Market Signal Briefing

Tether has made a $150 million strategic investment in precious metals platform Gold.com, acquiring a roughly 12% stake as part of a broader push to expand access to both tokenized and physical gold.

Summary

Tether invested $150 million in Gold.com, acquiring a roughly 12% stake to expand access to tokenized and physical gold. The deal aims to strengthen XAU₮, Tether’s gold-backed digital asset, with Gold.com committing $20 million into the token. The partnership includes board representation and plans to integrate stablecoins into Gold.com’s precious metals platform. The investment is aimed at strengthening XAU₮, Tether’s gold-backed digital asset, which is pegged to physical gold held in reserve.

XAU₮ is one of the largest tokenized gold stablecoins in terms of market share, and the investment boosts its global credibility and distribution.

As part of the partnership, Gold.com agreed to invest $20 million from the proceeds into XAU₮, further aligning both firms’ interests.

“Our investment in Gold.com reflects a long-term belief that gold should be as accessible, transferable, and usable as modern digital money, without compromising on physical backing or ownership,” said Paolo Ardoino, CEO of Tether.

The news comes as Tether has been steadily accumulating bullion in secure Swiss vaults, buying more than a ton of gold each week to support its stablecoin and gold-backed products. Tether now holds approximately 140 tons of physical gold valued at about $23 billion.

Under the agreement, Tether will purchase approximately 3.37 million common shares at a discount to recent market prices and will be entitled to nominate a board member at Gold.com.

The companies also plan to explore commercial arrangements, including promoting Tether stablecoins on Gold.com’s platform and enabling gold purchases with digital currencies such as USD₮ and USA₮.

For context, Gold.com is a vertically integrated alternative assets platform that offers a broad range of precious metals, numismatic coins, and collectibles. Founded in 1965, the company operates across the U.S. and international markets.

Greg Roberts, CEO of Gold.com, said the investment “builds upon Gold.com’s 60+ year legacy and expands our reach beyond traditional bullion into digital gold and stablecoins,” adding that the capital will help strengthen the company’s offerings and support future innovation.

The deal reflects broader trends in tokenizing real-world assets, as investors and issuers increasingly seek to merge physical commodities with blockchain-based financial infrastructure.

Key NotesHe cited risk management as the reason and said he plans to re-enter at lower levels.Kiyosaki criticized the US debt situation, the Federal Reserve, lawmakers, and banks.His remarks come as Bitcoin dropped about 22% in a week, and the crypto market lost around $750 billion in value. Veteran trader Robert Kiyosaki has revealed that he sold portions of his Bitcoin BTC $64 834 24h volatility: 8.7% Market cap: $1.30 T Vol. 24h: $163.58 B and gold holdings, despite previously making bullish predictions.

The announcement comes as Bitcoin’s price continues to slide toward the $64,000 level.

After sharing the news on X, Kiyosaki faced significant backlash from followers, with some criticizing him for the move.

AS I POSTED on X earlier.

I stopped buying silver at $60.

I stopped buying Bitcoin at $6000.

I stopped buying gold at $300.

I have sold some Bitcoin and some gold. I hate selling because I hate paying capital gain taxes.

Today…. I wait patiently for new bottoms for gold…

— Robert Kiyosaki (@theRealKiyosaki) February 6, 2026

Robert Kiyosaki on Bitcoin Selling and Debt Risks Amid the recent downturn in Bitcoin and precious metals, investor Robert Kiyosaki revealed that he has sold portions of his Bitcoin and gold holdings.

He shared on X that he previously stopped buying silver at $60, Bitcoin at $6,000, and gold at $300.

Kiyosaki added that, although he has paused further purchases of gold and Bitcoin, he plans to wait for lower price levels before re-entering the market.

“Your profit is made when you buy… not when you sell,” he wrote, emphasizing a long-term investment strategy.

Kiyosaki also expressed concerns about the US economy as the national debt surpasses $38 trillion. He criticized the Federal Reserve, political leaders, and the banking system, warning of potentially difficult economic conditions ahead.

Robert Kiyosaki has spent the past year advocating for investments in Bitcoin, gold, and silver. While silver rallied to $121 by the end of January 2026, it has since corrected more than 45% from its peak in just a week.

The impact has also been felt across the broader crypto market, which lost approximately $750 billion in market capitalization over the same period. On the weekly chart, Bitcoin has declined 22%, trading around the $64,500 level.

Crypto Market Feels Impact of US Tech Stock Sell-Off The recent correction in US tech stocks, driven by AI-related concerns, has spilled over into other asset classes. Beyond equities, commodities, precious metals, and cryptocurrencies have also seen sharp declines.

In the past 24 hours alone, the crypto market has lost more than $300 billion. Over the past week, investors have seen roughly $750 billion wiped from the market.

As per Coinglass data, the 24-hour liquidations across the crypto market have now soared to $2.6 billion. More than $2.17 billion has been wiped out of the long positions, with BTC price alone contributing $1.35 billion out of this.

Crypto market liquidations. | Source: Coinglass

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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On February 6, Blockchain analytics firm Lookonchain revealed that Marathon Digital transferred 1,318 BTC, worth about $86.9 million, to Two Prime, BitGo, and Galaxy Digital.

On-chain data from Arkham Intelligence revealed that the transfers were executed in multiple transactions. Marathon moved 653.77 BTC to Two Prime, and separate transfers of 99.99 BTC and 280 BTC to BitGO. 

The transfers also included 50 BTC sent to another wallet and 305 BTC via Anchorage Digital Custody. According to the data, smaller deposits of 3.16–3.27 BTC from Coinbase to MARA wallets also occurred.

Marathon Digital continues large-scale strategic Bitcoin transfers The Bitcoin mining firm #MARA transferred 1,318 $BTC($86.89M) to Two Prime, BitGo, and Galaxy Digital in the past 10 hours.https://t.co/9DlN5ZPsBz pic.twitter.com/ubPZM5iwWi

— Lookonchain (@lookonchain) February 6, 2026

The recent transfer activity aligns with Marathon’s longer-term balance trends visible on-chain. According to data, its on-chain balance increased steadily through 2024 and peaked at around $2.4 billion in early 2025. However, as of February 6, 2026, the data showed the balance had dropped precipitously to about $793 million, suggesting major drawdowns or active capital redeployment.

Following the drop in on-chain balances, the firm’s current wallet holdings reveal that it controls approximately 12,245 BTC, valued at $792.68 million, down 9.76%. This decline coincides with Bitcoin’s recent price decline to around $64,733, down 8.89%.

The recent transfers build on a pattern seen in Marathon Digital’s previous large-scale movements. Back in November of last year, Cryptopolitan reported that MARA transferred 2,348 BTC (about $236 million) to institutional exchanges, such as Coinbase Prime, FalconX, Galaxy Digital, and Two Prime. 

According to the report, MARA invested about $60 million in Falcon X and $45 million in Coinbase Prime. The remaining funds were allocated to Two Prime and Galaxy Digital. The exchanges received a total of $236 million in deposits from wallets under the MARA Pool’s supervision, which is responsible for block rewards.

Last month, Lookonchain monitoring revealed another large-scale asset transfer from MARA. The blockchain analytics noted MARA transferred 288 BTC, worth around $26.3 million, to the cryptocurrency market maker Wintermute.

Institutional and corporate holders strategically move Bitcoin MARA’s large-scale asset transfers reflect a common pattern among publicly listed Bitcoin miners. In February of last year, Riot Platforms moved 850 BTC worth around $56 million as security for equipment financing. 

In December 2024, CleanSpark transferred 1,200 BTC, valued at approximately $76 million, to diversify its treasury. In the same year, Core Scientific also transferred 600 BTC worth around $39 million to create a partnership finance.

This pattern of strategic asset movement is not limited to miners, as institutional investors have also shown similar patterns. On November 4 of last year, Cryptopolitan reported that BlackRock moved $293.3 million in Bitcoin and Ethereum to the Coinbase Prime account. The report revealed that the capital inflow included approximately $293.49 million in Bitcoin and $79.83 million in Ethereum.

According to the report, BlackRock had transferred about $185 million to Coinbase and Prime on the third of that month. The $185 million was split into 15,121 Ether, worth around $56.1 million, and 1,198 Bitcoin, worth about $129.09 million. 

Building on this, during the first five days of November 2025, BlackRock transferred more than $1 billion in BTC and Ethereum to Coinbase’s institutional custody platform.

Similarly, other large holders have strategically relocated their Bitcoin holdings. On November 15 of last year, Strategy moved 43,415 Bitcoin across more than 100 addresses.

Against this backdrop, on October 21 last year, SpaceX moved 2,495 BTC, worth $268 million, to new addresses. This was the first time it moved BTC in three months since July 2025. Arkham Intelligence data available on-chain showed that the wallets were inactive, with SpaceX continuing to own approximately 5,790 BTC worth $626 million.

Bitcoin printed one of the largest ever daily candles to the downside on Thursday, sliding more than 15%, roughly $10,800, in a move that rippled through derivatives, spot venues, and the US Bitcoin ETF complex.

The scale of the drop is what made it stand out. Not just the percentage drawdown, but the mix of stress signals hitting at once: implied volatility spiking, volumes exploding, and momentum gauges collapsing into levels typically associated with forced selling rather than discretionary risk reduction.

Bitcoin Crash Sparks Capitulation Signals Real Vision’s Jamie Coutts framed the session as a “capitulation watch,” pointing to a cluster of metrics rarely seen together. He highlighted Bitcoin implied volatility via BVIV at 88.55, “closing in on the FTX-collapse peak of 105,” and noted Coinbase logged its eighth-largest trading day ever by USD value, with $3.34 billion changing hands—roughly 54,000 BTC at ~$62,000.

Coutts also underscored how extreme the momentum reset looked on daily charts, citing a daily RSI of 15.64, “at or below March 2020 COVID crash lows.” He added: “Margin calls are firing. Forced liquidations are likely still working through the system. This has the signature of a capitulation event, but capitulation can be a process, not a single candle (unless we get a massive wick!). These conditions can persist for weeks or even months before a durable low forms.”

Macro trader Alex Krüger stopped short of a price target for the lows, but argued the market was registering the kind of positioning and pricing distortions that tend to cluster around turning points in time.

“Friends I really do not know where the bitcoin bottom is but I can recognize extreme conditions that you only see close to bottoms in time, such as extreme negative funding, options skew at levels only seen once before since 2022 (FTX day), and volumes & liquidations at extraordinary levels,” he wrote. “You also have some monster shorts that opened between 64k and 60k, material for a short squeeze sending price to 68k, and if we see so then everyone will start talking about the bottom.”

Krüger’s caveat was just as direct: “In the meantime of course equities need to hold. And having a bottom in does not mean that you will see a major trend from here.”

Galaxy’s Alex Thorn described the tape as historically stretched on RSI measures, saying bitcoin was “the most oversold today than any day since 3AC blew up in June 2022 (30d RSI),” and calling it “basically in the top 3 oversold events ever,” alongside November 2018 and June 2022.

Bitcoin 30-day RSI history | Source: X @intangiblecoins The US spot Bitcoin ETF market didn’t cushion the move, it amplified the day’s activity. Bloomberg Intelligence’s Eric Balchunas said BlackRock’s iShares Bitcoin Trust (IBIT) “just crushed its daily volume record with $10b worth of shares traded” as the fund’s price fell 13%, its second-worst daily drop since launch.

IBIT daily volume record | Source: X @EricBalchunas Head of Research for Anchorage Digital David Lawant added that IBIT alone trading above $10 billion was the highest since launch, beating prior records by 69% in shares and 27% in USD volume.

Positioning data hinted at a complex, two-sided ETF ecosystem. Head of Research at K33 Research Vetle Lunde noted net equivalent short exposure in short BTC ETFs was nearing the November 2022 peak at 7,745 BTC, while 2x leveraged long BTC ETFs—products that didn’t exist then—currently hold 39,590 BTC, “at levels not seen since Mar 24.”

Net equivalent short exposure in short BTC ETFs | Source: X @VetleLunde Volatility remained the throughline. ProCap CIO Jeff Park said: “Bitcoin implied vol is now at 75%. This is the highest level since the ETF launch in 2024. It is also finally higher than gold volatility. Know it’s a lot of pain right now, but this is all part of the process required for Bitcoin to make new highs. The melt up will be fast.”

Bitcoin volatility index | Source: @dgt10011 At press time, BTC rebounded from $60,000 to roughly $64,900, a gain of about 9% from the session low.

Bitcoin needs a weekly close above the 200-week EMA, 1-week chart | Source: BTCUSDT on TradingView.com Featured image created with DALL.E, chart from TradingView.com

Citron Research founder Andrew Left renewed his aggressive short campaign against Strategy Inc. (NASDAQ:MSTR) on Thursday, dismissing the company's complex financial architecture as "nonsense" after the firm reported a staggering $12.4 billion fourth-quarter loss. Jargon Vs.

BlackRock has achieved an all-time high in daily transaction volume thanks to its spot Bitcoin exchange-traded fund (ETF). Notably, the world’s largest asset manager is celebrating this success amid heightened concerns about Bitcoin’s sharp price decline.

In an X post, Eric Balchunas, a Senior ETF Analyst at Bloomberg Intelligence, noted that the iShares Bitcoin Trust ETF (IBIT) surpassed its previous single-day trading volume on Thursday, February 5, with $10 billion in shares changing ownership.

Apart from this finding, Balchunas disclosed that IBIT drastically dropped by 13% the same day, reflecting the second-most significant daily loss since the asset began trading. Notably, the largest decline, which recorded a low of 15%, occurred on May 8, 2024. 

The recent cryptocurrency market trend raises concerns among individuals  Just recently, IBIT recorded $373.4 million in net outflows so far in 2026, yet net inflows on only 10 trading days. Following this outcome, sources noted that the ETF has struggled to maintain momentum and that inflows have remained inconsistent since the crypto market crash in early October, while BTC’s price has continued to decline.

To support this claim, data from CoinMarketCap shows that Bitcoin is trading at $65,882.00, down 6.71% over the past 24 hours. With this decline in place, reports unveiled that the cryptocurrency dropped approximately 50% from its record high of around $126,000 in early October.

Similarly, IBIT has followed suit. As of Thursday, February 5, the ETF traded at $36.10, down from its all-time high of about $70 in early October. Due to this downtrend, Bob Elliott, the investment chief at Unlimited Funds, stated that the average dollar invested in IBIT is currently depreciating in value on Friday’s market close, illustrating a challenging day for the fund.

Meanwhile, it is worth noting that the latest Bitcoin crash is driven by weak US job market data and mounting concerns about massive capital expenditures in the artificial intelligence sector.

To demonstrate the intensity of the matter, Peter Brandt, a renowned veteran trader with more than 50 years of experience, conducted an analysis and stressed that the decreases seen in the cryptocurrency market may not end soon. Moreover, he observed that Bitcoin is illustrating signs of intense, sustained selling activity with limited buying support.

Strategy encountered a significant loss amid cryptocurrency market volatility  Following the recent declines in the cryptocurrency market, reports indicated that Strategy, the world’s first and largest Bitcoin Treasury Company and a provider of AI-powered enterprise analytics software, reported a $12.4 billion net loss in the fourth quarter of last year. This loss is attributed to a 22% drop in Bitcoin’s price during that period.

However, the company stated that, even with this loss, its Q4 revenue surged 1.9% year over year to $123 million. Sources asserted that this rise was largely due to the efforts of its business intelligence unit. Nonetheless, the recent surge in market volatility triggered a 17% decline in its stock price, which closed at $107.

Even with this loss encountered, Andrew Kang, the chief financial officer of Strategy, mentioned that “ the company’s financial setup is stronger and more resilient today than ever before,” further adding that “Strategy has built a digital fortress backed by 713,502 Bitcoins, and our move toward Digital Credit matches our long-term vision for Bitcoin.” 

Bitcoin price entered Friday under pressure as $2.1 billion in options contracts approach expiry.

Summary

A large Bitcoin options expiry is approaching with limited upside support. Most call positions sit far above current prices, reducing hedging demand. Traders are watching whether $60K can hold after the contracts settle. Bitcoin is facing another key test as a large batch of derivatives contracts reaches maturity. Bitcoin options worth about $2.1 billion are set to expire at 8:00 a.m. UTC on Feb. 6, according to data from Deribit.

About 34,000 contracts are covered by the expiry, which comes at a time when market sentiment is still shaky. Call options still outnumber puts, as shown by the put-to-call ratio, which is close to 0.60.

This implies that a large number of traders had positioned themselves for higher Bitcoin (BTC) prices in earlier weeks. The so-called max pain level, where most option buyers would lose money, sits around $80,000. That level is well above current market prices.

Ethereum (ETH) options worth about $390 million are also expiring alongside BTC options. These contracts have a put-to-call ratio of 1.01 and a max pain level near $2,450.

Bitcoin has struggled to regain its footing after dropping to an intraday low of $60,286, later stabilizing in a narrow $63,000–$65,000 range. Due to a mix of forced liquidations and widespread rotation from risk assets, the cryptocurrency is now nearly 50% below its 2025 high of above $126,000. 

How Bitcoin options expiry could affect price While many put options are already profitable, the majority of call options are far out of the money with max pain close to $80,000.This setup limits the usual pull toward the max pain level that sometimes appears around major expiries.

In simple terms, dealers and large traders have little incentive to push prices higher to protect call positions. At the same time, there is limited pressure to buy Bitcoin for hedging purposes. As a result, price action after the expiry may stay soft and follow the existing trend.

If selling pressure continues, the market could drift back toward nearby support levels rather than stage a strong rebound.

Analysts are watching the $60,000 area closely. This zone has acted as short-term support during recent sell-offs. A sustained break below it could deepen losses, while a firm hold may allow for a temporary bounce.

Bitcoin price technical analysis Bitcoin has clearly broken below the 100-day moving average, which served as trend support for the majority of 2025.  Several recovery attempts failed near $83,000, showing strong selling interest at higher prices.

The price structure has now flipped lower following a range breakdown and a clear lower high. As Bitcoin fell below the lower Bollinger Band, the decline accelerated, suggesting disorderly selling rather than consistent profit-taking. 

Bitcoin daily chart. Credit: crypto.news The weakness is confirmed by momentum indicators. The relative strength index fell below levels observed in previous cycles, approaching 20. No bullish divergence has appeared, and many sessions closed near their lows. This suggests limited interest from dip buyers.

A former support zone around $75,000 failed to hold. With that area broken, attention has shifted to the $60,000 level as the next major psychological support.

If $60,000 holds on a daily close, short-term relief rallies could develop as selling pressure eases. In that case, price may move toward the $70,000 to $75,000 range, where past support has turned into resistance. Without a recovery above the 100-day average near $83,000, such moves would likely stay corrective.

If $60,000 breaks and price settles below it, the market could open the path toward the mid-$50,000 region. Under that scenario, downside momentum would remain intact, and sentiment-driven rebounds may struggle until the overall structure improves.

(NYSE AMERICAN:CMCL; AIM: CMCL; VFEX: CMCL) SAINT HELIER, JE / ACCESS Newswire / February 6, 2026 / Caledonia Mining Corporation Plc ("Caledonia" or "the Company") announces that it received notification on February 4, 2026 that Ms Lesley Goldwasser, a non-executive director of Caledonia, had purchased 3,500 common shares in the Company on February 3, 2026 at a price of $29.78 per share. A copy of the notification is below.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of BILL either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Why: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of agilon health, inc. (NYSE: AGL) between February 26, 2025 and August 4, 2025, both dates inclusive (the "Class Period"), of the important March 2, 2026 lead plaintiff deadline in the securities class action first filed by the Firm.

So what: If you purchased agilon securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

What to do next: To join the agilon class action, go to https://rosenlegal.com/submit-form/?case_id=46039 mailto:mailto:or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 2, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

Details of the Case: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) defendants recklessly issued guidance for 2025 that they knew or should have known was not going to be achieved, given material industry headwinds of which they were aware; (2) defendants materially overstated the immediate positive financial impact from "strategic actions" taken by agilon to reduce risk; and (3) as a result, defendants' statements about agilon's business, operations, and prospects were materially false and/or misleading at all times. When the true details entered the market, the lawsuit claims that investors suffered damages. 

To join the agilon class action, go to https://rosenlegal.com/submit-form/?case_id=46039   or mailto:call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

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Stellantis Reports Q4 2025 Estimated Consolidated Shipments of 1.5 Million Units, +9% y-o-y

North America Shipments Up 43%, with South America, Middle East & Africa and China and India & Asia Pacific Also Reporting Growth AMSTERDAM, February 6, 2026 – Stellantis N.V. today released its consolidated shipment estimates. The term “shipments” describes the volume of vehicles delivered to dealers, distributors, or directly from the Company to retail and fleet customers, which drive revenue recognition.

Consolidated shipments for the three months ending December 31, 2025, were an estimated 1.5 million units, a 9% increase y-o-y. This increase was primarily driven by North America and further supported by year‑over‑year shipment growth in South America and in the Middle East & Africa. This was partially offset by a decline in Enlarged Europe due to a combination of a contracting LCV market and competitive pressures.

In North America, Q4 shipments grew by approximately 127 thousand units compared to the same period in 2024, representing a 43% y-o-y increase. This significant improvement reflects the benefits of normalized inventory dynamics, in comparison to the prior year’s inventory reduction initiative, as well as increased momentum in the region with Q4 ’25 orders up nearly 150% y-o-y, driven largely by new and refreshed offerings from Jeep®, Ram and Dodge brands. Shipments of the refreshed Jeep® Grand Cherokee and Ram LD HEMI® V8 accounted for over 30% of y-o-y growth, partially offset by a decrease in PHEV shipments. Enlarged Europe reported a decrease of approximately 26 thousand units, or 4% y-o-y. PC and LCV shipments each contracted. Increased shipments of the four Smart Car platform nameplates (Citroën C3, C3 Aircross, Opel Frontera, Fiat Grande Panda), rose 61 thousand additional units, or 127% y-o-y, due to progress rolling out each of the products, in an expanding range of BEV, MHEV, and ICE powertrain variants. This was not sufficient to reverse an overall drop of 21 thousand units in PCs, or 4% y-o-y, primarily driven by Peugeot, whose shipments were down approximately 30 thousand units, due to declining volumes of Peugeot 208 and of Peugeot 308, ahead of its recent MCA. In addition, LCV volumes were down by 5 thousand units, or 3% y-o-y, against a market context of 7% y-o-y industry volume decline. Across Stellantis’ other regions, shipments grew 24 thousand units net in aggregate, representing a 6% increase y-o-y, mainly driven by an 18 thousand units increase in South America (+7% y-o-y), and an increase of three thousand units each in both Middle East & Africa (+2% y-o-y) as well as China, India & Asia Pacific (+20% y-o-y). Stellantis maintained its leadership in South America, with a 7% increase y-o-y supported by solid demand in Brazil. Growth in the Middle East & Africa was primarily driven by positive developments in Türkiye, and to a lesser extent, by both the ramp‑up of local production in Algeria, and continued growth in Morocco. NOTES

(1)      Consolidated shipments only include shipments by Company’s consolidated subsidiaries, which represent new vehicles invoiced to third party (dealers/importers or final customers). Consolidated shipment volumes for Q4 2025 presented here are unaudited and may be adjusted.

(2)      Middle East & Africa exclude Iran, Sudan and Syria. From 2025, this excludes Israel and Palestine (prior periods have not been restated). Enlarged Europe: From 2025, this includes Israel and Palestine (prior periods have not been restated).

# # #

About Stellantis

Stellantis N.V. (NYSE: STLA / Euronext Milan: STLAM / Euronext Paris: STLAP) is a leading global automaker, dedicated to giving its customers the freedom to choose the way they move, embracing the latest technologies and creating value for all its stakeholders. Its unique portfolio of iconic and innovative brands includes Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, FIAT, Jeep®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. For more information, visit www.stellantis.com

@StellantisStellantisStellantisStellantis For more information, contact:

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Fernão SILVEIRA +31 6 43 25 43 41 – [email protected]

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  Stellantis Forward Looking Statements 

This communication contains forward-looking statements. In particular, statements regarding future events and anticipated results of operations, business strategies, the anticipated benefits of the proposed transaction, future financial and operating results, the anticipated closing date for the proposed transaction and other anticipated aspects of our operations or operating results are forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, or similar terms. Forward-looking statements are not guarantees of future performance. Rather, they are based on Stellantis’ current state of knowledge, future expectations and projections about future events and are by their nature, subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. 

Actual results may differ materially from those expressed in forward-looking statements as a result of a variety of factors, including: the ability of Stellantis to launch new products successfully and to maintain vehicle shipment volumes; changes in the global financial markets, general economic environment and changes in demand for automotive products, which is subject to cyclicality; Stellantis’ ability to successfully manage the industry-wide transition from internal combustion engines to full electrification; Stellantis’ ability to offer innovative, attractive products and to develop, manufacture and sell vehicles with advanced features including enhanced electrification, connectivity and autonomous-driving characteristics; Stellantis’ ability to produce or procure electric batteries with competitive performance, cost and at required volumes; Stellantis’ ability to successfully launch new businesses and integrate acquisitions; a significant malfunction, disruption or security breach compromising information technology systems or the electronic control systems contained in Stellantis’ vehicles; exchange rate fluctuations, interest rate changes, credit risk and other market risks; increases in costs, disruptions of supply or shortages of raw materials, parts, components and systems used in Stellantis’ vehicles; changes in local economic and political conditions; changes in trade policy, the imposition of global and regional tariffs or tariffs targeted to the automotive industry, the enactment of tax reforms or other changes in tax laws and regulations; the level of governmental economic incentives available to support the adoption of battery electric vehicles; the impact of increasingly stringent regulations regarding fuel efficiency requirements and reduced greenhouse gas and tailpipe emissions; various types of claims, lawsuits, governmental investigations and other contingencies, including product liability and warranty claims and environmental claims, investigations and lawsuits; material operating expenditures in relation to compliance with environmental, health and safety regulations; the level of competition in the automotive industry, which may increase due to consolidation and new entrants; Stellantis’ ability to attract and retain experienced management and employees; exposure to shortfalls in the funding of Stellantis’ defined benefit pension plans; Stellantis’ ability to provide or arrange for access to adequate financing for dealers and retail customers and associated risks related to the operations of financial services companies; Stellantis’ ability to access funding to execute its business plan; Stellantis’ ability to realize anticipated benefits from joint venture arrangements; disruptions arising from political, social and economic instability; risks associated with Stellantis’ relationships with employees, dealers and suppliers; Stellantis’ ability to maintain effective internal controls over financial reporting; developments in labor and industrial relations and developments in applicable labor laws; earthquakes or other disasters; risks and other items described in Stellantis’ Annual Report on Form 20-F for the year ended December 31, 2024 and Current Reports on Form 6-K and amendments thereto filed with the SEC; and other risks and uncertainties. 

Any forward-looking statements contained in this communication speak only as of the date of this document and Stellantis disclaims any obligation to update or revise publicly forward-looking statements. Further information concerning Stellantis and its businesses, including factors that could materially affect Stellantis’ financial results, is included in Stellantis’ reports and filings with the U.S. Securities and Exchange Commission and AFM. 

EN-20260206-Stellantis-Q4-2025-Shipments-Estimates

A view shows the logo of the company Orsted at its offices in Gentofte, Denmark September 5, 2025. REUTERS/ Tom Little/File Photo Purchase Licensing Rights, opens new tab

CompaniesCOPENHAGEN, Feb 6 (Reuters) - Denmark's Orsted (ORSTED.CO), opens new tab reported on Friday a fourth-quarter profit before depreciation, amortisation, excluding new partnerships and cancellation fees slightly below estimates and said it expected core profit for 2026 above 28 billion Danish crowns ($4.42 billion), matching a target shared in January.

"We're focusing on offshore wind in Europe and select markets in APAC (Asia-Pacific) where we'll continue to build on our position as the global leader in offshore wind," the company said in a statement.

Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here.

Operating profit before interest, tax, depreciation and amortisation (EBITDA), excluding new partnerships and cancellation fees rose to 8.10 billion Danish crowns from a year-earlier 7.55 billion, just below an average forecast of 8.24 billion in a company provided poll.

($1 = 6.3294 Danish crowns)

Reporting by Louise Rasmussen, editing by Anna Ringstrom and Terje Solsvik

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Deal talks between miners Rio Tinto and Glencore came to nothing as differences on price couldn't be bridged.

By Reuters

February 6, 20267:18 AM UTCUpdated 5 mins ago

The logo of Stellantis sits on the company's building in Poissy, near Paris, France, February 26, 2025. REUTERS/Stephanie Lecocq Purchase Licensing Rights, opens new tab

CompaniesMILAN, Feb 6 (Reuters) - Stellantis (STLAM.MI), opens new tab said on Friday it was booking charges of around 22.2 billion euros ($26.5 billion)in the second half of last year as the Franco-Italian automaker scales down electric-vehicle development plans and launches a "strategic shift".

The company said it now saw a preliminary loss of between 19-21 billion euros in the second half of 2025.

Get a daily digest of breaking business news straight to your inbox with the Reuters Business newsletter. Sign up here.

($1 = 0.8477 euros)

Reporting by Giulio Piovaccari, editing by Gavin Jones

Our Standards: The Thomson Reuters Trust Principles., opens new tab

BILL Holdings, Inc. (BILL) Q2 2026 Earnings Call Transcript

The stock is priced for a quantum future that may be decades away.

Rigetti Computing (RGTI 12.54%) has caught investors' attention. It's one of the few quantum computing companies with its own manufacturing facility, and it's shown it can deliver some impressive technology. If quantum computing delivers on its promise, Rigetti would be one of the names you'd want to own.

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The "when" is important The company has a market capitalization north of $5.8 billion, yet its sales in the last 12 months total just $7.5 million. That is a serious disconnect. Investors are pricing in a massive amount of future growth and, in my opinion, are too optimistic about the quantum computing's development timeline.

A recent MIT report said that large-scale commercial applications -- the kind that justify multibillion-dollar market caps -- likely remain "far off." Morningstar agrees; its analysis puts general-use quantum computing two decades away.

Image source: Getty Images.

The bottom line for investors While stranger things have happened, I wouldn't count on a quantum computer from Rigetti or other pure-plays like it coming close to justifying their current valuations for a very long time.

And along the way, the company must continually find funding that will likely be dilutive to shareholders. I think there are better opportunities out there that offer upside without the massive downside risk -- Alphabet would be where I'd put my money.

Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet. The Motley Fool has a disclosure policy.

Amazon is following in the footsteps of fellow tech giant Microsoft, and not in a good way. Shares of the e-commerce and cloud giant plunged more than 11% in extended trading after the company reported fourth-quarter earnings that missed expectations.

The bigger jolt, however, came from Amazon's enormous capital expenditure projection — $200 billion, far above analysts' estimates of $146.6 billion and sharply higher than the roughly $131 billion in 2025.

That figure also dwarfs Alphabet's projected capex range of $175 billion to $185 billion, which already gave traders and analysts pause. The message from markets was clear: Investors are growing wary of how much Big Tech is spending to chase the next phase of artificial intelligence, even as Amazon CEO Andy Jassy said he was "confident" of seeing a "strong return on invested capital."

Soaring capex and fears that AI is eroding the value of software firms contributed to a tech sell-off on Thursday. The Nasdaq Composite fell 1.59% on declines in Nvidia, Oracle and Qualcomm, among others. Stocks were further pressured by high U.S. layoffs in January. The S&P 500 dropped 1.23%, putting it in the red for 2026, and the Dow Jones Industrial Average retreated 1.2%.

But not everyone sees a sector in trouble. Dan Ives of Wedbush Securities said in a research note on Wednesday that the sell-off reflected an "Armageddon scenario for the sector that is far from reality." 

The market decline, however, is "a positive sign" for Stephen Tuckwood, director of investments at Modern Wealth Management, who argued that it signals "the market is discerning at this point rather than just irrational exuberance."

Perhaps reflecting some of that discernment, Bitcoin briefly sank below $61,000 as of Thursday evening stateside, its lowest level since November 2024, though it recouped some losses and is trading at $65,208 at 2:40 p.m. Singapore (1:30 a.m. ET). Other cryptocurrencies, such as Ether and Solana, have also been losing ground this week.

In Europe, U.K. government bonds, known as gilts, could face renewed pressure as questions swirl around British Prime Minister Keir Starmer's grip on power.

Starmer is under fire over the prior appointment of Peter Mandelson as U.K. ambassador to the U.S despite knowing of his links to the disgraced financier Jeffrey Epstein. Punters are raising their bets that Starmer could lose his leadership role by the end of the year — and the Bank of England Governor Andrew Bailey told CNBC the fiasco is adding to global uncertainty.

— CNBC's Annie Palmer contributed to this report.

What you need to know todaySilver's volatility has exceeded 100%. Strategists at UBS noted the recent plunge appeared driven more by a broader risk-off move than a collapse in fundamentals, but warned that extreme volatility makes near-term positioning risky. 

India is 'ready' to buy Boeing planes worth up to $80 billion, India's Commerce and Industry Minister Piyush Goyal reportedly said, signaling New Delhi's willingness to expand trade with the U.S. Goyal also said that there was potential to buy $500 billion worth of goods from the U.S. over the next five years.

U.S. citizens should ‘leave Iran now,’ according to a security alert issued by the U.S. Virtual Embassy in Tehran on Friday. The notice comes ahead of U.S.-Iran talks in Oman on Friday, with little indication that the two sides have found common ground on the meeting's agenda.

The S&P 500 is in negative territory for 2026, after the index posted losses on Thursday. Other major U.S. indexes also fell on a sell-off in tech stocks. Asia-Pacific markets mostly fell Friday. South Korea's Kospi lost roughly 1.5%, paring earlier losses of as much as 5%. Japan's Nikkei 225, however, added 0.8%.

[PRO] Is the AI bubble popping itself? The question preoccupying Wall Street this week: Is the software sell-off overdone, or does it signify the start of a bubble bursting?

And finally...

e.l.f. Beauty delivered a strong Q3, beating EPS by ~70% and raising FY26 revenue and EPS guidance. ELF's 38% YoY top-line growth was driven by the Rhode acquisition, while organic net sales grew 2% and international sales surged 44%. Gross margin remained robust at 71%, with operational leverage and market share gains despite tariff and consumer headwinds.

Q4: 2026-02-05 Earnings SummaryEPS of $2.21 beats by $0.27

 |

Revenue of

$1.06B

(2.03% Y/Y)

beats by $42.17M

Boyd Gaming Corporation (BYD) Q4 2025 Earnings Call February 5, 2026 5:00 PM EST

Company Participants

David Strow - Vice President of Corporate Communications
Keith Smith - President, CEO & Director
Josh Hirsberg - Executive VP, CFO & Treasurer

Conference Call Participants

Patrick Keough - Truist Securities, Inc., Research Division
David Katz - Jefferies LLC, Research Division
Benjamin Chaiken - Mizuho Securities USA LLC, Research Division
Maxwell James Marsh - CBRE Securities, LLC, Research Division
Steven Wieczynski - Stifel, Nicolaus & Company, Incorporated, Research Division
Jordan Bender - Citizens JMP Securities, LLC, Research Division
Daniel Politzer - JPMorgan Chase & Co, Research Division

Presentation

David Strow
Vice President of Corporate Communications

Good afternoon, and welcome to the Boyd Gaming Fourth Quarter and Full Year 2025 Earnings Conference Call. My name is David Strow, Vice President of Corporate Communications for Boyd Gaming. I will be the moderator for today's call, which we are hosting on Thursday, February 5, 2026.

[Operator Instructions] Our speakers for today's call are Keith Smith, President and Chief Executive Officer; and Josh Hirsberg, Chief Financial Officer. Our comments today will include statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. All forward-looking statements in our comments are as of today's date, and we undertake no obligation to update or revise the forward-looking statements. Actual results may differ materially from those projected in any forward-looking statement. There are certain risks and uncertainties, including those disclosed in our filings with the SEC that may impact our results.

During our call today, we will make reference to non-GAAP financial measures. For a complete reconciliation of historical non-GAAP to GAAP financial measures, please refer to our earnings press release and our Form 8-K furnished to the SEC today, both of which are available at investors.boydgaming.com. We do not provide a reconciliation of forward-looking non-GAAP financial measures due

Bitcoin miner Marathon Digital Holdings (MARA) transferred 1,318 BTC worth approximately $86.89 million to a mix of counterparties and custody destinations over the past 10 hours, according to onchain data tracked by Arkham. The large bitcoin movements have caught traders’ attention as crypto markets remain volatile following a liquidation-driven selloff earlier this week.

The largest portion of the transfer was sent to Two Prime, a well-known crypto credit and trading firm. One transaction moved 653.773 BTC, valued at around $42.01 million at the time, to a wallet tagged as belonging to Two Prime. Just minutes later, MARA followed up with an additional transfer of 8.999 BTC worth roughly $578,000 to the same counterparty. These transactions suggest a potential collateral posting, treasury adjustment, or strategy rotation rather than an immediate spot market sale, though market participants are watching closely.

In addition to the Two Prime transfers, MARA sent 200 BTC and 99.999 BTC to a BitGo-tagged address in separate outbound transactions. Together, those transfers totaled about $20.4 million. Another 305 BTC, worth approximately $20.72 million at the time, was moved to a newly created address, adding further speculation around custody reshuffling or internal treasury management.

The timing of these bitcoin transfers is particularly notable. Crypto markets have been swinging sharply, and traders remain sensitive to any signs that miners may be turning into forced sellers. While large miner-related transactions are often routine and not necessarily bearish, they are frequently interpreted as potential supply signals in thin or fragile market conditions.

These movements also come during a challenging period for bitcoin miners. Bitcoin is down nearly 50% from last year’s peak above $126,000 and is currently trading near $60,000. According to CoinDesk and data from Checkonchain, bitcoin is now roughly 20% below its estimated average production cost of around $87,000 per BTC. Historically, sustained trading below production cost has been associated with broader bear market conditions, increasing financial pressure across the mining sector and keeping investor attention firmly on miner behavior.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

Bitcoin treasury firm Metaplanet has reaffirmed its commitment to accumulating Bitcoin even as the BTC price experiences a sharp downturn. During early Asian trading hours on Friday, Bitcoin briefly dropped to around $60,000 before rebounding toward the $63,000 range, extending a broader bearish trend that has wiped billions from institutional crypto portfolios.

In a recent post on X, Metaplanet CEO Simon Gerovich addressed growing concerns among investors and acknowledged the pressure shareholders are facing amid declining stock prices. Despite these challenges, Gerovich emphasized that the company’s long-term Bitcoin strategy remains unchanged. He stated that Metaplanet will continue to steadily purchase Bitcoin, expand its revenue streams, and position itself for the next stage of growth, regardless of short-term market volatility.

The renewed assurance comes at a time when Metaplanet is dealing with millions of dollars in unrealized losses due to the ongoing Bitcoin price correction. These losses have also impacted the firm’s stock performance, with shares reportedly falling by about 8% at the start of Friday’s trading session. Still, the company appears unfazed, choosing to prioritize its conviction in Bitcoin over near-term financial pain.

Metaplanet is not alone in this approach. Other Bitcoin treasury firms, including Michael Saylor’s Strategy, have also reported significant unrealized losses. Recent reports indicate that Strategy is facing more than $4.5 billion in paper losses as its MSTR stock continues to decline alongside Bitcoin’s price. Like Metaplanet, Saylor has repeatedly stated that his company will continue buying Bitcoin despite the market downturn.

Meanwhile, market sentiment remains cautious. Data from Polymarket suggests that around 76% of traders expect Bitcoin to fall below $55,000 in the near term. Bitcoin has already lost nearly half of its value since reaching its previous all-time high in October, raising concerns about further downside risk. Some analysts, including those at Stifel, have warned that Bitcoin could potentially drop as low as $38,000, citing historical bearish cycles such as those seen in 2018 and 2022.

Despite these gloomy forecasts, firms like Metaplanet continue to view the current Bitcoin price crash as an accumulation opportunity rather than a reason to retreat, reinforcing their long-term belief in Bitcoin’s future value.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

Ripple CEO Brad Garlinghouse has urged XRP investors to look past the panic after the cryptocurrency suffered one of its worst single-day declines in history. 

Garlinghouse took to X (formerly Twitter) to share a piece of investment advice from Warren Buffett, chairman and CEO of Berkshire Hathaway.

"My favorite Warren Buffett quote," Garlinghouse wrote late Thursday night as the sell-off accelerated. "'Be fearful when others are greedy, and greedy when others are fearful!'"

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My favorite Warren Buffet quote:

"Be fearful when others are greedy, and greedy when others are fearful!"

— Brad Garlinghouse (@bgarlinghouse) February 5, 2026 Buffett famously coined the phrase in his 1986 Letter to Shareholders (published in early 1987). His readiness to be "greedy" allowed him to scoop up discounted assets.

Ripple leadership seemingly views the current downturn as a buying opportunity created by market hysteria.

Leading the crash Garlinghouse’s optimism comes at a time of extreme distress for XRP holders. 

As reported by U.Today, the token has emerged as the single worst performer among the top 100 cryptocurrencies during this correction.

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According to market data, XRP is currently trading nearly 70% below its record peak of $3.65. 

The magnitude of the current slide has placed XRP in a precarious position on the leaderboards; it is now on the verge of falling below Circle's USDC stablecoin by market capitalization.

Extremely extreme fear On Friday, the Crypto Fear and Greed Index, which is the industry's main gauge of market emotion, collapsed to a reading of 9.

It's been that low only during the enormous crash in March 2020, as well as during the 2018 and 2022 bear market bottoms.

Michael Arrington, founder of Arrington Capital and TechCrunch, believes that this time will be no different, and Garlinghouse seemingly agrees. 

BitMEX has launched copy trading that enables users to replicate the strategies of top traders from Hyperliquid. Through a dedicated leaderboard, users can copy or reverse copy up to five traders with customizable risk controls.

$2.6 Billion in Bitcoin and Ethereum Options Set to Expire as Volatility Surges to 100%$2.6 billion in BTC and ETH options expire amid elevated volatility and defensive positioning.Bitcoin trades far below max pain as institutions ramp up downside hedging.Options expiry could reset dealer flows and trigger sharp post-settlement moves.More than $2.6 billion worth of Bitcoin and Ethereum options are set to expire, a development that could reshape short-term price dynamics as traders unwind hedges and reposition.

The event comes amid elevated volatility, defensive positioning, and growing evidence that institutional participants are actively hedging downside risk.

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Bitcoin and Ethereum Options Expiry Could Trigger Volatility as $2.6 Billion in Contracts SettleData from derivatives markets shows Bitcoin accounts for the bulk of the expiry, with roughly $2.2 billion in notional value tied to contracts. Ethereum represents an additional $419 million, bringing the combined total to more than $2.6 billion.

Bitcoin is currently trading near $64,686, significantly below its max pain level of $80,000, the price at which the greatest number of options would expire worthless.

Total open interest stands at 33,984 contracts, including 21,396 calls and 12,588 puts, resulting in a put-to-call ratio of 0.59.

Bitcoin Expiring Options. Source: DeribitEthereum, meanwhile, is trading around $1,905, also below its $2,400 max pain level. Total open interest stands at 219,034 contracts, with call open interest of 113,427 and put open interest of 105,607.

The put-to-call ratio of 0.93 suggests a more balanced, yet still cautious, positioning compared with Bitcoin.

Ethereum Expiring Options. Source: DeribitSponsored

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The gap between spot prices and max pain levels suggests that option sellers could benefit if prices remain suppressed into expiry. Meanwhile, traders holding directional bets may face losses if markets remain range-bound.

Notably, today’s expiring options are significantly lower than the $8.8 billion contracts that settled last Friday, because the January 30 event was for the month.

Institutions Hedge as Volatility ClimbsNevertheless, analysts at Greeks.live say derivatives markets are showing clear signs of stress and repositioning, with volatility rising sharply and traders moving to protect portfolios.

“The $60,000 range [for Bitcoin] represents the consolidation zone prior to the Trump rally, where support remains relatively strong. Should a rapid dip occur in the short term, it may present a buying opportunity,” they wrote.

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According to the analysts, options data indicate institutions and large players are urgently hedging and placing bets.

Bitcoin’s current-month implied volatility (IV) has surged to 100%, doubling since the start of the year, while the main contracts’ IV has also breached 50%, climbing 15% over two weeks.

With skew at a two-year low, the experts say options market structure is now entirely dominated by bearish sentiment, though some lottery-style buying of deeply out-of-the-money options has emerged.

“The market currently exhibits excessive panic, and conditions for a sustained BTC crash remain insufficient. Rapid risk-off liquidation could actually facilitate a market rebound,” Greeks.live analysts wrote.

Indeed, the market is in panic mode, and with good reason, as the Bitcoin price steadily edges toward the $60,000 psychological level.

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The surge in implied volatility to 100% highlights the scale of uncertainty currently priced into Bitcoin markets, reflecting expectations of larger-than-normal price swings.

Expiry Could Reset Market FlowsElsewhere, Deribit analysts note that options positioning is clustered around key strike levels, which may be influencing price behavior ahead of expiry.

“With protection demand already increasing and volatility repriced, this expiry could act as a short-term reset in dealer hedging flows. Expiry may remove positioning-related ‘gravity’ around big strikes, so price behavior after 08:00 UTC may differ from the days leading into expiry,” Deribit analysts stated.

The options expire at 08:00 UTC on Deribit. If those dynamics play out, markets could see increased volatility immediately after expiry as hedging flows unwind and liquidity conditions shift.

While bearish sentiment currently dominates derivatives positioning, panic-driven markets can sometimes produce sharp rebounds, particularly if large liquidations clear excess leverage.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

As the cryptocurrency sell-off intensifies, make sure you're making the right choice between buying Bitcoin directly or a Bitcoin exchange-traded fund (ETF).

Bitcoin (BTC 5.56%) and the iShares Bitcoin Trust ETF (IBIT 13.16%) are both around 52-week lows. Bitcoin is in the midst of a 40% drawdown from its all-time high set in early October 2025.

Here's why Bitcoin is falling and if you should buy the dip directly through Bitcoin or an exchange-traded fund (ETF).

Image source: Getty Images.

Why Bitcoin is selling off Like gold and silver, Bitcoin's price is heavily influenced by supply and demand. And more specifically, by liquidity, regulation, monetary policy, institutional adoption, and retail investor demand.

Over the last year or so, Bitcoin has been under pressure due to a flurry of economic events, geopolitical issues, tariffs, and more. Over the last four months, there have been several instances when Bitcoin has fallen by more than 5% in 24 hours or more than 10% in 10 days.

If many buyers rush to buy Bitcoin at once, it can rapidly drive prices higher due to limited supply. Similarly, if there's a lot of selling pressure, prices can drop fast -- especially if there's a liquidity event (which is most likely what happened over the weekend).

Some investors buy Bitcoin using leverage, which can amplify gains on the upside but also magnify losses on the downside. An exchange may force liquidation if a user's balance falls below the maintenance margin, which is the level required to keep the leveraged trade active.

Collective forced selling can trigger rapid declines in asset prices, not because investors are actively selling, but because leverage is causing forced liquidations. This mechanical selling can also happen in the stock market, like in 2020 when COVID-19 pandemic fears triggered a staggering 28.5% drawdown in the S&P 500 between March 4 and market close on March 23.

Similarly, market mechanics and margin calls are partly to blame for Bitcoin's latest swift, steep sell-off.

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Buying Bitcoin for the right reasons Unlike investing in corporations, Bitcoin doesn't have earnings, a board of directors, or a management team. So, instead of the investment thesis evolving based on what the company is doing, Bitcoin's investment thesis has more to do with the intrinsic value of Bitcoin, as well as Bitcoin's adoption by institutional and retail investors and central banks.

Before even considering buying Bitcoin outright or through an ETF, it's best to take a step back and make sure you're buying it for the right reasons. Bitcoin has made long-term investors rich at the expense of extreme volatility and massive downturns.

Enduring those drawbacks requires conviction in Bitcoin's value as a decentralized means of exchange that is easily transferable, divisible, inherently scarce with a fixed supply, secure, and able to grow as a store of value as adoption increases over time.

If you don't believe in those factors, it may not be worth buying at all. But if you do, then the choice between buying Bitcoin outright or a Bitcoin ETF is easy.

Reasons to buy Bitcoin ETFs Bitcoin ETFs are a better choice for investors who want to buy Bitcoin through a brokerage account, especially if it's a retirement account.

Buying the iShares Bitcoin Trust ETF in a tax-advantaged retirement account, like an individual retirement account (IRA) or Roth IRA, allows Bitcoin to grow tax-deferred. Selling Bitcoin in a retirement account doesn't automatically trigger a taxable gain, whereas buying and selling Bitcoin through a cryptocurrency exchange or in an individual brokerage account does.

So if you're looking for ultra-long-term Bitcoin exposure, buying a low-cost ETF like the iShares Bitcoin Trust ETF through a retirement account is the way to go.