In January 2026, decentralized exchanges on multiple chains processed more than $278B in trading volume, marking their strongest January in at least five years. While volumes remain below the absolute 2022 peak, activity on networks such as Ethereum, Solana, BNB Chain and Base has surged, with Base alone reaching up to $3.39B in daily trades driven largely by Uniswap and Aerodrome.

Binance has introduced a USD1-based rewards programme that will distribute $40 million in WLFI tokens via weekly airdrops between January 23 and February 20. Users’ WLFI allocations depend on their net USD1 balances across supported Binance accounts, with higher rates for USD1 used as collateral in margin or futures products. USD1’s market capitalisation has climbed above $3 billion and WLFI usage has expanded across DeFi platforms and payroll applications.

According to the report, the crypto market ended the week on a firm note even as U.S. spot Bitcoin ETFs recorded four consecutive days of outflows totaling $1.68 billion and BTC hovered near $90k. In equity markets, Asian indices rose after Japan paused rates on 22 January, while BitGo's NYSE debut saw its share price swing between $22 and $24.5 before closing at $18.49 on day one. Ethereum-based privacy project Railgun introduced its Railgun_connect integration for private DeFi usage, as attention turned to the U.S. Federal Reserve's 28 January rate decision.

Xiaomi unveiled a stock repurchase plan of up to HK$2.5 billion (US$321 million). Its shares rose 2% in Friday trading after the news, and a filing said the automatic program will start on January 23. The company earlier bought 4 million shares for HK$152 million on January 13, 2026, and outlined longer‑term chip and EV initiatives.

According to blockchain data from Solscan cited by Finbold, a cryptocurrency trader turned roughly $4,000 into more than $1 million in a span of about three hours on January 22, 2026, by trading DisclaimerCoin (DONT), a new token from DeFi Development Corp (NASDAQ: DFDV). The wallet bought over 29 billion DONT on Solana and began selling within an hour, with later transactions and the account’s prior inactivity raising questions about whether the windfall results from extraordinary luck or possible insider knowledge. The position appears to have been fully closed by early January 23, after which most activity shifted back to SOL and Wrapped Solana.

On January 23, 2026, Ledger, the Paris-based hardware wallet company, began preparing for a potential US IPO that may value it at over $4 billion, according to people familiar with the discussions. The firm is working with Goldman Sachs, Jefferies, and Barclays, and is considering a listing as early as this year.

Crypto markets moved deeper into consolidation as risk appetite cooled, with total market cap slipping toward $3.02T and Bitcoin holding near $89,500 after repeated failures above $92,000. Ethereum weakened toward $2,950, while altcoins saw selective rotation rather than broad rallies. ETF flows turned mixed, liquidations flushed excess leverage, and sentiment fell into Fear territory. As volatility compressed, capital favored assets with clear structure and defensive narratives—Bitcoin range-bound, XRP testing support, gold holding record highs near $4,950, and WTI oil stabilizing above key support—setting up critical decision zones ahead of next week’s macro catalysts.

On 22 January 2026, ETF flow data from FarSide Investors showed net outflows of $32.2 million from Bitcoin products and $42.0 million from Ethereum funds, while Solana- and XRP-linked ETFs drew smaller but positive inflows. Despite the selling pressure in major ETFs, spot prices for Bitcoin, Ethereum, Solana, and XRP remained relatively stable, indicating a rotation of institutional capital within crypto rather than a broad exit.