EGAF Tops Bitfinex Leaderboard with $8.​9M Unrealized Profits

**Major regulatory shifts are reshaping global crypto markets:** - **Dubai** has cracked down on privacy tokens and stablecoins - **South Korea** is blocking unregistered crypto applications - **China's digital yuan** has processed over $55 billion through the [mBridge](https://www.bis.org/about/bisih/topics/cbdc/mbridge.htm) cross-border payment system These developments signal a fundamental restructuring of crypto and payment infrastructure rather than short-term market movements. Regulators are tightening controls while state-backed digital currencies gain traction in international settlements. The trend continues the shift away from dollar-dominated stablecoins toward regulated alternatives in euros, yen, and yuan—challenging USD's onchain dominance.

**Japan's 30-year government bond yield jumped to 3.9%** and remains elevated near 3.7%, signaling a shift in global liquidity conditions. **Key implications:** - The era of cheap yen funding appears to be ending - Tighter liquidity conditions ahead for global markets - Bitcoin and crypto assets face increased exposure to macro shocks - Digital assets showing heightened sensitivity to bond yield movements This development marks a notable change in the funding environment that has supported risk assets in recent years.

**Jesse Knutson**, Head of Operations at BFX Securities, is traveling to El Salvador to discuss key developments in digital finance. **Key topics include:** - Tokenization of real-world assets - Regulated issuance frameworks - Bridging traditional capital markets with blockchain infrastructure BFX Securities operates as the first licensed platform in El Salvador, previously discussing Bitcoin-based T-bills and RWA tokenization at Plan B conference.

Gold reached an all-time high of $4,700 per ounce, while the Bitcoin-to-gold ratio has declined 52% from its peak. **Key Points:** - The BTC/gold ratio is at levels last seen before Bitcoin's previous outperformance against gold - Market positioning is shifting as investors reassess the relationship between the two assets - Bitfinex analysts suggest monitoring this metric as liquidity conditions develop through 2026 Historically, when this ratio reached similar levels, Bitcoin subsequently outperformed gold. The current setup may indicate a potential shift in relative performance between the two assets as market conditions evolve. [Read full analysis](https://cointelegraph.com/news/bitcoin-30-day-realized-losses-gold-record-high)

Bitfinex is heading back to El Salvador for the Plan B Forum, taking place January 29-31. The event will focus on: - Real-world Bitcoin adoption - Market infrastructure development - Practical Bitcoin implementation The forum brings together the exchange and the global Bitcoin community to assess progress and discuss the future of Bitcoin in El Salvador. [Register here](http://planb.sv)