Market Performance
| Asset / Index | Value ($) | Change (%) |
|---|---|---|
| Bitcoin (BTC) | 65,446.0 | +3.90% |
| Ethereum (ETH) | 1,911.03 | +4.82% |
| Nasdaq 100 (NAS100) | 24,476.0 | +0.61% |
| S&P 500 (SPX) | 6,798.39 | -1.23% |
| Russell 2000 (RUT) | 2,593.4 | +0.81% |
| US Dollar Index | 97.497 | -0.19% |
| VIX (Fear Index) | 97.77 | +16.79% |
| US 10-Year Treasury | 4.2028276 | -1.75% |
| Brent Crude Oil (BRENT) | 68.984 | +1.63% |
| LBMA Gold (XAU) | 4,852.72 | +1.62% |
| LBMA Silver (XAG) | 72.69 | +2.85% |
“Prepared at UTC 07.38 am”
Today’s Key Events
- President Trump to Speak
- US-Iran Talks to Take Place in Oman.
- US February University of Michigan Consumer Confidence Index
- Hyperliquid and Berachain Token Unlock
Bitcoin Plummets
The sharp sell-off in global cryptocurrency markets has put strong pressure on Bitcoin. The leading cryptocurrency tested the $60,000 level, falling to its lowest level since October 2024 and approximately 50% below its peak. As selling accelerated, the total cryptocurrency market value lost trillions of dollars. High volatility led to large-scale position liquidations in derivatives markets, while investor sentiment weakened significantly. The decline in Bitcoin created additional pressure not only on crypto assets but also on crypto-related company stocks and mining firms.
US Macro Data
According to the US Challenger Report, layoffs in companies rose to 108,435 in January, showing a 205% increase on a monthly basis and a 118% increase on an annual basis. Initial jobless claims came in above expectations at 231,000 for the week ending January 31, while the previous data was revised upward. Continuing jobless claims were close to forecasts at 1.844 million, while JOLTS job openings were significantly below expectations at 6.542 million. The data points to strengthening signs of cooling in the US labor market.
Amazon Financial Results
Amazon Revenues Reached the Upper End of Expectations, While AWS Growth Accelerated Back to 24%. However, Operating Profit Fell Short of Expectations Due to One-Time Expense Items, and the Operating Profit Forecast for the Next Quarter Did Not Exceed Market Consensus. Fourth-quarter 2025 revenue rose 13.6% year-over-year to $213.4 billion, while net income was $21.2 billion. The increase in 2026 capital expenditures to approximately $200 billion heightened concerns about high spending, and the share price fell 11% after the close.
ECB Interest Rate Decision
The European Central Bank kept interest rates unchanged as expected. President Lagarde emphasized that the service sector, particularly IT and communications, supported growth and that manufacturing remained resilient. Lagarde stated that inflation is expected to approach the 2% target in the medium term, adding that energy prices could make the inflation outlook more uncertain. The ECB said it would closely monitor the exchange rate to counter the risk of the euro’s appreciation pushing inflation even lower.
US-Russia-Ukraine Talks
The first prisoner exchange between Russia and Ukraine in five months took place as part of US-backed talks, with each side releasing 157 prisoners. The delegations broadly discussed unresolved issues such as the implementation and monitoring of the ceasefire. President Zelenskyy said the next round of talks is likely to take place in the US in the near future. However, Russia’s demand for the return of territories in Donetsk was rejected by Ukraine. The US and Russia also agreed to restart high-level military dialogue.
Bitcoin in Loss Territory
According to Glassnode data, more than 9.3 million Bitcoin are currently trading at a loss. This level stands out as the highest recorded since January 2023. The data shows that a significant portion of investors are under financial pressure at current price levels. It also points to weak market sentiment.
AWS and Retail Details
AWS Revenues Surpassed Expectations, Recording a 24% Annual Increase to $35.6 Billion. Management Stated That Margins May Fluctuate Along With Investments, But That Efficiency and In-House Chips Will Offset This Effect. On the retail side, online store revenues remained strong at $82.99 billion, but the operating profit margin in the international segment fell short of expectations. Capital expenditures exceeded forecasts at $39.52 billion in the fourth quarter.
Strategy Bitcoin Risk
Strategy CEO Phong Le said that Bitcoin falling to $8,000 and remaining at that level for 5–6 years would put significant pressure on company balance sheets. Le stated that the current structure is resilient unless this scenario materializes, but in the event of an extreme price decline, convertible bond payments could necessitate restructuring or new stock and bond issuances. Michael Saylor, meanwhile, dismissed concerns about Bitcoin security due to quantum computing as “FUD.” He added that the company would launch a Bitcoin security program to encourage security enhancements such as quantum resistance.
Bitcoin Miners Under Pressure
Publicly traded Bitcoin miners IREN and CleanSpark faced heavy selling after reporting lower-than-expected revenues. IREN reported revenue of $184.7 million for the quarter ending December 31, 2025, a significant decline from the previous quarter, and a net loss of $155.4 million. CleanSpark, despite increasing its revenue on an annual basis, reported a net loss of $378.7 million. Following these developments, CleanSpark shares fell approximately 19% in after-hours trading, while IREN shares fell 11%. Weak profitability indicates that financial pressures in the mining sector continue.
Stablecoins and Banks
US Wyoming Senator Cynthia Lummis emphasized that banks should view stablecoins as a business opportunity rather than a threat. Lummis said stablecoins could offer banks new financial products and make payment systems faster and cheaper. In contrast, banks and credit unions are concerned that stablecoin returns could reduce deposits. Digital asset analyst Nic Puckrin stated that prolonged regulatory uncertainty would limit digital asset prices. US Treasury Secretary Scott Bessent and Senate leadership reiterated the need for the CLARITY Act to become law.
Metaplanet Bitcoin Strategy
Metaplanet CEO Simon Gerovich announced that the company’s strategy remains unchanged despite recent share price fluctuations. Gerovich said that the Bitcoin business will continue to be developed steadily and that revenue growth remains a priority. While acknowledging that current market conditions are challenging for shareholders, the CEO emphasized that the company has not abandoned its long-term growth targets. The statement clearly demonstrated that the company is maintaining its Bitcoin-focused approach.
Strategy Financial Results
Strategy announced its financial results for the fourth quarter and full year 2025. The company reported that it holds 713,502 Bitcoins at an average cost of $76,052, for a total cost of approximately $54.26 billion. The company raised $25.3 billion in funding throughout 2025, becoming the largest stock issuer in the US for the year. Due to Bitcoin price volatility in the fourth quarter, an unrealized loss of $17.4 billion was recorded, resulting in a net loss of $12.4 billion. Cash and cash equivalents stood at $2.3 billion at year-end.
Uniswap ETF Application
Bitwise submitted an S-1 registration statement to the U.S. SEC for a spot ETF based on Uniswap. The ETF will be managed by Bitwise Investment Advisers, with custody services provided by Coinbase Custody. While staking is not included in the current application, it was noted that staking could be added in a future revision. This step is seen as another example of efforts to bring DeFi assets into traditional investment products.
Ethereum Security Dashboard
The Ethereum Foundation announced the “Trillion-Dollar Security Dashboard.” This dashboard aims to systematically monitor the security status, risks, and mitigation measures of the Ethereum ecosystem. It covers six key dimensions, from user experience to smart contracts, infrastructure to governance. The initiative aims to establish a security-based foundation for Ethereum’s corporate and large-scale use cases.
Binance SAFU Purchase
According to Arkham data, the Binance SAFU fund address purchased 3,600 Bitcoin. The current value of the purchase is approximately $233 million. This move demonstrates Binance’s continued commitment to increasing its reserve power to protect user funds. The SAFU fund has also served as a source of confidence during market fluctuations in the past.
Aave L2 Deployments
The Aave Chan Initiative has proposed suspending Aave deployments on zkSync Era, Metis, and Soneium due to low user activity and revenue. According to data, these networks generated extremely limited revenue for Aave over the past 30 days. ACI also proposed introducing a minimum annual revenue requirement of $2 million for future new chain distributions. The proposal aims to redirect protocol resources to more efficient networks. The poll was launched the same day.
