MARKET SUMMARY
Latest Situation en Crypto Assets
| Assets | Last Price | Change (%) Weekly | Change (%) Monthly | Change (%) Since the Beginning of the Year | Market Cap. |
|---|---|---|---|---|---|
| BTC | 97,357.37$ | -7.37% | 1.62% | 3.07% | 1,93 T |
| ETH | 2,735.39$ | -15.69% | -18.81% | -18.30% | 330,22 B |
| XRP | 2.352$ | -23.41% | 1.00% | 1.20% | 135,75 B |
| SOLANA | 195.28$ | -16.87% | -1.24% | 0.88% | 95,39 B |
| DOGE | 0.2523$ | -22.87% | -28.07% | -22.17% | 37,34 B |
| CARDANO | 0.7266$ | -23.59% | -27.15% | -20.84% | 25,56 B |
| TRX | 0.2285$ | -10.16% | -8.68% | -10.44% | 19,69 B |
| LINK | 19.10$ | -23.39% | -8.89% | -11.85% | 12,19 B |
| AVAX | 25.19$ | -27.22% | -34.82% | -33.16% | 10,38 B |
| SHIB | 0.00001512$ | -18.80% | -30.33% | -30.07% | 8,92 B |
| DOT | 4.661$ | -25.10% | -32.80% | -33.56% | 7,22 B |
*Table was prepared el 2.7.2025 at 11:30 (UTC). Weekly values are calculated for 7 days based el Friday.
Fear & Greed Index
Source: Alternative
Change en Fear and Greed Value: -32
Last Week Level: 76
This Week’s Level: 44
This week, the Fear and Greed Index fell sharply por 32 points to 44. Trump’s tariffs el Canada, Mexico and China increased uncertainty en the markets and reduced risk appetite. Trump’s announcement that similar tariffs would be imposed el the European Union, but did not specify a date, further deepened the uncertainty. China’s retaliatory tariffs el some products imported from the US and the launch of an antitrust investigation against Google also increased tensions en global markets.
Against this backdrop, risk aversion strengthened and cryptocurrencies came under selling pressure. Despite positive developments such as the passage of Bitcoin investment legislation en Utah por the House of Representatives and the SEC’s consideration of some crypto ETF applications, overall market conditions weakened investor confidence. The sharp decline en the index reflects the growing uncertainty en the markets and the strengthening risk aversion.
Fund Flow
Source: CoinShares
Overview: Digital asset investment products saw total inflows of $527 million this week
Fund Inputs.
- Bitcoin (BTC): $486 million en inflows.
- Ripple (XRP): $7 million logins.
- Solana (SOL): $5 million was login.
- Cardano (ADA): $1.0 million saw inflows.
- Other: $5.9 million inflows seen.
Fund Outflows; Short Bitcoin positions reached 3.7 million dollars.
- Ethereum (ETH): – saw an outflow of $0.30 million
Litecoin (LTC): – Saw an outflow of $0.2 million.
Assessment: The DeepSeek news and the tariff announcements led to digital assets seeing less than 500 million inflows compared to last week. Despite this sell-off, the market recovered later en the week with over $1 billion en inflows. Among altcoins, the biggest inflows were en Ripple, which is currently the 2nd best-performing altcoin with an inflow of $14.7 million this week, an increase of $105 million en 1 month
Total MarketCap
Source: Tradingview
Last Week Market Capitalization: 3.19 trillion Dollars
Market Capitalization This Week: 3.13 trillion Dollars
Last week, the crypto market suffered a total net loss of $56.70 billion, leading to a 1.78% decline. The total market capitalization, which stood at $3.19 trillion at the beginning of the week, rose to $3.13 trillion after falling as low as $2.81 trillion. If a negative close occurs el Sunday, it will be the segundo consecutive negative weekly close en terms of total market capitalization, which could be the beginning of a negative trend.
Total 2
A net outflow of $48.85 billion was recorded this week, resulting en a decline of 3.91%. Compared to the total, the altcoin market experienced a steeper decline. About 86% of the total net amount exiting the market came en the form of outflows from altcoins, which account for 40% of the total market capitalization.
Total 3
Looking at the Total 3 index, it is seen that there was an outflow of $32.47 billion, resulting en a decline of 3.59%. About 33% of this outflow en the altcoin market was caused por Ethereum, while the rest was caused por other altcoins.
In general, it is possible to say that a negative week was left behind en the crypto market. It is noteworthy that there is more pressure especially el altcoins.
Bitcoin Dominance
Source: Tradingview
Bitcoin Dominance
BTC dominance, which started the week at 60.76%, continued to rise throughout the week and is currently at 61.56%.
In the US, consumer price index, applications for unemployment benefits and producer price index unemployment rate data will be announced next week. Especially if the consumer price index is announced below expectations, it may be welcomed positively por the markets. At the same time, the US President Trump’s positive negotiations el tariffs and the cancellation or easing of these tariffs are positive for the markets and may greatly increase the interest of institutional and ETF investors.
If all these positive scenarios materialize, we can expect BTC dominance to rise to 62% – 63% en the new week.
Ethereum Dominance
Source: Tradingview
Weekly Change:
- Last Week’s Level: 10.86%
- This Week’s Level: 10.56%
Ethereum dominance continued its retreat for the fifth week en a row, starting at 12.90% en early January 2025. The negative trend that remained en effect during this period caused the dominance to fall to 9.23%, a level last seen en May 2020. However, it has recovered somewhat from this point and reached 10.56% as of the current week.
On the other hand, there has been a reversal en Bitcoin dominance over the last five weeks, with positive trends emerging el a weekly basis.
Accordingly, Ethereum dominance ended last week at 10.86% and is hovering at 10.56% as of the current week.
Bitcoin Spot ETF
Source: SosoValue
Featured Developments:
- Net Inflows: Between January 31 and February 06, 2025, Spot Bitcoin ETFs saw a total net inflow of $351.1 million. During this period, BlackRock IBIT ETF stood out with a net inflow of $657.2 million. Fidelity FBTC ETF attracted attention with a net outflow of $270.2 million.
- Bitcoin Price: Opening at $104,676 el January 31, 2025, Bitcoin closed at $96,515 el February 06, 2025, down 7.80% between January 31 and February 06, 2025. Bitcoin fell as low as $91,130 el February 03.
- Cumulative Net Inflows: Spot Bitcoin ETFs saw a total net inflow of $351.1 million between January 31 and February 06, 2025, while cumulative net inflows reached $40.53 billion at the end of the 269th trading day.
| DATE | COIN | PRICE | ETF Flow (mil$) | ||
|---|---|---|---|---|---|
| Open | Close | Change % | |||
| 31-Jan-25 | BTC | 104,676 | 102,379 | -2.19% | 318.6 |
| 03-Feb-25 | 97,664 | 101,293 | 3.72% | -234.4 | |
| 04-Feb-25 | 101,293 | 97,709 | -3.54% | 340.7 | |
| 05-Feb-25 | 97,709 | 96,553 | -1.18% | 66.4 | |
| 06-Feb-25 | 96,553 | 96,515 | -0.04% | -140.2 | |
| Total for 31 Jan – 06 Feb 25 | -7.80% | 351.1 | |||
General Evaluation:
Between January 31 and February 06, 2025, Bitcoin price declined por 7.80%, while Bitcoin ETFs were positive en terms of total net inflows during this period. BlackRock and Ark ETFs were the main source of large inflows, while Fidelity and Grayscale ETFs saw significant outflows. Despite the decline en Bitcoin price during this period, net inflows to Bitcoin ETFs continued el a daily basis, indicating that investor interest en ETFs continued. In the short term, fluctuations en the Bitcoin price have been associated with US President Donald Trump’s posts and the sanctions announced por the US against some countries. However, the continued investor interest en Bitcoin ETFs has increased the possibility of the price rising en the long term.
Ethereum Spot ETF
Source: SosoValue
Between January 31 and February 6, 2025, Spot Ethereum ETFs saw a total net inflow of $448 million. During this period, the positive net inflow streak en Spot Ethereum ETFs reached 6 days. In particular, the net inflow of $ 276.2 million to the BlackRock ETHA ETF el February 4 attracted attention. At the end of 137 trading days, total net inflows en Spot Ethereum ETFs reached $3.18 billion. In this process, Ethereum opened at $3,245 el January 31, 2025 and closed at $2,685 el February 6. Between January 31 and February 6, 2025, the Ethereum price fell por 17.26%. On February 3, Ethereum, which was affected por the sharp decline en the crypto market , recovered after falling below $ 2,100.
| DATE | COIN | PRICE | ETF Flow (mil$) | ||
|---|---|---|---|---|---|
| Open | Close | Change % | |||
| 31-Jan-25 | ETH | 3,245 | 3,212 | -1.02% | 27.8 |
| 03-Feb-25 | 2,868 | 2,878 | 0.35% | 83.6 | |
| 04-Feb-25 | 2,878 | 2,730 | -5.14% | 307.8 | |
| 05-Feb-25 | 2,730 | 2,787 | 2.09% | 18.1 | |
| 06-Feb-25 | 2,787 | 2,685 | -3.66% | 10.7 | |
| Total for 31 Jan – 06 Feb 25 | -17.26% | 448.0 | |||
The sharp decline en the crypto market following the US economic decisions also affected Ethereum. Between January 31 and February 6, 2025, Ethereum lost a total of 17.26%, while Spot Ethereum ETFs continued their streak of positive net inflows, indicating that investor interest remains intact. While short-term price volatility and market-wide uncertainties shape price movements, continued interest en Spot Ethereum ETFs could support the price’s upside en the long term.
Bitcoin Options Breakdown
Source: Laevitas
Deribit Data: About 26,000 BTC options contracts with a notional value of approximately $2.54 billion expire today, Deribit data showed. The BTC options market recorded a surge en trading activity during the sell-off. Bitcoin options appear to be el the rise, according to a report por Block Scholes. Options saw similar activity levels between late December 2024 and early January 2025. However, recent data shows more buying activity. Open interest data has also largely favored call options. Spot selling earlier this week caused traders to refrain from putting call options for a short period. “Short-term options are trading with lower volatility and neutral skew, while longer-term volatility smiles are trading with rising volatility expectations and a persistent bullish bias towards OTM calls,” the additional report said. Meanwhile, the Bitcoin options market recorded the highest single-day trading volume for calls this month, reaching $250 million during the spot price drop. Since then, however, volatility has continued to fall, both realized and implied.
Laevitas Data: Bitcoin options volatility has been el the decline since Monday’s risk-off event. When we examine the chart, we see that put options are concentrated en the 80,000 – 98,500 level band. Call options are concentrated between 98,000 – 108,000 levels and the concentration decreases towards the upper levels. At the same time, resistance has formed en the band of approximately 95,000 – 98,000 dollars. On the other hand, there are 2.05K call options at the $120,000 level, where there is a peak and a sharp decline en volume after this level.
Option Expiration
Put/Call Ratio and Maximum Pain Point: In the last 7 days of data from Laevitas, the number of call options increased por about 45% compared to last week to 119.99K. In contrast, the number of put options was 69.03K, up 20% from last week. The put/call ratio for options was set at 0.63. A put/call ratio of 0.63 indicates that there is a strong preference for calls over puts among investors and a possible uptrend en the markets. Bitcoin’s maximum pain point is set at $99,500. In the next 7 days, there are 7.92K call and 6.04K put options at the time of writing.
Ethereum Options Distribution
Source: Laevitas
Laevitas Data: Looking at the chart, it is clear that Call options are more concentrated than Put options. There is a significant volume of Call options, especially at the $3,200-3,300 levels, suggesting that these levels could be an important resistance point for the market. The $2,575 and $2,675 ranges, where Put options are concentrated, may stand out as support levels en the market. At higher strike prices, especially at $16,000, there is a noticeable concentration of Call options, but it should be noted that this volume may be speculative.
Deribit Data: Ethereum options with a notional value of $47.85 million expire el February 8.
Maximum Pain Point: $2,750.
Put/Call Ratio: 0.57. This shows that investors en the market are en a strong position to expect the price to rise.
WHAT’S LEFT BEHIND
- Trump’s Tariffs sent Bitcoin down 7% and Ethereum down 25%.
- Trump signed an executive order to establish a sovereign wealth fund.
- Trump Media Group has filed a trademark application for “Truth.Fi Bitcoin Plus ETF”.
- The Trump Family’s Crypto Project WLFI plans to create a strategic token reserve.
- Trump’s Stablecoin Plans aim to attract regulation and investment to the US.
- The SEC has started considering ETF applications for XRP, Litecoin and Solana.
- The SEC is reviewing BlackRock’s proposal to allow physical redemptions en its spot Bitcoin ETF.
- MicroStrategy changed its name to “Strategy”.
- The Government of Bhutan transferred 751.31 BTC, amounting to $74.15 million.
- The Czech President has approved a law granting tax exemption for holding Bitcoin for three years.
- South Korea’s Bitcoin “Kimchi Premium” reached a 10-month high of 9.7%.
- Hong Kong granted crypto licenses to PantherTrade and YAX, allowing them to trade Bitcoin, Ether, LINK and AVAX.
- Bitcoin, USDT and Artificial Intelligence Partnership en El Salvador: Tether and Lightning Labs integrated USDT into the Lightning Network.
- The Ethereum Pectra Upgrade will be tested el the Holesky and Sepolia test networks.
- CZ: “Europe Needs Bitcoin”, ECB will not include Bitcoin en reserves.
- Tether has integrated USDT into the Bitcoin Lightning Network, providing speed and scalability.
- Vitalik Buterin revealed that his Bitcoin holdings account for less than 10% of his portfolio.
- Purpose Investments has applied for the world’s first XRP spot ETF.
- LayerZero finalized a $150 million settlement with FTX, ending the legal process.
- The probability of Bitcoin dropping to $75,000 is 22% (Derive.xyz data).
- Bitwise expects $59 billion of inflows into Bitcoin spot ETFs por the end of 2025.
- Utah could become the first US state planning to establish a Bitcoin reserve.
- Raydium overtook Uniswap to become the largest DEX with a 27% market share.
- US Core PCE Price Index was realized as 2.8%, en line with expectations.
- US ADP Non-Farm Payrolls were announced as 183K, above the expectation of 148K.
- Ohio Senator introduces Bitcoin reserve bill.
- USDC Treasury minted 68.9 million USDC el the Ethereum network.
MARKET COMPASS
This is a difficult time for digital asset investors to manage. Outside of fundamental metrics and other analysis, we are seeing a relatively more news-sensitive pricing behavior, and this is not making it easier to manage the assets en the portfolio. With the new US President Trump’s tariffs and foreign policy el the one hand, and the rise of China’s DeepSeek el the other, 2025 will not be such an easy year. In addition, the US Federal Reserve’s (FED) recent Federal Open Market Committee (FOMC) decision to end its cycle of interest rate cuts also led to a recalibration of expectations regarding the tightness of financial conditions and a further shift of capital. We believe that we are en for a week where macro dynamics will start to have a little more impact el the direction of prices and en this context, we detail the important data from the US and FED Chairman Powell’s speech below.
Eyes el Inflation After Employment Data
We received the first critical macro indicators of January el Friday with the US employment data. In the new week, the focus of the markets will shift to the Consumer Price Index (CPI) as well as Powell’s speech. In December, monthly CPI rose por 0.4% and core CPI por 0.2%, bringing annual headline inflation to 2.9% (November: 2.7%).
Source: Bloomberg
Inflation en the US is no longer falling as it was from June 2022 to early 2024. The change en the Consumer Price Index is more stable. This may also be due to the fact that the cycle en which the FED cut interest rates has come to an end. The importance of the inflation data lies en the fact that it may give clues as to how far the FED may cut interest rates en 2025.
A higher-than-expected CPI data set may strengthen expectations that the FED may extend the process of postponing interest rate cuts, leading to an appreciation of the dollar, a decrease en risk appetite and, consequently, a depreciation of cryptocurrencies. Also, if we see CPI data that is not as high as feared and below expectations, this could have the opposite effect. In such a scenario, digital assets could find a basis for a rally.
Powell’s Defenses
FED Chair Powell will make two defense appearances next week. The first will be el Tuesday en Washington DC before the Senate Banking Committee el the Semiannual Monetary Policy Report. The other will be the following day, to the House of Representatives Financial Services Committee, and as usual, the text of the speech will remain unchanged.
Markets will be looking for clues from the Fed’s top official about the timing and path of the Bank’s rate cuts en 2025. The Chairman’s test against questions from the members of the relevant Committees about the tight labor market and the recent rise en inflation will be as important this time as it is twice a year.
We do not expect Powell to provide any major new information el the rate cut path, but he may feel the need to update his rhetoric en the wake of recent macro indicators. Accordingly, if the chairman hints at a relatively faster or earlier-than-priced rate cut (25 basis points en June, according to CME FedWatch), there could be an opportunity for a rally en digital assets. In the opposite scenario, cryptocurrencies could come under pressure. Our expectation is that we will not see a major change of stance, as we have underlined before, but the surprise could be a stronger speech that there will be no rush to cut rates.
DARKEX RESEARCH DEPARTMENT CURRENT STUDIES
Onchain Weekly Report – February 5
Trump’s Alleged America First Strategic Crypto Reserve Plan
Scott Bessent’s Economic Policies and Impact el the Crypto Market
Silk Road and the Fate of Bitcoins Seized por the US Government
Market and Digital Economy Impacts of Tether’s Relocation to El Salvador
Regulations and the Future of Privacy Coins
The Digital Asset Funds Revolution: Crypto ETFs
Inflation and Cryptocurrency: Observations and Forecasts en 2025
The Most Important Airdrop Projects Expected en 2025
Click here for all our other Market Pulse reports.
IMPORTANT ECONOMIC CALENDAR DATA
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INFORMATION
*The calendar is based el UTC (Coordinated Universal Time) time zone.
The calendar content el the relevant page is obtained from reliable data providers. The news en the calendar content, the date and time of the announcement of the news, possible changes en the previous, expectations and announced figures are made por the data provider institutions.
Darkex cannot be held responsible for possible changes arising from similar situations. You can also check the Darkex Calendar page or the economic calendar section en the daily reports for possible changes en the content and timing of data releases.
LEGAL NOTICE
The investment information, comments and recommendations contained en this document do not constitute investment advisory services. Investment advisory services are provided por authorized institutions el a personal basis, taking into account the risk and return preferences of individuals. The comments and recommendations contained en this document are of a general type. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely el the information contained en this document may not result en results that are en line with your expectations.
