Wintermute on crypto recovery, BTC allocation cut on quantum risk: Hodler’s Digest, Jan. 11 – 17

CoinTelegraph

by Editorial Staff

January 18, 2026

AI-Generated Deep Dive Summary

Crypto markets saw significant developments last week as key figures in the financial and regulatory landscapes weighed in on Bitcoin treasuries, market structure legislation, and regulatory enforcement. Michael Saylor, CEO of MicroStrategy and a prominent Bitcoin advocate, defended corporate Bitcoin holdings during an appearance on the *What Bitcoin Did* podcast. He argued that companies with excess cash are better off investing it in BTC rather than holding it in traditional treasuries or returning it to shareholders. Saylor also pushed back against criticism of smaller companies that issue equity or debt to buy Bitcoin, emphasizing that corporate treasury strategies should be evaluated based on their outcomes rather than size. Meanwhile, Goldman Sachs CEO David Solomon highlighted the importance of the Digital Asset Market Clarity (CLARITY) Act during a discussion about his firm’s fourth-quarter results. He noted that many at Goldman Sachs are closely monitoring the bill due to its potential impact on tokenization and stablecoins. However, a markup session for the bill was postponed after Coinbase withdrew its support, underscoring ongoing challenges in navigating digital asset regulations. The spotlight also turned to regulatory enforcement as three Democratic lawmakers pressed the SEC over its handling of crypto-related cases. Maxine Waters, Brad Sherman, and Sean Casten questioned the agency’s decision to close or pause investigations into major exchanges like Binance, Coinbase, and Kraken, as well as high-profile figures like Tron founder Justin Sun. The lawmakers expressed concerns about the SEC’s “priorities and effectiveness” in addressing crypto-related enforcement actions. In another significant update, the Zcash Foundation announced that the SEC had concluded its investigation into certain crypto asset offerings related to the privacy coin without pursuing enforcement action. This outcome reflects a broader trend of regulatory clarity for some projects but raises questions about how the SEC approaches oversight in the cryptocurrency space. Looking ahead, Wintermute’s analysis suggests that crypto’s recovery hinges on three key outcomes: institutional adoption, regulatory certainty, and broader market trends. The firm noted that last year’s lackluster performance, particularly in altcoins, reflects structural changes rather than a temporary downturn. As 2026 progresses, these factors will likely shape the trajectory of the cryptocurrency market and investor sentiment.

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Originally published on CoinTelegraph on 1/18/2026