Crypto Market Update: Grayscale files for Binance-linked Investment Fund

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$89,425.01, trading flat over 24 hours.

Bitcoin price performance, January 23, 2025.

Chart via TradingView

“With the 10-year yield holding around the 4.2 – 4.3 percent range, global funding costs remain elevated, encouraging capital to favor assets with clear yields over non-yielding assets such as Bitcoin. In such an environment, BTC struggles to attract sustained new inflows unless markets begin to believe that the monetary policy cycle is approaching a turning point.

“The most decisive factor for BTC’s near-term outlook remains institutional flows, particularly through US spot BTC ETFs. Recent data show several sessions of heavy net outflows, with total net withdrawals for the week reaching US$1.19 billion so far. While total net assets held by Bitcoin ETFs remain elevated…the flow dynamics suggest that institutions are willing to take profits or reduce risk when the macro backdrop deteriorates. This signal should not be overlooked, as past cycles have shown that BTC only establishes a durable uptrend when ETF flows remain consistently positive, rather than through sporadic inflows that are quickly reversed.

“Without the support of fresh inflows, each rebound risks turning into a profit-taking opportunity, leaving the short-term trend choppy and lacking clear direction. From my perspective, the most plausible near-term scenario is for Bitcoin to continue consolidating in a cautious manner, with downside risks persisting if ETF outflows continue,” said Tran, adding that BTC will likely face renewed downward pressure due to its high sensitivity to risk appetite if bond yields rise or global markets become risk-averse.

Ether (ETH) was priced at US$2,936.38, trading flat over the last 24 hours.

Altcoin price update

XRP (XRP) was priced at US$1.91, down by 0.4 percent over 24 hours.

Solana (SOL) was trading at US$126.86, down by 1.2 percent over 24 hours.

Today’s crypto news to know

Capital One to acquire Brex

Capital One announced its intention to acquire Brex, an AI-native software platform that uses AI agents to automate complex workflows, as well as providing corporate cards, automated expense management and real-time payments, in a combination of stock and cash transaction in a deal valued at US$5.15 billion.

”Since our founding, we set out to build a payments company at the frontier of the technology revolution,” said Richard D. Fairbank, Founder, chairman, and CEO of Capital One. “Acquiring Brex accelerates this journey, especially in the business payments marketplace.

“Brex invented the integrated combination of corporate credit cards, spend management software and banking together in a single platform,’ he added. “They have taken the rarest of journeys for a fintech, building a vertically integrated platform from the bottom of the tech stack to the top.”

The transaction is expected to close in the middle of calendar year 2026, subject to the satisfaction of customary closing conditions.

“Together, we’ll maximize founder mode by combining Brex’s payments expertise and spend management software with Capital One’s massive scale, sophisticated underwriting, and compelling brand to accelerate growth and increase the speed at which we can offer better finance solutions to the millions of businesses in the US mainstream economy,” said Pedro Franceschi, founder and CEO of Brex.

Grayscale files for BNB-linked investment fund

Grayscale filed for permission from the US Securities and Exchange Commission to launch a new investment fund tied directly to BNB, the digital currency linked to the Binance ecosystem.

According to the filing, the fund will trade on Nasdaq under the ticker symbol GBNB, subject to regulatory approval.

If approved, it would allow people to bet on the price of BNB through a traditional brokerage account rather than having to use a specialized crypto exchange.

Revolut abandons US merger to focus on banking license application

Digital banking firm Revolut has reportedly decided abandon its to merge with a US lender and is instead focusing on building its own foundation in the US by applying for a formal banking license, according to sources for the Financial Times.

Insiders added that executives at Revolute determined that a takeover would prove too complicated, requiring brick-and-mortar branches as well as engagement with US regulators, but that the deregulatory push under the Trump administration would likely result in a speedy approval process for a de novo bank licence application.

Ledger lines up US$4 billion New York IPO

Ledger is preparing a New York Stock Exchange listing that could value the French hardware wallet maker at more than US$4 billion, according to a report by the Financial Times.

The company was last valued at US$1.5 billion in a 2023 funding round, underscoring how sharply sentiment has shifted toward crypto infrastructure firms.

Goldman Sachs (NYSE:GS), Jefferies Financial Group (NYSE:JEF), and Barclays (NYSE:BCS) are said to be advising on the deal, which could launch as soon as this year.

The move follows BitGo’s (NYSE:BTGO) recent NYSE debut, which helped reopen public markets for crypto-native companies. Ledger has benefited from surging demand for self-custody as high-profile crypto hacks continue to mount.

If completed, the listing would rank among the largest US IPOs by a European crypto firm.

Kansas weighs Bitcoin reserve from unclaimed digital assets

Lawmakers in Kansas are considering a bill that would create a state-run Bitcoin and digital assets reserve without buying crypto directly.

Senate Bill 352 proposes funding the reserve using unclaimed digital property already held by the state, including abandoned crypto, airdrops, staking rewards, and interest. The fund would sit within the state treasury and be administered by the Kansas treasurer.

Under the proposal, 10 percent of each deposit would flow into the general fund, while Bitcoin itself would be retained exclusively in the reserve.

UBS explores crypto trading for private banking clients

UBS Group (NYSE:UBS) is evaluating plans to offer cryptocurrency trading to select private banking clients, Bloomberg News reported, citing people familiar with the matter.

The Swiss lender is said to be choosing partners to support buying and selling of Bitcoin and Ether for clients in Switzerland. The offering could later expand to Asia-Pacific and the United States if demand holds.

While UBS has not confirmed the plans publicly, the move would align it with peers gradually opening crypto access. JPMorgan and Morgan Stanley have both signaled expanded digital asset offerings in recent months.