Gate 研究院：XRP 现货 ETF 结束八周净流入 ｜ Polygon 推出 Open Money Stack

Cryptocurrency Market Overview

• BTC (-0.25% | Current price 91,065 USDT): In the past 24 hours, BTC’s price initially continued the previous rally and surged rapidly, forming a local high near 94,800 USDT. Subsequently, bullish momentum weakened, and the price began to retreat from the high, experiencing a noticeable downward trend. During the decline, the price found support after dropping to around 88,465 USDT. The bearish momentum gradually dissipated, and the market saw bottom-fishing funds entering, driving a technical rebound. Currently, the price has recovered to around 91,000 USDT, but overall remains in a correction and consolidation phase after the decline. There is significant resistance in the 92,000–93,000 region above, while the 90,000 level below serves as an important short-term support for bulls and bears. The short-term trend is mainly oscillating and repairing, awaiting a new directional choice.
• ETH (-0.40% | Current price 3,103 USDT): In the past 24 hours, ETH’s price continued the previous upward trend and pushed higher, forming a local high near 3,308 USDT. Afterwards, bullish momentum noticeably weakened, and the price retreated from the high, gradually evolving into a smoother downward trend. During the decline, the price found support after dropping to around 3,020 USDT. A small technical rebound followed, but the rebound strength was limited. Currently, the price is around 3,100 USDT. Overall, it remains in a weak correction phase after the decline, with significant resistance in the 3,150–3,200 region above, and the 3,000 level below serving as a short-term key support. The short-term trend is mainly oscillating and slightly weak.
• Altcoins: Most mainstream altcoins are experiencing small declines, with market sentiment mainly “neutral” or “buying.” The Fear and Greed Index today reports a value of 27, still in the fear zone, indicating market sentiment has not yet recovered.
• Macro: On January 8, the S&P 500 index rose 0.01%, closing at 6,921.46 points; the Dow Jones Industrial Average increased 0.55%, closing at 49,266.11 points; the Nasdaq Composite declined 0.44%, closing at 23,480.02 points. As of 10:57 AM UTC+8 on January 9, spot gold is priced at $4,463.97 per ounce, down 0.29% within 24 hours.

Hot Tokens to Watch

( ISLM HAQQ Network (+469.33%, circulating market cap $150 million)

According to Gate data, the current price of ISLM token is $0.0555, up 469.33% in 24 hours. ISLM is the core token of the HAQQ Network ecosystem, a blockchain network built around the concept of “Islamic financial compliance,” dedicated to creating Web3 infrastructure that meets ethical finance and real asset compliance requirements. The project focuses on real-world assets (RWA), compliant DeFi, and cross-border financial applications, aiming to provide blockchain financial services that adhere to regulatory and cultural values for billions of potential users worldwide.

In the past 24 hours, ISLM’s price surged significantly, mainly driven by concentrated capital inflows and rapidly rising market sentiment. As the core token of the HAQQ Network ecosystem, ISLM’s trading volume increased markedly, with both price and gains ranking among the top on the platform, attracting a large amount of trend-following capital. After a strong breakout with increased volume, short-term speculative and chasing-buying funds further followed, accelerating the upward price movement.

I’m Coming ( +130.54%, circulating market cap $16.62 million)

According to Gate data, the current price of “I’m Coming” token is $0.01567, up 130.54% in 24 hours. This project is a community-driven Meme token, emphasizing Chinese crypto community culture and emotional resonance. It quickly gathered market attention and liquidity through strong emotional expression and topic dissemination, mainly driven by community consensus, viral effects, and market hype, exhibiting typical Meme coin attributes and high elasticity.

In the past 24 hours, the price of “I’m Coming” surged sharply, mainly fueled by the Chinese Year of the Horse theme narrative and rapidly heating Chinese community sentiment. The token uses puns related to “Year of the Horse” and “coming on horseback” as its core emotional expression, spreading quickly within Chinese social groups and platforms, significantly increasing market attention and discussion. According to Gate data, the trading volume spiked rapidly, with short-term and emotional capital flooding in, driven by thematic and capital resonance, resulting in a rapid price rally characteristic of emotion-driven markets.

FRAX Frax (+37.78%, circulating market cap $77.31 million)

According to Gate data, the current price of FRAX token is $0.8671, up 37.78% in 24 hours. Frax is a decentralized stablecoin protocol committed to building a partially algorithmic, partially collateralized stablecoin system, gradually evolving into a fully decentralized monetary system. The Frax ecosystem currently includes stablecoins, LSD (liquidity staked tokens), lending, and AMO mechanisms, making it one of the more mature protocols with a complete financial system design in the DeFi space.

Regarding FRAX, the recent 24-hour price has strengthened significantly, mainly driven by market sentiment recovery and renewed interest in the stablecoin sector. As overall market risk appetite improves, some funds are flowing back into DeFi and stablecoin-related sectors. As an established protocol token, FRAX’s trading activity has increased notably, with volume expanding, and the price rebounding under capital influence.

Alpha Insights

JPMorgan Accelerates Blockchain Deployment, Plans to Build an “Interoperable Digital Currency” System

JPMorgan is accelerating its blockchain and digital currency strategic deployment. The bank announced plans to expand its deposit token JPM Coin to multiple blockchain networks, including Canton Network, which emphasizes privacy and institutional compliance, to build a regulated, interoperable digital currency system for near real-time interbank settlement and transfer. Currently, JPM Coin is anchored to US dollar deposits, and it is already serving institutional clients on Coinbase’s Ethereum Layer 2 network Base, with companies like Siemens using it for cross-border foreign exchange settlement scenarios.

JPMorgan states that deploying JPM Coin natively on Canton Network is a key step toward creating a multi-chain interconnected settlement system. In the future, as JPM Coin gradually covers more blockchain platforms, institutional users will be able to receive, transfer, and redeem funds in a secure, synchronized, and regulated environment, significantly improving cross-market capital flow efficiency. This move also demonstrates how traditional financial giants are leveraging blockchain technology to advance “digital currency infrastructure” toward higher levels of interoperability and practical application.

XRP Spot ETF Ends Eight Weeks of Net Inflows, About $40 Million Outflow in a Single Day

The XRP spot ETF listed in the US recorded its first single-day net outflow since its launch in mid-November last year, ending nearly two months of net inflows. Data shows that the total net outflow on that day was approximately $40.8 million, mainly due to redemptions of about $47.25 million from the TOXR product under 21Shares, while products from other issuers like Canary, Bitwise, and Grayscale mostly maintained small net inflows or flat. Despite this, the total trading volume of XRP ETFs on that day still reached about $33.74 million, indicating active market trading but no signs of panic selling.

Previously, steady ETF capital inflows were considered an important support for XRP outperforming the broader market early in 2026. The first net outflow does not necessarily indicate a trend reversal; large redemptions in a single product are more likely related to institutional asset reallocation, tax considerations, or market maker inventory management. However, given XRP’s significant gains since the beginning of the year, subsequent ETF capital flows will remain an important indicator for market demand cooling.

Polygon Launches Open Money Stack to Build Borderless Payment Infrastructure for Stablecoins

Polygon Labs officially announced Open Money Stack, a new modular payment infrastructure framework designed to support stablecoin-based payment systems and simplify cross-border value transfer processes. The system is expected to go live later this year, with cross-chain compatibility and customizable features. Financial institutions and fintech companies can integrate key components such as on-chain settlement, fiat on/off ramps, and compliance tools, reducing reliance on multiple service providers and lowering overall operational complexity.

According to Polygon Labs, Open Money Stack will integrate core modules including liquidity management, payment orchestration, and regulatory controls, helping enterprises complete complex payment workflows on a unified infrastructure. The system aims to enable smoother cross-border payments without cumbersome operations like cross-chain bridging or token swaps. This move demonstrates Polygon’s accelerating efforts to develop stablecoin payment infrastructure tailored for institutional and large-scale commercial applications.
References:

• Gate, [https://www.gate.com/trade/BTC_USDT]###https://www.gate.com/trade/BTC_USDT(
• Farside Investors, [https://farside.co.uk/btc/])https://farside.co.uk/btc/(
• Gate, [https://www.gate.com/trade/ETH_USDT])https://www.gate.com/trade/ETH_USDT(
• Gate, [https://www.gate.com/trade/GT_USDT])https://www.gate.com/trade/GT_USDT(
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• Coindesk, [https://www.coindesk.com/markets/2026/01/08/xrp-etfs-finally-see-outflows-after-record-run-that-beat-bitcoin-and-ether-inflows])https://www.coindesk.com/markets/2026/01/08/xrp-etfs-finally-see-outflows-after-record-run-that-beat-bitcoin-and-ether-inflows(
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