAXS—a non-transferable token supported 1:1 by AXS to replace the tradable rewards in the Origins game mode. With the opening of Season 16 of Origins on January 21, the bAXS reward mechanism was officially launched and began distributing, which is seen as an important catalyst for recent AXS price strength.

Alpha Insights

Zerohash Seeks to Raise $250 Million at a $1.5 Billion Valuation

On January 26, CoinDesk, citing sources, reported that blockchain infrastructure company Zerohash is in talks for a new funding round, aiming to raise about $250 million, with a total valuation potentially reaching $1.5 billion. Previously, Zerohash had terminated acquisition talks with Mastercard, but the payments giant is still considering investing as a strategic investor, and discussions are ongoing. Looking back, Zerohash completed a D-2 funding round in October 2024, raising $104 million led by Interactive Brokers, with a post-money valuation of about $1 billion. This round also attracted new investors including Morgan Stanley, Apollo-managed funds, and SoFi.

Against the backdrop of rising enterprise-grade crypto infrastructure demand, Zerohash’s valuation has surged from $1 billion to $1.5 billion within a short period, a 50% increase, reflecting strong market recognition of its “scarce infrastructure” positioning. As more financial institutions begin to deploy asset tokenization, stablecoin issuance, and on-chain clearing and settlement services, demand for compliant infrastructure platforms like Zerohash continues to grow rapidly. Looking ahead, industry competition will increasingly focus on three key dimensions: compliance and regulatory adaptation, network and cooperation with traditional banking systems, and system stability and technical reliability in large-scale traditional asset onboarding scenarios.

Goldman Sachs: Expect the January Fed to Hold Rates Steady, First Rate Cut Possibly Starting in June

On January 26, Goldman Sachs forecasted that the January FOMC meeting would be uneventful, with broad consensus to keep rates unchanged. Governors Waller and Bostic are expected to support this decision, with Stephen M. likely to be the sole dissenter. Goldman predicts two rate cuts in 2026, with the first possibly starting in June.

The prediction of a June start for the first rate cut partly reflects Goldman’s overall assessment of inflation control, a softening labor market, and geopolitical factors. Internal Fed disagreements, such as between Waller and M. M. M., indicate policy paths remain uncertain. This uncertainty could lead to high market volatility before rate cuts, especially amplifying in the crypto market. Additionally, with potential leadership changes at the Fed and uncertain policy stance, the timing and magnitude of rate cuts this year remain variable. The resilience of the US economy, uneven inflation decline, and geopolitical factors like tariffs could reignite inflation, limiting room for monetary policy shifts. The timing and scale of rate cuts will need close observation.

First AVAX Spot ETF to Launch on Nasdaq Monday

According to official sources, the first AVAX spot ETF—VAVX—launched by ETF issuer VanEck will begin trading on Nasdaq on Monday. The ETF will pledge part of its AVAX holdings, with rewards after fees returned to holders. VanEck previously announced that it would waive fees for the first $500 million in inflows.

The listing of VAVX exemplifies the growing acceptance of crypto assets in traditional financial markets, especially through staking mechanisms that blend traditional finance with crypto economics. The staking feature is a key differentiator, allowing the product not only to track asset prices but also to capture on-chain ecosystem yields. This design may be adopted by more crypto ETFs and even become standard. However, it also introduces additional regulatory and technical considerations, such as the security and compliance of staking.

**References:** - Gate, [https://www.gate.com/trade/BTC_USDT](https://www.gate.com/trade/BTC_USDT) - Farside Investors, [https://farside.co.uk/btc/](https://farside.co.uk/btc/) - Gate, [https://www.gate.com/trade/ETH_USDT](https://www.gate.com/trade/ETH_USDT) - CoinDesk, [https://www.coindesk.com/business/2026/01/26/zerohash-is-in-talks-to-raise-usd250-million-at-usd1-5-billion-valuation-after-walking-away-from-mastercard-takeover](https://www.coindesk.com/business/2026/01/26/zerohash-is-in-talks-to-raise-usd250-million-at-usd1-5-billion-valuation-after-walking-away-from-mastercard-takeover) - Reuters, [https://www.reuters.com/business/fed-hold-rates-through-march-possibly-through-powells-tenure-strong-growth-2026-01-21/](https://www.reuters.com/business/fed-hold-rates-through-march-possibly-through-powells-tenure-strong-growth-2026-01-21/) - X, [https://x.com/avax/status/2015772051324223880](https://x.com/avax/status/2015772051324223880)
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