Market Signal Briefing

Strategic transformation positions company as essential to healthcare workforce infrastructure

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

Will discuss long-term strategy at February 24 Investor Day

Unveils new commitment to expand healthcare career pathways

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The commitment launches with signature nonprofit partnerships and new programming:

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

More information can be found at covista.com.

About Covista

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

About The Covista Foundation

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

More News From Adtalem Global Education Inc.

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

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

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

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

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

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

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

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

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

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

Fourth-Quarter 2025 Results by Segment

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

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

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

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

Earnings Call

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

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

About Linde

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

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

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

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

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

Forward-looking Statements

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

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

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

FORM 8.3

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

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

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

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

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

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

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

FORM 8.3

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Featured image via Shutterstock

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

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

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

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

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

Company Participants

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

Conference Call Participants

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

Presentation

Operator

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

Martin Carlesund
Group Chief Executive Officer

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

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

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

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

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

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

STORY CONTINUES BELOW

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Bitcoin is struggling to stabilize around the $75,000 level as broader market weakness continues to weigh on price action. After weeks of sustained selling pressure, volatility has compressed, but confidence has not yet returned. Traders remain cautious, liquidity is thinner, and upside attempts have so far failed to gain traction. The current environment reflects a market searching for equilibrium rather than signaling a clear reversal.

According to On-Chain Mind, assessing whether Bitcoin is approaching a bear market bottom requires shifting focus away from short-term price moves and toward structural stress across the network. In prior cycles, true capitulation did not occur until the majority of participants were deeply underwater. This condition is captured by the Cap Loss Ratio, a metric that compares Realized Cap—Bitcoin’s aggregate cost basis—to Market Cap. When the ratio spikes, it reflects widespread unrealized losses and collective pain across holders.

Historically, these spikes have coincided with moments of maximum pessimism, when forced selling, exhausted demand, and broad capitulation aligned to form durable bottoms. The key question now is whether the current drawdown is sufficient to trigger that level of stress, or if further downside is required to fully reset the market.

With Bitcoin hovering near critical support, On-Chain Mind poses the central question facing investors today: are we approaching a bear market bottom, or is the market still early in its capitulation phase?

On-Chain Mind notes that the historical behavior of the Cap Loss Ratio provides a useful framework for judging where Bitcoin may sit within a bear market cycle. In previous downturns, the metric reached progressively lower peak levels as the market matured. During the 2015 bear market, the Cap Loss Ratio spiked above 0.5, reflecting extreme network-wide distress and deep, prolonged capitulation. In the 2018–2019 cycle, the peak was lower, around 0.4, while the 2022 bear market topped out closer to 0.3.

Bitcoin Cap Loss Ratio | Source: On-chain Mind This steady reduction in peak stress suggests diminishing severity across cycles, likely driven by a more diversified holder base, stronger long-term conviction, and improved market infrastructure. If this pattern continues, On-Chain Mind argues that final capitulation in the current cycle would most likely occur with the Cap Loss Ratio somewhere between 0.1 and 0.2.

Crucially, the market has not reached that zone yet. Current readings imply that while significant pain has already been absorbed, aggregate losses across the network are still below levels historically associated with definitive bottoms. The market faces additional downside and further stress before it reaches a full reset.

At the same time, history shows that the 0.1–0.2 range has often marked areas where long-term, high-conviction entries emerge. These zones tend to coincide with maximum pessimism, declining participation, and forced selling exhaustion. For investors focused on structure rather than short-term price action, this framework helps define where risk remains elevated—and where generational opportunities have previously formed.

Bitcoin is trading near the $75,000 area after a sharp rejection from higher levels, confirming a clear shift in market structure on the weekly timeframe. The chart reveals that BTC has decisively broken the rising trend previously sustained by the 50-week moving average. Price is now trading below both the 50-week (blue) and the 100-week (green) moving averages. This historically signals a transition from trend continuation into a corrective or distributive phase.

BTC testing critical demand | Source: BTCUSDT chart on TradingView The recent breakdown followed a failed attempt to reclaim the $90,000–$95,000 zone. Which previously acted as support and has now flipped into resistance. This failure accelerated selling pressure and pushed the price toward the $74,000–$75,000 region. A level that coincides with prior consolidation and psychological support.

Despite the weakness, Bitcoin remains above the 200-week moving average (red), which continues to slope upward and currently sits well below the price. From a long-term perspective, this confirms that the macro uptrend remains intact. However, momentum clearly favors the downside in the medium term.

If $74,000 fails to hold, the chart indicates a deeper retracement toward the low $60,000s, where stronger historical demand resides. Conversely, any recovery attempt must first reclaim the 100-week moving average to shift the structure back toward neutrality. For now, the chart reflects a market under pressure, testing whether buyers are willing to defend this critical zone.

Featured image from ChatGPT, chart from TradingView.com 

Ethereum’s price crash leaves ETH stuck in a firm downtrend, with negative flows and weak momentum making a sustained reclaim of $3,000 in February increasingly unlikely.

Summary

Ethereum price trades near $2,111 after a steep drawdown, with four‑hour MACD and RSI signaling only a corrective bounce inside a broader downtrend. Daily CMF, DMI, and ADX confirm sustained capital outflows and strong trend strength, keeping February recovery odds toward $3,000 low. Analyst Leshka still sees a 3x–4x six‑month upside on fractal and supply‑squeeze signals, but only once the current de‑risking phase and drawdown fully exhaust. Ethereum’s (ETH) price and latest selloff has left investors nursing losses and staring down a February defined more by damage control than euphoria. The core message from market structure and on‑chain signals is blunt: a swift return to $3,000 is, for now, fantasy rather than base case.

Structure of the crash Ethereum rebounded toward $2,300 after one of its sharpest drawdowns of the year, but the move “looks corrective, not a bullish reversal,” as the original analysis put it. At press time on Feb. 5, ETH changes hands near $2,111, with a 24‑hour range roughly between $2,080 and $2,287 and turnover close to $47.4B.

On the four‑hour chart, MACD histogram bars have flipped green for the first time since late January, yet the 26‑period EMA still sits above the 12‑period EMA, keeping the broader bearish trend intact. RSI hovers in the mid‑30s, “well below the neutral 50 mark,” underscoring that sellers remain in control despite the bounce.

Why $3,000 is unlikely in February Daily structure is the problem. CMF remains firmly negative, signaling that “capital is still flowing out on balance,” while the negative DMI line continues to hold above the positive one. ADX near 39 shows this is not random noise but a well‑defined downtrend, with ETH still printing textbook lower highs and lower lows.

Fibonacci retracement levels place price just above the zero Fib line — a fragile “final buffer for short‑term relief moves.” Unless bulls can reclaim $2,450 with expanding volume and then break above the $2,818 area, a clean push through the psychological $3,000 mark this month looks unlikely.

Longer‑term upside case Not everyone is throwing in the towel. Crypto analyst Leshka still argues that “ETH will 3x‑4x in the next six months. I can’t believe it myself, but the pattern screams about it,” pointing back to a prior cycle move from $56 to $1,151 and to what he calls a brewing supply squeeze on centralized exchanges. That more explosive scenario, however, implicitly assumes the current drawdown completes and accumulation returns, not that February alone resolves the damage.

This parabolic move comes as digital assets continue to trade as the purest expression of macro risk appetite. Bitcoin (BTC) trades around $70,370, with a 24‑hour drop near 7.9% and a market cap above $1.4T. Ethereum (ETH) sits close to $2,111, with about $47.4B in 24‑hour turnover and 24‑hour lows near $2,080. Solana (SOL) changes hands around $90–$91, down roughly 6–7% on the day, with market value near $51.5B.

For now, the market is trading Ethereum as a high‑beta expression of a broader de‑risking phase. As analysts have warned in related coverage of the current correction, from Bitcoin’s break below key support to Ether’s “ghost window” setup, rallies are likely to be sold until flows and trend indicators flip decisively back in favor of the bulls.

XRP price has crashed nearly 50% since Q4 2025, yet over 500k new wallets pushed the ledger above 7.5m accounts, creating a sharp divergence between price and participation.

Summary

XRP price has plunged about 49% since Q4 2025, sliding from roughly $2.84–$3.10 to near $1.43–$1.44 amid a $1.43T crypto market cap wipeout.​ Despite the drawdown, XRP Ledger addresses climbed from 7,050,000+ to 7,576,446, adding 526,446 new wallets with record daily spikes above 13,000. Bitcoin near $71,200, Ethereum around $2,100, and XRP near $1.43 show price capitulation outpacing participation, hinting at a potential reflexive snapback after liquidations. XRP’s (XRP) price has been gutted; its network has not. Despite a 49% drawdown since Q4 2025, more than 500,000 new XRP wallets have appeared on-chain, pushing the ledger past 7.5 million accounts.

3 metrics showing XRP is on the edge of an aggressive Bear Market

Yes, XRP is sitting exactly at a critical on-chain transition point.
If price drops just a bit more, the data suggests conditions could deteriorate fast, opening the door to a longer Bear Market and a potential… pic.twitter.com/wK3LmCrean

— Alphractal (@Alphractal) February 5, 2026 The crypto market backdrop is brutal. The global market cap has shed $1.43 trillion since October 2025, with XRP mirroring Ethereum’s 49% slide, lagging Bitcoin’s 38% retreat but faring better than Solana’s 56% slump. XRP entered Q4 2025 near $2.84, briefly tagged $3.1, then “collapsed 11.89% in October 2025,” a move triggered by the “10/10 market crash” that wiped $1.27 from the token in a single shock event. It now trades around $1.44, marking four straight monthly red candles and flirting with a fifth, something not seen since 2016.

XRP price stuttering along with broader crypto market On-chain, however, the picture is less capitulatory. Data from the community‑run XRP Rich List “confirms this trend, pointing to sustained adoption at a time when the price has struggled.” Since XRP crossed 7 million wallets in September 2025, the ledger has added exactly 526,446 new addresses, lifting the count to 7,576,446—an increase of more than 500,000 wallets in under five months. Daily new accounts have generally ranged between 2,500 and 5,000, punctuated by spikes: 9,900 wallets on October 30, 11,242 on November 2, and a record 13,300 on November 11, “marking the largest daily increase in history.”

Even so, growth is cooling versus last cycle. From October 2024 to February 2025, XRP wallets jumped from 5,330,427 to 6,105,025, an expansion of 774,598 in less than five months. As the article notes, periods of deep drawdown “often discourage new investors from entering the market in droves,” yet the fact that over half a million wallets appeared during this downturn signals that core demand has not vanished.

This stuttering adoption is playing out as macro risk assets bleed. Bitcoin (BTC) changes hands near $71,200, with a 24‑hour range roughly between $71,100 and $76,700 and about $50.3B in spot turnover. Ethereum (ETH) trades around $2,100, down more than 7% on the day, on roughly $49B in 24‑hour volume and a market cap near $252B. XRP (XRP) itself hovers close to $1.43, down over 10% in the last 24 hours, with around $2.14B in spot volume and $8.19B in derivatives flow.

For traders, the signal is uncomfortable but clear: price is capitulating faster than participation. If that divergence persists, it sets the stage for the kind of reflexive snapback that has historically followed heavy liquidation phases in assets like Bitcoin and XRP.

What to Know:

The U.S. Treasury confirmed it lacks the authority to bail out Bitcoin, removing any expectation of a government safety net. Market focus is shifting from passive asset holding to active infrastructure plays that generate independent utility. Bitcoin Hyper utilizes the Solana Virtual Machine (SVM) to bring high-speed smart contracts to the Bitcoin network. Presale data shows strong momentum with over $31.2M raised and verified whale accumulation spree. The line between decentralized assets and traditional finance just got painted in neon.

Recent clarifications from the U.S. Treasury highlight a harsh reality for everyone from retail traders to institutional desks: the government lacks the statutory teeth to bail out Bitcoin or the broader crypto market during liquidity crises. Unlike the banking sector, cushioned by FDIC insurance and Fed backstops, crypto is flying without a net.

That regulatory distance matters because it fundamentally shifts the risk narrative. When traditional markets wobble, the so-called “Fed put” often softens the blow. But in crypto? Volatility is a feature, not a bug.

The Treasury’s stance confirms that the industry has to rely entirely on its own infrastructure to survive. The message is blunt: there is no lender of last resort for Satoshi’s invention.

Smart money, however, isn’t waiting around for a rescue package. While the Treasury washes its hands of price action, capital is quietly rotating into infrastructure that addresses Bitcoin’s inherent limitations (specifically, its inability to handle complex DeFi).

The market is pivoting from passive holding to active utility. This suggests the next growth phase won’t stem from regulatory approval, but from tech breakthroughs that actually make Bitcoin usable.

Leading this charge is Bitcoin Hyper ($HYPER), a project attempting to decouple from market chop by solving the scalability crisis.

You can buy $HYPER here.

Bitcoin Hyper Brings SVM Speeds to Solve the L1 Efficiency Crisis The Treasury’s ‘hands-off’ approach exposes a critical weakness in the ecosystem: without external utility, Bitcoin relies solely on store-of-value narratives. And frankly, those narratives are highly susceptible to macro sentiment.

Bitcoin Hyper ($HYPER) tackles this by trying to transform Bitcoin from a passive rock into a programmable, high-speed ecosystem. By integrating the Solana Virtual Machine (SVM) as a Layer 2 solution, the project bridges the gap between Bitcoin’s security and the execution speed modern DeFi demands.

That technological leap matters. Historically, Bitcoin Layer 2s have been plagued by latency, often relying on clunky rollup mechanisms that ruin the user experience. Bitcoin Hyper uses the SVM to deliver sub-second finality. It effectively enables high-frequency trading and complex dApps directly on the Bitcoin network, something previously reserved for faster, less secure chains.

Under the hood, the architecture employs a decentralized canonical bridge for seamless $BTC transfers. It uses a modular design: L1 handles settlement, SVM L2 handles execution.

For developers, this opens the door to building in Rust with full SDK support, targeting the massive liquidity of Bitcoin holders previously sidelined from DeFi. The trend is visible on-chain: capital is seeking yield on Bitcoin, not just speculation.

Visit the $HYPER presale now.

Smart Money Aggressively Accumulates $HYPER During Presale While the broader market grapples with regulatory headaches, on-chain metrics for Bitcoin Hyper show a divergence in sentiment. Investors seem to be hedging against L1 stagnation by betting on L2 scalability.

According to the official presale page, the project has raised over $31.2M. That figure suggests significant institutional appetite for Bitcoin infrastructure plays.

The token, currently priced at $0.0136751, is attracting attention for more than just its tech stack. The staking incentives are aggressive. The protocol offers high APY with immediate staking availability post-TGE, creating a potential supply shock mechanism that encourages long-term holding.

Whale behavior backs this up. Smart money is clearly moving. Etherscan data reveals that one high-net-worth wallets pumped $500K, with the largest single buy hitting of last year.

This type of focused liquidity injection, happening right while the Treasury distances itself, indicates sophisticated actors are positioning for an infrastructure supercycle. They’re betting the ‘bailout’ won’t come from the government. It’ll come from the ability to finally use Bitcoin at the speed of Solana.

Secure your $HYPER today.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry inherent risks, and market conditions can change rapidly. Always conduct your own due diligence before making investment decisions.

The letter suggests that the financial ties between the UAE and World Liberty Financial pose national security risks linked to China.

Key NotesBitcoin’s decline over the past month has erased more than $500 billion from its total market capitalization.On-chain data indicates the current selloff is progressing faster than the 2022 bear market.US spot Bitcoin ETFs have shifted from net buyers to net sellers in 2026, creating an estimated demand shortfall of 56,000 BTC. Bitcoin’s BTC $71 459 24h volatility: 5.9% Market cap: $1.43 T Vol. 24h: $89.07 B selloff has continued, with the price falling another 8% over the past 24 hours to around $70,500.

Market veteran Peter Brandt said the decline may not be over, warning that an additional 10% drop remains possible.

Following the recent slide, Bitcoin has erased more than $500 billion from its market capitalization in less than a month.

Bitcoin Could Drop Further as Coordinated Selling Persists Bitcoin’s price fell another 7% over the past 24 hours to around $70,000, triggering roughly $400 million in liquidations.

Veteran trader Peter Brandt said the recent pullback appears to reflect coordinated selling rather than retail-driven liquidation.

In a post on X, Brandt noted that Bitcoin has logged eight straight days of lower highs and lower lows.

He described the pattern as “campaign selling,” which he believes is driven by large market participants.

Hey crypto followers $BTC
The nature of the decline in Bitcoin (now 8 days of lower lows and highs) has all the finger prints of campaign selling, not retail liquidation
Seen this before hundreds of times over the decades
Never know when of course this pattern ends
Note to trolls… pic.twitter.com/THGJpez35F

— Peter Brandt (@PeterLBrandt) February 5, 2026

Brandt added that he has seen similar setups many times over the decades, usually linked to institutional activity rather than retail panic.

Based on those past patterns, he said Bitcoin could fall further toward the $63,800 level.

Has the BTC Bear Market Started? CryptoQuant said Bitcoin’s current downturn is unfolding at a faster pace than the 2022 bear market.

The firm noted that after Bitcoin dropped below its 365-day moving average on November 12, 2025, the price fell 23% over 83 days, compared with a 6% decline over the same period in early 2022.

As per CryptoQuant, the crypto winter of 2025 seems even more aggressive, suggesting a weaker market structure relative to the previous bear phase.

Bear market assessment.
Take a look to our latest report:https://t.co/d0kAqsNycT

— Julio Moreno (@jjcmoreno) February 4, 2026

U.S. spot Bitcoin ETF data shows that institutional demand for BTC has weakened sharply.

At the same point last year, U.S. spot ETFs had accumulated around 46,000 BTC. In 2026, they have instead become net sellers, offloading roughly 10,600 BTC.

This shift represents a demand gap of about 56,000 BTC compared with 2025 and has contributed to the continued selling pressure in the market.

During the February 4 trading session, spot Bitcoin ETFs recorded total outflows of $545 million, with BlackRock’s iShares Bitcoin Trust (IBIT) accounting for the largest share at $373 million, according to data from Farside Investors.

IBIT’s share price fell 4% on February 4 and is now down more than 18% since the start of 2026.

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

Cryptocurrency News, News

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

Bhushan Akolkar on X

The UK-based AI-compute power service provider VivoPower is changing its digital asset exposure after agreeing to transfer part of its stake in Ripple Labs to the South Korean company Kweather Co. 

According to a Wednesday press statement from the company, VivoPower will take an equity stake in the KOSDAQ-listed business to support its quest for artificial intelligence data centres. The company is set to take a 20% interest in Kweather, valued at $4.3 million, under the agreement. 

The rest of VivoPower’s Ripple Labs shares are set to be acquired by Lean Ventures under a partnership disclosed in December last year. A company spokesperson told news outlets that the share transfers will be executed at prevailing market prices and subject to Ripple Labs’ internal approval procedures.

VivoPower insisted it would not be adding cryptocurrencies to its balance sheet through these steps, and has not recorded combined unrealized losses on its digital asset positions.

The shift to AI will come at the expense of its pursuit of becoming an XRP digital asset treasury. In December, the Nasdaq-listed firm confirmed that its arm, Vivo Federation, had partnered with South Korean asset manager Lean Ventures to purchase $300 million worth of Ripple shares.

According to the company’s executives, VivoPower will continue expanding its data center infrastructure operations following the late-January deal that secured 291 megawatts of powered land in Finland. The sites are powered by renewable electricity priced at less than 4 US cents per kilowatt-hour, the firm said.

The group signed a definitive agreement to purchase OGDC Pte Ltd, a developer holding economic rights in the Finnish-powered land portfolio. That acquisition provides a foundation for scaling AI-oriented infrastructure in Europe, starting with grid connectivity in Finland, expected within 12 months.

The deal structure includes $13 million in cash at closing, and an additional contingent value right with a $15 conversion price.

Although VivoPower is based in the United Kingdom, it has camps in several parts of the world, like Australia, North America, Europe, the Middle East, and Southeast Asia. The B Corp-certified company is currently pursuing a “power to X” strategy to develop and own low-cost, sustainable power and AI data centre infrastructure.

Moreover, it has two divisions undergoing separation or divestment: Tembo, which develops electric solutions for customized fleet applications, and Caret Digital, which works on renewable energy use cases, including digital asset mining. Vivo Federation retains exposure to Ripple Labs equity and blockchain real-world asset initiatives.

Company shareholders greenlight capital framework changes At an Extraordinary General Meeting, all six resolutions were approved by VivoPower International PLC’s shareholders on January 30, as announced in a press release by the company. All resolutions were approved with at least 93% of the total voting shares cast in support of the resolutions, which are aimed at providing a market-based incentive system to attract senior talent from the AI and crypto industries.

Days later, VivoPower terminated its at-the-market equity offering agreement with Chardan Capital Markets that was originally signed on December 23. The company confirmed that no further ordinary shares will be issued or sold under that facility, following an assessment of operating cash flows and capital needs.

The management stated that limiting equity dilution was feasible because the firm’s projected operating cash generation was sufficient and other economically non-dilutive funding avenues were available.

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What to Know:

U.S. Bitcoin ETFs saw $545M in outflows in a single week, indicating a temporary retreat by institutional investors due to macroeconomic uncertainty. Despite the headline outflows, capital is moving into infrastructure protocols that solve liquidity fragmentation rather than exiting the crypto ecosystem entirely. LiquidChain ($LIQUID) is gaining momentum by creating a unified execution layer that merges Bitcoin, Ethereum, and Solana, having raised over $526k in its ongoing presale. The industry’s inability to seamlessly move value between top chains remains a primary bottleneck, making cross-chain solutions a critical narrative for the next cycle. The institutional love affair with Bitcoin has hit its first real rough patch. In a stark pivot, U.S. spot Bitcoin ETFs shed a massive $545M in a single trading week.

That exodus, the worst since post-launch volatility, signals a distinct ‘risk-off’ mood among TradFi allocators.

These flows aren’t just numbers on a screen. They measure Wall Street’s pulse. When Fidelity (FBTC) and Grayscale (GBTC) bleed simultaneously, it suggests macro headwinds (think stubborn inflation and a hawkish Fed) are forcing asset managers to rebalance.

The market reacted swiftly, losing support levels analysts had defended for months. But look closer. While ‘paper Bitcoin’ faces liquidation, on-chain activity tells a wildly different story.

In previous cycles, we’ve seen this pattern: when top-heavy assets sell off, capital flows downstream into infrastructure plays that solve structural inefficiencies. Right now, the market is plagued by fragmentation, liquidity is trapped in silos across Bitcoin, Ethereum, and Solana.

That friction is exactly what LiquidChain ($LIQUID), a new Layer 3 protocol, targets.

$LIQUID is available here.

Unifying The Fractured Liquidity of $BTC, $ETH, and $SOL The core issue stifling the market isn’t a lack of capital. It’s that the capital can’t move. Currently, a user holding assets on Bitcoin can’t interact with Solana DeFi without navigating high-friction bridges, wrapped asset risks, and exorbitant gas fees.

It’s a mess, three separate economies that barely speak to one another.

LiquidChain ($LIQUID) fixes this plumbing. Positioning itself as the ‘Cross-Chain Liquidity Layer’ (L3), it fuses the liquidity of the industry’s three giants, Bitcoin, Ethereum, and Solana, into a single execution environment. For developers, this is a paradigm shift.

Instead of rewriting smart contracts for three different virtual machines (EVM, SVM, and Bitcoin Script), LiquidChain offers a Deploy-Once Architecture. Build a lending protocol once, and it instantly accesses liquidity from all three chains.

Technically, this removes the ‘bridging’ risk that has historically resulted in billions of dollars in hacks. For the end-user, that complex backend is invisible. They experience single-step execution, trading or staking assets across chains without managing multiple wallets. In a market demanding efficiency over speculation, this utility-first approach is cooking.

Learn more about LiquidChain here.

Capital Rotates: Presale Metrics Defy Market Gloom While ETF investors sell the news, early-stage participants are buying the tech. This divergence highlights a classic “barbell strategy” used by crypto natives: holding spot BTC for the long term while deploying stablecoins into high-beta infrastructure plays.

LiquidChain ($LIQUID) is capitalizing on this rotation. According to live data, the protocol has already raised over $526K. The native token, $LIQUID, is currently priced at $0.0135, an entry point early backers view as asymmetric compared to the multi-billion dollar valuations of existing (and still fragmented) L2 solutions.

Seeing this much inflow during a bearish weekly candle suggests high conviction in the ‘interoperability thesis.’ Investors are betting the next bull run won’t be driven by isolated pumps on Solana or Ethereum, but by applications that can use liquidity from everywhere simultaneously.

The project’s focus on Liquidity Staking further incentivizes sticky capital, money that stays to earn yield rather than fleeing at the first sign of macro volatility. As TradFi steps back to reassess, DeFi natives are doubling down on the infrastructure that will support the next wave.

Visit the $LIQUID presale now.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments, including presales and ETFs, carry inherent risks, including high volatility and potential loss of principal. Always conduct your own due diligence.

U.S. spot Bitcoin ETFs log $545M in daily outflows as BTC, ETH, and SOL slip, exposing how concentrated ETF ownership can amplify downside in a risk-off tape.

Summary

U.S. spot Bitcoin ETFs saw ‑$544.94M in net outflows on Feb. 4, with cumulative inflows still at $54.75B and total net assets near $93.51B, about 6.36% of BTC’s market cap. IBIT and FBTC led the day’s withdrawals while GBTC’s bleed continued, as analysts warned that “slowing spot ETF inflows and regulatory uncertainty could push Bitcoin toward the $70,000 area if outflows persist.” Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) all traded lower over 24 hours, with BTC near $73,103, ETH around $2,111, and SOL close to $92 amid a wider risk‑off backdrop. U.S. spot Bitcoin (BTC) ETFs just logged another sharp outflow day, underscoring how fragile the current bid for digital assets has become even after a year of massive inflows. Total U.S. spot Bitcoin ETF net outflows reached ‑$544.94M on Feb. 4, according to data from SoSoValue, while cumulative net inflows still stand at a hefty $54.75B against total net assets of $93.51B, equivalent to about 6.36% of Bitcoin’s market capitalization.

BlackRock’s iShares Bitcoin Trust (IBIT) again dominated activity, but this time on the exit side. The fund saw a one‑day net outflow of ‑$373.44M on Feb. 4, even as it retains a towering $56.21B in net assets and roughly $61.78B in cumulative net inflows. Fidelity’s Wise Origin Bitcoin Fund (FBTC) lost ‑$86.44M on the day, but still sits on $14.03B in net assets with $11.19B in cumulative inflows, trading essentially flat to NAV at a discount of just ‑0.20%.

Grayscale’s flagship GBTC vehicle continues to bleed, with a further ‑$41.77M in outflows on Feb. 4 and cumulative net outflows of ‑$25.80B, leaving the trust at $11.60B in net assets despite charging a 1.50% fee. Across the complex, trading was brisk: total value traded in U.S. spot Bitcoin ETFs hit $7.15B on Feb. 4, highlighting how ETFs remain the primary institutional conduit into BTC even on down days.

This mechanical selling lands in a broader risk‑off tape. Bitcoin (BTC) changes hands near $73,103, down about 5.5% over the last 24 hours as total crypto market capitalization slips roughly 4.4% to $2.35T. Ethereum (ETH) trades around $2,111, with a 24‑hour range roughly between $2,080 and $2,287 and turnover close to $47.4B, as the latest leg lower is framed by one desk as “a corrective bounce inside a broader downtrend rather than the start of a new bull leg.” Solana (SOL) hovers close to $92, after briefly dipping below $90, leaving it down about 7–8% over the past day on roughly $8.7B in volume.

Analysts warn that the ETF tape now cuts both ways. Citi strategists recently highlighted that the average entry price for spot ETF buyers clusters near $81,600, arguing that “slowing spot ETF inflows and regulatory uncertainty could push Bitcoin toward the $70,000 area if outflows persist.” For now, the data from SoSoValue show a market where structurally high ETF ownership is meeting a cyclical air pocket in demand — and the flows are doing the talking.

For further context on market conditions and flows around this move, see coverage on crypto prices today, Ethereum’s February sell‑off, and the latest spot ETF flow commentary from major banks.

US spot bitcoin ETFs posted $544.94 million in outflows Wednesday as the world's largest cryptocurrency continued to slide.

What to Know:

Bitcoin ETFs demonstrated strength during the recent crash, absorbing sell pressure while retail traders liquidated positions. The market dip highlighted the inefficiencies of fragmented liquidity, driving interest toward solutions that unify Bitcoin, Ethereum, and Solana. LiquidChain solves cross-chain friction with a ‘deploy-once’ architecture that fuses liquidity from major chains into a single execution layer. Despite broader market volatility, the $LIQUID presale has raised over $526k, indicating strong investor demand for functional infrastructure. The recent market chop served as a brutal stress test for the new paradigm of institutional adoption. When Bitcoin dipped sharply earlier this week, flushing out leverage-heavy retail positions, everyone braced for the worst. The expectation? A mass exodus from spot ETFs.

It didn’t happen.

Instead of panic selling, on-chain data shows the big players stood their ground. While retail traders capitulated (driving the Fear & Greed Index into the dirt), institutional heavyweights treated the dip as a liquidity event, not an exit signal.

This divergence matters. It suggests the ‘weak hands’ narrative has fundamentally shifted; volatility is no longer an existential threat to Bitcoin, but merely an execution detail for asset managers with multi-year time horizons.

But this stability at the top highlights a glaring issue down the stack: fragmentation. As capital moves defensively between Bitcoin, Ethereum, and high-performance chains like Solana, it hits a wall of friction, high fees and the nagging security risks of wrapped assets. The market’s resilience has exposed a desperate need for infrastructure that actually connects these liquidity islands.

That’s where the narrative shifts from holding assets to moving them efficiently. While the majors stabilize, smart money is quietly rotating into infrastructure plays that solve this fragmentation.

Leading the charge is LiquidChain ($LIQUID), a Layer 3 protocol designed to fuse the fractured crypto landscape into a single, cohesive execution environment.

You can buy $LIQUID here.

LiquidChain L3 Unifies Fragmented Capital Across Bitcoin, Ethereum, and Solana The recent correction revealed a critical flaw in DeFi. When volatility strikes, moving assets across chains becomes a nightmare of congestion and slippage. Most cross-chain solutions rely on vulnerable bridges or complex wrapping mechanisms (which have historically been prime targets for exploits).

LiquidChain takes a different approach. It operates as dedicated Layer 3 infrastructure sitting above the base layers, aggregating liquidity rather than just bridging it.

It runs on a Cross-Chain Virtual Machine (VM) that allows for single-step execution. Users interacting with the LiquidChain L3 can access deep liquidity pools from Bitcoin, Ethereum, and Solana simultaneously.

That’s a massive shift, it eliminates the UX hurdles that usually scare off institutional capital. A developer can deploy an application once on LiquidChain, and it immediately inherits the liquidity of the three largest ecosystems in crypto.

For DeFi, this verifiable settlement model changes the math. Instead of managing liquidity across three different standards, ERC-20, SPL, and Runes/BRC-20, protocols can use LiquidChain as a unified layer.

The ‘Deploy-Once Architecture’ hints at a future where the underlying blockchain becomes invisible to the end-user, much like TCP/IP is invisible to your web browser. By removing the friction of asset migration, LiquidChain isn’t just another blockchain; it’s the connective tissue for the next cycle of expansion.

Check out the LiquidChain presale.

Early Mover Advantage: $LIQUID Presale Breaches $525k as Smart Money Rotates While the broader market struggles to find a floor, the LiquidChain presale is decoupling from general sentiment. The project has already raised over $526K, a figure that frankly stands out given the recent risk-off environment. This inflow suggests investors are finally distinguishing between speculative price fluctuation and the fundamental value of critical infrastructure.

The native token, $LIQUID, is currently priced at $0.0135.

Unlike governance tokens with vague utility, $LIQUID functions as the actual transaction fuel for the Cross-Chain VM. It’s also the primary asset for liquidity staking, with tokenomics structured to reward participants who provide the collateral needed to secure the network.

The timing couldn’t be better. Historically, infrastructure projects that build during consolidations often outperform when the bulls return (remember the DeFi summer origins?).

They solve the bottlenecks that caused the previous cycle’s friction. With the presale advancing despite Bitcoin’s turbulence, the market is signaling a clear appetite for L3 solutions ready for the next run. For investors looking beyond the daily BTC candles, the $LIQUID accumulation phase looks like a calculated bet on unifying the crypto economy.

View the official presale at LiquidChain.

This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry high risk. Always perform your own due diligence before investing.

Bitcoin plunged below $70,000 for the first time since November as the broad selloff dragged total crypto capitalization to $2.47 trillion. Some experts warn of deeper corrections toward $67,000, while others frame the drop as a healthy reset, predicting eventual new highs in 2026 amid volatility.

The move happened amid falling prices and rising post-halving mining costs, which sharply reduced the country’s holdings and global ranking among sovereign Bitcoin owners. At the same time, US-based spot Bitcoin ETF investors are mostly holding their positions despite deep unrealized losses and a four-month market downturn. Analysts point out that outflows are still relatively modest compared with the scale of earlier inflows—suggesting that long-term conviction among ETF holders is still intact.

Bhutan Cuts Bitcoin HoldingsBhutan stepped up Bitcoin offloading from its national reserves, moving more than $22 million worth of the cryptocurrency as prices decline and mining economics deteriorate. On-chain data from Arkham shows that the Himalayan kingdom transferred 184 Bitcoin, valued at roughly $14 million, from its holdings on Wednesday. This followed an earlier transfer of 100.8 Bitcoin worth about $8.3 million late last week, bringing the total value of recent movements to approximately $22.3 million.

According to Arkham, the Bitcoin was sent to QCP Capital, a crypto market maker that often facilitates large asset sales by providing liquidity. While transfers to market makers do not automatically confirm a sale, they are widely seen as a strong indicator that the assets are being prepared for liquidation on the open market. The timing of the transfers also happened Bitcoin prices continued to slide, placing even more pressure on miners whose costs have risen sharply since the 2024 halving event.

Bhutan’s Bitcoin strategy dates back to 2019, when the country quietly launched a state-backed mining initiative powered largely by hydroelectric energy. Since then, the country accumulated an estimated $765 million worth of Bitcoin through mining, making it one of the biggest sovereign holders of the asset. 

However, Arkham data indicates that the cost of mining a single Bitcoin roughly doubled since the most recent halving, which greatly reduced profitability. As a result, Bhutan is now producing far fewer coins than it did during peak periods. In 2023 alone, the country mined approximately 8,200 Bitcoin, which current conditions no longer support.

Government Bitcoin holdings (Source: BitcoinTreasureis.NET)

These recent sales materially reduced Bhutan’s overall Bitcoin reserves. Holdings have fallen from a peak of 13,295 BTC in October of 2024 to roughly 5,700 BTC today. This decline also altered Bhutan’s standing among government Bitcoin holders. Data from Bitcoin Treasuries shows that Bhutan slipped to seventh place globally, now trailing the United States, China, the United Kingdom, Ukraine, El Salvador, and the United Arab Emirates.

While the government has not publicly explained the latest transfers, Arkham pointed out that Bhutan has a history of selling Bitcoin in sizable batches, often around $50 million at a time. 

US Bitcoin ETF Investors Hold OnWhile Bhutan might be looking to offload its Bitcoin, US-based spot Bitcoin ETF investors are showing relatively strong conviction despite the prolonged downturn in Bitcoin’s price. This is according to commentary from leading ETF analysts and market researchers. 

ETF analyst James Seyffart said in a post on X that ETF holders are “still hanging in there pretty good,” even as Bitcoin continues a four-month downtrend that pushed prices well below recent highs.

Seyffart explained that current ETF investors are experiencing their largest paper losses since US spot Bitcoin ETFs launched in January of 2024. With Bitcoin trading below $73,000, he estimates that ETF holders are sitting on unrealized losses of roughly 42%. Despite this, Seyffart thinks that recent outflows are still modest when viewed against the scale of inflows during the market’s peak. 

Before the October downturn, cumulative net inflows into spot Bitcoin ETFs stood at approximately $62.11 billion, but have since declined to around $55 billion, based on preliminary figures from Farside Investors. Seyffart characterized this pullback as relatively mild given the size of earlier inflows.

Similar observations were shared by investment researcher Jim Bianco, who said the average spot Bitcoin ETF holder is currently about 24% underwater but continues to hold positions rather than capitulate. That behavior suggests a level of long-term conviction, even as price weakness persists.

On the other hand, not everyone is optimistic. Crypto analytics account Rand pointed out that the market has now recorded three consecutive months of ETF outflows for the first time, coinciding with a roughly 25% drop in Bitcoin’s spot price over the past month. 

BTC price action over the past month (Source: CoinCodex)

Some analysts argue that bearish sentiment may be overly narrow in focus. ETF analyst Eric Balchunas warned that investors are being “very short-sighted,” as Bitcoin has gained more than 400% since 2022, far outperforming traditional assets like gold and silver over the same period.

Data shows calls for sub-$60,000 Bitcoin prices have seen a rise on social media recently, a sign that fear is brewing among retail traders.

Bitcoin Social Volume Data Suggests Growth In Bearish Calls In a new post on X, on-chain analytics firm Santiment has talked about how social media users have reacted to the recent bearish price action. The indicator of relevance here is the “Social Volume,” measuring the total number of posts on the major social media platforms that contain mentions of a given term or topic.

To separate between bullish and bearish predictions, Santiment has filtered the Social Volume of Bitcoin with terms referencing certain price levels. For the bullish side, the analytics firm has chosen levels in the $90,000 to $99,000 range, while for the bearish one, $50,000 to $59,000.

Now, here is the chart shared by Santiment that shows how the Social Volume related to the two types of Bitcoin market calls has changed during the latest price volatility:

The value of the metric seems to have shot up for the bearish predictions most recently | Source: Santiment on X As displayed in the above graph, the Bitcoin Social Volume for levels above $90,000 spiked toward the end of last month, suggesting social media users were expecting the cryptocurrency to revisit the higher levels. What followed the spike, however, was a notable drawdown for the asset’s price.

Then, on the last day of the month, the trend flipped as bearish calls observed a sharp surge instead. BTC’s decline temporarily cooled alongside this and prices saw a small rebound.

This pattern of Bitcoin going in the direction that goes against the opinion of the majority is actually something that has been witnessed throughout history. Naturally, it doesn’t always happen, but the chances of a reversal tend to go up whenever the traders are leaning into one direction too heavily.

From the chart, it’s visible that social media users have recently once again started leaning in on a direction, and, like the last time, they are fearing sub-$60,000 price levels. The analytics firm explained:

Markets move opposite to what the crowd expects, meaning there can at least be founded arguments for a short-term relief rally while retail is already assuming sub-$60K Bitcoin is a foregone conclusion.

It now remains to be seen how the cryptocurrency’s price will develop in the near future, given the rise in fearful sentiment that has occurred on the various social media platforms.

In some other news, the Bitcoin supply sitting on centralized exchanges has been on the rise recently, as CryptoQuant author Axel Adler Jr has highlighted in an X post.

The value of the metric seems to have shot up in recent days | Source: @AxelAdlrJr on X As data of the Exchange Reserve indicator shows, 34,000 BTC has returned to exchanges since January 19th.

BTC Price Bitcoin has continued to slide down as its price has now reached the $73,600 mark.

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