Gate Research: VanEck Launches the First AVAX Spot ETF | Zerohash in Talks for a New Funding Round

Crypto Market Overview

BTC (+0.98% | Last: 88,575 USDT): Rising concerns over a potential government shutdown and brinkmanship on tariffs have weighed on global growth expectations, driving a clear pickup in risk-off sentiment. Over the weekend, Bitcoin briefly fell nearly 3%, dipping into the USD 86,000–86,500 range, before rebounding about 1.3% to around USD 87,000. However, prices remain below last week’s local low and below both the 50-day and 200-day moving averages, indicating that sellers still dominate in the short term despite contained volatility. Spot Bitcoin saw net outflows of roughly USD 1.32 billion last week, the highest level since February 2025. While BTC is still in a controlled pullback, its overall price structure is showing clear signs of fatigue.

ETH (+1.88% | Last: 2,933 USDT): After confirming a large head-and-shoulders reversal on the daily chart, Ethereum is hovering around the USD 2,900 level. The neckline is estimated near USD 2,880, which was decisively broken on January 25, followed by a pullback to around USD 2,780. Based on the vertical distance from the head to the neckline, the potential downside exceeds 20%. If bearish momentum rebuilds, the technical target could point toward the USD 2,300 area, warranting continued caution on downside risks.

Altcoins: Over the past 24 hours, altcoins broadly strengthened, with XRP up 1.16% and SOL up 2.21%. The Altcoin Season Index stands at 28, suggesting the market is in a bottoming and rebound phase.

Macro: On January 26, the S&P 500 fell 0.50% to 6,950.23, the Dow Jones declined 0.64% to 49,412.40, and the Nasdaq dropped 0.43% to 23,601.36. As of January 27 at 01:00 AM (UTC), spot gold was trading at USD 5,070 per ounce, up 1.17% over the past 24 hours.

Trending Tokens

ACU Acurast (+34.04%, Circulating Market Cap: USD 52.77 million)

According to Gate market data, ACU is trading at USD 0.24272, up 34.04% over the past 24 hours. Acurast is the first decentralized, verifiable computing network powered by smartphones, transforming idle mobile computing power into permissionless compute resources. By leveraging Trusted Execution Environments (TEE) and cryptographic verification, Acurast provides Web3 applications with low-cost, verifiable, and globally distributed computing capacity.

ACU’s strong rally has been driven by expanded market access and improved on-chain utility. On January 23, Acurast announced the launch of a new ACU/USDC liquidity pool on Base in collaboration with Aerodrome, with incentives paid in AERO tokens. This initiative directly enhanced ACU’s on-chain usability and liquidity depth. In addition, ACU’s market access has expanded rapidly, with multiple spot listings on exchanges since January 20. Each new listing on major venues has exposed the token to a broader investor base, directly supporting demand.

BTR Bitlayer (+93.52%, Circulating Market Cap: USD 36.37 million)

According to Gate market data, BTR is trading at USD 0.14129, up 93.52% over the past 24 hours. Bitlayer (BTR) is a Bitcoin-based Layer 2 network that leverages BitVM to enable trust-minimized cross-chain interactions and smart contract functionality, aiming to extend Bitcoin’s programmability. Its core focus lies in secure cross-chain infrastructure, improved BTC capital efficiency, and developer ecosystem growth, helping Bitcoin evolve from a store of value toward an application-centric network.

BTR’s surge largely reflects the benefit high-volatility altcoins receive during capital rotation. As market risk appetite improves marginally, funds tend to rotate from large-cap assets into small-cap tokens with higher beta and upside elasticity. However, from a technical perspective, BTR has clearly entered an overheated zone, with its 14-day RSI reaching 87.53—well above the 70 overbought threshold—indicating elevated short-term pullback risk.

AXS Axie Infinity (+32.41%, Circulating Market Cap: USD 441 million)

According to Gate market data, AXS is currently priced at USD 2.5857, up 32.41% over the past 24 hours. Axie Infinity is a digital pet universe built on Ethereum, where participants can earn token rewards through skilled gameplay and contributions to the ecosystem.

Axie Infinity has introduced bAXS, a non-transferable token backed 1:1 by AXS, designed to replace the previously tradable rewards in the Origins game mode. With the launch of Origins Season 16 on January 21, the bAXS reward system officially went live and began distribution, which the market views as a key catalyst behind the recent strength in AXS prices.

Alpha Insights

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

On January 26, CoinDesk reported, citing sources familiar with the matter, that blockchain infrastructure company Zerohash is in talks for a new funding round, aiming to raise approximately $250 million at a valuation of up to $1.5 billion. Previously, Zerohash terminated acquisition talks with Mastercard, though the payments giant is still considering participating as a strategic investor, with discussions ongoing. Looking back, Zerohash completed its Series D-2 financing round in October 2024, raising $104 million led by Interactive Brokers, at a post-money valuation of around $1 billion. That round also brought in several new investors, including Morgan Stanley, funds managed by Apollo, and SoFi.

Against the backdrop of rising demand for enterprise-grade crypto infrastructure, Zerohash’s valuation has jumped from $1 billion to $1.5 billion in a short period—an increase of 50%—highlighting strong market recognition of its positioning as “scarce infrastructure.” As more financial institutions move into asset tokenization, stablecoin issuance, and on-chain clearing and settlement, demand for compliant infrastructure platforms like Zerohash continues to climb rapidly. Looking ahead, competition in the sector is likely to focus on three key dimensions: regulatory compliance and adaptability, network connectivity and partnerships with traditional banks, and system stability and technical reliability in large-scale tokenization of traditional assets.

Goldman Sachs: Fed Expected to Hold Rates Steady in January, First Rate Cut May Begin in June

On January 26, Goldman Sachs said it expects the January FOMC meeting to be largely uneventful, with broad consensus around keeping interest rates unchanged. Governors Waller and Bowman are expected to support this decision, while Stephen Miran may be the sole dissenter. Goldman forecasts two rate cuts in 2026, with the first potentially starting in June.

Goldman’s expectation of a June start for rate cuts reflects a comprehensive assessment of inflation control, labor market softening, and geopolitical factors. Internal divisions within the Fed—such as differing views between Waller and Miran—suggest that the policy path remains uncertain. This uncertainty may keep markets highly volatile ahead of any rate cuts, with crypto markets likely to amplify such volatility. Moreover, amid the possibility of leadership changes at the Fed and an unclear policy stance, the pace and timing of rate cuts this year remain uncertain. Ongoing U.S. economic resilience, uneven disinflation, and geopolitical factors such as tariffs that could reaccelerate inflation all constrain the room for a policy pivot, meaning both the timing and magnitude of rate cuts warrant close observation.

First AVAX Spot ETF to List on Nasdaq on Monday

According to official announcements, the first AVAX spot ETF launched by ETF issuer VanEck—VAVX—will debut on Nasdaq on Monday. The ETF will stake a portion of its AVAX holdings, with staking rewards, after fees, distributed to investors. VanEck has also stated that it will waive fees on the first $500 million of assets under management.

The listing of VAVX represents another step in the integration of crypto assets into traditional financial markets, particularly by combining staking mechanisms with conventional ETF structures. The inclusion of staking is a key differentiator, allowing the product not only to track price performance but also to capture on-chain yield. This design may be adopted by more crypto ETFs in the future and could even become a standard feature. However, it also introduces additional regulatory and technical considerations, such as the security and compliance of staking operations.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, 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
• Reuters, 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

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Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.