$BTC

Main TakeawaysMacro and geopolitical swings drove sharp risk-off/risk-on rotations in January, with key technical levels in focus for near-term direction.Desk flows point to stablecoins becoming the market’s primary liquidity and conversion rail, led by USDT/USDC and supported by growing activity in newer stablecoins.For large or time-sensitive trades, Binance OTC & Execution Services provides high-touch execution with deep liquidity, competitive spreads, and flexible settlement options.Welcome to the first Binance OTC (Over-the-Counter) & Execution Services monthly digest. In this edition, we recap how in January, shifting macro and geopolitical headlines drove a mid-month rebound and late-month selloff, share what our desk activity signals about stablecoins’ expanding role in liquidity and settlement, and close with a real client example showing how fast, discreet OTC execution helped protect principal during a downturn, followed by a quick overview of the OTC & Execution Services toolkit.2026 Market Volatility: Crypto Faces Headwinds Amid Safe Haven RallyJanuary brought sharp swings across crypto and commodities. Bitcoin climbed near $98,000 in mid-January before pulling back to its prior range of $84,000–$94,000 range as investors weighed macroeconomic uncertainty and geopolitical tensions. Gold and silver hit consecutive all-time highs amid increased safe-haven demand before reversing course by month-end. The Federal Reserve maintained rates at 3.75% in January. Bitcoin ended the month below $80,000, correlating closely with US tech equities during the selloff. What We Are Seeing on the Desk: Stablecoin Adoption2025 marked a significant milestone for stablecoins, with mainstream adoption accelerating rapidly as highlighted by Binance Research’s recent Full-Year 2025 & Themes for 2026 industry report. Our OTC desks reflect the same sentiment. In 2025 and into January 2026, USDT and USDC continued to drive activity, with newer stablecoins such as RLUSD, USD1, $U, and XUSD also contributing to sustained momentum. The pattern suggests the trend will continue to build throughout 2026, underscoring the growing role stablecoins play as key liquidity tools in the evolving crypto economy. OTC Volume Breakdown in January 2026 Beyond stablecoins, our desk remains active across a diverse range of crypto assets like BTC, ETH, SOL, alongside altcoins such as APT, EGLD, MCH, RENDER, TRX, with continued demand for crypto-to-crypto pairs. This breadth of activity reflects ongoing interest in a wide spectrum of digital assets.We also facilitated stablecoin and fiat conversions across multiple currencies, including ARS, BHD, EUR, JPY, KZT, MXN, RON, USD. Overall, while stablecoins volume was prominent, the diversity of crypto and fiat activity points to continued appetite for both established and emerging crypto assets, including crypto-to-crypto pairs, highlighting the fluid and multi-faceted nature of market engagement.Liquidating Crypto Collateral in a Downturn: How an OTC BTC/JPY Trade Protected PrincipalIn volatile markets, timely and efficient liquidation can make all the difference – especially during market downturns like one we have recently seen. Recently, we supported a lender who held crypto as collateral. The client approached Binance’s OTC desk needing to liquidate their collateral quickly and securely. Thanks to our deep liquidity pool, tight spreads, and fast settlement process, we were able to facilitate the transaction smoothly. Specifically, we executed a BTC/JPY trade with significantly better pricing than available on traditional exchanges.We were able to provide a competitive rate with a spread that was less than a third of that on the market. This not only protected the client’s principal but also ensured they could process payments promptly without incurring heavy costs.Remarkably, settlement was completed within 10 minutes after the trade was executed, allowing the client to withdraw funds almost immediately, an outcome critical in fast-moving markets.This example underscores how OTC trading with its privacy, deep liquidity, and speed can be invaluable for clients needing to act decisively amid high market uncertainty. What is Binance OTC & Execution ServicesBinance OTC & Execution Services is a premier one-stop solution for executing large or complex trades with confidence and discretion. Binance OTC supports all assets listed on our spot market, including direct pairs and cross pairs, totaling over 445 different crypto and fiat assets – the largest selection of OTC trading pairs in the industry.Key benefits include:Zero exchange fees and market-competitive spreads  Experienced traders managing orders with institutional-grade execution 24/7 access to the industry’s deepest liquidity  Flexible settlement options and no upper size limitsBinance OTC and Execution Services offers a wide range of capabilities depending on your objectives. In the coming months, we’ll be publishing a series of guides on how you can leverage our suite of tools, including Request for Quote (RFQ), Indication of Interest (IOI), and Algorithmic Direct Market Access (Algo DMA).Unlock Binance VIP Status Through OTC & Execution ServicesWhen users execute a minimum of USD 200,000 in OTC volume within a 30-day period, they can also fast track their eligibility for Binance VIP. Being a Binance VIP grants exclusive access to lower, tier-based platform fees, dedicated key account coverage, 24/7 priority support, and more. Final ThoughtsJanuary reinforced how quickly crypto sentiment can flip as macro and geopolitical narratives evolve, making execution quality, speed, and certainty increasingly important. At the same time, our desk data highlights stablecoins’ continued rise as the default bridge between crypto and fiat, supporting both risk management and operational settlement. As volatility persists, structured OTC workflows can help clients convert, rebalance, or liquidate efficiently while minimizing market impact and maintaining discretion.Further ReadingWhat Is the Binance VIP Program? Benefits, Tiers & How to Join Binance VIP & Institutional ProgramBinance Launches OTC VIP Program  Introducing Binance Indication of Interest (IOI) – the Essential Liquidity Discovery Tool for Institutional Crypto TradersBinance Execution Services - Faster, More Efficient Trading for Large-Volume Crypto Orders  Disclaimer: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Options trading, in particular, is subject to high market risk and price volatility. Past performance is not a reliable predictor of future performance. There is no guarantee that an IOI will result in a binding transaction. An IOI is not a market order. Binance does not act as your adviser or agent. Before trading, you should make an independent assessment of the appropriateness of the transaction in light of your own objectives and circumstances, including the risks and potential benefits. Consult your own advisers, where appropriate. This information should not be construed as financial or investment advice. To learn more about how to protect yourself, visit our Responsible Trading page. For more information, see our Terms of Use and Risk Warning.