Dollar in Freefall, Hard Assets Rally

DAILY MARKET OVERVIEW

The Dollar Breaks Down

👋 Hey, Crypto Enthusiasts! The dollar just had its worst week in months, and the money has to go somewhere.

The U.S. Dollar Index (DXY) has collapsed nearly 4% in just nine days, a brutal move that's forcing anyone holding cash to make a decision fast. When the world's reserve currency slides this hard this quickly, capital rotates into assets governments can't print away. Gold, silver, and now even Bitcoin are catching more bids.

Bitcoin pushed back above $90,000 this week, though it's too early to call this more than a relief rally. The real story is metals continuing their parabolic run while the dollar bleeds out. Traders aren't buying risk. They're buying protection.

❌ Trump's comments didn't help. When asked about the declining dollar, he said,

• "I think it's great... dollar's doing great." He added he wants the currency to "seek its own level," which is exactly what spooked markets.

• A weaker dollar helps U.S. exporters, but when the sitting president dismisses concerns about currency stability, investor confidence erodes fast.

That's when the DXY collapsed even harder and safe-haven flows accelerated.

Geopolitical risk is stacking up too. Trump warned that Iran could face a fate similar to Venezuela, escalating tensions in the Middle East. With the FOMC meeting tonight, markets are sitting on a knife's edge. If Powell signals any lack of confidence in the dollar or the Fed's ability to manage inflation, expect another wave into hard assets, and maybe this time crypto gets more than just a bounce.

⚠️ The setup is fragile. Dollar weakness is creating the exact conditions Bitcoin was designed for, but metals are still getting the bulk of the safe-haven flow. Tonight's FOMC could change that, or it could push gold and silver even higher while crypto stays stuck in no man's land.

THIS NEWSLETTER IS BROUGHT TO YOU BY:
OPENWALLET

Next-level security for your digital assets

Experience top security with Open Wallet. Your wallet blends user-friendliness with strong security.

SOCIAL SENTIMENT

Hyperliquid's Comeback

HYPE just ripped 60% this week. Not a typo. After weeks of grinding lower, Hyperliquid's token suddenly exploded higher on a wave of catalysts that hit all at once.

Here's what happened:

• Circle's CEO name-dropped HYPE at the World Economic Forum, giving the project institutional visibility at the exact moment tradfi types are looking for crypto infrastructure plays

• Kraken announced a listing, expanding access and liquidity right as momentum was building

• Citriniti (a major investment research firm) went long publicly, validating the thesis for larger allocators who needed third-party confirmation

• Tether's CEO soft-shilled Hyperliquid as the "everything exchange," hinting at deeper integrations or partnerships down the line

• A HYPE ETF is reportedly in the works, which would bring regulated exposure to retail and institutions

• Large amounts of hype finished dumping millions of tokens two days ago, removing a massive overhang that had been suppressing price for weeks

• DATs (Hyperliquid Strategies) are accumulating aggressively, signaling smart money conviction

• Jeff (Hyperliquid's founder) claimed their BTC pair now has deeper liquidity than Binance, a bold claim that's getting traction among traders tired of centralized exchange risk

But the real driver is product-market fit showing up in the data:

• Silver and gold perps are exploding on Hyperliquid via HIP-3. Silver alone logged over $1.1 billion in volume yesterday as traders rushed to get exposure to the metals rally on-chain

• Equity perps hit $1.7 billion in volume and $1 billion in open interest yesterday, proving demand for stock exposure in crypto is real

• Open interest against Bybit just hit an all-time high, meaning Hyperliquid is pulling share from the largest perps platforms

• A single wallet is currently buying $40 million worth of HYPE, and on-chain watchers are tracking every move

Hyperliquid is doing what most crypto projects can't: finding real users during a bear market. While the broader market waits for regulatory clarity or a sustained Bitcoin breakout, platforms offering actual utility are still growing. HYPE's rally isn't just hype. It's what happens when a product delivers and the market finally notices.

NEWS OVERVIEW

The Latest Crypto Headlines 📰 

WisdomTree Brings Tokenized Funds to Solana
WisdomTree expanded its full suite of tokenized investment funds to Solana, strengthening multi-chain real-world asset access for both retail and institutional investors.

Ripple Launches Treasury Platform Combining Fiat and Crypto
Ripple unveiled a new treasury management platform that blends traditional cash operations with digital assets, enabling near-instant cross-border settlements using RLUSD.

Ethereum Prepares Mainnet Launch of AI Agent Standard
Ethereum is set to roll out ERC-8004 on mainnet, introducing standards that allow AI agents to operate and transact as participants in a decentralized economy.

Large Enterprises Lead Crypto Payments Adoption, PayPal Survey Shows
A PayPal-backed survey found that major businesses are driving crypto payments adoption, with many reporting growing sales and rising customer demand.

YOUTUBE INFLUENCER SUMMARY

Summary From The Top Influencers 📷️ 

Benjamin Cowen – Two Important Charts For Gold! (28.01.2026 Summary)

In this video, Benjamin Cowen explains why gold’s recent all-time highs matter far beyond its USD price. Instead of focusing on headlines, he highlights two long-term charts that signal a broader shift in the macro environment.

Key points

• The real focus isn’t gold versus the dollar, but gold versus stocks. Despite the S&P 500 rising more than 40% since 2022, it has fallen nearly 50% against gold, showing gold’s relative strength.

• Cowen argues the stock market is breaking down against gold, a pattern that often signals a longer-term trend change rather than a short-term move.

• He expects volatility and possible pullbacks, but sees any weakness against stocks as temporary rather than a reversal.

• The second major chart is gold relative to the money supply (M2). Gold has already moved above its 2011 highs on this measure.

• If monetary expansion continues, Cowen believes a move toward $6,000 gold over time would be reasonable.

Takeaway
Cowen’s view is that gold is reasserting itself as a macro asset. While other markets struggle for direction, gold is strengthening relative to both stocks and liquidity, a setup that historically favors higher prices over the long term.

Altcoin Daily – IT'S A TRAP! (28.01.2026 Summary)

Altcoin Daily argues that gold’s explosive rally may be close to exhaustion, while Bitcoin could be setting up for a major relative comeback. The key idea is not that gold is bad long term, but that the timing now strongly favors Bitcoin.

Key points

• Gold and silver have gone parabolic, which historically signals late-stage moves rather than early ones. Every major gold rally in the past was followed by long cooling-off periods.

• Instead of comparing gold to the US dollar, Altcoin Daily compares gold to Bitcoin, since both are scarce assets and better long-term benchmarks against each other.

• Historically, Bitcoin bear markets against gold last about 14 months. Today, Bitcoin has underperformed gold for roughly 13 months, which closely matches past cycle bottoms.

• The October leverage flush in crypto is still weighing on prices, even though Bitcoin’s fundamentals have improved significantly.

• On-chain data like Bitcoin’s MVRV Z-score suggests Bitcoin is much closer to undervalued than overvalued.

• At the same time, gold appears historically overvalued relative to global liquidity, while Bitcoin looks deeply undervalued versus gold.

Takeaway
Altcoin Daily’s core thesis is that this may be a rare rotation moment. Gold’s rally doesn’t need to end immediately, but history suggests selling strength in gold to buy Bitcoin has previously marked some of Bitcoin’s best long-term entry points.

CRYPTO MEMES

HELP US IMPROVE

WE ALSO READ