The game of drifting and entering: Game Station's massive stop-loss vs UBS institutional entry

Source: TokenPost Original Title: January 26 Commuting Podcast — GameStop Lost 100 Billion Yuan vs UBS Entering the Market… Chaotic Cryptocurrency Market in 2026 Original Link: https://www.tokenpost.kr/news/briefing/326318 On January 26, 2026, the cryptocurrency market plunged into chaos amid macroeconomic uncertainties and conflicting actions by major players. The possibility of a US government shutdown dampened overall market performance, with large-scale stop-loss actions on one hand and signals of traditional financial institutions entering the market on the other, making investors' calculations more complex.

Market "Red Light" Turns On: $130 Million Forced Liquidation

Market sentiment is described as "thin ice." Around 5 a.m. on the 26th, Bitcoin dropped over 3% compared to 24 hours earlier to $86,400, and Ethereum nearly fell 5% to $2,808. Mainstream altcoins like Solana (-7.42%) and Cardano (-6.6%) experienced even larger declines.

The steep decline triggered large-scale forced liquidations. In the past 24 hours, approximately $130 million (about 15 billion RMB) worth of positions in the derivatives market were liquidated. Notably, most of the liquidation amount, about $91.31 million, came from long positions expecting prices to rise. Market participants largely failed to foresee this decline and suffered heavy losses.

The main reason for the drop points to "US government shutdown" panic. The halt of government functions increased uncertainty in Federal Reserve monetary policy, strongly activating risk-averse psychology in assets like Bitcoin.

The Mystery of GameStop: 10 Billion Yuan Mysterious Stop-Loss

Market focus shifted to the actions of the "meme stock" symbol, GameStop. GameStop transferred approximately 4,710 Bitcoins (worth about $428 million) entirely into a Prime account of a major exchange. Typically, transfers to exchanges are interpreted as preparations to sell.

The issue lies in the timing of the sale. Industry estimates suggest that GameStop's Bitcoin purchase cost was around $107,900. Selling at the current price of $86,000 would realize a huge loss of about $76 million (roughly 10 billion RMB).

Market doubts about GameStop's intentions: Is it simply panic selling due to fear of further declines, or is it seeking new business opportunities with the raised cash? Unclear motives have increased market unease. Meanwhile, a major exchange's newly generated anonymous wallet received a transfer of 40,000 Ethereum (about $115 million), with frequent mysterious large fund flows.

Retail Investors Exit, Giants Enter: Major Asset Management Bank Moves In

As GameStop shows signs of retreat, traditional financial giants are preparing to enter. According to media reports, one of the world's largest asset management banks is considering offering spot trading services for Bitcoin and Ethereum to top Swiss clients.

This contrasts with companies troubled by short-term volatility, indicating that large financial institutions are viewing cryptocurrencies as institutionalized assets from a long-term perspective—a "power shift" is underway.

Extreme Predictions Clash: "Million-Dollar" vs "Party Over"

Experts have starkly different views on the market outlook.

Bullish side: Early Bitcoin developers compare Bitcoin to "a ball pressed into water," claiming that once macroeconomic pressures ease, its value will explode, potentially reaching $10 million. The head of a major mining company also said "the bottom is near," advising investors not to panic and to hold firmly.

Bearish side: Conversely, an analyst declared that "the crypto bull market has ended since 2026." He pointed out that the approval of spot ETFs, a major positive, has been exhausted, and decreased volatility signals that new capital inflows have stopped. He recommends a "sell on rallies" strategy.

Technology and Regulation Strengthen the "Future"

Beyond price volatility chaos, technological and institutional infrastructure are steadily being built. The Ethereum Foundation has established a "Post-Quantum Security Team" to prepare for future threats from quantum computing.

Regulatory environments are also becoming more positive. The US Securities and Exchange Commission has officially withdrawn lawsuits against certain exchanges, and the former president has expressed willingness to sign the Cryptocurrency Market Structure Act. This will help reduce market uncertainties and promote institutional investor inflows.

However, security issues remain a challenge. Incidents such as the theft of 58 billion RMB worth of cryptocurrencies by internal personnel of US asset management agencies and hacking attacks on French tax reporting platforms serve as reminders of the importance of protecting infrastructure.