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According to Santiment analysis, between January 10 and January 19, wallet addresses holding between 10 and 10,000 bitcoins accumulated a total of 36,322 bitcoins, valued at approximately $3.21 billions. Meanwhile, retail wallets holding less than 0.01 bitcoin collectively sold 132 bitcoins, worth about $11.66 millions. Santiment posted on the X platform on Tuesday that bitcoin whale and shark addresses continue to accumulate, with bitcoin quoted at $89,110 at the time, down 4.55% in the past 24 hours.

BlockBeats News, January 21st, according to HyperInsight monitoring, due to the HYPE price falling below $21 this morning, several on-chain major bullish whale positions have been successively liquidated. Currently, the largest long position address suspected of having insider information about HYPE (0x082e), after being dormant for several months, transferred $1 million in collateral to Hyperliquid last night, lowering its long position average price from $20.13 to $19.33. This position now has a scale of approximately $29.60 million, with an average price of $38.67, and an unrealized loss of $23.78 million (-401%). Yesterday, the second-largest on-chain long position, the "260 million liquidated HYPE long" whale, was further liquidated by $7.01 million, reducing its position size from $13.06 million to $4.95 million, with an unrealized loss of $2.28 million (-230%), and a next round liquidation price of approximately $20.6. In addition, whales starting with addresses (0x666) and (0xa8c) also faced liquidation. Yesterday, the closest to liquidation whale in the tens of millions (0x1c2), today saw a total of $10.64 million in HYPE long liquidation, with its ETH long position also being liquidated, resulting in a total loss of $2.32 million, with only $0.32 million remaining in the account, and the whale has now withdrawn and exited. Furthermore, according to monitoring, if the HYPE price further drops to the $20.3–$20.6 range, it is expected that there will be another liquidation of over $23 million on Hyperliquid, involving the "260 million liquidated HYPE long" whale, as well as whales starting with addresses 0x433, 0x666, and 0xead, with their liquidation prices concentrated around this range.

BlockBeats News, January 21st. A sudden sell-off wave has severely hit the Japanese JGB market. The 30-year and 40-year JGB yields surged more than 25 basis points in a single day, with the magnitude of the fluctuation described as a "six standard deviation" event. This shockwave quickly spilled over to the US Treasury market, pushing the US 10-year yield to its highest level since August last year. At a critical moment, US Treasury Secretary Yellen, attending the World Economic Forum in Davos, and Japanese Finance Minister Kato Katsunobu spoke simultaneously, calling for market calm and explicitly opposing any form of "retaliatory action." From a macro perspective, the core purpose of this joint statement is to prevent the narrative spread of "bond market weaponization." Yellen directly denied the possibility of Europe selling US bonds as a geopolitical countermeasure, attempting to stabilize the global risk-free asset pricing anchor. However, Japan's rapid rate hike, upcoming elections' uncertainty, and market expectations of the Bank of Japan's unconventional bond purchases still pose structural pressures. Relying solely on verbal intervention may not entirely calm the volatility. For the cryptocurrency market, the severe disorder in the sovereign bond market once again highlights the vulnerability of traditional safe-haven assets. In the short term, both bonds and risk assets are under pressure simultaneously, which may suppress the risk appetite of the cryptocurrency market. However, looking ahead, if "bond market politicization" and currency intervention become the norm, it will inversely reinforce Bitcoin's role as a non-sovereign asset allocation logic. In the long run, if global interest rates and exchange rate stability continue to erode, there is a potential for the strategic weight of cryptocurrency assets in asset allocation to be repriced. Bitunix Analyst: This event appears to be a bond market liquidity crisis on the surface but is essentially a stress test of policy credibility in the global financial system. In the short term, it's about sentiment, in the medium term, it's about central bank action limits, and in the long term, it's about whether the institutional demand for non-sovereign assets has truly been awakened.