Market Signal Briefing

Bhutan has sold $22.4 million worth of Bitcoin out of its sovereign wallets through two transactions. Bhutan’s overall crypto asset holdings have declined more than 70% from $1.4B high.  Bhutan has shifted millions worth of Bitcoin from its sovereign wallets this week amid a broader crypto downturn that has seen its overall crypto asset holdings decline by more than 70% from its peak level of $1.14 billion.  

On-Chain analytics platform Arkham reveals that Bhutan’s sovereign investment arm, Druk Holding Investments (DHI), has accomplished two Bitcoin sales. The recent transaction included 184.03 BTC, worth $14.09 million, yesterday, and 100.82 BTC, valued at $8.31 million, five days earlier, as it was sent later directly to the labeled addresses of market maker QCP Capital. 

In a thread post, Arkham shared its analysis of Bhutan holdings. While it usually sells $50 million worth of Bitcoin, it also states that the high volume of sales occurred around mid-to late September 2025. With that, the current two outflows round   $22.4 million are considerably less when compared to the previous. 

Bhutan’s Bitcoin Mining Strategy Shifts After 2024 Halving Bhutan began Bitcoin mining activities in 2019 through its governmental investment arm, DHI, utilising the country’s abundant hydroelectric power. According to Arkham post, Bhutan has made more than $765 million in Bitcoin revenues while spending approximately $120 million on electricity, providing it a significant cost advantage over miners. 

As the 2024 Bitcoin halving is the significant one, from which the financial edge was limited, the cost of mining a single Bitcoin has doubled while electricity consumption stayed constant. Also, the Arkham analysis states that the majority of Bhutan’s Bitcoin was mined before April 2024, including more than 8,200 BTC in 2023, which has slowed to roughly 3,000 BTC in 2024. 

Bhutan’s Bitcoin Holdings Shrink As per the Arkham data, Bhutan’s balance history shows that the on-chain assets are about $405.61 million worth, which is around 71% less than its $1.4 billion peak in September 2025. As of now, Bhutan holds 5,700 Bitcoin and 18.18 Ethereum with small holdings of other tokens.

Given that the sell-offs were relatively minor, they happened twice in one week, so it is uncertain whether Bhutan will keep selling or is just portfolio management.

Highlighted Crypto News:

BNB Takes an 8% Knock: Is More Downside Risk Lurking, or Is a Dead-Cat Bounce Around the Corner?

XRP is today's most substantial loser from the largest 100 alts, dumping below $1.40. ZEC and MORPHO follow suit.

Bitcoin’s poor price performance continues in full force as the asset erased all gains seen after Trump’s reelection by slipping below $70,000 earlier today.

Most altcoins have bled out heavily as well, and it’s not just XRP. ETH, BNB, SOL, DOGE, ADA, and many more have posted massive declines.

BTC Dipped Beneath $70K It’s almost hard to believe that just over a week ago, last Wednesday, bitcoin traded at $90,000. The developments since then have been nothing short of pure bear domination. While the reasons are still debated, the fact is that BTC was violently rejected at that point and driven south hard.

At first, it fell to $81,000 last Thursday, rebounded to $84,000 on Friday, and plummeted again to under $75,000 on Saturday. After an unsuccessful relief rally to $79,000, the bears were back in control and drove it to $73,000 on Tuesday.

The dead-cat bounce pattern repeated and bitcoin continued to lose value in the past 12 hours or so. Moreover, it dumped below $70,000 earlier today for the first time since just after the US elections in 2024.

It has now bounced to slightly above $70,000, but it’s still 7% down daily and 20% in the red weekly. Its market cap has plummeted to $1.410 trillion on CG, while its dominance over the alts struggles at 57%.

BTCUSD Feb 5. Source TradingView Alts Keep Bleeding The altcoins’ charts are just as painful, even more on some occasions. ETH is down by 6% as well as even Vitalik Buterin has started to dispose of his tokens. BNB has dumped below $700, while XRP has become today’s poorest performers with a double-digit drop to under $1.38. This is its lowest price tag in well over a year.

SOL, ADA< DOGE, XMR, LINK, and many others are deep in the red. HYPE continues to be among the few exceptions, gaining almost 5% to $34.

The total crypto market cap has erased another $170 billion and is below $2.5 trillion on CG now.

Cryptocurrency Market Overview Feb 5. Source: QuantifyCrypto

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Ripple Prime International CEO Mike Higgins shares his excitement about the latest integration of Hyperliquid, a leading decentralized derivatives venue.

Yesterday, Ripple announced that Ripple Prime, its institutional prime brokerage platform, has enabled support for Hyperliquid.

The next phase of institutions joining the onchain economy starts with capital markets integration – and @HyperliquidX – one of the fastest growing, most liquid venues for crypto price discovery and onchain derivatives, is an obvious place to start.

From XRP and other crypto… https://t.co/nf60Cb8L3Q?from=article-links

— Mike Higgins (@mikehiggins) February 4, 2026 According to Mike Higgins, the next phase of institutions joining the on-chain economy starts with capital markets' integration and the integration of HyperliquidX, a liquid venue for crypto price discovery and on-chain derivatives remains an obvious place to start.

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The move enables institutions to access on-chain derivatives liquidity through HyperliquidX; Ripple Prime customers can also cross-margin crypto with all asset classes supported by the prime brokerage platform, which includes XRP.

Higgins signals benefits for XRP amid the latest Hyperliquid integration, saying, "From XRP and other crypto assets to heavy metals perps.I’m incredibly excited for Ripple Prime clients to be able to tap into this liquidity through a single, secure counterparty."

Ripple and XRP newsFor two days in the month of February, XRP holders, builders, institutions and Ripple leaders will come together across three live X Spaces to discuss XRP utility and where it is headed next.

From Feb. 11 to 12, 2026, Ripple will be hosting three live X Spaces, covering EMEA, the Americas and APAC regions.

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In one of the segments of the event, "Looking Ahead with David Schwartz" scheduled for Feb. 12, Ripple CTO emeritus and co-creator of the XRP Ledger, David Schwartz, will be taking questions from the XRP community as well as sharing his perspective on how XRP use cases have evolved, what matters most for adoption and where real progress is happening.

This week, in a major milestone, Ripple has been granted a full EU EMI license after previously receiving preliminary approval for its EU Electronic Money Institution license in Luxembourg.

The global market crash has hit the crypto market hard, wiping out $184 billion in value and pushing the total market cap down to $2.43 trillion. Bitcoin is now trading around $71,470, just $2,000 above its key 2021 all-time high of $69,000. 

Meanwhile, traders fear that if Bitcoin breaks its 15-year pattern, the market could face further downside.

Bhutan Selling BTC Led The DropOne of the reasons behind this bitcoin price drop is selling from wallets linked to Bhutan’s Royal Government. During this market dip, Bhutan sold more than $22 million worth of Bitcoin, transferring over 284 BTC to institutional market maker QCP Capital. 

Data shows that Bhutan has been selling Bitcoin in batches of nearly $50 million over the past few months. 

Meanwhile, experts believe this selling is mainly due to rising mining costs after the latest Bitcoin halving, which has reduced profits for sovereign and state-linked miners.

Coinbase Premium Turns Deeply NegativeAnother key signal comes from the Coinbase Premium Gap. This metric compares Bitcoin prices on Coinbase versus Binance. It has now turned deeply negative, the lowest level this year, indicating strong selling from institutional traders 

This institutional selling has been clearly visible in Bitcoin ETFs for the past three weeks. 

On February 4, 2026, alone, U.S. spot Bitcoin ETFs saw about $545 million in net outflows, with BlackRock’s IBIT losing roughly $373 million.

CryptoQuant Data Show STH Selling BTC In LossesCryptoQuant data shows that short-term holders (STH) are panicking as Bitcoin continues to fall. In the last 24 hours, these holders have sent nearly 60,000 BTC to exchanges, marking the highest single-day inflow seen this year.

Most of these coins were moved at a loss, meaning recent buyers are exiting under pressure.

At the same time, long-term holders are mostly inactive, with very little profit-taking from older wallets. This pattern usually appears during strong and heavy market corrections.

As of now, Bitcoin is testing a very important historical price level. It is now just $2K away from hitting the previous ATH of $69,000 from the last cycle in 2021.

For 15 years, Bitcoin has followed one strong pattern, it has never stayed below the previous cycle’s all-time high. In every cycle, old highs turned into long-term support. This rule held in 2014, 2018, and even during the 2022 crash.

Now the market is testing that rule again. If Bitcoin drops and stays below $69,000, it would be the first time this historic pattern breaks. That could signal a major change in market structure and open the door for a deeper fall toward the $62,442 level.

But if Bitcoin holds above $70,000, the long-term bullish trend remains intact. This level is now the key line between strength and fear.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

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Barstool Sports founder Dave Portnoy is continuing to back XRP and bitcoin during a sharp crypto sell-off, maintaining his buying strategy even as prices have moved lower, signaling conviction rather than a short-term price call.

Bitcoin drops below $70,000 as crypto selloff deepens before U.S. equity market opens"Extreme fear" grips crypto and metals while U.S. equities show resilience ahead of key earnings.Updated Feb 5, 2026, 11:46 a.m. Published Feb 5, 2026, 11:36 a.m.

Bitcoin BTC$70,390.83 fell below $70,000 as the crypto selloff deepened before the start of equities trading in the U.S.

The largest cryptocurrency dropped to as low as $69.917.20 according to CoinDesk data, with sentiment sliding further into "extreme fear." The Fear and Greed Index sits at 11, a level reached only a handful of times in the past

STORY CONTINUES BELOW

The selloff remains largely contained within digital assets and metals, as broader U.S. equity markets show resilience. Gold fell more than 1%, slipping below $4,900 per ounce, and silver dropped over 11%, falling to under $79 per ounce.

U.S. equities, by contrast, are slightly higher in pre-market trading. The Invesco QQQ exchange-traded fund (ETF), which tracks the Nasdaq 100 index, is up 0.05%.

Bitcoin-exposed equities, however, extended declines. Strategy (MSTR), the largest publicly traded holder of the largest cryptocurrency, is down over 5% and nearly 80% below its November 2024 all time high. The company is due to report fourth-quarter earnings later Thursday.

Other bitcoin treasury companies, including Strive (ASST) and Nakamoto (NAKA), are down roughly 6%.

Crypto exchange Coinbase (COIN) is lower by another 2% while rival Bullish, the owner of CoinDesk, is down 0.4%.

Bitcoin linked AI miners are mixed. IREN (IREN) is down 3%, while Cipher Mining (CIFR) is down 2%, following steep declines of around 15% each on Wednesday. Larger miners with significant bitcoin holdings, including Riot (RIOT), MARA Holdings (MARA), and CleanSpark (CLSK), are all about 3% lower.

Some potential relief may emerge if correlations hold, as the iShares Expanded Tech Software ETF (IGV) is slightly higher. That's an industry sector bitcoin has historically tracked closely. Meanwhile, Google (GOOG) is down 3% despite beating fourth-quarter profit forecasts, after announcing higher capital expenditures of $185 billion, up from $175 billion, with estimated spending of about $119.5 billion.

UPDATE (Feb. 4, 11:45 UTC): Adds equity movements pre-market starting in fifth paragraph.

Bitcoin has dropped sharply, plunging under the closely-watched $70,000 per bitcoin level as traders bet the bitcoin price could have much further to fall.

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The bitcoin price has lost almost 10% over the last 24 hours, taking its losses since hitting an all-time high of $126,000 in October to nearly 50% as traders fear a “worst case scenario” bitcoin crash.

Now, as an “apocalypse” appears to be quietly emerging, bitcoin and crypto traders are scrambling to get ahead of what could become a full-blown bitcoin and crypto crash.

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ForbesSerious $50,000 Bitcoin Price Warning Ignites Crypto Crash FearsBy Billy Bambrough

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The bitcoin price has crashed back to under where it was when U.S. president Donald Trump was reelected in November 2024.

AFP via Getty Images

“As bitcoin continues its slide toward the psychological barrier of $70,000, it’s clear the crypto market is now in full capitulation mode. If previous cycles are anything to go by, this is no longer a short-term correction, but rather a transition from distribution to reset–and these typically take months, not weeks," Nic Puckrin, investment analyst and co-founder of Coin Bureau, said in emailed comments.

“We’re seeing large-scale selling by bitcoin whales, and institutional outflows are mounting. At this point, expect a battle to defend the $70,000 threshold, but if bitcoin breaks below this level, it could be heading for its bear market low around $55,700-$58,200.”

Puckrin added that while bitcoin exchange-traded funds that have taken Wall Street by storm over the last two years “are seeing outflows, Bloomberg data shows the majority of ETF holders are sitting on paper losses, while Bitcoin OGs are doing most of the selling,” calling it "bitcoin’s institutionalization in action.”

Meanwhile, a sell-off in artificial intelligence-linked stocks that’s boosted gold and other safe haven assets is also hitting the bitcoin price.

“That shift is directly impacting crypto prices,” Wenny Cai, chief operating officer at SynFutures, said via email.

“Bitcoin’s move below the low-$70,000s has accelerated a broader deleveraging, flushing out crowded positioning built during the post-ETF rally. Liquidations have been heavy, sentiment has swung risk-off, and price action is now being driven more by balance-sheet mechanics than narrative flow. This doesn’t signal the end of institutional participation, but it does mark the end of complacency.”

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Forbes‘Worst-Case Scenario’—Bitcoin Price Crash Fears Suddenly Surge After Stark $1 Trillion WarningBy Billy Bambrough

The bitcoin price is headed for losses of 50% since hitting an all-time high, with a crypto market crash looming.

Forbes Digital Assets

Bitcoin’s failure to rally along with gold since its October flash crash has dented bitcoin’s reputation as an emerging safe haven, with traders all but giving up on bitcoin and crypto more broadly until U.S. president Donald Trump’s new pick for Federal Reserve chair Kevin Warsh gets his feet under the desk.

"Bitcoin dramatically underperformed as a flight-to-safety asset, especially when you compare it to assets like gold. If you look at bitcoin as a hedge against dollar devaluation, it didn’t actually perform very well. People are pretty bearish on crypto markets more generally over the next six to nine months. There’s been a clear shift away from seeing crypto as a safe haven toward viewing it as a risk-on asset. Even traders who cut their teeth on crypto are expressing a much more cautious, defensive view right now," Kaledora Fontana Kiernan-Linn, the chief executive of Ostium, said in emailed comments.

“The consensus view is that crypto markets are bearish until about September. A lot of that is driven by expectations that rate cuts won’t come until after a Fed chair transition, and even then, it takes time for that to filter through to risk-on assets. There’s a sense that meaningful upside only comes after policy changes have had time to work through the system.”

Bitcoin briefly dropped below $70,000 on Thursday amid a broader sell-off of risk assets.

The move, which happened around 6:27 a.m. ET, was the first time bitcoin fell below $70,000 since November 2024. Bitcoin bounced off that low and was trading at around 70,453.68 at 6:40 a.m. ET, according to CoinMetrics data.

Some market watchers have suggested $70,000 is a key level to watch and a break below that could trigger more falls for bitcoin.

The price of bitcoin over the last year.

The drop follows a broad sell-off in tech stocks in the U.S. on Wednesday which filtered through to cryptocurrencies.

Meanwhile, precious metals continue to be volatile with silver plunging again on Thursday and gold under pressure.

Liquidations — when traders' positions are automatically sold as bitcoin hits a certain price — continue to weigh on markets. This week, more than $2 billion long and short positions in cryptocurrencies have been liquidated this week as of Thursday, according to data from Coinglass.

Bitcoin has been on a steady decline since it hit an all-time high above $126,000 in October. It now sits around 40% off that record high with other cryptocurrencies, including ether and XRP, off by much more.

 "[The] straight line bull run that a lot of people expected hasn't really materialized yet. Bitcoin isn't trading on hype anymore, the story has lost a bit of that plot, it is trading on pure liquidity and capital flows," Maja Vujinovic, CEO of digital assets at FG Nexus, told CNBC's "Worldwide Exchange."

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While many in the crypto market have credited large institutional investors with supporting bitcoin's price, it is those same participants who appear to now be selling.

"Institutional demand has reversed materially," CryptoQuant said in a report on Wednesday.

U.S. exchange-traded funds which purchased 46,000 bitcoin at this time last year, are net sellers in 2026, CryptoQuant said.

The report also notes another key figure. "Bitcoin has broken below its 365-day moving average for the first time since March 2022 and has declined 23% in the 83 days since the breakdown—worse than the early 2022 bear phase," CryptoQuant analysts said. A moving average is a technical trading term that refers to the average closing price of an asset over a specified time.

This suggests "potential downside toward the $70K–$60K range," CryptoQuant said.

'Big Short' Micheal Burry spots 2022 vibes in bitcoin crashThe ‘Big Short’ investor compared the current slide with a one-time past cycle breakdown that saw BTC lose nearly half its value before stabilizing. Feb 5, 2026, 11:44 a.m.

Perma-bears, much like their hyper bullish counterparts, love shoehorning patterns into the chaos to prop up their gloom.

Take Michael Burry, the "Big Short" oracle famed for doomsday calls, who's now comparing bitcoin's ongoing bear market with the 2022 brutal plunge , ominously hinting this crash has legs to run much deeper.

STORY CONTINUES BELOW

In a post on X in early Asian hours Thursday, Burry highlighted similarities between BTC's drop from the October high of $126,000 to $70,000 and Bitcoin’s late 2021 and 2022 plunge, claiming in a chart that patterns match perfectly so far.

The previous bear market saw bitcoin fall from around $35,000 to below $20,000 before stabilizing — a move that, when mapped onto today’s price levels, implies risk toward the low $50,000s.

Burry did not spell out a target, but the visual comparison was enough to reignite debate over whether bitcoin is repeating an old script or whether the analogy is being stretched too far.

Analysts and traders questioned whether a single historical instance qualifies as a meaningful pattern at all.

“Is it a pattern if it happened once?” asked trading firm GSR, capturing a broader skepticism toward analog-driven market calls.

The critique goes beyond semantics, however, bitcoin’s 2021–22 collapse unfolded under very different conditions, marked by aggressive Federal Reserve tightening, collapsing crypto-native leverage and heavy retail participation.

On the other hand, today’s market is shaped by spot bitcoin ETFs, deeper institutional liquidity and a macro backdrop dominated less by rate hikes and more by cross-asset volatility tied to equities, commodities and artificial intelligence spending fears.

Still, Burry’s comments have landed at a sensitive moment.

Bitcoin has been whipsawing sharply this week, dropping below $71,000 before rebounding and then slipping again as global risk appetite deteriorated.

Burry’s history adds weight to the discussion, even when his calls prove controversial. His approach often centers on shifts in positioning and market psychology rather than precise forecasts.

In that sense, the chart functions less as a prediction and more as a warning about failed rebounds and dimmed conviction.

A leveraged Ethereum position built by Jack Yi's Trend Research continues to unwind under pressure.

The position, assembled through Aave's lending protocol and reported to have reached roughly $958 million in borrowed stablecoins at its peak, has been shrinking through repeated defensive sales as Ethereum's price declines.

On Feb. 4, Trend deposited another 10,000 ETH (approximately $21.2 million) to Binance to sell and repay loans, according to on-chain tracking profile Lookonchain.

The position now holds 488,172 ETH, valued at roughly $1.05 billion at current prices.

The deleveraging began in early February, when Trend sold 33,589 ETH (roughly $79 million) and used $77.5 million in USDT to repay debt, thereby pushing the reported liquidation threshold from $1,880 to $1,830.

The Feb. 4 sale marks the latest step in a controlled retreat aimed at keeping the position above water as Ethereum trades lower.

The market watches as the mechanics of unwinding a billion-dollar leveraged bet during thin liquidity can trigger a cascade that moves the market faster than the flow itself would suggest.

What the numbers showLookonchain reported that Trend Research expanded its Aave-based leverage to approximately $958 million in borrowed stablecoins, backing holdings that peaked at roughly 601,000 ETH.

The position used Ethereum as collateral to borrow stablecoins, creating a loop where falling ETH prices reduce the collateral value. At the same time, the debt remains fixed, in a classic leveraged long structure.

Trend has now sold at least 112,828 ETH across multiple transactions since early February. The position has declined from approximately 601,000 ETH to 488,172 ETH, a reduction of approximately 19%.

At current prices near $2,150, the remaining position is valued at approximately $1.05 billion.

Arkham earlier estimated the position was down roughly $562 million in unrealized losses when liquidation risk first surfaced around the $1,800 level. Currently, the position is down $862 million since the end of January.

Trend Research holdings (Source: Arkham Intelligence)The data suggests multiple Aave positions with different liquidation thresholds, including one leg at approximately $1,558, indicating that the structure may be more complex than a single monolithic trigger.

The repeated sales show a strategy of staying ahead of forced liquidation by voluntarily reducing exposure. Each sale repays debt, thereby reducing the total outstanding debt and improving the health factor, which is the ratio of collateral value to debt value that determines liquidation eligibility.

However, each sale also locks in losses and reduces the remaining bet.

Chart shows Trend Research reducing Ethereum holdings from 601,000 to 488,172 ETH through early February 2026 as ETH price declined from $2,350 to $2,175.How Aave liquidations actually workAave liquidations don't dump collateral onto the open market in one block trade.

Instead, they transfer collateral to liquidators, who repay a portion of the borrower's debt and receive the seized ETH, along with a liquidation bonus. Liquidators then decide how and where to offload or hedge that ETH.

The liquidation process begins when a position's health factor drops below 1. Aave's close factor determines the amount of debt that can be repaid in a single liquidation event.

When the health factor is between 0.95 and 1, up to 50% of the debt may be liquidated. When the health factor falls below 0.95, up to 100% of the position may be liquidated.

This creates two regimes: a stepwise, manageable process if the position hovers near the threshold, or a cliff if the health factor plunges.

The potential liquidation amount depends on the remaining debt. If Trend has successfully reduced its debt through recent sales, the maximum liquidation flow is smaller than the initial $941 million to $958 million debt band.

However, the remaining 488,172 ETH still represents roughly $1.05 billion in collateral, enough to move markets if forced liquidation accelerates.

Ethereum's 24-hour trading volume runs around $49 billion. A forced liquidation of even half the remaining position, roughly 244,000 ETH or $525 million at current prices, would represent about 1% of daily volume.

That sounds digestible until two reality checks complicate the math.

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First, time compression matters. If liquidators need to offload quickly, within minutes or hours, the flow becomes a large share of short-horizon liquidity even if it's a small share of 24-hour volume.

Second, liquidity is endogenous during stress. During leverage-driven selloffs, liquidity becomes fragile, potentially creating forced flows that move the price more than volume math suggests.

Diagram illustrates Aave liquidation mechanics showing how health factor thresholds determine whether 50% or 100% of debt can be liquidated per event.The cascade pathwaysThe market impact of a large Aave liquidation doesn't come from a single sell order. It comes through three channels that can reinforce each other.

The first is direct liquidation disposal and hedging. Liquidators often hedge immediately by shorting perpetual futures, then unwind by selling seized ETH into spot or decentralized exchange liquidity.
This creates two-sided pressure: short futures and spot sales.

The second is a reflexive feedback loop. Spot price drops, oracle prices update, and more Aave positions cross the health factor threshold below 1, triggering additional liquidations.

Those liquidations put more ETH into liquidators' hands, who sell or hedge, pushing the spot price lower. The cycle repeats.

The third is narrative and balance-sheet pressure. Even outside DeFi protocols, large holders facing unrealized losses may be prompted to engage in defensive selling to avoid worse outcomes.
Trend's repeated sales demonstrate this dynamic.

What to watchThree indicators signal whether this unwinds in a contained way or cascades.

First, the Aave health factor behavior. Trend's repeated voluntary sales suggest that the health factor is actively managed and remains above the forced liquidation threshold.

If Ethereum's decline accelerates and Trend can't sell fast enough, the health factor could cross below 1.

Second, where the disposal prints. The Feb. 4 deposit of 10,000 ETH to Binance suggests centralized exchange order books are absorbing the flow. Watch for larger deposits or faster execution windows that could signal panic rather than controlled deleveraging.

Third, the broader liquidation environment. If Ethereum and the wider crypto market continue to experience elevated forced selling, the same flow exerts greater leverage on price because liquidity providers withdraw and order books thin.

The billion-dollar position at risk isn't one trade. It's a test of how DeFi liquidation mechanics, thin liquidity, and reflexive loops interact when leverage meets stress.

Trend Research's controlled retreat shows the strategy for staying ahead of forced liquidation.

Whether that strategy succeeds depends on how fast Ethereum falls and how much liquidity remains in the market to absorb the flow.

Mentioned in this articlePosted in

, /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Corcept Therapeutics Incorporated ("Corcept" or "the Company") (NASDAQ: CORT) for violations of the securities laws.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Corcept announced on December 31, 2025, that the FDA "has issued a Complete Response Letter (CRL) regarding the New Drug Application (NDA) for relacorilant as a treatment for patients with hypertension secondary to hypercortisolism." According to the Company, "the FDA acknowledged that Corcept's pivotal GRACE trial met its primary endpoint and that data from the company's GRADIENT trial provided confirmatory evidence, the Agency concluded it could not arrive at a favorable benefit-risk assessment for relacorilant without Corcept providing additional evidence of effectiveness." Based on this news, shares of Corcept fell by more than 50%.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:

The Schall Law Firm 
Brian Schall, Esq.
310-301-3335
[email protected]
www.schallfirm.com

SOURCE The Schall Law Firm

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. 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.

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Prices tumbled after a two-day rebound. The market is struggling to find footing following last week's historic selloff.

Shares fell after the company's revenue missed market expectations, dragged by a poor performance in Turkey.

Strategic transformation positions company as essential to healthcare workforce infrastructure

Releases proprietary research platform on the U.S. healthcare workforce crisis

Will discuss long-term strategy at February 24 Investor Day

Unveils new commitment to expand healthcare career pathways

CHICAGO--(BUSINESS WIRE)--Adtalem Global Education (NYSE: ATGE) today announced it is changing its name to Covista, marking the culmination of a four-year transformation to become America's largest healthcare educator and an essential component of America’s healthcare workforce pipeline. The company's stock will begin trading under the ticker symbol CVSA on the New York Stock Exchange on February 24, 2026.

"This is not simply a rebrand. It's recognition of what we've built and the problem we are helping to tackle,” said Steve Beard, Chairman and CEO, Covista. "The workforce shortage affects care access, care quality and the sustainability of health systems nationwide. Today's milestone announcement reflects a unified commitment to document the scope of America's healthcare workforce crisis through rigorous research, expand our capacity to address it and invest in the long-term sustainability of the healthcare talent pipeline. Covista exists to address that problem at scale."

Tackling a crisis of this magnitude requires workforce infrastructure that operates at a different scale than traditional academic institutions. The new brand and positioning reflect the company's scale, institutional breadth, clinical depth and its role as critical infrastructure in the American healthcare system.

"Our new brand reflects our strategic positioning," said Maurice Herrera, Chief Marketing Officer, Covista. "Every element of identity, from name to visual design, was crafted to signal our focus on healthcare and our role in developing the talent that transforms it. The brand also represents our commitment to students who have been underserved by traditional education—career changers, working parents and nontraditional learners who will become the healthcare professionals America needs."

A Singular Platform That Reflects the Company’s Vision, Depth and Scale

Four years ago, the company made a strategic decision to concentrate on healthcare. Today, with that transformation complete, Covista is now America's largest healthcare educator, operating five accredited institutions serving more than 97,000 students and 385,000 alumni, from physicians and nurses to veterinarians and behavioral health professionals. Now, Covista signals its next phase: expanding capacity to address America’s healthcare workforce crisis at scale.

Each year, Covista graduates 24,000 healthcare professionals—more than any other U.S. institution—including 10% of America's nurses. Covista educates twice as many MDs as any MD-granting school in the U.S. and is the number one provider of Doctors of Veterinary Medicine to the U.S. Its alumni are caring for patients and leading health systems nationwide, including more than 700 alumni in C-suite roles at healthcare organizations across the country and nearly 300 Chief Nursing Officers across 42 states.

"The combination of our program breadth, geographic reach and outcomes track record is unparalleled,” continued Beard. "It is the backbone of how Covista uniquely advances healthcare workforce development. When health systems face staffing challenges across multiple disciplines and geographies, they typically navigate a fragmented landscape of academic institutions with limited capacity. Covista offers a different model: a comprehensive partner capable of addressing workforce needs at the scale the market requires."

The company graduates day-one ready professionals equipped to work in modern healthcare environments—including AI-enabled clinical workflows—while expanding access to healthcare careers for non-traditional students including career changers, adult learners and working parents.

New Research Documents the Scope and Impact of the Healthcare Workforce Crisis

Today, Covista also released comprehensive research underscoring the urgency of the U.S. healthcare workforce crisis. The Covista Care Capacity Monitor, fielded by Gallup, combines survey insights from over 1,300 clinicians and 160 healthcare executives with labor market data across all 50 states. Findings are presented through an interactive data visualization platform allowing users to explore workforce shortages by state, metro area and clinical discipline—revealing not just where gaps exist, but how they're affecting patient care quality today. The inaugural report reveals:

Quality of patient care in America is negatively affected by the healthcare staffing gap. 76% of clinicians and 73% of healthcare executives report that staffing shortages affect their ability to deliver high-quality care. Half of executives say that shortages have reduced their capacity to serve patients. More than 702,000 healthcare job vacancies are posted every month. Only 306,000 unemployed healthcare workers exist to fill them. For every unemployed healthcare worker, employers post more than two new job openings a month. This shortage is widespread across geographies and healthcare roles. Executives and clinicians agree that AI alone won't solve the staffing shortage, but it can help improve care quality. Healthcare organizations are embracing AI: 76% of executives say it has a positive impact on care quality, with widespread adoption—71% for documentation, 54% for Electronic Health Records, 46% for diagnostics. When it comes to staffing, perspectives are more nuanced. While 31% of executives don't believe AI will help solve the shortage much, if at all, 65% say it can help at least somewhat. The healthcare staffing shortage is particularly profound in rural communities. 85% of rural healthcare executives say they can't find enough local talent—nearly twice the 45% reported in metro areas. In some states, shortages are extreme, including 20 monthly vacancies per job seeker in New Hampshire, 18 in North Dakota, 11 in Wyoming and seven in Virginia. High workplace satisfaction won't stop some workers from leaving the profession. Clinical staff report high satisfaction with their employers, ranging from 72% for primary care physicians to 89% for allied health providers. Yet 15% of physician specialists and primary care physicians and 13% of registered nurses say they are somewhat or very likely to leave in the next 12 months. Talent partnerships top the list of effective staffing strategies, yet executives are investing elsewhere. Nearly 70% of healthcare executives rate talent partnerships as effective for meeting their workforce needs, more than hiring bonuses. Yet only 22% are significantly investing in pipeline partnerships. Clinicians and healthcare executives agree that for-profit or non-profit status of a school makes little to no difference for getting hired or selecting talent. Among healthcare executives with an opinion on the topic, about 85% say whether a degree came from a for-profit or non-profit institution makes no difference in their hiring decisions. Similarly, nearly 90% of clinicians who expressed an opinion say their school's status had no impact on whether they were hired. "America's healthcare workforce shortage is directly impacting patient care. Healthcare executives are reducing patient capacity due to workforce shortages, while clinicians report that inadequate staffing is directly compromising care quality," said Megan Noel, Chief Corporate Affairs Officer, Covista. "The gap between workforce demand and available talent requires immediate, transformative action and increased collaboration between educators, employers and policymakers."

The full Covista Care Capacity Monitor is available at covista.com/research.

Updates to Long-Term Strategy and Growth Targets to Be Announced at Investor Day

Covista will host an Investor Day on February 24, where leadership will present its strategy for expanding its capacity to address the documented healthcare workforce needs. The event will provide investors and analysts with detailed insights on how the company intends to capitalize on the evolving market dynamics in healthcare education and workforce development. It will also outline investment priorities that will guide the company's execution over the coming years.

"We see meaningful opportunities to grow this company while generating attractive returns for shareholders," said Beard. "At Investor Day, we'll share how we plan to capture that opportunity and the milestones we're committing to achieving."

Launches Covista Open Doors: Multi-Year Impact Commitment to Support the Healthcare Workforce

Addressing today's shortage is necessary, but insufficient. Ensuring a sustainable pipeline of future healthcare professionals requires further investment. Today, Covista and the Covista Foundation are launching Covista Open Doors, a multi-year impact commitment to build and sustain the healthcare workforce through three priorities: inspiring individuals to pursue healthcare careers through career exploration programs and community partnerships; helping students achieve their healthcare ambitions through scholarships, mentorship and emergency grants; and supporting the wellbeing of healthcare workers through programs that address mental health, burnout and promote career longevity.

The commitment launches with signature nonprofit partnerships and new programming:

Partnership with NAF, a national education nonprofit, to inspire the next generation through healthcare career exploration. Launching a Student Emergency Care Fund to provide financial assistance when unexpected challenges arise. Investments in Dr. Lorna Breen Heroes’ Foundation and The Schwartz Center for Compassionate Healthcare to expand mental health and wellbeing support for healthcare workers. "As America’s largest healthcare educator, we have both the scale and responsibility to address this crisis," said Noel. "Covista Open Doors brings together our Foundation's charitable work, our employer partnerships and the expertise of our faculty and colleagues to remove barriers for students, support the wellbeing of professionals and inspire the next generation to pursue a healthcare career. This is our promise to open opportunities for those who want to transform the health of their communities.”

More information can be found at covista.com.

About Covista

Covista is America's largest healthcare educator, serving more than 97,000 students and supported by a community of 385,000 alumni across five accredited institutions. Through personalized, tech-enabled education powered by 10,000 faculty and colleagues, Covista expands access to healthcare careers and addresses the U.S. healthcare workforce shortage at scale. Covista is the parent company of American University of the Caribbean School of Medicine, Chamberlain University, Ross University School of Medicine, Ross University School of Veterinary Medicine and Walden University. For more information, visit covista.com and follow us on LinkedIn, Instagram and YouTube.

About The Covista Foundation

The Covista Foundation, a public 501(c)(3) charity based in Chicago, IL, is the philanthropic arm of Covista, supporting charitable initiatives in healthcare education and workforce development. For more information, visit covista.com/foundation.

More News From Adtalem Global Education Inc.

JinkoSolar (JKS) saw its shares surge in the last session with trading volume being higher than average. The latest trend in earnings estimate revisions may not translate into further price increase in the near term.

WOKING, England--(BUSINESS WIRE)--Linde plc (Nasdaq: LIN) today reported fourth-quarter 2025 net income of $1,530 million and diluted earnings per share of $3.26, down 11% and 9%, respectively. Excluding Linde AG purchase accounting impacts and restructuring charge impacts, adjusted net income was $1,968 million, up 4% versus prior year. Adjusted earnings per share was $4.20, 6% above prior year.

Linde’s sales for the fourth quarter were $8,764 million, up 6% versus prior year. Compared to prior year, underlying sales increased 3% from 2% price attainment and 1% volumes, primarily from project startups. In addition, acquisitions increased sales by 1%.

Fourth-quarter operating profit was $2,018 million. Adjusted operating profit of $2,585 million was up 4% versus prior year led by higher price and continued productivity initiatives across all segments. Adjusted operating profit margin of 29.5% was 40 basis points below prior year.

Fourth-quarter operating cash flow of $3,030 million increased 8% versus prior year. After capital expenditures of $1,458 million, free cash flow was $1,572 million. During the quarter, the company returned $2,085 million to shareholders through dividends and stock repurchases, net of issuances.

For full-year 2025, sales were $34.0 billion, up 3% versus 2024. Compared to prior year, sales increased 3% from 2% price attainment and 1% bolt-on acquisitions, while volumes remained stable. Operating profit was $8.9 billion and adjusted operating profit was $10.1 billion, 4% above prior year. Adjusted operating profit margin was 29.8% of sales, 30 basis points higher than 2024. Diluted earnings per share was $14.61 and adjusted diluted earnings per share was $16.46, up 6% versus prior year.

In 2025, Linde generated strong operating cash flow of $10.4 billion. The company invested $5.3 billion in capital expenditures and returned $7.4 billion to shareholders in the form of dividends and share buybacks, net of issuances.

Commenting on the financial results and business outlook, Chief Executive Officer Sanjiv Lamba said, “Linde delivered another year of resilient performance, with operating profit, cash flow and backlog each exceeding $10 billion. Operating margins expanded to 29.8%, ROC reached 24.2% and EPS grew 6%. These results underscore the strength of our operating model and the exceptional execution by the Linde team worldwide.”

Lamba continued, “With disciplined capital allocation, strong network density and an increasing project pipeline, Linde is well positioned to capture high-quality wins in 2026 and continue to create shareholder value regardless of macroeconomic uncertainties.”

For the full year 2026, the company expects adjusted diluted earnings per share to be in the range of $17.40 to $17.90, up 6% to 9% versus prior year or 5% to 8% when excluding estimated currency tailwinds. Full-year capital expenditures are expected to be in the range of $5.0 billion to $5.5 billion to support operating growth requirements, including the contractual sale of gas backlog. For the first quarter of 2026, adjusted earnings per share is expected to be in the range of $4.20 to $4.30, up 6% to 9% above prior-year quarter or 3% to 6% when assumed estimated favorable currency of 3%.

Fourth-Quarter 2025 Results by Segment

Americas sales of $3,884 million were up 8% versus prior year. Compared with fourth quarter 2024, underlying sales increased 4%, driven by 3% higher pricing and 1% higher volumes, primarily in the electronics end market. Operating profit of $1,202 million was 30.9% of sales.

APAC (Asia Pacific) sales of $1,726 million were up 3% versus prior year. Compared with fourth quarter 2024, underlying sales increased 2%, driven by 2% higher volumes, primarily in the electronics and chemicals & energy end markets, including project start-ups. Operating profit of $502 million was 29.1% of sales.

EMEA (Europe, Middle East & Africa) sales of $2,178 million were up 6% versus prior year. Compared with fourth quarter 2024, underlying sales decreased 2%, as 1% higher pricing was more than offset by 3% lower volumes, mainly in the chemicals & energy end market. Operating profit of $772 million was 35.4% of sales.

Linde Engineering sales were $615 million, down 2% versus prior year, and operating profit was $103 million or 16.7% of sales. Order intake for the quarter was $434 million and third-party sale of equipment backlog was $2.7 billion.

Earnings Call

A teleconference on Linde’s fourth-quarter 2025 results is being held today at 9:00 am EDT.

Materials to be used in the teleconference are also available on the website.

About Linde

Linde is a leading global industrial gases and engineering company with 2025 sales of $34 billion. We live our mission of making our world more productive every day by providing high-quality solutions, technologies and services which are making our customers more successful and helping to sustain, decarbonize and protect our planet. Linde serves a variety of end markets such as chemicals & energy, food & beverage, electronics, healthcare, manufacturing, metals and mining. Linde’s industrial gases and technologies are used in countless applications, enabling space exploration and launch technologies, delivering ultra-high-purity and specialty gases for semiconductor manufacturing, providing life-saving medical oxygen and enabling clean hydrogen production and carbon capture to reduce greenhouse gas emissions. Linde also delivers state-of-the-art gas processing solutions to support customer growth, efficiency improvements and emissions reductions.

For more information about the company and its products and services, please visit www.linde.com

Adjusted amounts, free cash flow and return on capital are non-GAAP measures. See the attachments for a summary of non-GAAP reconciliations and calculations for adjusted amounts.

Attachments: Summary Non-GAAP Reconciliations, Statements of Income, Balance Sheets, Statements of Cash Flows, Segment Information and Appendix: Non-GAAP Measures and Reconciliations.

*Note: We are providing adjusted earnings per share (“EPS”) guidance for 2026. This is a non-GAAP financial measure that represents diluted earnings per share from continuing operations (a GAAP measure) but excludes the impact of certain items that we believe are not representative of our underlying business performance, such as cost reduction and other charges, the impact of potential divestitures or other potentially significant items. Given the uncertainty of timing and magnitude of such items, we cannot provide a reconciliation of the differences between the non-GAAP adjusted EPS guidance and the corresponding GAAP EPS measure without unreasonable effort.

Forward-looking Statements

This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by terms and phrases such as: anticipate, believe, intend, estimate, expect, continue, should, could, may, plan, project, predict, will, potential, forecast, and similar expressions. They are based on management’s reasonable expectations and assumptions as of the date the statements are made but involve risks and uncertainties. These risks and uncertainties include, without limitation: the performance of stock markets generally; developments in worldwide and national economies and other international events and circumstances, including trade conflicts and tariffs; changes in foreign currencies and in interest rates; the cost and availability of electric power, natural gas and other raw materials; the ability to achieve price increases to offset cost increases; catastrophic events including natural disasters, epidemics, pandemics such as COVID-19, and acts of war and terrorism; the ability to attract, hire, and retain qualified personnel; the impact of changes in financial accounting standards; the impact of changes in pension plan liabilities; the impact of tax, environmental, healthcare and other legislation and government regulation in jurisdictions in which the company operates; the cost and outcomes of investigations, litigation and regulatory proceedings; the impact of potential unusual or non-recurring items; continued timely development and market acceptance of new products and applications; the impact of competitive products and pricing; future financial and operating performance of major customers and industries served; the impact of information technology system failures, network disruptions and breaches in data security; and the effectiveness and speed of integrating new acquisitions into the business. These risks and uncertainties may cause future results or circumstances to differ materially from adjusted projections, estimates or other forward-looking statements.

Linde plc assumes no obligation to update or provide revisions to any forward-looking statement in response to changing circumstances. The above listed risks and uncertainties are further described in Item 1A. Risk Factors in Linde plc’s Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 25, 2025 which should be reviewed carefully. Please consider Linde plc’s forward-looking statements in light of those risks.

February 05, 2026 05:35 ET  | Source: Dimensional Fund Advisors Ltd

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1.KEY INFORMATION   (a)Full name of discloser:Dimensional Fund Advisors Ltd. in its capacity as investment advisor and on behalf its affiliates who are also investment advisors (”Dimensional”). Dimensional expressly disclaims beneficial ownership of the shares described in this form 8.3. (b)Owner or controller of interests and short positions disclosed, if different from 1(a):
The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.  (c)Name of offeror/offeree in relation to whose relevant securities this form relates:
Use a separate form for each offeror/offereeJust Group PLC (d)If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:  (e)Date position held/dealing undertaken:
For an opening position disclosure, state the latest practicable date prior to the disclosure04 February 2026 (f)In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
If it is a cash offer or possible cash offer, state “N/A”N/A   2.POSITIONS OF THE PERSON MAKING THE DISCLOSURE   If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security. (a)Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)   Class of relevant security:10p ordinary (GB00BCRX1J15)  InterestsShort Positions  Number%Number% (1)Relevant securities owned and/or controlled:24,208,2412.33 %   (2)Cash-settled derivatives:     (3)Stock-settled derivatives (including options) and agreements to purchase/sell:      Total24,208,241 *2.33 %   * Dimensional Fund Advisors LP and/or its affiliates do not have discretion regarding voting decisions in respect of 51,686 shares that are included in the total above.   All interests and all short positions should be disclosed.Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

     (b)Rights to subscribe for new securities (including directors’ and other employee options)   Class of relevant security in relation to which subscription right exists:  Details, including nature of the rights concerned and relevant percentages:    3.DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE   Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.The currency of all prices and other monetary amounts should be stated.

 (a)Purchases and sales   Class of relevant securityPurchase/saleNumber of securitiesPrice per unit 10p ordinary (GB00BCRX1J15)Sale33,6442.1600 GBP There was a Transfer In of 6,496 shares of 10p ordinary   (b)Cash-settled derivative transactions   Class of relevant securityProduct description e.g. CFDNature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short positionNumber of reference securitiesPrice per unit         (c)Stock-settled derivative transactions (including options) (i)Writing, selling, purchasing or varying Class of relevant securityProduct description e.g. call optionWriting, purchasing, selling, varying etc.Number of securities to which option relatesExercise price per unitType e.g. American, European etc.Expiry dateOption money paid/ received per unit          (ii)Exercise   Class of relevant securityProduct description e.g. call optionExercising/ exercised againstNumber of securitiesExercise price per unit         (d)Other dealings (including subscribing for new securities)        Class of relevant securityNature of dealing e.g. subscription, conversionDetailsPrice per unit (if applicable)        4.OTHER INFORMATION   (a)Indemnity and other dealing arrangements   Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none” None   (b)Agreements, arrangements or understandings relating to options or derivatives   Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none” None   (c)Attachments   Is a Supplemental Form 8 (Open Positions) attached?NO   Date of disclosure05 February 2026 Contact nameThomas Hone Telephone number+44 20 3033 3419    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

February 05, 2026 05:36 ET  | Source: Dimensional Fund Advisors Ltd

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1.KEY INFORMATION   (a)Full name of discloser:Dimensional Fund Advisors Ltd. in its capacity as investment advisor and on behalf its affiliates who are also investment advisors (”Dimensional”). Dimensional expressly disclaims beneficial ownership of the shares described in this form 8.3. (b)Owner or controller of interests and short positions disclosed, if different from 1(a):
The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.  (c)Name of offeror/offeree in relation to whose relevant securities this form relates:
Use a separate form for each offeror/offereeRio Tinto plc and Rio Tinto Limited (d)If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:  (e)Date position held/dealing undertaken:
For an opening position disclosure, state the latest practicable date prior to the disclosure04 February 2026 (f)In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
If it is a cash offer or possible cash offer, state “N/A”YES
Glencore PLC   2.POSITIONS OF THE PERSON MAKING THE DISCLOSURE If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security. (a)Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)   Class of relevant security:Rio Tinto plc 10p ordinary (GB0007188757)  InterestsShort Positions  Number%Number% (1)Relevant securities owned and/or controlled:4,577,7850.36 %   (2)Cash-settled derivatives:     (3)Stock-settled derivatives (including options) and agreements to purchase/sell:      Total4,577,785 *0.36 %   * Dimensional Fund Advisors LP and/or its affiliates do not have discretion regarding voting decisions in respect of 275,725 shares that are included in the total above. All interests and all short positions should be disclosed.Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

 Class of relevant security:Rio Tinto Limited ordinary (AU000000RIO1)  InterestsShort Positions  Number%Number% (1)Relevant securities owned and/or controlled:6,569,7211.77 %   (2)Cash-settled derivatives:     (3)Stock-settled derivatives (including options) and agreements to purchase/sell:      Total6,569,721 *1.77 %   * Dimensional Fund Advisors LP and/or its affiliates do not have discretion regarding voting decisions in respect of 66,687 shares that are included in the total above.All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

 (b)Rights to subscribe for new securities (including directors’ and other employee options) Class of relevant security in relation to which subscription right exists:  Details, including nature of the rights concerned and relevant percentages:    3.DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.The currency of all prices and other monetary amounts should be stated.

 (a)Purchases and sales   Class of relevant securityPurchase/saleNumber of securitiesPrice per unit Rio Tinto plc 10p ordinary (GB0007188757)Sale30970.9691 GBP Rio Tinto plc ADR (US7672041008)Sale1,92097.7731 USD There was a Transfer In of 1,625 shares of Rio Tinto PLC 10p ordinaryThere was a Transfer In of 1,290 shares of Rio Tinto Ltd Ordinary

 (b)Cash-settled derivative transactions   Class of relevant securityProduct description e.g. CFDNature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short positionNumber of reference securitiesPrice per unit         (c)Stock-settled derivative transactions (including options) (i)Writing, selling, purchasing or varying Class of relevant securityProduct description e.g. call optionWriting, purchasing, selling, varying etc.Number of securities to which option relatesExercise price per unitType e.g. American, European etc.Expiry dateOption money paid/ received per unit          (ii)Exercise   Class of relevant securityProduct description e.g. call optionExercising/ exercised againstNumber of securitiesExercise price per unit         (d)Other dealings (including subscribing for new securities)        Class of relevant securityNature of dealing e.g. subscription, conversionDetailsPrice per unit (if applicable)        4.OTHER INFORMATION   (a)Indemnity and other dealing arrangements   Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none” None   (b)Agreements, arrangements or understandings relating to options or derivatives   Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none” None   (c)Attachments   Is a Supplemental Form 8 (Open Positions) attached?NO   Date of disclosure05 February 2026 Contact nameThomas Hone Telephone number+44 20 3033 3419    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

Shares fell as investors digested a first look at the German arms maker's forecasts for this year, which came below market expectations.

While most eyes were fixed on big tech and its continuous advancing and pushing of artificial intelligence (AI), the retail giant Walmart (NASDAQ: WMT) was slowly evolving its business and executing a stock market rise that took the retail giant to its record-breaking valuation of $1.02 trillion.

Walmart stock valuation chart since 1996. Source: CompaniesMarketCap Specifically, the company has slowly been developing its e-commerce and advertising operations through 2025, taking on a more technology company appearance with arguably the crowning jewel coming late last year when WMT moved its listing from the NYSE to NASDAQ.

Additionally, despite not usually being accounted for when one thinks of AI companies, the retail giant has been enthusiastic about adopting cutting-edge advancements and participating in the ongoing boom.

The end result of such a transformation came in November 2025 when a blockbuster earnings report helped, and a rather long period of stock market stagnation, propelling Walmart stock into its latest rally and toward its press time price of $127.80.

Within the last 12 months, WMT shares are 24.73% in the green, though it is worth pointing out that the 6-month rally is even greater at 28.89%. Year-to-date (YTD), Walmart stock is up 13.52%

Walmart stock price one-year chart. Source: Finbold Is Walmart stock a buy in 2026? The question that naturally arose after Walmart made history by becoming the first brick-and-mortar retailer to hit a $1 trillion market capitalization is whether the equity is still a buy, or if WMT shares’ era of growth is over for the time being.

The immediate answer to the question appears to be that the equity very much remains a buy. Walmart’s value proposition is arguably unbeatable, and the firm is all but guaranteed to do well no matter the circumstances.

If the AI boom restarts, WMT’s adoption of new technology and e-commerce means it is likely to continue advancing in the stock market. 

If the current downturn that led to a notable S&P 500 and Dow Jones Industrial Average (DJIA) retreat and a veritable bloodbath in the cryptocurrency and commodity markets persists, Walmart’s key business of a low-cost supermarket chain can ensure a steady cash flow.

Under the circumstances, it is easy to see why Wall Street overwhelmingly rates WMT stock as a ‘Strong Buy.’ The average price target of $127.92 stands between the press time price of $127.80 and the latest closing price of $128 demonstrates that experts and institutions have yet to account for the latest upsurge on TipRanks.

Average Wall Street Walmart stock price target and rating. Source: TipRanks Equally noteworthy is that both price forecast revisions made in February – those issued by Piper Sandler and Evercore ISI – essentially expect WMT to trade sideways in the coming 12 months, as the analyst predicted a climb to $130 – just $2 above the latest close.

Why Walmart stock might not be a buy after hitting $1 trillion valuation The critical moment that could definitively answer the question of whether Walmart stock is a buy after hitting a $1 trillion market capitalization could come on February 19 with the next earnings report.

Should investors be pleased with the results, WMT stock is likely to lock in its elevated valuation and largely negate the danger of a bearish correction.

Still, it is worth pointing out that by developing the more digital and technological side of its business, Walmart might have become more susceptible to the same pressures affecting big tech.

Recent earnings reports are already demonstrating that, while the industry remains strong, both growth and margins have been contracting, thus leading to investor unease.

The most dramatic examples of this trend came in late January and early February from Advanced Micro Devices (NASDAQ: AMD) and Microsoft (MSFT), which, despite seemingly strong quarterly results, suffered rapid stock market drops.

Featured image via Shutterstock

San Diego, California--(Newsfile Corp. - February 5, 2026) - Johnson Fistel, PLLP is investigating whether Snowflake Inc. (NYSE: SNOW) or its executive officers complied with the federal securities laws. The investigation focuses on investors' losses and whether they may be recovered under federal securities laws.

What if I purchased Snowflake securities?
If you purchased Snowflake securities and suffered losses on your investment, join our investigation now: Click Here to Join the Investigation.
Or for more information, contact Jim Baker at [email protected] or (619) 814-4471.
There is no cost or obligation to you.

Background of the Investigation

On February 28, 2024, after the market closed, Snowflake announced its financial results for the fourth quarter and full fiscal year 2024, along with financial guidance for the full fiscal year 2025. During the accompanying earnings call, Company management discussed changes in customer behavior and the impact of certain product-related developments, which adversely affected the Company's outlook.

Following these disclosures, Snowflake's stock price declined sharply. On February 29, 2024, the Company's shares fell from a prior closing price of approximately $230.00 per share to close at $188.28 per share, a decline of $41.72 per share, or more than 18%, resulting in significant losses for investors.

In light of this disclosure, Johnson Fistel is investigating whether Snowflake Inc. complied with the federal securities laws. If you suffered losses from your investment in Snowflake stock, contact Johnson Fistel.

About Johnson Fistel, PLLP | Top Law Firm - Securities Fraud & Investor Rights

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Evolution AB (publ) (EVVTY) Q4 2025 Earnings Call February 5, 2026 3:00 AM EST

Company Participants

Martin Carlesund - Group Chief Executive Officer
Joakim Andersson - Chief Financial Officer

Conference Call Participants

Edward Young - Morgan Stanley, Research Division
Georg Attling - Pareto Securities AS, Research Division
Martin Arnell - DNB Carnegie, Research Division
Monique Pollard - Citigroup Inc., Research Division
Benjamin Shelley - UBS Investment Bank, Research Division
Andrew Tam - Rothschild & Co Redburn, Research Division
Rasmus Engberg - Kepler Cheuvreux, Research Division
Richard Stuber - Deutsche Bank AG, Research Division
Jack Cummings - Joh. Berenberg, Gossler & Co. KG, Research Division

Presentation

Operator

Welcome to Evolution Q4 Report 2025 presentation. [Operator Instructions] Now I will hand the conference over to the speakers CEO, Martin Carlesund; and CFO, Joakim Andersson. Please go ahead.

Martin Carlesund
Group Chief Executive Officer

Good morning, everyone. Welcome to the presentation of Evolution's year-end report for 2025. My name is Martin Carlesund, and I'm the CEO of Evolution. With me, I have our CFO, Joakim Andersson. As always, I will start with some comments on our performance and then hand over to Joakim for a closer look at our financials. After that, I will conclude with an outlook and then we will open up for your questions. Next slide, please.

So let's start with the financial and operational highlights in the quarter. Overall, we saw somewhat better performance in Q4 compared to Q3. The net revenues came in at EUR 540 million, corresponding to quarter-on-quarter growth of 1.4%, but a year-on-year decline of 3.7%. Adjusted EBITDA amounted to EUR 341.5 million, giving a margin of 66.4%.

Asia turned back to modest growth quarter-on-quarter, signaling some progress in our hard work to battle the cyber criminality in the region. As pointed out several times before, there is no quick fix to these issues. We constantly

Bitcoin climbs back above $71,000 as tech selloff pausesAnalysts say the move looks driven more by short covering than fresh buying, with spot demand soft and stablecoin balances on exchanges drifting lower. Feb 5, 2026, 8:52 a.m.

Bitcoin clawed its way back above $71,000 on Thursday after a sharp selloff earlier in the day dragged prices briefly below the $70,000 mark, mirroring tentative stabilization across global markets.

The move came as a broader rout in technology stocks showed signs of fatigue. Futures tied to the Nasdaq 100 edged higher after two bruising sessions that erased the index’s gains for the year, while European stocks steadied and Asian markets trimmed losses.

STORY CONTINUES BELOW

Bitcoin had fallen as much as 7% over the previous 24 hours as investors reduced risk across assets tied to growth and leverage. The slide coincided with renewed pressure in precious metals, where silver plunged as much as 17%, extending a brutal reversal after last month’s record rally.

Gold also slipped, underscoring how quickly speculative trades across markets have been unwound.

In crypto, the bounce above $71,000 appears more like short covering than a renewed rush of buyers. Trading volumes remain elevated, but demand in the spot market has thinned, according to analysts.

Stablecoin balances on exchanges have also been drifting lower, suggesting fresh capital is staying on the sidelines rather than stepping in aggressively on dips.

Macro uncertainty continues to weigh on sentiment. Investors are recalibrating expectations around US interest rates amid speculation over Federal Reserve leadership and the risk of a stronger dollar, which typically pressures assets like bitcoin that thrive on easy liquidity.

Some firms remain cautious. Galaxy Digital has warned that, without a clear catalyst, bitcoin could still revisit lower levels if selling resumes.

Others see the bulk of the drawdown as already behind the market, with estimates clustering around a potential bottom in the low-to-mid $60,000 range.

Ethereum Whales And HODLers Follow Vitalik’s Cue As $1,800 Risk GrowsVitalik sold nearly 2,960 ETH as head-and-shoulders breakdown targeted $1,820 support.Whales cut 140,000 ETH while hodler net position turned negative after February 3.On-chain supply cluster near $1,880 aligns with downside risk toward $1,800 zone.Ethereum price remains under pressure in early February as selling momentum builds across both on-chain and technical indicators. The token has slipped below key support levels following a confirmed chart breakdown, while fresh data shows large holders and long-term investors beginning to reduce exposure.

With Vitalik Buterin selling ETH and accumulation slowing, the $1,800 zone is now emerging as a critical near-term downside risk.

Head-and-Shoulders Breakdown Aligns With Vitalik’s ETH SellingEthereum’s latest decline accelerated after a clear technical breakdown on February 3.

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On the daily chart, ETH completed a head-and-shoulders pattern that had been forming since mid-November. When the ETH price failed to hold above the neckline and broke lower on February 3, the bearish pattern was confirmed.

Bearish Price Structure: TradingViewWant more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Head-and-shoulders formations typically signal trend reversals. The projected downside target is calculated by measuring the height of the pattern and applying it below the neckline. In Ethereum’s case, this points toward the $1,820 zone.

At around the same time, on-chain data showed that Vitalik Buterin had begun selling ETH.

Over the past three days, Vitalik sold around 2,961 ETH worth roughly $6.6 million at an average price near $2,228. The selling began just as Ethereum was losing technical support and has continued through the breakdown.

This timing is important. When a major ecosystem figure reduces exposure during a chart breakdown, it often weakens market confidence. Instead of stabilizing sentiment, Vitalik’s sales reinforced the bearish signal coming from price action.

As a result, the technical breakdown and high-profile selling combined to mark February 3 as a major turning point for Ethereum.

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Whales and Hodlers Start Selling After February 3 SignalAfter the breakdown and Vitalik’s sales, large and long-term holders also began changing their behavior.

Data shows that Ethereum whales, excluding exchange wallets, increased their holdings significantly between February 2 and February 3 as they attempted to buy the dip. However, once the price failed to recover, that accumulation quickly reversed.

On February 3, whale holdings stood near 13.93 million ETH. They have since fallen to around 13.79 million ETH, a reduction of roughly 140,000 ETH, worth over $290 million. This decline suggests cautious distribution rather than confident long-term buying.

ETH Whales Start Selling: SantimentAt the same time, long-term holders also started selling.

Hodler Net Position Change tracks the net movement of ETH held by wallets that have not moved coins for more than 155 days. These wallets are considered long-term investors. Positive readings indicate accumulation, while negative values show net selling.

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Since late December, this metric had remained positive, meaning long-term holders were steadily adding to their positions. However, on February 3 and 4, it turned negative for the first time in weeks.

The latest reading shows net selling of around 10,681 ETH. This shift indicates that even patient investors have begun trimming exposure following the breakdown.

Hodlers Back To Dumping ETH: GlassnodeTogether, these signals show a clear sequence. Vitalik reduced holdings, the chart structure failed, whales began selling, and long-term holders followed, all around the same time. This coordinated shift suggests weakening conviction across multiple investor groups.

When both large holders and hodlers step back at the same time, downside risks usually increase.

On-Chain Cost Clusters Point to $1,800 as Key Ethereum Price ZoneOn-chain supply data now helps explain where Ethereum may find its next major support.

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The UTXO Realized Price Distribution (URPD) shows where the current supply last moved on-chain. While the metric was originally designed for UTXO-based blockchains like Bitcoin, Glassnode has since generalized it for account-based networks such as Ethereum.

Each bar represents how much ETH last changed hands within a specific price range. Large clusters often act as support or resistance because many holders have their cost basis in those zones.

Current data shows one of the strongest supply clusters near $1,880. Around 2% of circulating ETH last moved in this range, making it a key psychological and structural support area.

Cost Basis Clusters Generalized For ETH: GlassnodeThis aligns closely with the technical projection from the head-and-shoulders pattern, which points toward $1,820.

Ethereum has already lost the $2,270 support level. With price now trading near $2,090, the next major test sits between $1,880 (per the on-chain cluster)and $1,820.

If this zone fails, the next ETH downside target appears near $1,560 based on downside Fibonacci extensions.

Ethereum Price Analysis: TradingViewOn the upside, the bearish setup would weaken only if Ethereum reclaims $2,270 and then $2,700, and holds above them on the daily timeframe. Without that recovery, all Ethereum price bounces are likely to face selling pressure.

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