Oil Shock - US strike on Venezuela puts Bitcoin in focus as oil slides.
Data Breach - Crypto wallet firm Ledger faces customer data breach through payment processor Global-e.
Stablecoin Momentum - PwC deepens crypto push as U.S. rules shift and stablecoins go mainstream.
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Aggregator and intent execution layer, designed to optimize trade execution across many liquidity venues and chains
Execution shifting from simple aggregation to intent-based routing with Fusion and Fusion+ driving the strongest growth across volume and active wallets.
Fusion rebounded sharply (+60.6% QoQ volume) as gasless, MEV-protected execution gained traction among active traders.
Fusion+ had its best quarter ever, with cross-chain volume and users surging as Solana became a native endpoint in 1inch’s intent architecture
Transactions surged +685% QoQ to 7.9M, marking U2U’s strongest quarter and signaling real onchain demand
Growth was integration-led, driven by partnerships across DeFi, DePIN, and RWA (DexTools, DCC, Staex, Nubila)
Fees rose sharply (+171% QoQ), reflecting higher utilization rather than fee inflation
Ecosystem visibility expanded via the $4M VietBUIDL Hackathon, AWS Cloud Day, Korean Blockchain Week, and regional programs
Decentralized cloud computing marketplace that lets users buy compute (CPU, GPU, storage) directly from a global network of providers
Fee revenue increased ~11% QoQ in AKT terms and ~4% in USD, supported by higher deployment volume and tooling improvements
New compute leases rose ~42% QoQ to ~27,000, driven by expanded model support and developer tooling enhancements
GPU usage remained robust with utilization consistently >50%, despite a slight drop in total GPU capacity
As we start the new year, it’s valuable to take a step back and consider both BTC’s historical price and market cap relative to the other most valuable assets in the world.
Since Dec. 1, 2022, when BTC’s price was $17,200 to Jan. 4, 2026, when it was $90,600, the BTC to gold ounce price has ranged from a low of 9.2 (Jan. 4, 2023) to a high of 39.9 on Dec. 17, 2024. Even as BTC made successive new all-time highs in 2025, reaching peaks of $123,600 in August (+33.4% YTD) and $124,800 in October (+34.7% YTD), it failed to reach a new all-time high against gold. This was due to the price of an ounce of gold increasing from 3,350 on Aug. 14, 2025, to 4,350 as of Jan. 4, 2026, coinciding with a decline in the price of BTC. Still, the BTC-to-gold ounce price ranged between 19 and 39, maintaining a floor above the 10 to 20 price range during the last bear market.
Since Dec. 1, 2022, when BTC’s price was $17,200 to Jan. 4, 2026, when it was $90,600, the BTC to gold ounce price has ranged from a low of 9.2 (Jan. 4, 2023) to a high of 39.9 on Dec. 17, 2024. Even as BTC made successive new all-time highs in 2025, reaching peaks of $123,600 in August (+33.4% YTD) and $124,800 in October (+34.7% YTD), it failed to reach a new all-time high against gold. This was due to the price of an ounce of gold increasing from 3,350 on Aug. 14, 2025, to 4,350 as of Jan. 4, 2026, coinciding with a decline in the price of BTC. Still, the BTC-to-gold ounce price ranged between 19 and 39, maintaining a floor above the 10 to 20 price range during the last bear market.
BTC closed 2025 as the eighth-largest asset by market capitalization. Year-over-year, BTC has performed the worst among these assets, declining 7.6% to a market cap of $1.8 trillion, while silver performed the best, increasing 136.2%. Amidst extended inflation (monetary debasement) and with the U.S. dollar as the global reserve currency, BTC competes not only against traditional stores of value like gold and silver, but also against perceived blue-chip U.S. equities, specifically U.S. tech giants, as evidenced by their expanding price-to-sales (P/S) ratios. For example, Apple’s P/S has expanded from 5.3 at the end of 2022 to more than 9.6.