Gate Research: XRP Spot ETF Ends Eight-Week Inflow Streak | Polygon Launches Open Money Stack

Crypto Market Overview

• BTC (-0.25% | Current price: 91,065 USDT): Over the past 24 hours, BTC initially extended the previous rally and surged quickly, forming a short-term peak near 94,800 USDT. Subsequently, bullish momentum faded, and price started to pull back from high levels, developing into a relatively sharp decline. During the sell-off, price found support around 88,465 USDT, where bearish momentum was largely exhausted and dip-buying funds entered the market, triggering a technical rebound. Price has now recovered to around 91,000 USDT, but overall remains in a post-decline repair and consolidation phase. The 92,000–93,000 zone above presents notable resistance, while the 90,000 level below serves as a key short-term support where bulls and bears are contesting. In the near term, price action is expected to remain range-bound and corrective, awaiting a clearer directional breakout.
• ETH (-0.40% | Current price: 3,103 USDT): Over the past 24 hours, ETH first continued its prior uptrend and pushed higher, forming a short-term peak near 3,308 USDT. Afterwards, bullish momentum weakened significantly, and price retreated from the highs, gradually evolving into a relatively smooth decline. During the pullback, price found support around 3,020 USDT, followed by a modest technical rebound; however, the rebound strength has been limited, and price is currently hovering near 3,100 USDT. Overall, ETH remains in a weak post-decline recovery phase. The 3,150–3,200 area above represents clear resistance, while 3,000 serves as an important short-term support. Near-term price action is expected to remain range-bound with a slightly bearish bias.
• Altcoins: Most major altcoins are posting mild declines, with overall market sentiment leaning toward “neutral” or “buy.” The Fear & Greed Index stands at 27 today, still in the fear zone, indicating that market sentiment has yet to fully recover.
• Macro: On January 8, the S&P 500 rose 0.01% to 6,921.46, the Dow Jones gained 0.55% to 49,266.11, and the Nasdaq fell 0.44% to 23,480.02. As of January 9 at 10:57 AM (UTC+8), spot gold is quoted at $4,463.97 per ounce, down 0.29% over the past 24 hours.

Trending Tokens

ISLM – HAQQ Network (+469.33%, Circulating Market Cap: $150M)

According to Gate market data, ISLM is currently priced at $0.0555, up 469.33% over the past 24 hours. ISLM is the core token of the HAQQ Network ecosystem. HAQQ is a blockchain network built around the principle of “Islamic finance compliance,” aiming to create a Web3 infrastructure aligned with ethical finance standards and real-world asset compliance. The project focuses on real-world assets (RWA), compliant DeFi, and cross-border financial applications, with the goal of providing regulation- and culture-aligned blockchain financial services to billions of potential users worldwide.

Based on the latest market data, ISLM’s sharp surge over the past 24 hours has been mainly driven by concentrated capital inflows and a rapid improvement in market sentiment. As the core token of the HAQQ Network ecosystem, ISLM saw a significant expansion in trading volume, with both price performance and percentage gains ranking near the top of the platform, attracting a large amount of trend-following capital. Following the strong high-volume breakout, short-term speculative and momentum-driven funds further piled in, pushing the price into an accelerated upward move.

我踏马来了 (+130.54%, Circulating Market Cap: $16.62M)

According to Gate market data, 我踏马来了 is currently priced at $0.01567, up 130.54% over the past 24 hours. This project is a community-driven meme token centered around Chinese crypto community culture and emotional resonance. It has rapidly attracted market attention and liquidity through strong emotional expression and viral narrative spread, with price movements mainly driven by community consensus, narrative momentum, and market hype, showing typical meme-coin characteristics and high volatility.

Based on the latest market activity, 我踏马来了’s sharp rise over the past 24 hours has been mainly fueled by the “Year of the Horse” narrative and a rapid surge in sentiment within Chinese-speaking communities. The token uses wordplay around “the Year of the Horse” and “charging in on horseback” as its core meme, which quickly spread across Chinese communities and social platforms, significantly boosting attention and discussion. According to Gate data, trading volume expanded rapidly, with short-term speculative and sentiment-driven capital flooding in. With both narrative and capital reinforcing each other, price was pushed sharply higher, forming a typical sentiment-driven rally.

FRAX – Frax (+37.78%, Circulating Market Cap: $77.31M)

According to Gate market data, FRAX is currently priced at $0.8671, up 37.78% over the past 24 hours. Frax is a decentralized stablecoin protocol focused on building a partially algorithmic, partially collateralized stablecoin system, while gradually evolving toward a fully decentralized monetary system. The Frax ecosystem now spans multiple DeFi sectors including stablecoins, LSD (liquid staking derivatives), lending, and AMO mechanisms, making it one of the more mature and well-structured legacy protocols in the DeFi space.

Based on recent market performance, FRAX has shown clear strength over the past 24 hours, mainly driven by improving overall market sentiment and renewed attention toward the stablecoin sector. As risk appetite in the broader market recovers, some capital has begun rotating back into DeFi and stablecoin-related narratives. As a long-established protocol token, FRAX has seen a notable increase in trading activity and volume, and with capital inflows, price has staged a visible rebound.

Alpha Insights

JPMorgan Advances Blockchain Strategy, Plans to Build an “Interoperable Digital Currency” System

JPMorgan is accelerating its blockchain and digital currency strategy. The bank stated that it plans to expand its deposit token, JPM Coin, to multiple blockchain networks, including the privacy- and institution-focused Canton Network, in order to build a regulated and interoperable digital currency system for near-real-time settlement and transfer of funds between institutions. Currently, JPM Coin is anchored to U.S. dollar deposits and is already being used to serve institutional clients on Coinbase’s Ethereum Layer 2 network Base. It has also been adopted by companies including Siemens for cross-border FX settlement use cases.

According to JPMorgan, deploying JPM Coin natively on the Canton Network represents a key step in building a multi-chain, interconnected settlement system. In the future, as JPM Coin gradually expands to 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 mobility and settlement efficiency. This move also highlights how traditional financial giants are leveraging blockchain technology to push digital currency infrastructure toward a higher level of interoperability and real-world usability.

XRP Spot ETFs End Eight-Week Inflow Streak, See Nearly $40 Million in Single-Day Outflows

On January 7, XRP spot ETFs recorded their first single-day net outflow since their launch in mid-November last year, ending a nearly two-month streak of continuous net inflows. Data shows that total net outflows for the day reached approximately $40.8 million, mainly driven by about $47.25 million in redemptions from 21Shares’ TOXR product. Meanwhile, products from other issuers such as Canary, Bitwise, and Grayscale mostly saw small net inflows or remained flat. Despite this, total trading volume of XRP ETFs for the day still reached around $33.74 million, indicating active market participation and no signs of panic selling.

Previously, the steady and consistent inflows into ETFs were seen as one of the key factors supporting XRP’s relative outperformance versus the broader market in early 2026. This first net outflow does not necessarily indicate a trend reversal. The large redemption from a single product is more likely related to institutional portfolio rebalancing, tax considerations, or market-maker inventory management. However, given XRP’s already strong gains since the start of the year, future ETF fund flows will remain an important indicator for judging whether demand is starting to cool.

Polygon Launches Open Money Stack to Build a Borderless Stablecoin Payment Infrastructure

Polygon Labs has officially launched Open Money Stack, a new modular payment infrastructure framework designed to support stablecoin-based payment systems and simplify cross-border value transfer. The system is scheduled to go live later this year, featuring cross-chain compatibility and customizable components. Financial institutions and fintech companies will be able to integrate key modules 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 components of modern payment systems, including liquidity management, payment orchestration, and regulatory controls, helping enterprises execute complex payment workflows on a unified infrastructure. With this system, users are expected to enjoy a smoother cross-border payment experience without the need for cumbersome operations such as cross-chain bridging or token swapping. This move also signals that Polygon is accelerating its push into stablecoin payment infrastructure aimed at institutional and large-scale commercial adoption.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Gate, https://www.gate.com/trade/GT_USDT
• Gate, https://www.gate.com/price
• Coindesk, https://www.coindesk.com/business/2026/01/08/interoperable-digital-money-jpmorgan-expands-blockchain-plans
• Coindesk, https://www.coindesk.com/markets/2026/01/08/xrp-etfs-finally-see-outflows-after-record-run-that-beat-bitcoin-and-ether-inflows
• Coindesk, https://www.coindesk.com/business/2026/01/08/polygon-labs-unveils-open-money-stack-to-power-borderless-stablecoin-payments

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Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.