Market Signal Briefing

Large Bitcoin holders are now controlling the smallest share of the cryptocurrency’s supply since late May, when it first reclaimed $100,000 after more than three months, according to crypto sentiment platform Santiment.

Santiment posted to X on Thursday that “whale and shark wallets” holding between 10 and 10,000 Bitcoin (BTC) have fallen to a nine-month low, collectively accounting for about 68.04% of the entire Bitcoin supply.

“This includes a dump of -81,068 BTC in just the past 8 days alone,” Santiment said, as Bitcoin fell from around $90,000 to $65,000 over the same period, a roughly 27% decline, according to CoinMarketCap. Bitcoin is trading at $64,792 at the time of publication, up from a 24-hour low of just over $60,000.

Bitcoin large wallet holders appear to be offloading aggressively. Source: SantimentCrypto market participants often track large Bitcoin holders to spot signs of accumulation or offloading, as these moves can signal whether whales believe the asset has peaked or is poised for an uptrend.

It isn’t just large Bitcoin holders that are showing signs of caution. CryptoQuant CEO Ki Young Ju posted to X on Wednesday that “every Bitcoin analyst is now bearish.” 

The Crypto Fear & Greed Index, which measures overall crypto market sentiment, dropped to a score of 9 out of 100 on Friday, its lowest score since mid-2022, when the market was reeling from the collapse of the Terra blockchain.

While there has been a sell-off among large holders, retail investors have been aggressively accumulating. Santiment said, “This combination of key stakeholders selling and retail buying is what historically creates bear cycles.” 

“Shrimp wallets,” which Santiment defines as those holding less than 0.1 Bitcoin, have risen to a 20-month high since June 2024, when Bitcoin was trading at around $66,000, before falling to $53,000 just two months later in August. 

However, by December 2024, it had reached $100,000 for the first time amid a booming market after Donald Trump won the US presidential election.

The cohort now accounts for 0.249% of Bitcoin’s total supply, which is equivalent to roughly 52,290 Bitcoin.

Bitcoin is down 29.62% over the past 12 months. Source: CoinMarketCapMagazine: Big questions: Should you sell your Bitcoin for nickels for a 43% profit? 

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https://cointelegraph.com/editorial-policy

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A fresh wave of selling has rippled through the market, pushing Bitcoin (BTC) and Ethereum (ETH) below closely watched price levels and triggering another round of large-scale liquidations.

What began as a gradual pullback has turned into a broad deleveraging event, as weakening momentum, fading institutional demand, and cautious sentiment combine to pressure prices across major digital assets.

Bitcoin has been trading around the $70,000–$71,000 range after briefly slipping to levels last seen in late 2024. Ethereum has followed a similar path, falling toward $2,100 and briefly testing lower intraday levels. As prices broke through technical support zones, leveraged positions were forced out, accelerating losses.

BTC's price trends to the downside on the daily chart. Source: BTCUSD on Tradingview Bitcoin Slips Below Key Support as Liquidations Mount Data from multiple tracking platforms shows that more than $860 million worth of crypto positions were liquidated within a 24-hour period, with Bitcoin accounting for the largest share. Long positions dominated the wipeout, highlighting how heavily traders had been positioned for upside before the drop.

Bitcoin’s move below its 365-day moving average has added to bearish signals. On-chain analysts note that since falling below this long-term trend line in November 2025, BTC has declined at a faster pace than during comparable phases of the 2022 bear market.

ETF flows have also weakened, with U.S. spot Bitcoin ETFs shifting from net inflows to net outflows in early 2026, removing a key source of demand.

Market participants are now watching the $70,000 level closely. Some analysts see it as potential support, while others warn that a sustained break could open the door to a deeper move toward the $60,000 region if sentiment fails to stabilize.

Ethereum Deleveraging Adds to Downside Pressure Ethereum has not been spared from the turmoil. ETH-related liquidations have exceeded $200 million in recent sessions, as the price dipped toward the $2,000 mark.

Large holders have also moved to reduce risk. On-chain data shows that Trend Research sold roughly 188,500 ETH over several days and repaid hundreds of millions of dollars in stablecoins to cut leverage, lowering its liquidation thresholds.

This deleveraging has shifted attention to potential risk zones between $1,576 and $1,682, where forced liquidations could cluster if prices continue to slide.

Sentiment Weakens Across the Broader Crypto Market Beyond Bitcoin and Ethereum, major altcoins including BNB, Solana, and Dogecoin have posted daily losses of 6% to 11%. Total crypto market capitalization has fallen to around $2.4–$2.5 trillion, while open interest in derivatives markets continues to decline, signaling reduced risk appetite.

Sentiment indicators reflect growing caution. The Fear and Greed Index has slipped deeper into “extreme fear,” and concerns around stablecoin stability, particularly brief deviations in USDT’s peg, have added another layer of uncertainty. Traders remain focused on whether key support levels can hold or if further liquidations lie ahead.

Cover image from ChatGPT, BTCUSD chart from Tradingview

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Strategy CEO Phong Le told investors that the company's balance sheet remains resilient despite bitcoin's BTC recent downfall.

Le said during the Strategy's fourth-quarter financial results webinar that bitcoin would need to drop to $8,000 and remain at that level for five to six years before posing a real threat to servicing its convertible debt.

"In the extreme downside, if we were to have a 90% decline in bitcoin price, and the price was $8,000, that is the point at which our bitcoin reserve equals our net debt, and we will not be able to then pay off our convertibles using our Bitcoin reserve, and we'd either look at restructuring, issuing additional equity, issuing additional debt," Le said. 

The comment came during Strategy's fourth-quarter earnings call on Thursday, where company executives addressed the impact of bitcoin's recent downturn on the firm's finances. 

Strategy, the largest corporate holder of bitcoin, reported a net loss of $12.6 billion for the quarter, largely due to unrealized losses on its digital asset holdings as bitcoin's price fell below the firm's average acquisition cost. 

"These results were obviously driven by the quarter-end decline in bitcoins for value under our mark-to-market accounting," said Strategy CFO Andrew Kang. Still, Kang noted the firm's long-term approach, adding that "even in a volatile environment, we continue to execute."

Executive Chairman Michael Saylor echoed the sentiment. "Quarter-to-quarter moves like this can be sharp, can also be unsettling, but it's important to emphasize that our strategy is built for the long term," Saylor said. "It's built to withstand short-term price volatility, even short-term extreme conditions like we're seeing today."

Thursday's webinar took place amid a sharp sell-off across crypto markets, with bitcoin currently down 9% in the past 24 hours to trade at $64,833. Strategy's MSTR erased much of its prior gains, falling 17.12% on Thursday to $106.9. It is down 72% in the past six months. Saylor directed investors to look to positive fundamentals, such as supportive U.S. regulatory shifts.

Quantum threats Meanwhile, Saylor addressed bitcoin's ongoing quantum computing concerns during the earnings call, dismissing them as part of what he called a "parade of horrible FUD" surrounding bitcoin.

"We think it's probably 10 or more years away before there's a threat, that is the consensus," Saylor said. "It's a promising technology, but it's still nascent."

Saylor stated that quantum computing would pose a risk not only to bitcoin, but also to the finance and defense industries that are dependent on traditional cryptography. He added that significant investment is already flowing into the development of quantum-resistant protocols, and bitcoin will be upgraded through global consensus.

"Bitcoin is upgradable, and bitcoin can be upgraded to be stronger," Saylor said. "We are optimists, and we believe that the human race will accept challenges and we'll upgrade to meet those challenges and do it in a rational fashion."

To support appropriate consensus and solutions for bitcoin's quantum resistance upgrade, Saylor announced that Strategy will launch a Bitcoin Security program that coordinates with the global cyber, crypto, and bitcoin security communities.

"The company is well managed, well collateralized, and responsibly structured so that we can stand difficult months, difficult quarters, even difficult years or two or three-year cycles at a time," Saylor said. "We've done it before. And we're prepared to do it going forward."

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Ethereum is due for yet another couple of major upgrades in 2026. Shiba Inu can't seem to get its on-chain economy off the ground.

Ethereum Price Prediction as ETH RSI Nears Historic Lows as Weekly Pattern Targets $7,000Ethereum weekly chart shows inverse head and shoulders near neckline while 14 day RSI approaches a historical low zone.

Tatevik Avetisyan2 min read

6 February 2026, 06:38 AM

Ethereum’s charts tightened into key levels this week, with a weekly inverse head and shoulders setup in focus. At the same time, ETH’s 14 day RSI moved toward a historical low zone.

Ethereum Weekly Chart Shows Inverse Head and Shoulders StructureEthereum's weekly chart shows a developing inverse head and shoulders structure, based on a TradingView snapshot shared by market analyst Bitcoinsensus. The pattern forms after a long decline, with price carving a left shoulder in mid 2024, a deeper low marked as the head in early 2025, and a rebound that may be shaping a right shoulder in early 2026.

Ethereum Weekly Chart. Source: Bitcoinsensus on X

At the same time, price continues to test a rising neckline resistance drawn across multiple weekly highs. Earlier rallies stalled near this band, which now acts as the main level to watch. As a result, the neckline remains the key reference point for whether the structure completes.

The chart also plots a projected path above the neckline, with a measured move extending toward the $7,000 area. The projection reflects the vertical distance from the head to the neckline, then mapped upward from the potential breakout zone. Meanwhile, the right shoulder remains tentative, as price still trades below the resistance band and the structure has not confirmed.

James Easton Flags ETH RSI Near Historic LowMarket commentator James Easton said Ethereum’s 14 day RSI is nearing a historical low, based on a TradingView chart he shared on X on Feb. 4. The chart tracks ETHUSD on a 14 day timeframe and shows RSI pressing toward the low band highlighted as a prior extreme.

Ethereum U.S. Dollar 14D Chart. Source: JamesEastonUK on X

Easton added that he plans to stay positioned through further downside if it happens. He also said he will remain in the trade through a potential move toward $10,000, framing the period as a defining stretch for long term holders.

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Dogecoin’s monthly chart shows a familiar pattern of long consolidation phases that later break into sharp pump moves, based on a cycle map shared by Trader Tardigrade. Meanwhile, Bitcoinsensus pointed to a weekly PMO drop below a macro threshold that previously appeared near major cycle lows.

Dogecoin Monthly Chart Maps Pullback Then Pump PatternA monthly Dogecoin chart shared by trader Tardigrade shows a repeating cycle that pairs long consolidations with sharp upside moves. The chart marks several completed cycles since 2014, where price first pulled back into rounded bases and then surged in steep vertical advances labeled as “pump” phases. The structure appears in different lengths, which the trader labels as standard, shorter, and longer consolidations. As a result, the chart frames Dogecoin’s history as a sequence of compression periods followed by rapid expansions.

Dogecoin 1M Chart: Source: Trader Tardigrade via X

The visual record shows that consolidation phases varied in duration across cycles, while each cycle ended with a strong upside leg. In earlier phases, price spent extended time building a base before breaking higher. In later phases, the base formed faster, followed by a sharp vertical move. Therefore, the pattern highlights that timing differs across cycles, yet the sequence of pullback, range formation, and expansion repeated on the monthly timeframe.

The most recent section of the chart places Dogecoin in a rounded base after a prolonged decline from the prior cycle peak. Price action compressed into a narrower range, with higher lows forming along a rising curve. At the right edge of the chart, the projection highlights a potential expansion leg that mirrors earlier pump phases. Consequently, the setup frames the current structure as the late stage of consolidation rather than the expansion phase already in progress.

Across prior cycles, expansion phases began after price reclaimed key monthly support zones and pushed above the upper boundary of the rounded base. In each case, the breakout led to steep monthly candles and rapid distance from the base.

Therefore, if the historical sequence holds, the chart suggests that the next decisive move would occur after sustained acceptance above the current consolidation ceiling, which would signal a transition from compression to expansion on the monthly chart.

Weekly PMO Signal Flags Possible Dogecoin Macro BottomA Dogecoin chart shared by Bitcoinsensus highlights the Price Momentum Oscillator on the weekly timeframe and shows it slipping below a white threshold line the analyst treats as a macro bottom marker. The post says the same downside crossover appeared near major cycle lows in the past, and each time it preceded a longer recovery phase in price.

Dogecoin Weekly PMO Cycle Chart: Source: Bitcoinsensus

The chart divides Dogecoin’s history into multiple cycles and pairs each cycle low with a similar PMO dip under the reference line. Those moments align with periods when price stopped trending lower, then shifted into a flatter base before later upside moves. As a result, the indicator reading frames the current area as a potential late stage of the decline rather than the start of a new down leg.

The latest signal places Dogecoin in the same technical condition the analyst labels as a repeat bottom pattern. If the prior sequence repeats, the chart implies the next steps would include stabilization above the recent base, followed by a trend change that develops over weeks or months, not days. However, the setup remains conditional because a sustained breakdown after the crossover would weaken the historical analogue.

Bitcoin’s crash to $60,000 has traders hunting for a hidden fund blowupTraders on X are pointing to everything from a Hong Kong fund blowup to yen funding stress and even quantum security fears as bitcoin’s plunge turns into a full-blown narrative vacuum. Feb 6, 2026, 6:52 a.m.

Bitcoin’s plunge to nearly $60,000 on Thursday, a nearly 30% drop over 7 days, has got traders on X began floating theories that the selloff was not purely macro or risk-off, but various reasons that contributed to the asset’s worst single-day performance since FTX crashed in 2022.

Flood, a prominent crypto trader, called it in an X post the most vicious selling he’s seen in years and said it felt “forced” and “indiscriminate,” floating possibilities ranging from a sovereign dumping billions to an exchange balance sheet blowup.

STORY CONTINUES BELOW

Few theories: - Secret Sovereign dumping $10B+ (Saudi/UAE/Russia/China) - Exchange blowup, or Exchange that had tens of billions of dollars of Bitcoin on the balance sheet forced to sell for whatever reason.Pantera Capital general partner Franklin Bi offered a more detailed theory. He suggested the seller could be a large Asia-based player with limited crypto-native counterparties, meaning the market would not “sniff them out” quickly.

My guess is that it's not a crypto-focused trading firm but someone large outside of crypto, likely based in Asia, with very few crypto-native counterparties. hence why no one has sniffed them out on CT. comfortably leveraged & market-making on Binance --> JPY carry trade unwind --> 10/10 liquidity crisis --> ~90-day reprieve granted --> backfired attempt to recover on gold/silver trade --> desperate unwind this week.In his view, the chain of events may have started with leverage on Binance, then worsened as carry trades unwound and liquidity evaporated, with a failed attempt to recover losses in gold and silver accelerating the forced unwind this week.

But the more unusual narrative emerging from the crash is not about leverage. It is about security.

Charles Edwards of Capriole argued that falling prices may finally force serious attention on bitcoin’s quantum security risks.

Edwards said he was “serious” when he warned last year that bitcoin might need to go lower to incentivize meaningful action, calling recent developments the first “promising progress” he has seen so far.

$50K not that far away now. I was serious when I said last year that price would need to go lower to incentivize proper attention to Bitcoin quantum security. This is the first promising progress we have seen to date. I genuinely hope Saylor is serious about establishing a well funded Bitcoin Security team.He would have significant sway across the network in affecting change. I am concerned that his statement today is a false flag, to simply diminish mounting quantum fear without substantive action, but I would love for this to be wrong. We have a lot of work to do, and it needs to be done in 2026.Parker White, COO and CIO at DeFi Development Corp., pointed to unusual activity in BlackRock’s spot bitcoin ETF (IBIT) as a possible culprit behind Thursday’s washout.

He noted IBIT posted its biggest-ever volume day at $10.7 billion, alongside a record $900 million in options premium, arguing the pattern fits a large options-driven liquidation rather than a typical crypto-native leverage unwind.

The last small piece of evidence I have is that I personally know a number of HK-based hedge funds that are holders of $DFDV, which had the worst single down day ever, with a meaningful mNAV decline. The mNAV had been holding steady surprisingly well throughout this pull back until today. One of these fund(s) could have been connected to the IBIT culprit, as I highly doubt a fund taking that large of a position in IBIT and using a single entity structure would only have the one fund.Now, I could easily see how the fund(s) could have been running a levered options trade on IBIT (think way OTM calls = ultra high gamma) with borrowed capital in JPY. Oct 10th could very well have blown a hole in their balance sheet, that they tried to win back by adding leverage waiting for the "obvious" rebound. As that led to increased losses, coupled with increased funding costs in JPY, I could see how the fund(s) would have gotten more desperate and hopped on the Silver trade. When that blew up, things got dire and this last push in BTC finished them off.“I have no hard evidence here, just some hunches and bread crumbs, but it does seem very plausible,” White wrote on X.

Bitcoin’s drop over the past week has been less about a slow grind lower and more about sudden air pockets, with sharp intraday swings replacing the orderly dip-buying seen earlier this year.

The move has dragged BTC back toward levels last traded in late 2024, while liquidity has looked thin across major venues. With altcoins under heavier pressure and sentiment collapsing to post-FTX style readings, traders are now treating each rebound as suspect until flows and positioning visibly reset.

Ribbon Communications Inc. (RBBN) Q4 2025 Earnings Call Transcript

, /PRNewswire/ -- Robbins LLP reminds stockholders that a class action was filed on behalf of all investors who purchased or otherwise acquired BlackRock TCP Capital Corp. (NASDAQ: TCPC) securities between November 6, 2024 and January 23, 2026. BlackRock TCP is a business development company that raises funds from investors and then uses those funds to make loans to small and midsize businesses as an alternative to bank financing.

For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.

The Allegations: Robbins LLP is Investigating Allegations that BlackRock TCP Capital Corp. (TCPC) Misled Investors Regarding its Business Prospects

According to the complaint, during the class period, defendants failed to disclose to investors: (1) the Company's investments were not being timely and/or appropriately valued; (2) the Company's efforts at portfolio restructuring were not effectively resolving challenged credits or improving the quality of the portfolio; (3) as a result, the Company's unrealized losses were understated; (4) as a result, the Company's NAV was overstated; and (5) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On January 23, 2026, after market hours, BlackRock TCP disclosed certain fourth quarter and full year 2025 financial results, including that the Company's NAV per share as of December 31, 2025 was, in fact in the range of $7.05 to $7.09, 19% less than reported the prior quarter and 23.4% less than reported the prior year. On this news, BlackRock TCP's stock price fell $0.76, or 12.97%, to close at $5.10 per share on January 26, 2026.

What Now: You may be eligible to participate in the class action against BlackRock TCP Capital Corp. Shareholders who wish to serve as lead plaintiff for the class must file their papers with the court by April 6, 2026. The lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses. 

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. 

To be notified if a class action against BlackRock TCP Capital Corp. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.

SOURCE Robbins LLP

Q4: 2026-02-05 Earnings SummaryEPS of $0.50 misses by $0.01

 |

Revenue of

$92.85M

(1.40% Y/Y)

beats by $56.47K

Impinj, Inc. (PI) Q4 2025 Earnings Call February 5, 2026 5:00 PM EST

Company Participants

Andy Cobb
Chris Diorio - Co-Founder, Vice Chairman & CEO
Cary Baker - Chief Financial Officer

Conference Call Participants

Harsh Kumar - Piper Sandler & Co., Research Division
Ezra Weener - Jefferies LLC, Research Division
James Ricchiuti - Needham & Company, LLC, Research Division
Scott Searle - ROTH Capital Partners, LLC, Research Division
Natalia Winkler - UBS Investment Bank, Research Division
Troy Jensen - Cantor Fitzgerald & Co., Research Division
Guy Drummond Hardwick - Barclays Bank PLC, Research Division
Dylan Ollivier - Susquehanna Financial Group, LLLP, Research Division

Presentation

Operator

Welcome to Impinj's Fourth Quarter and Full Year 2025 Financial Results Conference Call and Webcast.

[Operator Instructions]

Please note, this event is being recorded. I would now like to turn the conference over to Mr. Andy Cobb, Vice President, Corporate Finance and IR. Please go ahead, sir.

Andy Cobb

Thank you, Nick. Good afternoon, and thank you all for joining us to discuss Impinj's Fourth Quarter and Full Year 2025 results. On today's call, Chris Diorio, Impinj's Co-Founder and CEO, will provide a brief overview of our market opportunity and performance.

Cary Baker, Impinj's CFO, will follow with a detailed review of our fourth quarter and full year 2025 financial results and first quarter 2026 outlook.

We will then open the call for questions. You can find management's prepared remarks plus trended financial data on the Investor Relations section of the company's website. We will make statements in this call about financial performance and future expectations that are based on our outlook as of today.

Any such statements are forward-looking under the Private Securities Litigation Reform Act of 1995, whereas we believe we have a reasonable basis for making these forward-looking statements, our actual results could differ materially because any such statements are

XPO is having a breakout year. Here's why it could continue.

Tech investors are still licking their wounds as the bloodbath in the software sector continues, but if you look elsewhere in the stock market, there have been some surprising winners this year.

One of them is XPO (XPO +3.25%), a leading less-than-truckload (LTL) carrier in North America and Europe. XPO is up a remarkable 39% year-to-date, and nearly all of those gains have come just this week as the company jumped on a strong manufacturing report from the Institute of Supply Management (ISM) and as sector leader Old Dominion Freight Lines expressed optimism for 2026.

XPO backed up those gains with its own strong results in the fourth quarter on Thursday. Revenue rose 5% to $2.01 billion, topping estimates at $1.95 billion, driven by a 5.2% increase in yield, or price, even as tonnage per day declined 4.5%, in line with ongoing weakness in the industrial sector.

The company delivered its strongest results yet across key service metrics, such as damage ratio and on-time delivery rate, enabling it to raise prices. It's also significantly reduced its outsourced linehaul miles, and those initiatives have improved the company's margins. Adjusted operating ratio in North America, its primary market, improved 180 basis points to 84.4%, equal to an operating margin of 15.6%.

Adjusted for gains in real estate sales, earnings per share increased from $0.68 to $0.80, ahead of the consensus at $0.76. Following its surge earlier in the week, XPO stock was up 4% in trading on Thursday afternoon.

Image source: XPO.

Can XPO keep climbing? What kicked off the rally in the stock earlier this week, sending XPO shares up 10% on Monday, was a report from the ISM showing that manufacturing activity expanded in the U.S. in January for the first time in more than two years with a reading of 52.6%.

XPO's business and the LTL industry as a whole are highly correlated with manufacturing activity, as roughly two-thirds of XPO's shipments are for industrial goods. The company has managed to deliver solid results in recent quarters even as volume has declined, but a manufacturing expansion would likely lead to rising volumes and could drive XPO's revenue and profits significantly higher.

In an interview with The Motley Fool, XPO Chief Strategy Officer Ali Faghri said the company estimates volumes are down 15%-17% from what they would be in a healthy industrial economy, which would provide a huge lever if that demand normalized. Additionally, the industry has lost capacity since the bankruptcy of Yellow, which could further boost prices in a manufacturing recovery.

The company may already be seeing signs that demand is improving, as volume was flat in January, even with an estimated 3 percentage-point hit from the winter storms in the eastern half of the country.

Faghri said the company could be "off to the races" if the economy bounces back, as it has invested significantly in recent years, adding 25 service centers, 19,000 trailers, and 6,000 tractors since 2022.

Today's Change

(

3.25

%) $

5.84

Current Price

$

185.38

The long-term picture Looking at the headline numbers, XPO stock looks expensive, trading at a price-to-earnings ratio around 50, so some of those recovery tailwinds seem to be baked into the stock.

Still, the company expects to improve free cash flow even without a macroeconomic tailwind as it is moving past an earlier investment cycle, which Faghri said would leave more cash available to return to shareholders. XPO is also expanding into new premium services like grocery consolidation, in addition to local services and serving small and medium-sized businesses.

Overall, XPO has executed well in a difficult environment, driving operational improvements and expanding margins. If the manufacturing sector recovers, the stock has the potential to move significantly higher.

Unum Group remains a 'buy' despite Q4 earnings miss and persistent underwriting weakness, as current valuation reflects downside risks. UNM's core business faces margin compression from higher claims and increased competition, with management guiding to lower-than-consensus EPS for 2024. The Closed Block legacy unit is excluded from valuation, as its equity is unlikely to generate shareholder value for years.

QuinStreet, Inc. (QNST) Q2 2026 Earnings Call Transcript

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.

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.

Toyota Motor Corporation CEO Koji Sato holds a press briefing during a press day of the Japan Mobility Show 2025 at Tokyo Big Sight in Tokyo, Japan October 29, 2025. REUTERS/Manami Yamada Purchase Licensing Rights, opens new tab

CompaniesTOKYO, Feb 6 (Reuters) - Toyota Motor (7203.T), opens new tab Chief Executive Koji Sato will step down, the world's largest automaker said on Friday, and will be replaced by the automaker's chief financial officer, Kenta Kon.

Sato, who will become vice chairman and chief industry officer, will hold a press conference at 3:30 p.m. (0630 GMT) on Friday.

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

In their new roles Kon will focus on internal company management while Sato will focus on the broader industry, the company said in a statement.

The change was intended to accelerate decision-making in response to vast disruption sweeping the industry, the automaker said.

Reporting by David Dolan; Editing by Chang-Ran Kim and Christopher Cushing

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

Daniel Leussink is a correspondent in Japan. Most recently, he has been covering Japan’s automotive industry, chronicling how some of the world's biggest automakers navigate a transition to electric vehicles and unprecedented supply chain disruptions. Since joining Reuters in 2018, Leussink has also covered Japan’s economy, the Tokyo 2020 Olympics, COVID-19 and the Bank of Japan’s ultra-easy monetary policy experiment.

IBEX Limited (IBEX) Q2 2026 Earnings Call Transcript

Q4: 2026-02-05 Earnings SummaryEPS of $0.06 beats by $0.00

 |

Revenue of

$196.90M

(9.89% Y/Y)

beats by $5.07M

Coursera, Inc. (COUR) Q4 2025 Earnings Call February 5, 2026 5:00 PM EST

Company Participants

Cam Carey - Head of Investor Relations
Gregory Hart - CEO, President & Director
Michael Foley - CFO, Senior VP, Treasurer and Principal Financial & Accounting Officer

Conference Call Participants

Stephen Sheldon - William Blair & Company L.L.C., Research Division
Josh Baer - Morgan Stanley, Research Division
Matthew Shea - Needham & Company, LLC, Research Division
Nafeesa Gupta - BofA Securities, Research Division
Jessica Wang - Raymond James & Associates, Inc., Research Division
Devin Au - KeyBanc Capital Markets Inc., Research Division

Presentation

Operator

Ladies and gentlemen, thank you for standing by, and welcome to Coursera's Fourth Quarter and Full Year 2025 Earnings Call. [Operator Instructions] And this call is being recorded. [Operator Instructions] I would now like to turn the call over to Cam Carey, Vice President of Investor Relations. Mr. Carey, you may begin.

Cam Carey
Head of Investor Relations

Good afternoon. Thank you for joining us for Coursera's Q4 and Full Year 2025 Earnings Conference Call. Today, I'm joined by Greg Hart, our President and Chief Executive Officer; and Mike Foley, our Chief Financial Officer. Following their prepared remarks, we will open the call for questions. Our earnings press release was issued after market close, and it is available on our Investor Relations website at investor.coursera.com, where this call is being webcast live and versions of today's materials, including our quarterly shareholder letter have been published.

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP measures to the most directly comparable GAAP measure can be found in today's earnings press release and supplemental materials. Please note that all growth percentages discussed refer to year-over-year change unless otherwise specified.

All statements made during this call relating to future results and events

The Japanese automaker said Chief Financial Officer Kenta Kon will become the new CEO.

Item 1 of 2 An Intel logo and a computer motherboard appear in this illustration taken August 25, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

[1/2]An Intel logo and a computer motherboard appear in this illustration taken August 25, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesIntel warns of delivery lead times of up to six months for some CPUs, sources sayIntel server products in China now cost '10% more generally', source saysDelivery lead times for some AMD products now up to 10 weeks, source saysBEIJING, Feb 6 (Reuters) - Intel (INTC.O), opens new tab and AMD (AMD.O), opens new tab have notified Chinese customers of supply shortages for server central processing units (CPUs), with Intel warning of delivery lead times of up to six months, people with knowledge of the delays said.

The supply constraints have driven up prices for Intel's server products in China by more than 10% generally, although pricing varies by customer contract, according to one of the people.

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Booming investment in artificial intelligence infrastructure has created a frantic rush not only for AI-specific chips, but also other parts of the supply chain - most acutely in memory chips, prices of which continue to soar.

These latest notices to Chinese customers, which the sources said were made in recent weeks, indicate that CPU shortages have also intensified. That could compound challenges for AI companies as well as many other manufacturers.

BACKLOGS OF UNFULFILLED ORDERSIn China, which accounts for more than 20% of Intel's overall revenue, its fourth- and fifth-generation Xeon CPUs are in particularly short supply, with Intel rationing deliveries, two of the people said.

Intel has a substantial backlog of unfulfilled orders for these models, with delivery times extending as long as six months, they added.

AMD has also informed clients of supply constraints, said one of the people and a third source. Delivery lead times for some AMD products have been pushed out to eight to 10 weeks, the third source said.

The extent of the supply contraints in China is being reported by Reuters for the first time.

Intel, which flagged CPU supply constraints in its earnings call in January, said in a statement to Reuters that the rapid adoption of AI had led to strong demand for "traditional compute".

The company expects "inventory at lowest level in Q1, but we are addressing aggressively and expect supply improvement in Q2 through 2026," the statement said.

AMD reiterated remarks in its earnings call that it has boosted its supply capabilities to cope with strong demand.

"We remain confident in our ability to meet customer demand globally based on our strong supplier agreements and supply chain, including our partnership with TSMC," it said in a statement to Reuters.

DOMINANT MARKET SHARE FOR CPUSThe two companies together dominate the global server CPU market. Intel has seen its market share decline from over 90% in 2019 to about 60% in 2025, while AMD's share has climbed from around 5% in 2019 to more than 20% last year, according to a UBS report in January.

In China, clients include major server manufacturers and cloud computing providers such as Alibaba (9988.HK), opens new tab and Tencent (0700.HK), opens new tab.

The CPU shortages stem from multiple factors.

Intel has struggled to ramp up production amid persistent manufacturing yield challenges. AMD outsources production to Taiwan's TSMC (2330.TW), opens new tab, the world's top contract foundry, which has prioritized AI chip manufacturing and left limited capacity for CPUs.

Additionally, the shortage of memory chips - also a key server component - has played a role. When memory prices began rising late last year in China, customers accelerated purchases of CPUs to lock in lower prices for memory, said the third source, a distributor who sells both server CPUs and memory products.

Surging demand for agentic AI systems - which perform complex, multi-step operations beyond simple chatbot functionality - has further strained supply. These advanced applications require significantly more CPU processing power than traditional workloads.

Reporting by Liam Mo and Brenda Goh; Editing by Edwina Gibbs

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Certora got funding. The Web3 security firm just scored a research grant from the Ethereum Foundation to verify autoprecompiles, which are pretty much the backbone of Ethereum’s upcoming zkEVM project.

The zkEVM wants to make Ethereum way faster and cheaper by using zero-knowledge proofs for smart contracts. Gas fees should drop, transactions speed up, and security gets better. But here’s the thing – making sure this zkEVM actually works right is absolutely critical. One bug could mess up billions in transactions. Powdr Labs built these autoprecompiles that optimize ZK circuit components for faster crypto operations. Now Certora has to check if they actually work properly.

Not exactly simple work.

Seth Hallem, Certora’s CEO, knows what’s at stake here. “Autoprecompiles are vital but demand rigorous verification,” he said. The partnership with Powdr Labs aims to keep safety standards high while pushing performance forward. Hallem didn’t specify how long verification will take or what specific bugs they’re hunting for.

Certora won’t keep its findings secret. The company plans to release all research openly – specifications, proofs, verification frameworks, the whole package. This move could help other teams building zkEVM implementations avoid the same pitfalls. And there’s probably going to be plenty of pitfalls in zero-knowledge computation.

Alexander Hicks from the Ethereum Foundation thinks autoprecompiles can seriously boost zkEVM performance. “Our goal is to automate and verify optimizations, reducing manual checks,” Hicks said. Manual verification takes forever and misses things that formal methods catch.

The grant amount? Nobody’s talking numbers.

Certora started in 2018 and has worked with major Web3 teams like Lido and Uniswap on security audits. The Ethereum Foundation hands out grants to support open-source blockchain infrastructure. Powdr Labs focuses specifically on zero-knowledge proof technology and compiler work. All three organizations declined to share more details about the partnership’s financial terms or timeline.

The collaboration between Certora and Powdr Labs could push zero-knowledge computation into new territory. Autoprecompiles basically streamline the zkEVM’s execution layer, and Certora’s formal verification expertise should make the whole system more robust. This fits with the Ethereum Foundation’s bigger plan to make blockchain scalability actually work at scale. The Foundation has been throwing money at scalability research for years now, with mixed results.

Certora’s reputation in Web3 security made this grant pretty logical. Since 2018, the company secured protocols handling billions in assets. Their role here shows the Ethereum Foundation trusts them with critical infrastructure verification. But formal verification is hard – it’s basically mathematical proof that code does what it’s supposed to do, nothing more, nothing less.

Powdr Labs brings compiler technology expertise that’s crucial for this project. The lab develops efficient zero-knowledge proofs and bridges high-level programs with ZK computation. Their work with Certora might set new industry standards for how ZK protocols get built and verified. Compiler optimization in the ZK space is still pretty experimental.

The financial details stay secret though. No funding amounts, no project timeline, no specific deliverables mentioned publicly. This leaves room for speculation about how big this project really is and what impact it’ll have on Ethereum’s ecosystem. Could be a small research grant or a massive multi-year initiative.

Certora’s decision to open-source verification frameworks is smart strategy. Making these tools public lets rollup builders and ZK researchers contribute to shared knowledge pools. This approach speeds up development and gets more eyes on potential problems. Community-driven verification efforts tend to catch bugs that internal teams miss.

Hicks from the Ethereum Foundation sees autoprecompiles transforming the entire zkEVM landscape. He wants verification techniques that work beyond just this specific zkEVM implementation. The Foundation’s research team thinks broadly applicable methods will benefit the whole ecosystem. That’s ambitious but necessary given how many different zkEVM projects are in development.

Powdr Labs specializes in bridging custom ZK circuits with zkVMs while keeping things usable. Performance improvements that break developer experience don’t really help anyone. Working with Certora should refine their optimization pipelines and make the zkEVM execution model more reliable overall. But ZK compiler technology is still evolving fast.

The undisclosed grant terms highlight how strategic this collaboration is. Industry analysts can only guess at the project’s scale and broader implications for Ethereum scalability. The lack of financial transparency suggests the partners care more about technological breakthroughs than publicity around funding amounts.

February 5, 2026 marked a pivotal moment in zero-knowledge computation when this partnership got announced. The Ethereum Foundation believes robust verification techniques are essential for zkEVM success. Given how much money flows through Ethereum daily, they’re probably right to be cautious about security.

Certora plans broader community engagement as work progresses. Workshops and conferences will share findings and gather feedback on new verification frameworks. This collaborative approach could establish benchmarks for future ZK proof innovations. The zero-knowledge computation field needs more standardized verification methods.

The project’s full scope remains unclear without detailed financial disclosure. While exact funding stays unspecified, the strategic partnership shows mutual commitment to advancing blockchain technology through serious research and development work.

The zkEVM race has intensified significantly over the past year. Polygon, Scroll, and StarkWare are all pushing competing implementations, each claiming superior performance metrics. Market pressure from these rivals makes Ethereum’s own zkEVM development increasingly urgent – especially since Layer 2 solutions are capturing more transaction volume daily.

Formal verification in blockchain remains notoriously expensive and time-consuming. A single smart contract audit can cost $50,000 to $200,000, while zkEVM verification involves exponentially more complexity. Previous high-profile failures like the Ronin bridge hack ($625 million) and Wormhole exploit ($320 million) demonstrate why the Ethereum Foundation prioritizes rigorous security checks over speed-to-market considerations.

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Reports say Vitalik Buterin moved a modest slice of his Ether over several days, and the trades drew quick attention. About $6.6 million in ETH changed hands across a short window. The way it was done mattered as much as the amount. Careful execution kept prices from being slammed by a single large trade.

Measured Moves Through CoW Protocol Reports note the transfers, carried out in a three-day span, were split into many smaller swaps and routed through CoW Protocol. This approach is designed to hide one big sell and to limit slippage. It worked. Market impact was reduced, and onlookers reading order books saw no single, panic-driven dump.

Such techniques are now commonly used by large holders who want discretion. Ten or more tiny swaps can look like routine activity. That’s exactly what happened here.

vitalik.eth(@VitalikButerin) is dumping $ETH fast!

Over the past 3 days, Vitalik has sold 2,961.5 $ETH($6.6M) at an average price of $2,228 — and the selling is still ongoing.https://t.co/Q9G1lEsdiP pic.twitter.com/C1vBn5UimJ

— Lookonchain (@lookonchain) February 5, 2026

Ether: Funding Set Aside For Privacy And Hardware According to reports, Buterin has earmarked $16,384 ETH — roughly $45 million — for work on privacy-focused tools, open-source hardware, and software whose movement can be verified.

He’s said the Ethereum Foundation will operate with tighter budgets for a while, and he’s personally taking on tasks that special projects might usually handle.

Vitalik Buterin. Image: TechCrunch The money is planned to be spent slowly, on specific efforts meant to protect private spaces and public infrastructure alike. This is a long-term move, not a dash for cash.

In these five years, the Ethereum Foundation is entering a period of mild austerity, in order to be able to simultaneously meet two goals:

1. Deliver on an aggressive roadmap that ensures Ethereum’s status as a performant and scalable world computer that does not compromise on…

— vitalik.eth (@VitalikButerin) January 30, 2026

Market Ripple Effects Reports say the wider market has been weak, and that weakness framed how these trades were viewed. Some traders were forced to sell to cover loans, and that selling pressure made every high-profile transfer feel heavier.

https://t.co/Hh8ZXJC13c

— Matt Hougan (@Matt_Hougan) February 3, 2026

Matt Hougan at Bitwise described the market as being in a full-blown crypto winter since January 2025, and some think the end of that stretch may be near.

On-chain metrics, however, show that transfers and activity have stayed strong; network use has not collapsed. A gap exists between price action and everyday network usage.

ETHUSD currently trading at $2,066. Chart: TradingView The Plan Looks Like A Long Bet What’s important is the purpose behind the cash set-aside. Reports say the funds are aimed at shoring up tools and systems that matter to Ethereum’s safety and future.

Strengthening software and hardware won’t move prices next week, but it can reduce risks over years. Some investors will still see any sale by a famous developer and get nervous.

That reaction is normal. Yet the moves were executed in ways that reduced immediate shock.

Featured image from Pexels, chart from TradingView

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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Posted: February 6, 2026

Ripple’s XRP became a market standout after posting one of its sharpest rallies following progress in its long-running SEC case.

Between November 2024 and July 2025, XRP surged from roughly $0.40 to an all-time high near $3.66. That move ranked among the most aggressive expansions across large-cap cryptocurrencies.

Those gains have since retraced sharply.

At press time, XRP traded near $1.44, down about 61% from its peak. Market structure suggested downside risks remained active.

Capital exits gain momentum Ripple [XRP] recorded rising capital outflows over recent sessions, adding sustained pressure to price action.

The Realized Cap Impulse, which tracks net capital entering or leaving the network, turned decisively lower. The indicator slid toward negative territory, signaling dominant outflows.

That move reflected a behavioral shift. Market participants appeared focused on profit realization and capital preservation as trend confidence weakened.

Having said that, Spot exchange data showed a different trend.

XRP logged consistent weekly Exchange Outflows since the week beginning the 8th of September 2025. During the latest week, roughly $89 million worth of XRP exited exchanges.

That divergence suggested retail holders largely maintained exposure, possibly anticipating a recovery that has yet to materialize.

On-chain metrics flash a warning On-chain valuation metrics added further caution.

The MVRV Z-Score hovered near the zero line, a level often marking major regime transitions. Alphractal described this zone as decisive for XRP’s broader trend.

“MVRV Z-Score is sitting right on the key level that defines either a bear market continuation or the last on-chain support.”

Source: Alphractal

A sustained break below zero could intensify distribution.

While such conditions often precede long-term bottoms, near-term selling pressure typically increases.

A similar setup appeared in the Net Unrealized Profit and Loss metric.

NUPL also hovered near its transition line.

A drop into negative territory would indicate most XRP holders moving into unrealized losses, a scenario that historically accelerates exit behavior.

Chart structure points to a $1 risk From a technical perspective, XRP remained vulnerable unless it firmly defended its current demand zone.

That area still contained clustered bids, leaving room for a reaction bounce.

Even so, weak upside follow-through raised the risk of a deeper decline.

Failure to hold support could open a move toward the $1 region, aligning with the next major demand zone. Such a drop would represent roughly a 72% retracement from XRP’s all-time high.

Source: TradingView

On top of that, the Accumulation/Distribution indicator continued trending lower, approaching its April 2025 lows. The reading suggested persistent distribution pressure.

Still, the indicator remained positive, implying earlier accumulation had not fully unwound. That balance left XRP at a critical juncture.

For now, sellers retained control, and XRP’s response around key support levels may determine whether stabilization emerges or downside extends.

Final Thoughts Capital outflows strengthened even as some spot holders continued accumulating XRP. This divergence raised a key question: are buyers positioning early, or misreading broader market risk?

XRP price extended losses and traded below $1.30. The price is now consolidating losses but faces hurdles near $1.30 and $1.350.

XRP price started another decline and traded below the $1.30 zone. The price is now trading below $1.30 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $1.380 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could continue to move down if it stays below $1.40. XRP Price Dips Over 15% XRP price failed to stay above $1.50 and extended its decline, like Bitcoin and Ethereum. The price declined below $1.450 and $1.40 to enter a short-term bearish zone.

The price even extended losses below $1.250. A low was formed at $1.1356, and the price is now consolidating losses. There was a minor upward move above the 23.6% Fib retracement level of the downward move from the $1.6320 swing high to the $1.1350 low.

The price is now trading below $1.30 and the 100-hourly Simple Moving Average. There is also a bearish trend line forming with resistance at $1.380 on the hourly chart of the XRP/USD pair.

If there is a fresh recovery move, the price might face resistance near the $1.30 level. The first major resistance is near the $1.320 level. A close above $1.320 could send the price to $1.380, the trend line, and the 50% Fib retracement level of the downward move from the $1.6320 swing high to the $1.1350 low.

Source: XRPUSD on TradingView.com The next hurdle sits at $1.40. A clear move above the $1.40 resistance might send the price toward the $1.420 resistance. Any more gains might send the price toward the $1.450 resistance. The next major hurdle for the bulls might be near $1.50.

Another Drop? If XRP fails to clear the $1.320 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.240 level. The next major support is near the $1.2250 level.

If there is a downside break and a close below the $1.2250 level, the price might continue to decline toward $1.20. The next major support sits near the $1.1650 zone, below which the price could continue lower toward $1.150.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $1.220 and $1.20.

Major Resistance Levels – $1.320 and $1.380.

On February 6, the crypto market saw a sharp crash as Bitcoin plunged nearly 15%, wiping out around $350 billion in total market value in a single day. Bitcoin’s price fell to $60,030, erasing gains made since its October peak near $126,000. 

This drop also wiped out the entire “Trump bump” rally from November 2024, as selling pressure increased from miners, profit-taking, deleveraging, and global market fears.

Bitcoin Price Drop Linked to Miner Selling PressureOne of the biggest pressures is coming from Bitcoin miners. Data shows that the average cost to mine one Bitcoin has now risen above $87,000. With Bitcoin currently trading near $65,000, many miners are operating at a loss. To cover expenses, they are being forced to sell their holdings.

Bitcoin miner Reserves have fallen consistently over the past months and now stand near 1.806 million BTC. This indicates that miners are selling more coins than they are keeping, adding to market supply.

Bitcoin ETFs Record Heavy OutflowsAt the same time, institutional demand has weakened sharply. Bitcoin exchange-traded funds (ETFs) saw heavy outflows again. On February 5, spot Bitcoin ETFs recorded $258.8 million in net withdrawals. 

Although this was lower than the $544.9 million outflow seen a day earlier, the total outflows for the week have already crossed $1.07 billion.

Liquidations Add More Pressure on BTC PriceLiquidations also played a major role in pushing prices lower. In just 24 hours, more than $2.65 billion worth of leveraged crypto positions were wiped out. Around 82% of these liquidations came from long traders who were betting on higher prices. 

The single largest liquidation happened on Binance, where a BTCUSDT position worth $12 million was forcibly closed.

Michael Saylor’s Strategy In Big LossesEven major corporate Bitcoin holders felt the pain. Michael Saylor’s Strategy reported an unrealized loss of about $9 billion, equal to 16% of its massive Bitcoin holdings. Despite this, Saylor urged investors to stay calm and “HODL.”

Yet some leaders, including Ripple CEO Brad Garlinghouse, reminded traders of Warren Buffett’s famous advice: be fearful when others are greedy and greedy when others are fearful.

Bitcoin Price OutlookBitcoin is now testing one of its most important support levels in years. If the price fails to hold above $60,000, analysts warn that more downside could follow. 

Even traders on the prediction market Kalshi expect Bitcoin to touch $58,000 in 2026. 

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Bitcoin is trading at $64,478, down roughly 3% in 6 hours and about 25% for the week, with dramatic liquidations shaking the market. The total crypto market capitalization has shed an astonishing $2 trillion so far this year. BTC dominance sits near 54.8%, reflecting Bitcoin’s continued leadership even in declines.

Current Price and LiquidationsBitcoin opened Feb. 6, 2026 around $64,478 after testing support near $60,008, marking one of the sharpest downturns since 2024. Liquidations surged to about $1.45B over 24 hours — one of the highest in recent periods, wiping out nearly 311,000 margin positions. Longs accounted for the majority of forced closures, with BTC longs around $739M liquidated. Open interest in futures markets also dropped, amplifying the slide below key technical levels.

Technical indicators reflect extreme pressure, with the daily RSI sitting in oversold territory, suggesting capitulation but also the potential for temporary technical bounces. Immediate resistance is seen near $70K, while crucial support zones lie at $60K and below.

Crypto stocks got hammered too: MSTR down 17%+, COIN 9%, HOOD 7-8%, mirroring BTC's pain amid macro pullback.

Market ContextThe sell‑off extends beyond crypto alone. Bitcoin recently fell below price levels seen before the 2024 U.S. election, erasing gains from the post‑Trump rally and contributing to broader risk‑off sentiment across tech and speculative assets.

Spot Bitcoin ETFs have shifted from heavy inflows earlier to significant redemptions in recent weeks, weakening one source of institutional demand and exacerbating price pressure. Some products still attract funds, but the overall flow trend has been outflows.

Meanwhile, analysts highlight macro factors such as a strong U.S. dollar and hawkish expectations around Federal Reserve policy, which tend to make risk assets like Bitcoin less attractive relative to traditional safe havens.

Miner & Corporate StressThe drop below $70K, already far under the estimated BTC production cost near $87K, has put pressure on mining operations, risking capitulation among smaller players as profitability vanishes.

Corporate holders haven’t escaped the pain. Firms like Strategy, with a 713,502 BTC position, are now grappling with massive unrealized losses due to the price retreat.

Analysts describe Bitcoin’s current phase as capitulation mode, with some warning prices could test even lower key technical supports before a sustained recovery begins. Volatility has spiked as leveraged positions unwind and sentiment shifts to extreme fear territory.