Bitcoin and Ethereum ETFs logged their largest combined inflow in three months, drawing $754 million into Bitcoin products and $130 million into Ethereum funds, according to market data. The rally arrives as the Senate prepares a committee vote on January 27 for crypto legislation that has stalled over disagreements on how to regulate stablecoins.
The bill's stablecoin provisions remain the primary flashpoint. Issuers like Ethena Labs, which announced it will remove gas fees from its USDe stablecoin, operate in a regulatory gray zone. Lawmakers have not yet settled whether stablecoin issuers should face banking-like reserve requirements, how much transparency regulators need, or whether smaller projects can comply with the same standards as established players. Those questions will shape who survives the compliance phase that typically follows any vote.
On the mining side, Bitdeer has moved past Mara in terms of managed hashrate, according to the source material, signaling consolidation in Bitcoin's infrastructure layer. Elsewhere, Polygon Labs announced a $250 million acquisition of Coinme and Sequence, expanding its Web3 payment and wallet ecosystem. CZ, the former Binance CEO, has invested in Genius Terminal, a perpetual trading platform. BitPanda is eyeing a Frankfurt IPO in the first half of 2026, which would be one of the largest European crypto platform debuts.
International markets are opening. Russia signaled it will allow crypto transactions for payments beyond trading, and Pakistan announced plans to integrate WLFI's stablecoin offerings. Both moves reflect governments testing crypto rails for cross-border settlement, though neither represents a blanket endorsement of decentralized finance.
Security threats persist. Wrench attacks, in which thieves use physical coercion to extract private keys, have continued in France, a reminder that regulatory clarity does little to stop old-fashioned theft targeting individuals holding large balances.
The January 27 vote will determine whether the Senate advances the bill to full chamber debate. If the stablecoin language clears committee, expect further haggling on reserve rules and whether the Fed or the OCC gets primary authority. If stablecoin disputes block passage, the bill may return to negotiation or stall until the next Congress.