This week, we explore the evolving crypto landscape with regulatory updates, major market movements, and macroeconomic insights. The SEC sees changes with Mark Uyeda and Hester Peirce taking center stage, while the SAB 121 repeal opens new opportunities for banks holding crypto. The CME teases potential futures for SOL and XRP, and BlackRock files for in-kind redemptions on its spot BTC ETF (IBIT).

We analyze the market reaction to Deepseek's launch, which topped Apples's U.S. App Store and led a repricing of many AI- linked assets. Corporate crypto buying also continues as Metaplanet announces a $745M raise to purchase BTC and MicroStrategy adds $1.1B in BTC, supported by a bold $2B perpetual strike preferred stock offering. ETF inflows surge to $1.9B, showcasing sustained institutional interest.

On the macro front, we preview tariff updates, the FOMC meeting, and December PCE data. In the Ethereum ecosystem,  the Ethereum Foundation has allocated 50K ETH to DeFi protocols, with Paradigm calling for quicker network upgrades. The Pectra upgrade also receives a tentative March 11 release date. Finally, we spotlight Jupiter's market outperformance driven by its buyback plans and Moonshot acquisitions.

Links:

• Coinbase Research
• 2025 Crypto Outlook

Topics Covered:

• Regulatory Updates: SEC leadership changes and SAB 121 repeal implications.
• Market Movers: Deepseek's impact, CME futures possibilities, and IBIT's filing for in-kind creation and redemptions.
• Corporate Activity: Metaplanet's raise, MicroStrategy's BTC purchase, and ETF inflows.
• Macro Overview: Tariff and FOMC previews, PCE data implications.
• Ethereum Update: Pectra update and Paradigm's push for faster upgrades.
• Jupiter's Surge: Buyback plans and Moonshot investment.

Host:
Ben Floyd, Head of Execution Services

Panelists:

• David Han, Research Analyst
• Georg Toropov, Senior CES Sales Trader