According to data from msx.com, crypto stocks generally fell in pre-market trading in the US. Strategy (MSTR) fell 1.73%, MARA Holdings (MARA) fell 2.56%, Sharplink Gaming (SBET) fell 1.91%, BitMine (BMNR) fell 1.53%, and Circle (CRCL) fell 1.78%. msx.com is a decentralized RWA trading platform that has listed hundreds of RWA tokens, covering US stock and ETF tokens such as AAPL, AMZN, GOOGL, META, MSFT, NFLX, and NVDA.

Huoxun Finance reported on January 23 that, according to CoinDesk, CryptoQuant data shows Bitcoin's Sharpe ratio has plunged into negative territory, reaching levels seen during the 2018-2019 and 2022 market crashes. This indicates poor risk-adjusted performance, with current high volatility mismatched with weak returns. This metric measures the ratio of excess returns relative to the risk-free rate to volatility. Its negative value means that the returns from holding Bitcoin are no longer sufficient to compensate for the risk of its volatile price movements. Although Bitcoin's price has fallen from its all-time high of over $120,000 in October 2025 to around $90,000, market volatility remains high. Historical data shows that a negative Sharpe ratio can persist for months even after a significant price decline has stopped, as seen in the prolonged bear markets of late 2018 and 2022. Analysts point out that this ratio is not a precise bottom signal, but it indicates that the risk-reward ratio has reset to levels seen before major market rallies in history. The market is typically focused on whether this ratio can sustain its upward trend back into positive territory, which usually signifies that returns are beginning to outpace volatility and aligns more closely with the start of a new bull market. No such signs of a reversal have yet emerged.

According to Huoxun Finance on January 23, OKX market data shows that BTC has just fallen below $89,000 and is currently trading at $88,996.90 per coin, down 0.01% on the day.

According to Huoxun Finance on January 23, Metalpha withdrew 8,500 ETH, worth $24.85 million, from Kraken and Binance, as monitored by OnchainLens.

Huoxun Finance News, January 23 – According to CoinDesk, Coinbase has launched a new lending feature for eligible users in the US (excluding New York State), allowing them to borrow up to $1 million in USDC using their tokenized Ethereum collateral (cbETH) as collateral. This enables investors to raise funds without selling or unstaking their ETH. Powered by the on-chain lending protocol Morpho, the feature offers overcollateralized, variable-rate loans with no fixed repayment term. Borrowed USDC can be exchanged for USD within the platform. This move aims to expand the use of staking Ethereum, allowing users to access liquidity while maintaining ETH price exposure and staking rewards. Users must maintain a loan-to-value ratio below 86% to avoid triggering automatic liquidation during periods of high market volatility.