Market Signal Briefing

Q1: 2026-02-05 Earnings SummaryEPS of $0.22 beats by $0.59

 |

Revenue of

$264.03M

(10,461.32% Y/Y)

beats by $33.19M

Arrowhead Pharmaceuticals, Inc. (ARWR) Q1 2026 Earnings Call February 5, 2026 4:30 PM EST

Company Participants

Vincent Anzalone - Head of Investor Relations & VP
Dr. Christopher Anzalone - Chairman, CEO & President
Andy Davis - SVP of Cardiovascular & Head of Metabolic Franchise
James Hamilton - Chief Medical Officer and Head of R&D
Daniel Apel - Chief Financial Officer

Conference Call Participants

Michael Ulz - Morgan Stanley, Research Division
Maurice Raycroft - Jefferies LLC, Research Division
Andrea Tan - Goldman Sachs Group, Inc., Research Division
Prakhar Agrawal - Cantor Fitzgerald & Co., Research Division
Jason Gerberry - BofA Securities, Research Division
Patrick Trucchio - H.C. Wainwright & Co, LLC, Research Division
Edward Tenthoff - Piper Sandler & Co., Research Division
Joseph Thome - TD Cowen, Research Division
Mani Foroohar - Leerink Partners LLC, Research Division
Madison Wynne El-Saadi - B. Riley Securities, Inc., Research Division

Presentation

Operator

Ladies and gentlemen, welcome to the Arrowhead Pharmaceuticals Conference Call. [Operator Instructions] I will now hand the conference over to Vince Anzalone, Vice President of Investor Relations for Arrowhead. Please go ahead, Vince.

Vincent Anzalone
Head of Investor Relations & VP

Thank you, Victor. Good afternoon, and thank you for joining us today to discuss Arrowhead's results for its fiscal 2026 first quarter ended December 31, 2025.

With us today from management are President and CEO, Dr. Chris Anzalone, who will provide an overview; Andy Davis, Senior Vice President and Head of the Global Cardiometabolic Franchise, who will provide an update on commercialization activities; Dr. James Hamilton, Chief Medical Officer and Head of R&D, who will discuss our development programs; and Dan Apel, Chief Financial Officer, who will give a review of the financials. Following management's prepared remarks, we will open the call to questions.

Before we begin, I would like to remind you that comments made during today's call contain certain forward-looking statements

A senior Bloomberg Intelligence strategist has warned that Bitcoin could face a severe collapse toward $10,000 as global markets show signs of stress similar to past financial crises.

Summary

A Bloomberg analyst warned bitcoin price could fall toward $10,000. The call is linked to market stress and reduced liquidity. Bitcoin is trading near $63,000 after recent losses. In recent social media posts in early Feb. 2026, Bloomberg Intelligence senior commodity strategist Mike McGlone shared the outlook, comparing current conditions to the 2008 financial crisis and the 2000–2001 dot-com downturn.

At press time, Bitcoin was trading near $63,000 after falling to around $60,000 on Feb. 5. Since its 2025 peak of over $126,000, the asset has dropped by almost 50%. Pressure on the cryptocurrency market has increased due to large liquidations, exchange-traded fund withdrawals, and low risk appetite.

McGlone links Bitcoin risk to macro stress According to McGlone, 2026 will be challenging for traders due to reduced liquidity, slower growth, and fading speculative excess. 

In his recent commentary, he pointed to what he described as “post-inflation deflation,” reduced central bank support, and years of aggressive risk-taking that are now being unwound. He also cited potential shifts in U.S. monetary policy, including hawkish appointments and slower rate cuts, as factors limiting liquidity.

According to McGlone, these conditions resemble periods that preceded major asset crashes in the past. In that context, he said Bitcoin could revisit levels near $10,000, which would represent an additional drop of more than 85% from current prices.

He has made similar warnings before. In late 2025, McGlone raised concerns about bubble-like behavior in crypto and warned of deep corrections. While those earlier calls did not play out in full, his latest comments link the risk more directly to wider market weakness.

McGlone has also highlighted persistent ETF outflows, lower speculative activity, and what he calls a “great reversion” after years of easy money and rising asset prices.

Signs of capitulation raise short-term uncertainty Other analysts see growing evidence that the market is entering a capitulation phase, even if they do not share McGlone’s extreme downside target.

In a Feb. 6 post on X, Jamie Coutts, a crypto market analyst at Real Vision, said pressure in derivatives and spot markets is intensifying. He noted that Bitcoin’s Implied Volatility Index has reached 88.55, close to the level of 105 recorded during the FTX collapse.

Capitulation Watch: Three Signs the Washout Is Getting Real

1. Bitcoin implied volatility (BVIV) at 88.55, closing in on the FTX-collapse peak of 105 (h/t @volmexfinance)

2. 8th largest Coinbase trading day ever by USD value ($3.34B). At ~$62K, that's roughly 54,000 BTC… pic.twitter.com/rWt979a4SS

— Jamie Coutts CMT (@Jamie1Coutts) February 6, 2026 Coutts also pointed to Coinbase’s eighth-largest daily trading volume on record at $3.34 billion, or roughly 54,000 BTC, as traders rushed to re-position. At the same time, daily relative strength index fell to 15.64, below levels seen during the March 2020 pandemic crash.

“The current margin calls and forced liquidations are typical of a capitulation phase,” Coutts wrote, adding that market bottoms often form over days or weeks rather than in a single session.

Based on past averages and actual price levels, some analysts argue that Bitcoin may find support in the $50,000 to $60,000 range. Some believe that the current decline is not the beginning of a complete collapse, but rather a reset following sharp gains in 2024 and 2025.

However, the risks are still high. If prices decline once more, large corporate holders, mining companies, and highly leveraged traders may experience additional strain. As the market looks for stability, traders are bracing themselves for more volatility in the coming weeks due to limited liquidity and fading confidence.

Bitwise Files S-1 With SEC to Launch Uniswap-Focused ETF, UNI Token Slumps 16%

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Crypto asset manager Bitwise has become the first to file with the US regulator to launch an exchange-traded fund (ETF) dedicated to Uniswap.

The fund targets exposure to Uniswap (UNI), the governance token of the leading decentralized exchange protocol. The ETF filing marks one of the pivotal moments for DeFi.

“The Trust’s investment objective is to seek to provide exposure to the value of Uniswap held by the Trust, less the expenses of the Trust’s operations and other liabilities,” the Thursday filing with the US Securities and Exchange Commission (SEC) read.

Uniswap is a decentralized exchange (DEX) built on Ethereum that offers token swaps without an intermediary. The regulatory authorities are currently reviewing the Bitwise application.

Bitwise Forms Delaware Statutory Trust for Uniswap ETFThe asset manager initially registered a Delaware statutory trust for a potential Uniswap fund on January 27, as a routine legal step that usually precedes an SEC filing.

The move positioned Bitwise to pursue a decentralized finance protocol-tied ETF to later advance to a federal filing.

The registration follows after the SEC backed off its investigation into Uniswap Labs, the Brooklyn-based company, in February 2025. The SEC charged Uniswap for operating as an unregistered securities exchange and issuing an unregistered security.

If approved by the regulator, the Coinbase Custody Trust Company would act as the custodian for the Bitwise Uniswap ETF.

Wider Crypto Market Slump Pulls UNI Token Down by Over 16%UNI, the native token of Uniswap, has plummeted 16.59% to $3.15 in the past 24 hours, underperforming a broader market sell-off.

The drop is part of a severe crypto-wide correction. The total market cap fell 9.84% in 24 hours, with the Fear & Greed Index hitting “Extreme Fear” at 5.

Besides, a key driver was a massive $1.03 billion in Bitcoin long liquidations, which forced leveraged positions to unwind across the board. UNI is trading at $3.15 at press time, per CoinMarketCap data.

Data shows social media users are still optimistic about XRP even as sentiment around Bitcoin and Ethereum has declined alongside the market downturn.

XRP Positive/Negative Sentiment Is Still At A Notable Level In a new post on X, analytics firm Santiment has talked about how social media sentiment has compared across Bitcoin, Ethereum, and XRP during the latest market decline. The indicator of relevance here is the “Positive/Negative Sentiment,” which tells us about how positive comments related to a given asset stack up against the negative ones on the major social media platforms.

The metric works by assembling posts/comments/messages containing mentions of the asset and feeding them into a machine-learning model to classify them as bearish or bullish. It then counts up the number of posts in each category and finds their ratio.

When the value of this ratio is greater than 1, it means positive comments related to the cryptocurrency outweigh the negative ones. On the other hand, the indicator being under this threshold suggests the dominance of bearish sentiment.

Now, here is the chart shared by Santiment that shows the trend in the Positive/Negative Sentiment for Bitcoin, Ethereum, and XRP over the past month:

The value of the metric seems to have varied between the assets | Source: Santiment on X As is visible in the above graph, the Positive/Negative Sentiment plunged across the three cryptocurrencies at the end of January as prices crashed. The indicator’s value slipped below 1 for each of them during this drop, indicating traders became bearish on the market as a whole.

As prices have continued to slide down since then, however, a shift has occurred in the Positive/Negative Sentiment, with its value separating for the three. The chart shows that the metric’s latest value for XRP is nearly 2.2, indicating that social media users have become more optimistic about the coin. Meanwhile, the indicator continues to be inside the bearish zone for Bitcoin with a value of 0.79.

Ethereum has seen some improvement in the metric to a neutral value of 1, but compared to the normal for January, this level could still be considered to reflect a bearish sentiment among the retail social media crowd.

Historically, digital asset markets have often tended to move in a direction contrary to the expectations of retail traders. This means that an extreme amount of fear can help prices rebound, while overhype can lead to tops.

“There remains a strong argument for a short-term relief rally as long as the small trader crowd continues to show disbelief toward cryptocurrency as a whole,” explained the analytics firm. Given that trader sentiment has diverged for XRP recently, however, it only remains to be seen how the sector will develop in the near future.

XRP Price At the time of writing, XRP is floating around $1.35, down more than 27% over the last seven days.

The trend in the price of the coin over the last five days | Source: XRPUSDT on TradingView Featured image from Dall-E, chart from TradingView.com

Strategy’s Q4 2025 report shows a record multi‑billion loss on its Bitcoin bet, even as the company doubled down on BTC and shored up cash to ride out years of volatility.

Bitcoin Bet Sends Earnings Deep Into the RedBitcoin‑focused treasury company Strategy Inc has reported one of the largest quarterly losses ever seen by a U.S. public firm, underscoring both the scale of its crypto exposure and its determination to keep buying BTC through deep drawdowns.

MSTR Stock Chart Post-Q4 CollapseMSTR shares cratered 17% in after-hours trading following the earnings release, hitting multi-month lows as Bitcoin's year-end slide amplified the firm's unrealized losses. The stock has shed over 30% from its late-2025 peak, trading at levels not seen since mid-2025 amid debt and dilution fears, yet remains up massively year-over-year on BTC's long-term grind higher.

In its fourth-quarter 2025 results, Strategy disclosed a net loss of roughly 12.4–12.6 billion USD, as Bitcoin slid more than 20% from its October peak to under 88,500 USD by year-end. The bulk of that hit came from unrealized losses on the company’s massive Bitcoin stack, which flipped back into the red as prices retreated below the firm’s elevated cost basis.

As of Feb 1, 2026, Strategy held 713,502 BTC on its balance sheet, cementing its position as the largest corporate Bitcoin holder in the world. Those coins were acquired for a total of about 54.26 billion USD, implying an average purchase price of roughly 76,052 USD per BTC.

With Bitcoin recently trading only slightly above that level, the firm’s treasury has oscillated around breakeven, generating enormous quarter-to-quarter swings in reported earnings as BTC whipsaws.

War Chest Strategy: 713K BTC and a $2.25B Cash BufferInstead of retrenching, Strategy spent 2025 aggressively tapping capital markets to expand its Bitcoin war chest. The company raised roughly 25.3 billion USD over the year, largely via common stock and preferred share offerings, and added more than 200,000 BTC to its holdings. That made Strategy one of the largest equity issuers in the U.S. market for a second straight year, even as critics warned of heavy dilution and growing sensitivity to BTC volatility.

To address concerns around sustainability of its payout obligations, Strategy has simultaneously built a sizeable cash buffer designed to cover dividends and interest for years without selling Bitcoin. Management says a 2.25 billion USD USD reserve now provides roughly 2.5 years of coverage for dividend and interest payments at the current run‑rate, effectively ring‑fencing cash flows from short‑term BTC price shocks.

The result is a barbell structure: highly volatile reported earnings tied to mark‑to‑market Bitcoin moves, offset by a growing pool of contractual income obligations backed by a dedicated cash reserve. Supporters argue this “digital fortress” model allows long‑term BTC accumulation while insulating creditors and preferred shareholders, whereas skeptics view it as a highly leveraged bet on a single, unpredictable asset.

For Bitcoin investors, Strategy’s latest quarter is a stark reminder of how quickly paper profits can flip into double‑digit‑billion losses when BTC reverses. Yet the company’s continued accumulation, record capital raising and thicker USD reserve suggest its leadership still sees volatility as a feature, not a bug, and is preparing to ride out multiple more Bitcoin cycles without abandoning its core thesis.

Vitalik Buterin warns copy-paste Layer 2s and generic EVM chains are stalling Ethereum’s long-term scaling vision.

Ethereum co-founder Vitalik Buterin has said that many new Layer 2 (L2) networks are repeating shallow design patterns, and warned that generic EVM chains with optimistic bridges are holding back meaningful progress.

His comments extend the public debate over whether today’s L2 ecosystem still aligns with Ethereum’s original scaling goals.

No More “Copypasta” EVM Chains In a February 5 post on X, Buterin argued that comfort and familiarity, not technical necessity, are driving many L2 launches, leading to copy-paste designs that add little beyond surface-level Ethereum compatibility.

The developer drew a comparison between infrastructure choices and governance habits, writing that making yet another EVM chain and adding “an optimistic bridge to Ethereum with a one-week delay” has become routine in the same way forking Compound once dominated DAO governance.

“That’s something we’ve done far too much for far too long, because we got comfortable, and which has sapped our imagination and put us in a dead end,” Buterin wrote.

He was even more direct about alternative designs that drop Ethereum bridges entirely.

“If you make an EVM chain without an optimistic bridge to Ethereum, that’s even worse,” he said, adding, “We don’t friggin need more copypasta EVM chains, and we definitely don’t need even more L1s.”

Buterin insisted that Ethereum’s base layer is already scaling and will continue to add EVM block space through 2026, though not without limits. He noted that some workloads, such as AI-related applications, may still require lower latency or specialized execution environments. In his view, those needs should push developers toward genuinely new architectures rather than lightly modified replicas.

Matching “Vibes” With Real Ethereum Connection Buterin’s criticism builds on comments he made earlier, suggesting many L2s no longer meet the original definition of scaling Ethereum because they fail to fully inherit its security.

You may also like: Why Vitalik Buterin Says L2s Aren’t Scaling Ethereum Anymore Digital Assets Lose $73B Since October 2025 Highs, CoinShares Finds Vitalik Buterin Earns $70,000 Profit on Polymarket Using Anti-Irrationality Strategy He argued that Ethereum no longer needs L2s to act as branded shards, especially considering mainnet fees are falling and gas limits are rising.

In his latest post, the 32-year-old stressed that public positioning should reflect technical reality. “Vibes need to match substance,” he wrote, criticizing projects that market themselves as tightly connected to Ethereum while treating that link as an afterthought.

The blockchain’s co-founder outlined two models he considers reasonable. One is an app chain that depends deeply on Ethereum, such as prediction markets that settle and manage accounts on the L1 while handling execution on a rollup. The other is what he called “institutional L2s,” where systems like government registries publish cryptographic proofs on-chain for transparency, even if they are not trustless or credibly neutral.

“If you’re the first thing, it’s valid and great to call yourself an Ethereum application,” Buterin said. “If you’re the second thing, then you’re not Ethereum… so you should just say those things directly.”

Tags:

The largest transfers went to credit and trading firm Two Prime, which received more than 660 BTC, while additional chunks were sent to a BitGo address and a fresh wallet. Feb 6, 2026, 4:43 a.m.

Bitcoin miner MARA moved 1,318 BTC worth about $86.89 million to a mix of counterparties and custody venues over the past 10 hours, onchain data tracked by Arkham shows.

The biggest slice went to Two Prime. One transfer sent 653.773 BTC, around $42.01 million, to a Two Prime tagged address, alongside a smaller 8.999 BTC top up worth about $578,000 just minutes later.

STORY CONTINUES BELOW

Separate outbound transactions sent 200 BTC and 99.999 BTC to a BitGo tagged address, together about $20.4 million at the time of transfer, while another 305 BTC moved to a fresh address, worth roughly $20.72 million.

(Arkham)

The flow matters mainly because of timing. Crypto markets have been swinging hard since this week’s liquidation driven selloff, and traders are on edge for any sign that miners are turning into forced sellers.

Large miner related transfers can be routine treasury management, custody reshuffling, collateral moves, or preparation for an over the counter sale, but in a thin market they often get read as a supply signal.

The Two Prime leg will draw the most attention because it is a credit and trading counterparty. If the bitcoin is being posted as collateral or rotated into a strategy, it does not necessarily imply spot selling.

The transfers comes amid a tough period for miners, with bitcoin down nearly 50% from peak prices above $126,000 last year.

Bitcoin is now approximately 20% below its estimated average production cost, as CoinDesk reported Thursday, increasing financial pressure across the BTC mining sector.

The average cost to mine one bitcoin is around $87,000, according to data from Checkonchain, while the spot price has fallen toward a weekly low of $60,000 Historically, trading below production cost has been a feature of a bear market.

Strategy has told investors that Bitcoin would have to collapse to around $8,000 before its crypto holdings no longer cover the company’s net debt, even as paper losses continue to deepen.

Summary

Strategy holds more than 713,000 BTC acquired at an average of $76,052. Management says debt coverage fails only near $8,000. Current Bitcoin prices place holdings about $10B below cost. The Michael Saylor-led firm made the disclosure in investor materials released alongside its fourth-quarter results on Feb. 5.

At the time of the filing, Strategy said its Bitcoin (BTC) holdings were worth $59.7 billion at a reference price of $84,000, about 10 times compared with net debt of about $6 billion.

With Bitcoin now trading near $63,800, the value of those holdings has fallen to roughly $45.4 billion, as per Saylor Tracker data, down about $10 billion from the company’s average purchase cost.

Debt coverage and balance sheet position Strategy said its Bitcoin would fail to cover net debt only in what it described as an “extreme scenario” involving a drop to $8,000, a level last seen in early 2020. The company added that its Bitcoin is unencumbered and not pledged as collateral, which limits the risk of forced selling even during sharp market declines.

As of Feb. 1, 2026, Strategy held 713,502 BTC, acquired at a total cost of $54.26 billion, or $76,052 per coin. The firm also reported a 22.8% Bitcoin yield for fiscal year 2025, reflecting gains from capital raising and reinvestment strategies.

During 2025, Strategy raised $25.3 billion in capital, making it the largest U.S. equity issuer for a second straight year. It also completed five preferred stock offerings, raising $5.5 billion, and expanded its digital credit program, STRC, to $3.4 billion.

“We raised $25.3 billion of capital in 2025 to advance our Bitcoin treasury strategy,” said president and CEO Phong Le. “In 2026, we remain focused on expanding STRC to generate amplification and drive growth in Bitcoin Per Share.”

Chief financial officer Andrew Kang said the company’s capital structure is stronger than in previous cycles, citing its $2.25 billion reserve fund, which covers more than two years of dividend and interest payments.

Michael Saylor described Strategy’s balance sheet as a “digital fortress,” built around its Bitcoin holdings and digital credit platform.

Losses, valuation, and sector-wide pressure Strategy’s confidence in its debt coverage comes as losses linked to Bitcoin volatility continue to weigh on financial results.

Due to unrealized losses on digital assets under fair value accounting, the company reported an operating loss of $17.4 billion for the fourth quarter of 2025. Common shareholders incurred a net loss of $12.6 billion, or $42.93 per diluted share.

With Bitcoin trading in the low $60,000 range, Strategy’s holdings are now valued at about $45.4 billion, well below their $54.26 billion acquisition cost. Since late 2025, as prices fell and selling pressure mounted on cryptocurrency markets, that gap has grown. 

At the moment, the company’s diluted multiple to net asset value, or mNAV, is about 0.85x. mNAV measures how the market values a firm’s equity relative to the net value of its assets, mainly its Bitcoin holdings, after accounting for debt. A ratio below 1 means the stock is trading at a discount to the underlying asset value.

Pressure is also building across the wider crypto treasury sector. Data from Artemis shows that unrealized losses among crypto accumulation firms have surpassed $25 billion. None of those firms has generated profits that exceed acquisition costs.

Some analysts view Strategy’s $8,000 threshold as a theoretical floor rather than a realistic risk. Others note that prolonged weakness below $60,000 could test investor confidence, raise re-financing costs, and limit the company’s ability to raise new capital on favorable terms.

Representation of Bitcoin cryptocurrency in this illustration taken September 10, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

SINGAPORE, Feb 6 (Reuters) - Bitcoin made a 16-month low and tested key $60,000 support on Friday, as a global selloff in technology stocks deepened and washed out risky bets across asset classes.

The world's largest cryptocurrency was last up 1.64% at $64,153.24 in volatile trade, swinging between gains and losses after having hit a low of $60,008.52 earlier in the session.

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That marked its weakest since October 2024, a month before Donald Trump won the U.S. presidential election, having signalled his intention to support crypto on the campaign trail.

"Bitcoin's been going down since October (2025), maybe you could ask if it was the canary in the coalmine, or a coincidence," said Chris Weston, head of research at brokerage Pepperstone in Melbourne.

"A lot of these big crowded positions are being unwound very, very quickly."

Ether was last up 2.4% at $1,891.27, having slid to a 10-month low of $1,751.94 earlier in the session.

The global crypto market has lost some $2 trillion in value since hitting a peak of $4.379 trillion in early October, CoinGecko data showed, with more than $1 trillion wiped out over the past month alone.

Bitcoin was on track to shed 16% for the week, taking its losses for the year so far to 27%. Meanwhile, ether was headed for a weekly decline of 17%, with losses of 36% so far this year.

Sentiment on crypto was affected by the latest selling in precious metals and stocks. Gold and silver, for instance, have become more volatile as a result of leveraged buying and speculative flows.

Bitcoin's fortunes have been tied to the broader tech sector for some time. The price tended to rise, particularly on the back of investor enthusiasm over artificial intelligence.

"Bitcoin drifting back toward $60,000 is not crypto dying, it is the bill coming due for Treasuries and funds that treated bitcoin as a one-way asset without real risk controls, just as we have seen sharp corrections in self-proclaimed safe-haven assets like gold and silver when leverage and narrative ran ahead of reality," said Joshua Chu, co-chair of the Hong Kong Web3 Association.

"Those who bet too big, borrowed too much or assumed prices only go up are now finding out the hard way what real market volatility and risk management look like."

To be sure, cryptocurrencies have struggled for months since a record crash last October sent bitcoin tumbling from a peak.

That has resulted in investor sentiment cooling off on digital assets.

Analysts from Deutsche Bank said in a note that U.S. spot bitcoin ETFs witnessed outflows of more than $3 billion in January, following outflows of about $2 billion and $7 billion in December and November, respectively.

Reporting by Rae Wee and Tom Westbrook; Editing by Jacqueline Wong

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

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Bhutan Bitcoin sale speculation is growing after on-chain data revealed several large BTC and stablecoin transfers linked to the Royal Government of Bhutan during a steep Bitcoin price decline. While these transactions have raised concerns about possible selling pressure, blockchain records do not yet confirm that Bhutan has sold its Bitcoin holdings.

According to Arkham data, two days ago the Royal Government of Bhutan transferred 184.028 BTC, worth approximately $14.09 million at the time, to a wallet beginning with “bc1q0…”. Because the destination wallet is not clearly tied to a crypto exchange, the transaction alone does not prove an outright sale. Five days earlier, Arkham also flagged another Bhutan-linked transfer of 100.818 BTC, valued at around $8.31 million, sent to a wallet believed to be associated with trading firm QCP Capital. Again, the movement only shows funds leaving the Druk Holding–labeled wallet, not confirmation of liquidation.

Adding to the speculation, Bhutan recently moved stablecoins as well. On-chain data shows a transfer of 1.5 million USDT from the Royal Government of Bhutan to a Binance hot wallet, valued at $1.5 million. This move has fueled theories that Bhutan may be repositioning assets or preparing for market activity amid heightened volatility.

These transfers occurred as Bitcoin experienced a sharp downturn. BTC fell roughly 19% in a single week, sliding from the $90,000–$92,000 range to the mid-$60,000s by early February. Data from Coinglass shows Bitcoin netflows turning increasingly negative in late January and early February, with multiple outflow spikes between $300 million and $450 million. This suggests broader market forces beyond any single entity’s actions.

Market analysts weighed in on the sell-off. Lark Davis described the move as “price insensitive selling,” noting extreme oversold conditions and heavy liquidations. VanEck’s Matthew Sigel highlighted aggressive deleveraging, pointing to a sharp drop in Bitcoin futures open interest and billions in crypto liquidations. Meanwhile, economist Peter Schiff argued the bear market may not be over, suggesting further downside could still unfold.

Together, Bhutan’s Bitcoin transfers and worsening market metrics have intensified uncertainty, but without confirmed exchange sales, speculation remains just that.

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In brief Bitcoin has suffered one of its steepest daily declines since 2022, extending losses from its 2025 peak. The selloff triggered more than $1.4 billion in liquidations as leverage continues to unwind across the market. Analysts told Decrypt price action meets bear-market definitions, though some see scope for a short-term technical rebound. Bitcoin’s sharp retreat from its late 2025 peak, capped by its worst single-day drop since the 2022 market crash, has reignited concerns that crypto has already entered a bear market under conventional definitions.

Between February 4 and 5, Bitcoin logged one of its sharpest trading periods in more than three years, posting a roughly 14% single-day decline, the largest since a 14.19% drop on November 9, 2022, according to historical data on CoinGlass.

Bitcoin’s price fell from around $73,100 to a low near $60,255 by Thursday evening, extending Bitcoin’s drawdown to more than 50% from its October 2025 all-time high of $126,080, and triggering more than $1.4 billion in liquidations over a 24-hour period, according to data from CoinGlass.

The world's largest crypto has since clawed back losses, trading down more than 10% on the day to $64,400, CoinGecko data shows.

At the time of writing, Bitcoin’s drawdowns have exceeded thresholds commonly used to define bear markets in equities and other risk assets. The move has unfolded alongside persistent weakness in broader risk sentiment.

A bear market is typically defined as a decline of about 20% or more from a recent peak in a price or a broad market index over a sustained period of time, typically more than a few months.

The downturn has shifted attention toward stress points across the crypto ecosystem, particularly Bitcoin miners and corporate crypto treasuries, as falling prices squeeze margins and weaken balance sheets, raising the risk of capitulation, consolidation, or forced selling.

Some analysts warn the selloff may not be finished. They point to deteriorating momentum, leverage unwinds, and macro pressure as factors that could push Bitcoin toward lower support levels, with $38,000 cited as a potential downside target if selling accelerates.

When asked by Decrypt whether the industry was in the midst of a crypto winter, Vice President of research at GSR, Carlos Guzman, said he wasn't "entirely sure."

“We’ve historically seen a four-year cycle, and it has tended to be fairly consistent, but I don’t think there’s a strong fundamental reason for it," Guzman said. "To some extent, it’s self-fulfilling; investors expect a four-year cycle, and so it plays out that way."

"That said, I see the fundamentals improving," he added. "It’s hard for me to believe we’re heading into an extended winter. It remains to be seen, and markets can always prove me wrong, but in my view the four-year cycle may be coming to an end, and I don’t expect a prolonged downturn.”

Based solely on price action, it is evident that the crypto industry has “entered a bear market,” Siwon Huh, researcher at crypto analytics firm Four Pillars, told Decrypt.

The defining distinction between a bear market and a temporary downturn, Huh explained, “is the duration required for price recovery.”

“Since the broader tech and software sector effectively dictates the direction of global liquidity, the crypto market will inevitably remain tethered to macroeconomic trends as long as this dynamic persists,” he added.

Still, despite the transition to a bear market, market movements over the past two weeks have been “erratic, almost to the point of feeling artificial,” Huh noted.

Huh said the “critical factor defining this bear market” entry is the “high likelihood that liquidity exiting the market will flow back into equities or commodities rather than returning to crypto.”

“Since the primary driver appears to be a decline stemming from psychological risk-off sentiment, I believe there is a strong possibility of a significant short-term technical rebound,” he said, adding that the underlying fundamentals remain unchanged.

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S&P 500 Remains Strong as Bitcoin Slides to a 1-Year LowUS equities advanced toward record highs, driven by strong earnings, AI stocks, and improving market breadth.Bitcoin fell below $65,000, hitting a one-year low as capital rotated away from crypto toward profit-backed assets.The divergence highlights a clear risk split, with investors favoring earnings visibility over liquidity-driven trades.US equities rebounded as the S&P 500 climbed to $6,976, before correcting. Earlier in the week, the benchmark index closed just shy of its prior record before briefly moving higher in subsequent trading, while risk appetite in equities contrasted sharply with continued weakness across crypto markets.

At the same time, Bitcoin continued to underperform, with selling pressure accelerating as broader capital flows favored traditional risk assets. The divergence has become more pronounced in recent sessions, reinforcing the growing split between equity and crypto sentiment.

S&P 500 Year-to-Date ChartSponsored

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AI Stocks and Small Caps Drive Equity MomentumThe latest leg higher in the S&P 500 was led by large-cap technology and semiconductor stocks, as investors rotated back into AI-linked names after a brief pause driven by valuation concerns. 

Alphabet rose to a new record, Amazon advanced ahead of earnings, and chipmakers posted broad-based gains as demand expectations firmed.

Beneath the surface, market breadth also improved. Small-cap stocks outpaced megacaps, with the Russell 2000 gaining around 3% year-to-date. 

That relative strength is often interpreted as a signal of confidence in domestic growth and has added support to broader stock market predictions that point to continued upside as long as earnings momentum holds.

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Earnings, Not Valuations, Now Anchor the RallyCorporate results remain the central driver of the market’s advance. Analysts now expect S&P 500 companies to deliver close to 11% earnings growth for the December quarter, up sharply from estimates earlier in January. 

More than 80% of reporting firms have exceeded expectations so far, according to FactSet data cited by market strategists.

Recent research suggests earnings growth has accounted for roughly 84% of total S&P 500 returns in the current cycle, marking a shift away from multiple expansion as the primary engine of gains. This transition has softened concerns around an AI-driven bubble, as profits and cash flow increasingly justify higher prices.

GS: S&P 500 year/year EPS growth is tracking at +11%, 4ppt above the +7% rate that consensus expected at the start of earnings season. pic.twitter.com/9DC2qkAbgJ

— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) January 31, 2026 Macro Backdrop Keeps Risk Appetite IntactThe broader macro environment has so far supported equity risk-taking. US GDP growth remains near 3.3%, inflation trends are relatively contained, and productivity indicators have improved. Even political disruptions, including a federal government shutdown that delayed key data releases, failed to dent market confidence materially.

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Major US indices posted solid gains alongside the S&P 500, with the Dow Jones Industrial Average rising more than 1% YTD. But the Nasdaq Composite dropped roughly 2.6%. 

Dow Jones Year-To-Date ChartInvestors now look ahead to upcoming economic data and the Federal Reserve’s next policy signals for confirmation that financial conditions will remain supportive.

Bitcoin Weakness Highlights Cross-Market DivergenceWhile equities pushed higher, crypto markets moved in the opposite direction. Bitcoin price dropped below $65,000, marking its lowest level in roughly a year and extending a broader downtrend that has weighed on digital assets. 

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The decline has come amid fading momentum, reduced speculative appetite, and capital rotation toward equities offering visible earnings growth.

The contrasting performance reflects a growing divergence between traditional risk assets and crypto, at least in the near term. 

While both markets can benefit from liquidity-driven rallies, current conditions favor assets tied more directly to corporate profits.

Bitcoin 7-Day Price Chart. Source: CoincodexOutlookThe S&P 500’s move to new highs reflects a rally increasingly grounded in earnings delivery rather than expanding valuations. AI investment, small-cap strength, and resilient macro data continue to support the upside case, even as record levels invite selective caution.

Bitcoin’s slide to a one-year low highlights where risk appetite is thinning, but for now, equity markets remain firmly in control of the broader risk narrative.

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Delays to highly anticipated crypto legislation contributed to XRP’s retreat as hopes for the Market Structure Bill passing in Q1 faded.

Thursday’s sell-off reaffirmed a near-term bearish trend reversal. Nevertheless, the medium-term outlook remains cautiously bullish. Expectations that the Senate will eventually pass crypto-friendly legislation and increased utility remain crucial to XRP’s longer-term price trajectory.

Below, I will explore the key drivers behind recent price trends, the medium-term (4-8 weeks) outlook, and the technical levels traders should watch.

US Labor Market Data Impacts Sentiment On February 5, US initial jobless claims and JOLTs job openings signaled a marked weakening in labor market conditions, weighing on risk appetite. Jobless claims increased from 209k (week ending January 24) to 231k (week ending January 31). More significantly, JOLTs job openings tumbled from 6.928 million in November to 6.524 million in December, while quit rates rose to 3.204 million (November: 3.193 million).

Rising jobless claims clashed with a slump in job openings, suggesting higher unemployment. Quit rates underscored waning confidence among US workers, another negative metric for the labor market and the US economy. Typically, rising unemployment impacts wage growth and consumer confidence, curbing consumer spending. A pullback in spending would weigh on the US economy, given that private consumption accounts for roughly 65% of GDP.

Notably, XRP slid from $1.3620 to a low of $1.1220 after the release of the labor market reports.

XRPUSD – 5 Minute Chart – 060226 While concerns about the US economy triggered the sell-off, Amazon.com’s spending plans added to the selling momentum. The company announced plans to spend $200 billion on CAPEX in 2026, topping a consensus of $146 billion.

AI-related spending has been a market focal point, given ongoing concerns about returns on investment. High spending offers no guarantee of returns, particularly as investors must wait years, not months, to see any benefits in a dynamic backdrop.

AI developments have added a layer of uncertainty about the longer-term, leaving markets to question the sizable CAPEX announcement. Notably, Amazon.com plunged 11.2% in after-hours trading in reaction to the news. Ahead of the announcement, AMZN closed the February 5 session down 4.42%.

Earlier this week, XRP price action underscored sensitivity to AI-related headlines, exposing the token to corporate America.

US Senate Eyes Q2 Market Structure Bill Vote While US economic indicators and AI-related headlines influenced near-term trends, crypto-related legislative developments remain key to XRP’s medium- to long-term price outlook.

On February 5, Senator Cynthia Lummis stated that a Senate vote on the Market Structure Bill was now slated for spring 2026. The banking community’s push to block Stablecoin yields over concerns about losing deposits and the crypto community’s requirement for yields stalled the Market Structure Bill in January, weighing on XRP.

Stablecoin yields are likely to be significantly higher than US bank deposit rates. Banks have argued that stablecoin yields could result in an exodus of deposits from TradFi to DeFi. Depositors are key to US banks’ profitability. Typically, US banks pay depositors low interest but charge significantly higher lending interest rates, driving net interest margins and profits.

For context, the US Senate Banking Committee postponed its January 15 markup vote after Coinbase (COIN) withdrew its support for the Banking Committee’s draft text for the Market Structure Bill. Coinbase CEO Brian Armstrong cited several reasons for withdrawing its support, including concerns that the Banking Committee’s text would kill rewards on stablecoins and allow banks to ban their competition.

XRP rallied from a December 31 low of $1.8103 to a January 6 high of $2.4151 after the Banking Committee announced its markup date. However, delays to the Banking Committee’s markup have contributed to XRP’s plunge to sub-$1.15 levels.

Despite the delays, analysts expect the banking and crypto communities to reach an agreement on stablecoin yields, supporting the bullish medium-term outlook for XRP.

XRPUSD – Daily Chart – 060226 – Market Structure Bill Effect XRP Price Forecast: Short-, Medium-, and Long-Term Targets The extended sell-off supported the negative short-term outlook (1-4 weeks), with a target price of $1.0.

However, resilient demand for XRP-spot ETFs, hopes for multiple Fed rate cuts, expectations that the Market Structure Bill will progress, and increased XRP utility continue to support the bullish medium- to long-term price projections:

Medium-term (4-8 weeks): $2.5. Longer-term (8-12 weeks): $3.0. Key Downside Risks to the Bullish Medium-Term Outlook Several events could challenge the constructive bias. These include:

A hawkish Bank of Japan, with a higher neutral interest rate (potentially 1.5%-2.5%). Multiple BoJ rate hikes could narrow US-Japan rate differentials and trigger a yen carry trade unwind, as seen in mid-2024. A yen carry trade unwind would validate the bearish trend reversal. Weak US economic data and rising US recession risks. Delays and/or partisan opposition to the Market Structure Bill. Extended periods of XRP-spot ETF net outflows. These factors would weigh on XRP demand, pushing XRP toward $1.0 and affirming the bearish short-term outlook.

Technical Analysis: Levels to Watch XRP tumbled 19.59% on Thursday, February 5, following the previous day’s 4.27% loss, closing at $1.2140. The token came under heavier selling pressure than the broader crypto market cap, which dropped 12.69%.

The extended sell-off left XRP trading well below its 50-day and 200-day EMAs, indicating bearish momentum. However, several favorable fundamentals continue to offset bearish technicals, supporting a bullish medium-term outlook.

Key technical levels to watch include:

Support levels: $1.0 and then $0.7773. 50-day EMA resistance: $1.8718. 200-day EMA resistance: $2.2164. Resistance levels: $1.50, $2.0, $2.5, and $3.0. On the daily chart, a breakout above $1.50 would bring the 50-day EMA and $2.0 into play. A sustained move through the 50-day EMA and $2.0 would signal a near-term bullish trend reversal. A bullish trend reversal would enable the bulls to target $2.2. A break above $2.2 would pave the way toward the 200-day EMA.

Significantly, a sustained move through the EMAs would reaffirm the bullish medium-term price targets.

A volatile trading session on February 5 offered a clear example of how quickly narratives can diverge in the crypto market. While most large-cap assets moved lower amid regulatory uncertainty and heavy liquidations, Hyperliquid’s HYPE has posted a 6.2% gain following news of its integration with Ripple’s ecosystem.

At the same time, XRP extended its decline by 10%, weighed down by broader market pressure rather than project-specific developments. The contrast underlined how selective optimism can emerge even during a broad sell-off, especially when tied to infrastructure upgrades or ecosystem expansion.

HYPE's price trends to the downside on the daily chart after recording some gains. Source: HYPEUSD on Tradingview HYPE Rallies After Ripple Integration Hyperliquid’s price moved higher, up 4.23%, after confirmation that the platform had integrated Ripple’s technology stack, a step aimed at improving interoperability and settlement efficiency.

Market participants appeared to interpret the move as a practical enhancement rather than a speculative announcement, helping HYPE outperform a largely bearish market.

The rally came despite worsening sentiment across the sector. Bitcoin traded near $71,000 after a sharp pullback, and total crypto market capitalization fell more than 6% on the day. Against that backdrop, HYPE’s gains stood out as traders rotated into assets linked to near-term network developments rather than macro-driven trades.

While trading volumes in HYPE increased following the announcement, the move remained relatively contained, suggesting measured positioning rather than a surge of speculative leverage.

XRP Slips as Market Weakness Dominates XRP, by contrast, declined alongside other major altcoins. The token fell close to 11% over 24 hours, tracking losses in Ethereum, Solana, and BNB as risk appetite faded.

The drop occurred even as Ripple-related developments supported other parts of the ecosystem, underscoring how broader market conditions continue to outweigh individual catalysts for large-cap tokens.

The sell-off was amplified by derivatives activity. Falling open interest and a rise in forced liquidations across centralized exchanges added to downside momentum, particularly for assets with high leverage exposure. XRP’s move appeared more sentiment-driven than fundamental, reflecting the day’s defensive tone.

Broader Market Context Remains Fragile The divergence between HYPE and XRP played out as investors reacted to stalled discussions around a US crypto market structure bill and ongoing debates over stablecoin regulation. These issues contributed to a spike in volatility and more than $800 million in liquidations, mostly from long positions.

Meanwhile, institutional positioning continued to shift. Grayscale’s recent decision to remove Cardano from its CoinDesk Crypto 5 ETF in favor of BNB reinforced the focus on liquidity and market depth, a theme that continues to shape capital flows.

Hyperliquid’s rally indicates that targeted integrations continue to attract interest, despite weakness in the wider crypto market. Its durability, however, will depend on genuine adoption rather than sentiment alone.

Cover image from ChatGPT, HYPEUSD chart on Tradingview

Crypto market sentiment has slumped to its lowest level in over three and a half years amid Bitcoin falling by double-digit percentage points to a low of around $60,000.

The Crypto Fear & Greed Index fell to a score of 9 out of 100 on Friday, indicating “extreme fear” in the market and hitting its lowest point since June 2022, when sentiment and the market fell in the wake of the collapse of the Terra blockchain a month earlier.

The index has been at a low for the last fortnight as Bitcoin (BTC) has tanked 38% from its 2026 high of $97,000 in just three weeks, wiping out all gains for the past sixteen months. 

The Crypto Fear & Greed Index hit a score of 9 out of 100 on Friday as Bitcoin continued to slide. Source: Alternative.meBitcoin falls to $60,000 on Coinbase Bitcoin fell to its lowest level since October 2024 at a little over $60,000 on Coinbase in early trading on Friday morning, according to TradingView.

It is currently trading at just over $64,000 after dumping 13% over the past 24 hours and losing over $10,000 in its largest daily loss since mid-2022.

Bitcoin has now collapsed below the 200-week exponential moving average, a long-term trend indicator, which has only previously happened in the depths of a bear market. It is currently 50% down from its all-time high of $126,000 in early October. 

Over the past 24 hours, more than 588,000 traders were liquidated for $2.7 billion, 85% of them were leveraged longs predominantly in Bitcoin, according to CoinGlass.

BTC falls below 200w EMA to bear market lows. Source: TradingViewTech stock slump and Fed caution behind the crashJeff Ko, chief analyst at CoinEx Research, told Cointelegraph that Bitcoin’s more than 20% drawdown in a week comes alongside a selloff in US tech stocks “where stretched valuations and lingering concerns around an artificial intelligence-driven bubble have long been highlighted by the market.”

“Even Amazon suffered a double-digit decline overnight following a mixed earnings release,” he added. “Investors are increasingly reassessing Bitcoin's failure to function as a safe haven compared to gold.”

LVRG Research director Nick Ruck said Bitcoin’s fall and a broader market decline comes amid “heightened risk aversion” triggered by “softer US job market signals, including rising unemployment claims that raise doubts about sustained economic strength and potential Fed caution on aggressive rate cuts.”

Magazine: DAT panic dumps 73,000 ETH, India’s crypto tax stays: Asia Express

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Ethereum price extended its decline below $2,000 and $1,950. ETH is now attempting to recover from $1,750 but faces many hurdles near $2,200.

Ethereum failed to stay above $2,000 and started a fresh decline. The price is trading below $2,000 and the 100-hourly Simple Moving Average. There is a major bearish trend line forming with resistance at $2,200 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh decline if it stays below the $2,200 zone. Ethereum Price Dips Over 15% Ethereum price failed to remain stable above $2,200 and extended losses, like Bitcoin. ETH price traded below $2,000 to enter a bearish zone.

The bears even pushed the price below $1,880. A low was formed at $1,744 and the price is now attempting to recover. There was a move above $1,850. The price surpassed the 23.6% Fib retracement level of the downward move from the $2,341 swing high to the $1,744 low.

Ethereum price is now trading below $2,000 and the 100-hourly Simple Moving Average. If the bulls remain in action above $1,800, the price could attempt another increase. Immediate resistance is seen near the $1,950 level. The first key resistance is near the $2,050 level and the 50% Fib retracement level of the downward move from the $2,341 swing high to the $1,744 low.

Source: ETHUSD on TradingView.com The next major resistance is near the $2,200 level. There is also a major bearish trend line forming with resistance at $2,200 on the hourly chart of ETH/USD. A clear move above the $2,200 resistance might send the price toward the $2,350 resistance. An upside break above the $2,350 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,550 resistance zone or even $2,665 in the near term.

More Losses In ETH? If Ethereum fails to clear the $2,050 resistance, it could start a fresh decline. Initial support on the downside is near the $1,850 level. The first major support sits near the $1,800 zone.

A clear move below the $1,800 support might push the price toward the $1,750 support. Any more losses might send the price toward the $1,720 region. The main support could be $1,680.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $1,850

Major Resistance Level – $2,200

Bitcoin surges back above $65,000 after $700 million wipeout in Asia whipsawBTC fell as much as 4.8% to around $60,033 during late U.S. hours, before snapping back to as high as $65,926. Feb 6, 2026, 3:17 a.m.

Bitcoin rebounded sharply in Asia on Friday after a fresh wave of selling briefly pushed the token toward $60,000, extending a brutal drawdown that has now taken the world’s largest cryptocurrency more than 50% below its October peak.

BTC fell as much as 4.8% to around $60,033 during late U.S. hours, before snapping back to as high as $65,926. The move followed Thursday’s 13% slide, bitcoin’s steepest one-day drop since November 2022, when the collapse of Sam Bankman-Fried’s FTX triggered a marketwide panic.

STORY CONTINUES BELOW

The bounce came as liquidations surged again, clearing out leveraged positions that had built up during the week’s decline.

Roughly $700 million in crypto bets were wiped out over the past four hours, according to liquidation tracker CoinGlass, including about $530 million in long positions and $170 million in shorts. That mix suggests traders were first crushed on the way down, then caught leaning the wrong way on the rebound.

The move also appears to have drawn in spot buyers, with $60,000 acting as a psychological line that traders have been watching for weeks.

Damien Loh, chief investment officer at Ericsenz Capital, said the rebound points to “strong support” around that level, but warned sentiment remains fragile given the broader market backdrop.

Altcoins mirrored bitcoin’s whipsaw. Solana at one point fell as much as 14% before erasing those losses entirely within hours, shows how quickly risk appetite is flipping as liquidity thins and forced selling takes over.

The broader crypto market has been shaky since a series of liquidations in October rattled confidence, and the latest drawdown has been amplified by turbulence in global markets, where investors have been dumping speculative assets.

Bitcoin’s weakness is now spilling into crypto-linked balance sheets. Strategy, the company led by Michael Saylor, reported a $12.4 billion fourth-quarter net loss on Thursday, driven by mark-to-market declines in its bitcoin holdings.

Even with Friday’s bounce, traders say the market still looks like one being pushed around by leverage rather than conviction.

Bitcoin 'volatility fear gauge' hits FTX-blowup peak as prices crater to nearly $60,000Bitcoin's volatility gauge, the BVIV, spiked to nearly 100%, its highest level since the 2022 FTX collapse. Feb 6, 2026, 3:27 a.m.

Bitcoin's Wall Street-like fear gauge has spiked to its highest level since the collapse of the FTX exchange in 2022, signaling intense market panic as prices plummeted to nearly $60,000.

Volmex's bitcoin volatility index (BVIV), which represents the annualized expected price turbulence over four weeks, jumped to nearly 100% from 56% on Thursday.

STORY CONTINUES BELOW

The index serves as a crypto equivalent to Cboe's VIX, the so-called fear/panic gauge, which indicates the 30-day implied volatility of the S&P 500 and rises during market panics as traders bid up options prices to hedge against declines in the index.

The BVIV does the same more often than not, rising during market panics as observed on Thursday.

"A wave of panic swept through crypto markets this week, correlated to a sharp risk-off move across various asset classes. Bitcoin’s 30-day implied volatility, as measured by the BVIV Index, surged from just over 40 to 95 in a matter of days, levels not seen since the infamous collapse of FTX at the end of 2022," Cole Kennelly, founder and CEO of Volmex Labs, told CoinDesk in a Telegram chat.

Implied volatility is influenced by demand for options, or derivative contracts that help traders make asymmetrical gains from uptrends in the underlying asset and hedge downside risks. Call options are used to bet on the upside, while put options are typically bought as insurance against price drops.

On Thursday, traders scrambled to buy Deribit-listed options, especially puts, as bitcoin's price tanked from $70,000 to nearly $60,000. The top five most traded options of the past 24 hours are all puts at strikes ranging from $70,000 to $20,000, according to data source Deribit Metrics. The $20,000 put represents a bet that prices will fall below that level.

"Volatility markets reacted sharply to last night's price drop. Front-end volatility surged as dealers adjusted for gamma [near-term risks]. Short-dated vols led the surge, showing higher demand for protection, while longer-dated vols lagged, keeping the volatility curve steeply inverted," Jimmy Yang, co-founder of institutional liquidity provider Orbit Markets, told CoinDesk.

Yang's clients rushed to buy downside protection, fearing the price crash could devastate digital asset treasuries that bought bitcoin at higher levels. These firms could now liquidate at a loss, leading to a deeper slide in bitcoin's price.

"With significant uncertainty still ahead — particularly around the DATs and the risk of further unwind cascades, we've seen a lot of client demand for downside protection," he added.

Bitcoin's price has bounced to over $64,000 at the time of writing, an over 5% recovery from overnight lows, according to CoinDesk data. Yang expects volatility to stabilize.

"Sentiment is deep in extreme fear, but bitcoin's price seems to have found a base near $60K. If price action stabilizes, volatility looks stretched and could quickly pull back," he said.

XRP fundamentals are strengthening as institutional infrastructure expands, unlocking new onchain utility and regulated access that could reshape demand even while price action lags amid broader market pressure. XRP Pulls Back While Hex Trust and Flare Build Institutional Utility Layer XRP fundamentals remain increasingly bullish even as short-term price action stays subdued.

New York, New York--(Newsfile Corp. - February 5, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, announces a class action lawsuit on behalf of purchasers of securities of Plug Power Inc. (NASDAQ: PLUG) between January 17, 2025 and November 13, 2025, inclusive (the "Class Period"). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 3, 2026.

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

WHAT TO DO NEXT: To join the Plug Power class action, go to https://rosenlegal.com/submit-form/?case_id=1011 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 3, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

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

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) defendants had materially overstated the likelihood that funds attributed to the U.S. Department of Energy's Loan would ultimately become available to Plug Power, and/or that Plug Power would ultimately construct the hydrogen production facilities necessary to receive those funds; (2) as such, Plug Power was likely to pivot toward more modest projects with less commercial upside; and (3) as a result, Plug Power's public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Plug Power class action, go to https://rosenlegal.com/submit-form/?case_id=1011 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

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Kodiak Gas Services, Inc. (KGS) M&A Call February 5, 2026 9:00 AM EST

Company Participants

Graham Sones - Vice President of Investor Relations
Robert McKee - CEO, President & Director
Steven L. Green
John Griggs - Executive VP & CFO

Conference Call Participants

John Mackay - Goldman Sachs Group, Inc., Research Division
James Rollyson - Raymond James & Associates, Inc., Research Division
Douglas Irwin - Citigroup Inc., Research Division
Elias Jossen - JPMorgan Chase & Co, Research Division
Neal Dingmann - William Blair & Company L.L.C., Research Division

Presentation

Operator

Good morning, and welcome to Kodiak Gas Services conference call to discuss the announced acquisition of Distributed Power Solutions. [Operator Instructions]

Please note that this conference is being recorded. I would now like to turn the call over to your host, Graham Sones. Please go ahead.

Graham Sones
Vice President of Investor Relations

Hello, and thank you for joining us. Today, we issued a press release announcing that Kodiak has agreed to acquire Distributed Power Solutions. That press release and an accompanying presentation are posted to the Investor Relations section of our website. A few housekeeping items. The comments made by management during this call may contain forward-looking statements within the meaning of United States federal securities laws. These forward-looking statements reflect the current views, beliefs and assumptions of Kodiak's management based on information currently available.

Although we believe the expectations referenced in these forward-looking statements are reasonable, various risks, uncertainties and contingencies could cause the company's actual results, performance or achievements to differ materially from those expressed in the statements made by management. Management can give no assurance that such statements or expectations will prove to be correct.

We may also refer to certain non-GAAP financial measures and metrics. Please refer to Slide 2 in the presentation posted on our website for additional discussion of

VANCOUVER, British Columbia, Feb. 05, 2026 (GLOBE NEWSWIRE) -- West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV: WRLG) (OTCQB: WRLGF) announces the grant of stock options, restricted share units (“RSUs”) and deferred share units (“DSUs”) in accordance with the Company’s stock option plan (the “Option Plan”), and its RSU/PSU/DSU Plan (collectively with the Option Plan, the “Plans”).

Officers of the Company were granted an aggregate of 4,839,269 stock options vesting over a three year period with 25% vesting in 3 months from the grant date and 25% vesting on the first, second and third anniversary of the grant date at an exercise price of $1.10 and will be exercisable for a 5 year period from the date of grant.

In addition, 2,845,503 RSUs were granted to Officers of the Company and 594,594 DSUs were granted to non-executive Directors. The RSUs will vest over three years in three equal tranches on the first, second and third anniversary of the grant date and DSUs will vest on the first anniversary of the grant date.

The grant of Stock Options, RSUs and DSUs is subject to regulatory acceptance of the TSX Venture Exchange.

For further information regarding the Plans, readers are encouraged to review the management information circular (the "Circular") prepared for the Company's annual general meeting of shareholders held on June 10, 2025, which includes a summary of the material terms of the Plans. The Circular is available under the Company's profile on SEDAR+ (www.sedarplus.ca) and by visiting the Company's website (www.westredlakegold.com).

ABOUT WEST RED LAKE GOLD MINES

West Red Lake Gold Mines Ltd. is a gold miner development company that is publicly traded and focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 km2 highly prospective land package in the Red Lake district of Ontario. The highly productive Red Lake Gold District of Northwest Ontario, Canada has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world's richest gold deposits. WRLG also holds the wholly owned Rowan Property in Red Lake, with an expansive property position covering 31 km2 including three past producing gold mines - Rowan, Mount Jamie, and Red Summit.

ON BEHALF OF WEST RED LAKE GOLD MINES LTD.

“Shane Williams”

Shane Williams        
President & Chief Executive Officer

FOR FURTHER INFORMATION, PLEASE CONTACT:

Shane Williams

Chief Executive Officer

Tel: (604) 609-6132

Email: [email protected] or visit the Company’s website at https://www.westredlakegold.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information on the Company, investors should review the Company’s continuous disclosure filings that are available on SEDAR+ at www.sedarplus.ca.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b7b44ed6-345a-4288-b962-b033b799afb9

Microchip Technology Incorporated (MCHP) Q3 2026 Earnings Call Transcript

For the quarter ended December 2025, Unum (UNM - Free Report) reported revenue of $3.23 billion, up 0.2% over the same period last year. EPS came in at $1.92, compared to $2.03 in the year-ago quarter.

The reported revenue represents a surprise of -1.13% over the Zacks Consensus Estimate of $3.27 billion. With the consensus EPS estimate being $2.11, the EPS surprise was -9.07%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Unum performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Benefit Ratio - Unum US Group Life and Accidental Death & Dismemberment: 64.8% compared to the 69.7% average estimate based on four analysts.Benefit Ratio - Colonial Life Segment: 48.3% compared to the 47.9% average estimate based on four analysts.Other Expense Ratio - Unum US Supplemental and Voluntary: 22.6% compared to the 22.5% average estimate based on four analysts.Other Expense Ratio - Unum US Group Life and Accidental Death & Dismemberment: 12.3% versus 12.1% estimated by four analysts on average.Revenue- Other income: $80.1 million versus the six-analyst average estimate of $78.22 million. The reported number represents a year-over-year change of +11.3%.Revenue- Net investment income: $482 million compared to the $493.1 million average estimate based on six analysts. The reported number represents a change of -11.3% year over year.Revenue- Premium Income: $2.69 billion versus $2.7 billion estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +2.3% change.Adjusted Operating Revenue- Corporate Segment- Net investment income: $17.9 million compared to the $22.05 million average estimate based on five analysts. The reported number represents a change of +29.7% year over year.Adjusted Operating Revenue- Closed Block Segment- Net Investment Income: $237.6 million compared to the $232.62 million average estimate based on five analysts. The reported number represents a change of -20.1% year over year.Adjusted Operating Revenue- Colonial Life Segment- Net Investment Income: $43.5 million versus the five-analyst average estimate of $44.48 million. The reported number represents a year-over-year change of +3.3%.Adjusted Operating Revenue- Unum International Segment- Net Investment Income: $34.7 million versus $36.94 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +1.2% change.Adjusted Operating Revenue- Unum US Segment- Other Income: $63.4 million compared to the $60.92 million average estimate based on five analysts. The reported number represents a change of +11.2% year over year.View all Key Company Metrics for Unum here>>>

Shares of Unum have returned -1.8% over the past month versus the Zacks S&P 500 composite's +0.5% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.