Market Signal Briefing

2nd February 2026
Company Announcement No. 7/2026

Alm. Brand A/S share buy-back program

Transactions during 26 January 2026 – 30 January 2026
On 5 March 2025, Alm. Brand A/S announced a share buy-back program of up to DKK 835.2 million, as described in company announcement no. 21/2025.

The program is carried out in accordance with the Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052, also referred to as the Safe Harbour Regulations.

The following transactions were made under the share buy-back program during week number 5:

 Number of shares boughtAverage
purchase priceAmount (DKK)Accumulated, last announcement 41,050,521 17.11 702,426,32526 January 2026 160,000 18.16 2,905,60027 January 2026 160,000 18.28 2,924,80028 January 2026 160,000 18.07 2,891,20029 January 2026 200,000 17.46 3,492,00030 January 2026 180,000 17.28 3,110,400Total, week number 5860,00017.8215,324,000Accumulated under the program 41,910,521 17.13 717,750,325 With the transactions stated above Alm. Brand A/S holds a total of 44,750,970 own shares corresponding to 3.08% of the total number of outstanding shares.

Contact
Please direct any questions regarding this announcement to:

Investors and equity analysts:                          

Head of Investor Relations & ESG    
Mads Thinggaard                                

Mobile no, +45 2025 5469               

AS 7 2026 - Transactions under share buyback program Alm Brand_Share buyback week #5 2026

LONDON — European stocks are expected to open in negative territory as concerns over artificial intelligence and volatility in precious metals haunt global markets.

The U.K.'s FTSE index is seen opening 0.5% lower, Germany's DAX down almost 1%, France's CAC 40 down 0.8% and Italy's FTSE MIB also down by a similar amount, according to data from IG.

The sharp declines expected in Europe on Monday come amid similar moves in global markets.

Asia-Pacific markets fell overnight with South Korean benchmarks leading declines, as investors monitored gold and silver prices after Friday's sharp declines. Meanwhile, U.S. stock futures fell on Sunday night as traders kept an eye on bitcoin after a weekend sell-off.

Bitcoin on Saturday dropped below $80,000 for the first time since April, a sign investors were taking more risk off the table following Friday's sharp declines in precious metals.

Silver, which has more than doubled over the past 12 months, plunged around 30% on Friday. That marked the metal's worst one-day performance since 1980. Gold also dropped around 9%.

Wall Street also turned its attention to Nvidia as questions over the artificial intelligence boom loomed. Nvidia's plans to pour $100 billion into OpenAI have stalled, with chipmaker execs expressing doubt about the deal, The Wall Street Journal reported, citing people familiar with the matter.

Earnings in Europe come from Julius Baer Group today, while German retail sales and Spanish new car sales are due data-wise.

— CNBC's Fred Imbert contributed to this market report.

Julius Baer reported a sharp drop in profits for 2025 due to a series of previously flagged one-offs including credit write-downs and the sale of its Brazilian subsidiary.

DALLAS--(BUSINESS WIRE)--Kosmos Energy (NYSE/LSE: KOS) announced today the following schedule for its fourth quarter 2025 results: Earnings Release: Monday, March 2, 2026, pre-UK market open via Business Wire, Regulatory News Service, and the Company's website at www.kosmosenergy.com. Conference Call: Monday, March 2, 2026, at 11:00 a.m. ET. The call will be available via telephone and webcast. Dial-in telephone numbers: Toll Free: 1-800-715-9871 Toll/International: 1-646-307-1963 UK Toll Free:.

Aptiv PLC (NYSE: APTV) will release earnings for the fourth quarter before the opening bell on Monday, Feb. 2.

Vancouver, British Columbia--(Newsfile Corp. - February 2, 2026) - Starcore International Mines Ltd. (TSX: SAM) ("Starcore" or the "Company") announces it has received the Final Order from the Supreme Court of British Columbia approving the Plan of Arrangement (the "Arrangement") between Starcore and its wholly-owned subsidiary, EU Gold Mining Inc., as announced in its news release of July 8, 2025.

The effective date for the completion of the Arrangement will be February 6, 2026, the date on which the Arrangement will become legally effective. The record date for the purpose of determining the shareholders of Starcore who will be entitled to receive common shares of EU Gold pursuant to the terms of the Arrangement will be the same as the effective date, February 6, 2026 (the "Record Date"). Shareholders of Starcore as of the Record Date will be issued one common share of EU Gold for every two Starcore shares owned by the Starcore shareholder, which share will be issued to the Starcore Shareholders as a return of capital. It is anticipated that Starcore's Transfer Agent, Computershare Investor Services, will redistribute the EU Gold shares to Starcore shareholders on or about March 5, 2026 (the "Distribution Date").

No fractional EU Gold Shares will be issued in connection with the Arrangement, and no certificates for any fractional shares will be issued. Any fractional EU Gold Shares will be rounded to the nearest whole number with fractions of 0.5 rounded up. No cash payment in lieu of any fractional EU Gold Shares will be paid.

Under the rules of the Toronto Stock Exchange, Starcore common shares will commence trading "ex-distribution" on the opening of trading on February 6, 2026, with respect to the EU Gold shares to be distributed under the Arrangement. Accordingly, the last opportunity for investors to participate in the spin-out of EU Gold will be immediately prior to the close of trading on February 5, 2026 on the TSX.

Through the Arrangement, Starcore will transfer and assign to EU Gold all of Starcore's right, title and interest in its mineral property assets in Africa. In consideration for the spin-out, EU Gold will assume all of the liabilities related to the African properties, in addition to the EU Gold shares to be issued to Starcore, and thereafter redistributed to Starcore's shareholders on a pro-rata basis.

The Arrangement received shareholder approval at Starcore's Annual General Meeting held on October 24, 2025 as well as conditional approval from the Toronto Stock Exchange. "By spinning out the mineral properties in Côte d'Ivoire to EU Gold, Starcore has undergone a corporate restructuring that will enable it to focus on its Mexican gold and silver producing assets which include the San Martin gold mine and the La Tortilla Silver mine, both located in Queretaro, Mexico" said Robert Eadie, Chief Executive Officer of Starcore.

EU Gold will focus on developing the mineral properties in Côte d'Ivoire and will seek a listing of its shares on a Canadian stock exchange. Any such listing will be subject to EU Gold meeting all the listing requirements of the exchange.

As a result of the spin-out and Starcore's reorganization, the two companies will operate as separate and independent companies. There may be certain common directors and officers between the companies, and Starcore will work with EU Gold to enable its corporate development.

About Starcore

Starcore International Mines is engaged in precious metals production with focus and experience in Mexico. The Company's base of producing assets includes its gold producing San Martin Mine and the La Tortilla silver mine, both in the state of Queretaro, Mexico. The Company is a leader in Corporate Social Responsibility and advocates value driven decisions that will increase long term shareholder value. You can find more information on the investor friendly website here: www.starcore.com.

ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.

(Signed) "Robert Eadie"
Robert Eadie, President and Chief Executive Officer

FOR FURTHER INFORMATION PLEASE CONTACT:
ROBERT EADIE Telephone: (604) 602-4935

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The Toronto Stock Exchange has not reviewed nor does it accept responsibility
for the adequacy or accuracy of this press release.

This news release contains "forward-looking" statements and information ("forward-looking statements"). All statements, other than statements of historical facts, included herein, including, without limitation, management's expectations and the potential of the Company's projects, are forward-looking statements. Forward-looking statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company's management and reflect the beliefs, opinions, and projections on the date the statements are made. Forward-looking statements involve various risks and uncertainties and accordingly, readers are advised not to place undue reliance on forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. In particular, there is no assurance that (i) EU Gold will be able to finance the exploration of the African properties or attract new management,(ii) EU Gold will be successful in listing its common shares on any stock exchange, or (iii) Starcore's corporate reorganization will benefit shareholders in the near or long term. The Company assumes no obligation to update forward‐looking statements or beliefs, opinions, projections or other factors, except as required by law.

NOT FOR DISTRIBUTION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/282295

Source: Starcore International Mines Ltd.

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Disney's streaming and traditional TV business will once again be in focus when the company reports earnings on Monday.

In recent quarters Disney's streaming business, anchored by its flagship platform Disney+, has been profitable. However, the company's overall performance — and stock price — have been weighed down by the decline in traditional TV bundle subscribers, which has led to declines in its portfolio of networks.

Disney has also made various changes on the streaming front recently. Last year, ESPN launched its direct-to-consumer streaming platform, and Disney began its integration of Hulu into Disney+. Investors will be keen for updates on ESPN's streaming service and any effects of price hikes and changes on Disney+.

Here is what Wall Street expects for Disney's first fiscal quarter, according to LSEG: 

Earnings per share: $1.57 adjusted expectedRevenue: $25.74 billion expectedDisney's experiences unit, which includes its theme parks, resorts and cruise ships, is the profit driver at Disney, but it can also show signs of pressure on consumer spending.

Last quarter the unit appeared unaffected by the economy, and its cruise ships were a highlight.

The division is in the midst of developing an upcoming theme park and resort in Abu Dhabi. Disney earlier made a commitment to invest $60 billion in its theme parks over the next decade.

On the theatrical front, Disney is coming off a strong year at the box office. In 2025 Disney films including the live-action remake of "Lilo & Stitch" and a third "Avatar" installment topped the box office and helped Disney return to dominance.

The earnings report also comes against the backdrop of a succession race to select the company's next CEO for when Bob Iger retires. The company is expected to select the next chief — speculated to be either Josh D'Amaro, chairman of Disney Experiences; or Dana Walden, co-chair of Disney Entertainment — in early 2026.

This story is developing. Please check back for updates.

Toronto, Ontario--(Newsfile Corp. - February 2, 2026) - Tsodilo Resources Limited (TSXV: TSD) (OTCQB: TSDRF) (FSE: TZO) ("Tsodilo" or the "Company") is pleased to announce the closing of a non-brokered private placement financing (the "Financing") for gross proceeds to the Company of C$742,095 on February 2, 2026, through the issuance of 4,947,297 units of securities of the Company (the "Units") at a subscription price of C$0.15 per Unit.

Each Unit is comprised of one common share in the capital of the Company ("Common Share") and one Common Share purchase warrant ("Warrant") of the Company. Each Warrant entitles the holder thereof to purchase one Common Share for a period of 5 years from the date of issuance at an exercise price of USD$0.15. The Common Shares (including the Common Shares underlying the Warrants) and the Warrants comprising the Units are subject to a statutory four month and one day hold period, which expires on June 3, 2026.

In the event that the closing price of the Company's Common Shares on the TSX Venture Exchange is the equivalent of USD $0.30 or greater per Common Share during any 10 consecutive trading day period at any time subsequent to four months and one day after the closing date, the Warrants will expire at 4:00 p.m. (Toronto time) on the thirtieth day after the date on which the Issuer provides notice of such accelerated expiry to the warrantholders, and the warrantholders will have no further rights to acquire any Warrant Shares of the Issuer under the Warrant.

The proceeds from this Financing will be used for the advancement of the Critical and Rare Earth Metals project and the Xaudum Iron Formation project, and for general corporate purposes and working capital.

About Tsodilo Resources Limited

Tsodilo Resources Limited is an international resource exploration company engaged in the search for economic metal deposits at its Gcwihaba Resources (Pty) Limited ("Gcwihaba") projects in Botswana. The Company has a 100% stake in its Gcwihaba project area consisting of five metal (base, precious, platinum group, and rare earth elements) prospecting licenses all located in the North-West district of Botswana.

FOR FURTHER INFORMATION PLEASE CONTACT:

This press release may contain forward-looking statements. All statements, other than statements of historical fact, which address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements pertaining to the use of proceeds, the impact of strategic partnerships and statements that describe the Company's future plans, objectives or goals) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward- looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in equity markets, changes in general economic conditions, market volatility, political developments in Botswana and surrounding countries, changes to regulations affecting the Company's activities, uncertainties relating to the availability and costs of financing needed in the future, exploration and development risks, the uncertainties involved in interpreting exploration results and the other risks involved in the mineral exploration business. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, uncertainties relating to availability and cost of funds, timing and content of work programs, results of exploration activities, interpretation of drilling results and other geological data, risks relating to variations in the diamond grade and kimberlite lithologies; variations in rates of recovery and breakage; estimates of grade and quality of diamonds, variations in diamond valuations and future diamond prices; the state of world diamond markets, reliability of mineral property titles, changes to regulations affecting the Company's activities, delays in obtaining or failure to obtain required project approvals, operational and infrastructure risk and other risks involved in the diamond exploration and development business. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to their inherent uncertainty. Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release. This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control, which may cause actual results or performance to differ materially from those currently anticipated in such statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/282310

Source: Tsodilo Resources Limited

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New York, New York--(Newsfile Corp. - February 2, 2026) - Levi & Korsinsky notifies investors that it has commenced an investigation into REGENXBIO Inc. ("REGENXBIO Inc.") (NASDAQ: RGNX) concerning potential violations of the federal securities laws.

On January 28, 2026, Regenxbio disclosed via Form 8-K that the FDA placed clinical holds on its RGX-111 and RGX-121 programs following the identification of a tumor in a trial participant. The disclosure prompted a 30-35% decline in the company's share price.

SEC disclosure rules require public companies to provide investors with material information necessary to make informed investment decisions. Item 8.01 of Form 8-K permits companies to disclose material events not specifically covered by other items. Rule 10b-5 under the Securities Exchange Act of 1934 prohibits material misstatements and omissions in connection with securities transactions. The regulation encompasses not only affirmative false statements but also the omission of facts necessary to make other statements not misleading.

During the Q3 2025 earnings call on November 6, 2025, CEO Curran Simpson highlighted positive regulatory interactions, stating: "The FDA completed inspections of our clinical sites and in-house manufacturing facility with no observations, a rare and significant achievement." The emphasis on favorable inspection results without corresponding disclosure of safety concerns being evaluated by the agency created an asymmetric presentation of the company's regulatory standing.

Notably, the Q3 2025 earnings call transcript contains no discussion of the RGX-111 program for MPS I, despite this program being a material pipeline asset that would later be subject to the same FDA clinical hold. The absence of any update on this program during a quarterly investor communication raises questions about the completeness of the information provided to shareholders.

If you suffered a loss on your REGENXBIO Inc. securities and would like to explore a potential recovery under the federal securities laws, Learn More About the Investigation or contact Joseph E. Levi, Esq. via email at [email protected] or call (212)363-7500 to speak to our team of experienced shareholder advocates.

WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
[email protected]
Tel: (212)363-7500
Fax: (212)363-7171

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/282348

Source: Levi & Korsinsky, LLP

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New York, New York--(Newsfile Corp. - February 2, 2026) - Levi & Korsinsky notifies investors that it has commenced an investigation into Aquestive Therapeutics, Inc. ("Aquestive Therapeutics, Inc.") (NASDAQ: AQST) concerning potential violations of the federal securities laws.

What Happened?

On January 9, 2026, Aquestive announced it received a letter from the FDA, identifying deficiencies in its NDA application that preclude labeling discussions and post-market commitments for Anaphylm, for the emergency treatment of anaphylaxis.

Why it Matters:

Today, in direct response to this news, Aquestive's stock price fell by $2.18 (35.1%) per share to open at $4.03.

If you suffered a loss on your Aquestive Therapeutics, Inc. securities and would like to explore a potential recovery under the federal securities laws, Learn More About the Investigation or contact Joseph E. Levi, Esq. via email at [email protected] or call (212)363-7500 to speak to our team of experienced shareholder advocates.

WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
[email protected]
Tel: (212)363-7500
Fax: (212)363-7171

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/282350

Source: Levi & Korsinsky, LLP

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An Alibaba logo is displayed at the company's booth at China International Fair for Trade in Services (CIFTIS) in Beijing, China, September 10, 2025. REUTERS/Maxim Shemetov Purchase Licensing Rights, opens new tab

BEIJING, Feb 2 (Reuters) - Alibaba (9988.HK), opens new tab said on Monday it will spend 3 billion yuan ($431 million) to attract users to its Qwen AI app during the Lunar New Year holiday, heating up a race between China's largest tech firms.

The pledge by Alibaba, which triples the spending promised earlier by rivals Tencent and Baidu, is set to start on February 6. It will involve incentives for dining, drinks, entertainment and leisure, with "large red envelopes distributed continuously," Alibaba said in a statement.

Sign up here.

Tencent (0700.HK), opens new tab and Baidu (9888.HK), opens new tab announced late last month they would spend 1 billion yuan and 500 million yuan respectively on similar promotions for their AI chatbots.

Chinese tech companies have long used the Lunar New Year festive period - when hundreds of millions travel home and spend time with family - as a marketing battleground to acquire new users.

The most notable case was in 2015, when Tencent leveraged its WeChat messaging app to distribute digital red envelopes, helping its WeChat Pay service gain ground against Alipay, which then dominated China's mobile payments market.

The public holiday period this year begins on February 15 and is nine days long, longer than in most previous years.

Competition in China's AI sector has accelerated since DeepSeek's R1 model launch in January last year rattled global AI markets, spurring both faster adoption and fiercer rivalry among domestic players.

Tencent's campaign focuses on its Yuanbao chatbot app and starts on Sunday. Users must upgrade the app to the latest version to claim digital red envelopes that can be withdrawn to their WeChat wallets. Users can also share links with cash rewards for others to claim.

Alibaba did not specify whether rewards would be distributed as cash red envelopes or discount coupons redeemable on its platforms including e-commerce site Taobao.

Several other Chinese AI firms have also been releasing upgrades in the run-up to the holiday. DeepSeek is expected to launch its next-generation AI model V4, featuring strong coding capabilities, in mid-February, The Information has reported.

($1 = 6.9519 yuan)

Reporting by Liam Mo and Brenda Goh; Editing by Stephen Coates

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

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SummaryNuvation Bio earns a modest Buy at ~$5, supported by the steady adoption of IBTROZI, its lead asset, by patients and prescribers alike during the last 7 months.IBTROZI's patient starts stabilized at 3.3/day in late 2025, with revenue projections reaching ~$1B by 2030 based upon conservative assumptions.NUVB holds ~$620M in cash, sufficient to reach profitability, minimizing near-term dilution risk as rollout continues.The pipeline, led by safusidenib in Phase III, adds tangible value beyond IBTROZI and further supports a modest bullish case for its stock at $5.spawns/E+ via Getty Images

Introduction Nuvation Bio (NUVB) is an early commercial-stage biotech company, led by prominent research scientist Dr. David Hung. Its lead asset, IBTROZI, a targeted therapy for ROS1-positive non-small cell lung cancer (NSCLC), was approved by the FDA on June 11, 2025.

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

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

Chewy is a pure play in the pet industry, while Walmart covers a lot more ground.

Chewy (CHWY 3.57%) and Walmart (WMT +1.47%) both specialize in retail, but Chewy is more niche since it exclusively focuses on the pet industry. While Walmart also offers many pet products, it's more known for being a retail location that can fulfill all of your shopping needs. Groceries, clothing, and consumer goods are some of the many products that line Walmart's aisles.

Grandview Research projects a 5.1% compound average growth rate (CAGR) for the pet care market from now until 2030. But while Chewy is a pure play in the industry, Walmart looks like the better stock.

Image source: Getty Images.

Chewy relies too much on the pet industry There's nothing wrong with Chewy gaining market share in the pet industry. However, it becomes a concern when you compare Chewy with Walmart. The pet industry has low profit margins, which limit future growth opportunities.

For instance, Petco and Chewy have delivered net profit margins in the low single digits for several years. Freshpet has mid-single-digit net profit margins. Chewy is addressing the issue by diversifying into pet health, which has an average net profit margin of 20%. Chewy currently has more than 20 veterinary practice locations.

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While Chewy specializes in pet food and health services, Walmart has more opportunities to grow. It's the largest grocery chain in the U.S., and since many people go to Walmart for their food, they have many opportunities to fill their shopping carts with other items.

People don't shop at Chewy as often, and Walmart can fulfill many pet owners' needs just as effectively. Walmart also has low margins as a retailer, but its online advertising segment can change that narrative. Walmart's global advertising sales increased by 53% year over year in the third quarter of fiscal year 2026, which ended Oct. 31, 2025. As that segment gains momentum, Walmart has an opportunity to boost profits even if its sales growth stays in the low single digits.

Walmart also has a better valuation Walmart and Chewy are both growing, but neither has substantial growth plans that warrant excessive valuations. Walmart's 5.8% year-over-year revenue growth in Q3 FY26 and Chewy's 8.3% year-over-year revenue growth in its third quarter of fiscal 2025, ended Nov. 2, don't warrant irrational exuberance.

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While these companies have similar growth rates, Chewy trades at a much higher premium. The online-only pet retailer has a 67 P/E ratio compared to Walmart's 42 P/E ratio. Chewy's valuation gives it much less room for error.

Most Chewy shareholders haven't been willing to wait. The stock is down by almost 70% over the past five years as its pandemic boom has become a distant memory.

Chewy's inability to meaningfully expand margins also created more pressure on the stock's valuation. Its net profit margin hover at around 2%, compared to a 5% to 6% net profit margin for Freshpet and a net profit margin barely below 1% for Petco. Walmart's net profit margins often range from 3% to 4%.

Investors who want pure exposure to the pet industry will benefit more from Chewy. However, Walmart has a much stronger competitive moat and serves more customers, which positions its stock for higher long-term gains.

February 02, 2026 01:00 ET  | Source: Molecular Partners

Specific tumor accumulation and attractive biodistribution highly supportive of MP0712 clinical development for treatment of DLL3-expressing cancers
Dosimetry data highlight Radio-DARPins as vector for precise delivery of potent alpha-emitting isotopes to tumors
MP0712 Phase 1/2a study open in U.S. with initial clinical data expected in 2026
Molecular Partners to host conference call February 2 at 8AM ET (2PM CET), joined by renowned nuclear medicine expert Prof. Ken Herrmann, M.D. ZURICH-SCHLIEREN, Switzerland and CONCORD, Mass., Feb. 02, 2026 (GLOBE NEWSWIRE) -- Ad hoc announcement pursuant to Art. 53 LR Molecular Partners AG (SIX: MOLN; NASDAQ: MOLN), a clinical-stage biotech company developing a novel class of custom-built protein drugs known as DARPin therapeutics (“Molecular Partners” or the “Company”), today announced the presentation of first patient imaging and dosimetry data of MP0712, its DLL3-targeted Radio-DARPin candidate co-developed with strategic partner Orano Med, at the 8th Theranostics World Congress (TWC), taking place in Cape Town, South Africa on January 29-February 1.

The data, presented in two posters and an oral presentation, are highly supportive of the clinical development plans of MP0712 carrying the therapeutic isotope 212Pb for patients with small cell lung cancer (SCLC) and other DLL3-expressing neuroendocrine cancers. The data from five evaluable patients were generated with MP0712 carrying the diagnostic isotope 203Pb under the leadership of Dr. Mike Sathekge as part of a Named Patient Access Program under the legal framework for compassionate care in South Africa (also referred to as Section 21 of the Medicines and Related Substances Act).

"I am highly encouraged by the data generated in my group suggesting a favorable distribution profile of MP0712, a DLL3-targeted radiopharmaceutical for patients with SCLC and NEC cancers,“ said Dr. Mike Sathekge, Professor and Head of Nuclear Medicine at the University of Pretoria and Steve Biko Academic Hospital, and President and CEO of the Nuclear Medicine Research Infrastructure (NuMeRI). During the imaging step with 203Pb, we observed in our patients a promising tumor uptake, paired with a clean profile in healthy organs indicating a therapeutic potential for MP0712. I look forward to seeing this confirmed in the upcoming Phase 1 study.”

The images show specific uptake as well as robust accumulation of MP0712 in tumor lesions, with limited uptake in healthy tissues, as intended. MP0712 is half-life engineered to promote tumor uptake over time via the DLL3 internalization and replenishment mechanism. Biodistribution of MP0712 in patients with various DLL3-expressing cancers, including small cell lung, urothelial, and other neuroendocrine cancers, provides a strong rationale for broad clinical development of MP0712 in SCLC and neuroendocrine cancers. The dosimetry extrapolations support the Phase 1/2a study design of MP0712 with 212Pb as therapeutic radioactive payload.

“The clinical data presented at TWC 2026 validate our assumptions and support the ongoing U.S. Phase 1/2a study, enabling us to initiate dosing of MP0712 within a potentially therapeutic range,” said Patrick Amstutz, Ph.D., CEO of Molecular Partners. “These encouraging results reinforce our ambition to become a leader in alpha‑targeted therapies for patients with small cell lung cancer and other neuroendocrine malignancies. We thank the NuMeRi team for the strong collaboration and look forward to continuing our work together across our emerging pipeline. The biodistribution and dosimetry data demonstrate exactly what we aim to achieve with Radio‑DARPins — strong tumor accumulation with rapid clearance from healthy tissues. We look forward to sharing initial Phase 1 safety and activity data in 2026 as we advance our Radio-DARPin platform to deliver potent alpha‑emitting radioisotopes to solid tumors across multiple indications.”

The Phase 1/2a study of MP0712 (ClinicalTrials.gov: NCT07278479) is a multi-center study in the U.S., with the objectives to assess safety and determine a recommended phase 2 dose for MP0712 carrying the potent therapeutic isotope 212Pb. The study, which contains an imaging and dosimetry step with 203Pb-labeled MP0712, is ongoing with initial clinical data expected in 2026.

Details of the presentations at TWC 2026

Two Poster Presentations:

Abstract 207: First-in-human evaluation of DLL3-Targeting 203Pb/212Pb DARPin MP0712 SPECT/CT in high-grade neuroendocrine malignancies: safety, biodistribution, and optimal imaging windowsAbstract 260: First-in-human dosimetry of the DLL3-targeting 203Pb/212Pb theranostic DARPin MP0712 in patients with small cell lung cancer and high-grade neuroendocrine tumours Time & Presenters: Friday January 30, 2026, 17:30-18:30 SAST, by the NuMeRI team of Dr. Mike Sathekge.

Oral Presentation:
Title: From DARPins to Radio-DARPin Therapeutics - Progressing the first Radio-DARPin Therapeutic MP0712 (212Pb x DLL3) for SCLC into the clinic

Time: Saturday January 31, 2026; 10:30-12:00 SAST;
Session: “Antibody Drug Conjugates and Diversification of the Mechanisms of Action”
Presented by Molecular Partners

Webcast to be held on Monday February 2 at 8:00 ET (14:00 CET):
In addition to the presentations at TWC, Molecular Partners will host a webcast to discuss the new clinical data. Prof. Ken Herrmann, Chairman of the Scientific Advisory Board at Molecular Partners, will comment on the clinical data in the webcast.

Details as follows:
For Participants who want to listen and view slides: Please register here.

For Participants who may want to ask a question following the presentation: Please register here. These participants will be provided with additional dial-in instructions to join the live conference call and will have the ability to “raise their hand" and ask a verbal question during the Q&A.

About Radio-DARPins

Molecular Partners’ Radio-DARPins are designed as ideal vectors for precise delivery of potent alpha-emitting isotopes to tumor lesions and have the potential to unlock a broad range of tumor targets for targeted radiopharmaceuticals. Building on the DARPins’ unique properties, Molecular Partners has developed a proprietary Radio-DARPin platform to address historic limitations of radioligand therapy, such as kidney accumulation and toxicity, and suboptimal tumor uptake. Molecular Partners’ Radio-DARPins addresses these limitations through half-life extension technologies and surface engineering approaches, while preserving the advantages of the small protein format.

About DARPin Therapeutics
DARPin (Designed Ankyrin Repeat Protein) therapeutics are a novel class of protein drugs based on natural binding proteins, which have been clinically validated across several therapeutic areas and developed through to the registrational stage. The key properties of DARPins – intrinsic high affinity and specificity, small size, flexible architecture, and high stability – offer unmatched advantages to drug design, such as multispecificity, broad target range, and tunable half-life. The Company’s Radio-DARPins enable highly effective and specific delivery of potent radioactive payloads to tumor lesions while sparing healthy tissues. Molecular Partners’ Switch-DARPins allow conditional, tumor-localized immune activation, which enables increased safety and potency for next-generation immune cell engagers. Powered by twenty years of DARPin leadership in the clinic, Molecular Partners has built an innovative, rapid and cost-effective DARPin drug design engine, including proprietary DARPin libraries and platforms, for candidates produced with optimized properties and tailored to therapeutic needs.

About Molecular Partners AG 
Molecular Partners AG (SIX: MOLN, NASDAQ: MOLN) is a clinical-stage biotech company pioneering a novel class of protein drugs known as DARPin therapeutics, for medical challenges other treatment modalities cannot readily address. Molecular Partners leverages the key properties of DARPins to design and develop differentiated therapeutics for cancer patients, including targeted radiopharmaceuticals and next-generation immune cell engagers. The Company has proprietary programs in various stages of pre-clinical and clinical development, as well as programs developed through partnerships with leading pharmaceutical companies and academic centers. Molecular Partners, founded in 2004, has offices in both Zurich, Switzerland and Concord, MA, USA. For more information, visit www.molecularpartners.com and find us on LinkedIn and Twitter / X @MolecularPrtnrs

For further details, please contact:
Seth Lewis, SVP Investor Relations & Strategy
Concord, Massachusetts, U.S.
[email protected]
Tel: +1 781 420 2361

Laura Jeanbart, PhD, Head of Portfolio Management & Communications
Zurich-Schlieren, Switzerland
[email protected]
Tel: +41 44 575 19 35

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements. Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, as amended, including without limitation: implied and express statements regarding the clinical development of Molecular Partners’ current or future product candidates; expectations regarding timing for reporting data from ongoing clinical trials or the initiation of future clinical trials; the potential therapeutic and clinical benefits of Molecular Partners’ product candidates and its RDT and Switch-DARPin platforms; the selection and development of future programs; Molecular Partners’ collaboration with Orano Med including the benefits and results that may be achieved through the collaboration; and Molecular Partners’ expected business and financial outlook, including anticipated expenses and cash utilization for 2026 and its expectation of its current cash runway. These statements may be identified by words such as “aim”, "anticipate", “expect”, “guidance”, “intend”, “outlook”, “plan”, “potential”, “will” and similar expressions, and are based on Molecular Partners’ current beliefs and expectations. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. Some of the key factors that could cause actual results to differ from Molecular Partners’ expectations include, but are not limited to, those set forth in under the heading “Risk Factors” in Molecular Partners’ Annual Report on Form 20-F for the year ended December 31, 2024 and other filings Molecular Partners makes with the SEC from time to time. These documents are available on the Investors page of Molecular Partners’ website at www.molecularpartners.com.

Any forward-looking statements speak only as of the date of this press release and are based on information available to Molecular Partners as of the date of this release, and Molecular Partners assumes no obligation to, and does not intend to, update any forward-looking statements, whether as a result of new information, future events or otherwise.​

The logo of Sanofi is seen a the French drugmaker's vaccine unit Sanofi Pasteur plant in Marcy-l'Etoile, near Lyon, France, September 30, 2023. REUTERS/Gonzalo Fuentes/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesExperimental drug venglustat helps improve neurological symptoms for Gaucher disease patientsDrug fails on key goal in Fabry disease trialSanofi plans to discuss data, next steps with regulatory authoritiesLONDON, Feb 2 (Reuters) - French drugmaker Sanofi (SASY.PA), opens new tab said on Monday that its experimental genetic disorder treatment showed promise in a late-stage study of patients with a type of Gaucher disease, but failed to meet the main goal in a separate trial.

The oral drug, venglustat, was being tested in patients with Fabry disease and type 3 Gaucher disease. Both inherited conditions are caused by enzyme deficiencies that lead to the accumulation of toxic substances in the body.

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Previous failures in trials of patients with Parkinson's disease and a type of acute kidney disease have prompted Sanofi to prioritize testing the drug in rare genetic disorders, where its mechanism of blocking the buildup of harmful fatty molecules has yielded promising early-stage results.

Analysts have not projected future sales for venglustat as market expectations for its success remain low.

Sanofi is banking on its late-stage pipeline and recent acquisitions to help drive sales growth in the next decade, after the top-selling eczema and asthma drug Dupixent it shares with Regeneron (REGN.O), opens new tab loses exclusivity.

Sanofi's bet could pay off if venglustat is eventually approved, making it the first such drug to target neurological symptoms and giving patients an oral dosing option.

"A daily pill could make a serious difference for Gaucher patients facing neurological challenges," said Sanofi research chief Houman Ashrafian.

But the drug's path to regulatory approval looks murky, especially for Fabry disease. Ashrafian said data from the Fabry disease study was still being analysed, while the company said it would work with global regulators to determine next steps.

STUDY DETAILSThe drug showed superior improvements in neurological symptoms such as speech and limb coordination for type 3 Gaucher disease patients, compared to those who received enzyme replacement therapy. It also demonstrated statistically significant improvements on three of four secondary goals of that study.

In patients with Fabry disease, venglustat helped reduce neuropathic and abdominal pain, but not enough to declare statistical success. Sanofi suggested that may be due to a large placebo effect. The company said it helped reduce levels of plasma lyso-GL-3 in patients, which is an indicator of accumulated harmful fat molecules.

Sanofi already sells Fabrazyme, an enzyme‑replacement therapy for Fabry disease, and markets Cerezyme and the oral drug Cerdelga for Gaucher disease.

Reporting by Bhanvi Satija Editing by Bill Berkrot

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

Bhanvi is a London-based reporter covering European pharmaceutical companies and the healthcare industry. She previously covered U.S. health and pharma firms, with a focus on the new weight loss drugs that are transforming the obesity treatment space. Her coverage includes a trend piece on the underuse of their weight-loss drugs among men, increased interest in therapies being developed for preservation of lean mass, and a scoop on gene therapy maker Sarepta defying an FDA order to stop shipping its muscular dystrophy treatment.

SummaryCompaniesBarry Callebaut changed CEO in JanuaryNew CEO Schumacher seen as right leader for growth phaseBoard opposed proposal to separate cocoa unit-sourceBarry Callebaut is world's top chocolate makerZURICH/LONDON, Feb 2 (Reuters) - Barry Callebaut (BARN.S), opens new tab and its former CEO Peter Feld parted ways last month after a previously unreported clash at the top of the world's largest chocolate maker over a proposal to separate its cocoa business, two sources told Reuters.

Members of Barry Callebaut's board, including its chairman Patrick De Maeseneire, opposed the plan, the sources said. Cocoa accounted for 31% of Barry Callebaut's total sales revenue and 15.5% of its operating profit in 2024/25.

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Reuters reported in December that Barry Callebaut was in the early stages of looking into separating the lower-margin cocoa unit and possibly selling a minority stake at a later stage.

Feld and De Maeseneire did not respond to Reuters emails and calls seeking comment on the split within Barry Callebaut's leadership or the CEO's sudden exit from the Zurich-based firm.

Barry Callebaut, which supplies chocolate for Magnum (MICCT.AS), opens new tab ice cream and Nestle (NESN.S), opens new tab KitKat bars, named ex-Unilever (ULVR.L), opens new tab boss Hein Schumacher on January 21 to replace Feld, who joined the Swiss company as chief executive in 2023.

"One reason for the departure was diverging views regarding the company's future strategy," a person with knowledge of the matter told Reuters, asking not to be named because they were not authorised to speak publicly.

"The CEO was open to considering a separation of the cocoa unit and a potential transaction, but for parts of the Board - led by the chairman - this was a non-starter," they added.

Barry Callebaut declined to comment on any disagreement between the former CEO and its board. It said the Swiss company has a "fully integrated cocoa and chocolate business model".

'A NEW PHASE OF GROWTH'One of the sources said that Barry Callebaut's board, which had initially been more supportive of a split, backed off from the idea, leading to a clash with Feld over strategy at the company, whose ingredients are used in about one in four chocolate and cocoa products consumed globally.

Both sides agreed that a change was needed, the source said, adding that there were also other areas of disagreement, including on the level of investment in digitalization.

Reuters earlier reported that the proposal for separating the cocoa business was aimed at reducing Barry Callebaut's exposure to volatile prices for the chocolate ingredient.

The chocolate maker is under pressure because of high cocoa pricesCocoa demand has collapsed after a 2024 price surge, falling to 21-year lows in the fourth quarter of last year in Europe as chocolate makers shrink product sizes and reformulate recipes.

Barry Callebaut processes almost 1 million metric tons of cocoa a year, a fifth of global volume, and so is more exposed to price fluctuations than consumer-facing chocolate firms, who outsource some production to companies such as the Swiss group.

Separating the cocoa processing arm could allow Barry Callebaut to protect itself from commodity price swings, focus resources on its higher-margin chocolate business and optimise its financing, sources previously told Reuters.

The second source, who is close to the company, also said that there had been disagreement within the higher ranks of Barry Callebaut over the idea of separating the cocoa business.

In an internal memo to employees seen by Reuters, Barry Callebaut said that with its transition programme nearly complete and the company moving to "a new phase of growth", now was the right time for a CEO transition.

Schumacher was "the right leader at this stage to chart Barry Callebaut's next phase... based on our fully integrated cocoa and chocolate business model", the memo read.

Artisan Partners, which has a stake of some 10% in Barry Callebaut, welcomed Schumacher's appointment and indicated it should keep the cocoa unit which gives it "vertical integration".

"I think it's just a competitive advantage," David Samra, a managing director at Artisan Partners, told Reuters.

Reporting by Oliver Hirt, May Angel and Amy-Jo Crowley. Additional reporting by Paolo Laudani, Danny Callaghan, Alexander Marrow and Andres Gonzales Estebaran. Writing by Anousha Sakoui; Editing by Adam Jourdan and Alexander Smith

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

An award nominated Reuters reporter with experience working on high profile, agenda setting stories in a fast paced, real time news environment. Committed to producing fair and accurate stories that give all parties an opportunity to have their say. Currently responsible for covering high impact events in soft commodities and agricultural commodities more broadly, analysing industry trends and uncovering developments that drive the market. In this role, I have produced market moving investigative stories covering topics like commodity trade flows, corporate strategy, farmer poverty, sustainability, climate change and government policy.

A logo is pictured on Swiss private bank Julius Baer building in Geneva, Switzerland, November 21, 2024. REUTERS/Denis Balibouse Purchase Licensing Rights, opens new tab

ZURICH, Feb 2 (Reuters) - Swiss bank Julius Baer(BAER.S), opens new tab on Monday reported a net profit of 764 million Swiss francs ($988 million) for 2025, down 25% from 2024, but slightly above a consensus expectation of 679 million francs.

Assets under management grew by 5% to 521 billion francs, the bank said, with net new money of 14.4 billion francs matching a Zuercher Kantonalbank forecast.

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These inflows and rising global equity market valuations more than offset the impact of the stronger Swiss franc, Julius Baer said.

The bank did not announce any further writedowns after CEO Stefan Bollinger had to announce a series of negative surprises in 2025, his first year in office.

"All in all, 2025 was a successful transition year," Bollinger said.

($1 = 0.7730 Swiss francs)

Reporting by Ariane Luthi, Editing by Friederike Heine

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

TappAlpha Innovation 100 Growth & Daily Income ETF offers a high estimated annualized yield of 17.7% with monthly payouts and Nasdaq-100 exposure. TDAQ employs a 0DTE covered call strategy on the Nasdaq-100 Index, balancing income generation with limited upside growth potential. The ETF has maintained consistent, tax-efficient distributions, with 100% classified as return of capital, appealing to income-focused investors.

Solana-based DEX aggregator Jupiter announced that it is integrating Polymarket, bringing the decentralized prediction markets platform to Solana.

In a Sunday post on X, Jupiter said that it has launched a built-in "Prediction" feature in its app, allowing users to trade Polymarket contracts without leaving the Jupiter app.

"Integrating Polymarket is primed for making Jupiter the most innovative predictions platform on Solana," the exchange said in the announcement. The move positions Jupiter as a hub for prediction markets on Solana, combining its existing trading infrastructure with Polymarket's widely used event-based markets.

Polymarket has emerged as one of the most active prediction platforms, offering markets spanning politics, macroeconomic events, sports, and culture. The platform has seen explosive growth over the past year as interest in event-driven trading surged, particularly around major political and sporting events. 

According to The Block's data dashboard, combined trading volumes across Polymarket and rival Kalshi reached tens of billions of dollars last year and are on pace to set fresh records this year. In January 2026, Polymarket recorded $7.66 billion in volume, up from $5.31 billion the previous month, while Kalshi's volume rose to $9.16 billion from $6.58 billion in December.

The Jupiter integration comes as prediction markets expand beyond niche crypto users and into more mainstream trading experiences. In late January, Coinbase rolled out Kalshi-powered prediction markets to users in all 50 U.S. states, making a major step for federally regulated event contracts in the U.S. market.

Also last month, Polymarket signed an exclusive, multi-year sports licensing agreement with Major League Soccer, the largest professional soccer league in the U.S.

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

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

In brief Bitcoin’s weekend drop triggered more than $5 billion in liquidations since Thursday, driving futures open interest to its lowest level in nine months. Derivatives and options markets have turned defensive, with traders paying elevated premiums for downside protection and reducing leveraged exposure. Analysts remain split on the outlook, with some viewing the move as a healthy deleveraging phase, while others warn that macro conditions could pressure prices toward lower support levels. A sharp selloff has pushed Bitcoin into one of its largest CME futures gaps on record and driven momentum indicators to levels previously seen only during major drawdowns.

The leading crypto has slipped more than 10% from a weekend high of $84,177 to $75,947, according to CoinGecko data. 

The scale of the weekend rout is most visible in the CME futures gap. Because the world’s largest derivatives marketplace, CME, closes on Friday and reopens Monday, the price disconnect created a more than 8% gap—the fourth-largest since Bitcoin futures launched in 2017. 

The broader risk-off environment is being driven, in part, by a confluence of macroeconomic and geopolitical factors, experts told Decrypt. 

Key catalysts include the partial U.S. government shutdown, trade-war headlines, rising long-dated Japanese government bond yields, and geopolitical tensions, including the ongoing war in Iran and brewing friction in the South China Sea.

Occurring during a period of thin weekend liquidity, the slump triggered $2.56 billion in liquidations on Sunday, marking the largest single-event wipeout in over three months.

Since Thursday, total liquidations have exceeded $5.42 billion, per CoinGlass data. The deleveraging has effectively hollowed out the market’s speculative foundation, with aggregated open interest plummeting to $24.17 billion, a nine-month low, according to CryptoQuant data.

“The CME gap formed from this move is one of the largest since the March 2020 COVID selloff,” Jeff Ko, Chief Analyst at CoinEx Research, told Decrypt.

A CME gap forms when Bitcoin’s spot price moves while CME futures are closed, leaving a price gap when trading reopens that traders often expect to be revisited.

Ko noted that while most CME gaps tend to be filled within days to a week, the timing of a mean reversion move in February will "depend heavily on macro variables such as bond yields and broader risk sentiment."

The gap—sitting roughly between $77,000 and $84,000—will likely act as a magnet for traders once volatility compresses, Andri Fauzan Adziima, research lead at Bitrue, told Decrypt. 

“It probably won’t close this week with the current pressure, but a bounce could push it toward $84,000 in the next few weeks if we get oversold relief,” Adziima explained.

Further signaling extreme technical exhaustion, the Weekly Relative Strength Index (RSI) plummeted to 32.22. However, the breakdown below the 100-week moving average and the emergence of a "death cross" suggest a more bearish structural shift, the Bitrue analyst said.

Under pressureThe selloff has also pushed Bitcoin below a critical psychological floor: the average cost basis for U.S. spot Bitcoin ETFs, according to a tweet from Alex Thorn, Head of Research at Galaxy.

Bitcoin is trading below that threshold after the second and third-largest outflow weeks ever recorded. The decline has also brought Bitcoin dangerously close to Strategy’s average purchase price of roughly $76,000, according to Bitcoin Treasuries data. 

“While volatility is likely to persist through Q1 amid ongoing macro uncertainty, this environment may also present opportunities to accumulate Bitcoin at a discounted price,” Ko said, describing the current phase as a "healthy deleveraging" rather than a structural bear market.

In the options market, the outlook remains defensive. Bitcoin’s 7-day and 30-day 25 delta skew dropped below -12% and -8%, respectively, over the weekend, signaling that investors are paying a significant premium for downside protection (puts). 

“Traders have switched to defense mode. Futures positions are shrinking, and options show heavy buying of puts,” Adziima added. 

While the Bitrue analyst forecasted a $70,000 to $60,000 target, the CoinEx analyst remains conservative, citing a $68,000 to $70,000 range as a key support zone.

However, Lai Yuen, investment analyst at Fisher8 Capital, told Decrypt that the largest discretionary buyers, such as corporate treasuries, may be "tapped out" for now. 

“Speculative capital from retail participants has shifted into space stocks, AI, and memory stocks,” Yuen said. “There needs to be a reason for capital to rotate back into crypto assets.”

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Team and investor tokens now set to unlock in August 2026 as the IP-focused blockchain moves to slow new supply, tighten token economics and buy time to build network usage amid weak market sentiment. Feb 2, 2026, 4:43 a.m.

Layer 1 blockchain Story Protocol has delayed the scheduled unfreezing of its $IP token by six months, opting to keep a larger share of supply locked for longer as debate intensifies over how crypto projects manage token releases.

In a statement, Story said the decision is part of a broader set of long-term measures aimed at strengthening alignment with its community and reinforcing the network’s economic foundations, describing the delay as a way to introduce new liquidity more gradually alongside lower emissions and wider participation.

STORY CONTINUES BELOW

“When we launched Story, our mission was to build foundational infrastructure for programmable intellectual property,” Story said in a statement. “While that mission remains unchanged, our understanding of where the strongest traction is forming, and what long-term success requires has continued to evolve.”

The $IP token is trading around $1.45 to $1.50 right now. That's down about 32% over the past 30 days, worse than the CoinDesk 20 Index's 22% drop, highlighting the tough market conditions Story mentioned.

Under the revised schedule, the first major release of previously locked team, investor, and early contributor tokens will shift from February 2026 to August 2026.

Story says the change doesn't touch the total 1 billion token supply, individual allocations or legal ownership, and only alters the timing at which locked tokens may enter circulation. The foundation added that an automated smart-contract mechanism has been introduced to enforce the updated lockup terms, while emphasizing that it does not gain custody of wallets or the ability to move tokens.

Token unlocks are closely watched events in crypto markets because sudden increases in circulating supply can weigh on prices, and recent research has suggested that large releases often lead to delayed selling pressure rather than immediate rebounds.

Analysts frequently point to so-called low-float, high-fully-diluted-valuation launches, where a small portion of tokens trade freely while most remain locked, as a source of volatility and investor distrust when vesting periods expire.

On-chain metrics compiled by DeFiLlama show Story has had nearly non-existent activity so far, with less than $100 in daily on-chain revenue, underscoring how much of the token’s $500 million valuation remains tied to future expectations rather than present cash flow.

Late last year, Story's co-founder Jason Zhao announced he was stepping back from day-to-day operations to join a new AI venture.

Traders are zeroing in on a cluster of bids near $87,500 and repeated sell pressure under $90,000, a setup that looks like a tug of war into month end. Feb 2, 2026, 5:01 a.m.

Bitcoin’s BTC$75,906.11 price action looked strangely lethargic early last month even as traditional assets such as precious metals and equities pushed to fresh highs.

The world’s largest cryptocurrency repeatedly failed to clear the $90,000 level — a stall that, in hindsight, foreshadowed the recent sharp sell-off to $75,000.

STORY CONTINUES BELOW

At the time, traders blamed everything from a flight to safer assets and fading crypto demand to churns in spot ETF flows and month-end positioning. But some analysts say the real story was visible well before prices broke down — sitting in plain sight in exchange order books.

According to Keith Alan, co-founder of trading analytics firm Material Indicators, order-book data showed persistent sell-side pressure below $90,000 that consistently smothered upside momentum, even when broader market conditions appeared supportive.

In posts on X, Alan said Material Indicators’ FireCharts tool showed repeated waves of visible sell liquidity appearing just above spot prices, effectively pinning bitcoin near the lower end of its range.

FireCharts shows $BTC price is being suppressed by one entity using a liquidity herding strategy to push price lower, potentially to get their own bids filled, or possible to keep price pinned in the lower end of this range before Friday's options expiry.

A significant amount of… pic.twitter.com/c63miAxBkh

— Material Indicators (@MI_Algos) January 29, 2026 He described the behavior as a form of “liquidity herding,” where large orders shape market behavior by nudging price toward levels that benefit the dominant participant.

Think of it like a crowded auction where one very large player controls the room. By placing sizeable sell orders where everyone can see them, buying appears risky. As buyers hesitate, price drifts sideways or lower, allowing that player to quietly accumulate at more favorable levels.

This tactic doesn’t rely on news or fundamentals. It uses the order book itself to influence behavior — and it often shows up around options expiry, when keeping price within a specific range can reduce losses or improve payouts for large traders.

At the same time, order-book data showed a dense cluster of bids building between roughly $85,000 and $87,500. That zone repeatedly absorbed sell pressure and acted as a near-term floor during bitcoin’s consolidation phase.

“If that support held, it was seen as a potential base for another attempt higher,” Alan said at the time. “But once it breaks, things can unwind quickly.”

That warning proved prescient. When bitcoin finally slipped below the lower end of that bid cluster, selling accelerated rapidly as thin liquidity amplified each move. The breakdown marked a decisive failure of the range that had contained prices for weeks.

Bitcoin tested lows near $74,000–$76,000 over the weekend, highlighting a fragile battle between dip buyers and forced sellers in a thin market.

BTC in "bearadise"Meanwhile, Alan had previously warned that a monthly close below roughly $87,500 — the opening level for 2026 — would represent a clear technical failure. He referred to such a scenario as a move into “Bearadise,” shorthand for a phase where downside momentum feeds on itself as confidence erodes.

Large players influencing short-term price action through liquidity placement is not new in crypto markets.

Whales and high-frequency traders have long used visible order-book depth to shape expectations, often trapping smaller traders on the wrong side of the move.

In hindsight, however, the same order-book dynamics that kept bitcoin pinned below $90,000 also left it vulnerable once support gave way.

2 mins mins

Key Points:

Binance announces Zama listing for trading pairs on February 2.Zama price saw fluctuations from $0.1585 to $0.042.$11 million raised in Zama’s Pre-TGE Prime Sale on Binance. Binance announced the listing of Zama for spot trading with pairs ZAMA/USDT, ZAMA/USDC, and ZAMA/TRY, commencing February 2, 2026, at 21:00 (UTC+8).

This new listing on a major exchange could increase Zama’s market presence, driven by its focus on privacy through confidential smart contracts in cryptocurrency trading.

Binance’s $11 Million Pre-TGE Prime Sale Boosts Zama Binance’s official announcement confirmed that Zama would be available for spot trading beginning on February 2, 2026, offering trading pairs with USDT, USDC, and TRY. Preceding this announcement, Binance handled a Pre-TGE Prime Sale via its Web3 Wallet, raising $11 million.

Zama’s market activity showed notable fluctuations in premarket trading, with prices ranging from $0.1585 to approximately $0.042. This volatility underscores the market’s anticipation of the listing and its potential impact on Zama’s market dynamics.

BingX offers exclusive rewards and top-tier security for new and high-volume crypto traders.

Market anticipation continued to build as Binance, one of the world’s leading cryptocurrency exchanges, facilitated the Pre-TGE Prime Sale. Unverified Binance Square posts highlighted a positive sentiment but lacked official backing. No major statements were issued by key figures from Binance or Zama.

Zama Faces 72% Price Drop Ahead of Binance Listing Did you know? Binance’s listing of Zama marks a significant milestone for the privacy-focused blockchain protocol, as it leverages Fully Homomorphic Encryption to enable confidential smart contracts, distinguishing itself from traditional blockchain protocols.

According to CoinMarketCap, Zama currently trades at $0.04 with a market cap of slightly over $97 million. It commands nearly no market dominance and has seen a significant 72.17% price drop over the past 60 days, with 2.2 billion Zama in circulation.

Zama(ZAMA), daily chart, screenshot on CoinMarketCap at 05:08 UTC on February 2, 2026. Source: CoinMarketCap Coincu’s research team suggests the listing may lead to enhanced liquidity and market presence for Zama. Historical price data shows variability typically observed in new token listings. Technological advancements driven by Fully Homomorphic Encryption may attract investors seeking privacy-focused blockchain solutions.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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'This is absolutely INSANE."

While the comment came from a social media post, the painful knee-jerk reaction is likely reverberating across the board for anyone even remotely interested in crypto, as bitcoin just plunged to near $77,000 on Saturday and has held there since.

STORY CONTINUES BELOW

The price of the largest digital asset didn’t just stumble; it plunged through the $80,000 floor, hitting levels not seen since the "tariff tantrums" of April 2025.

By Saturday afternoon, in thin weekend liquidity, at just above $77,000, bitcoin had seen a staggering $800 billion in market value vanish since its October peak above $126,000, and about $2.5 billion in leveraged long positions liquidated in 24 hours.

The wipeout has even pushed bitcoin out of the global top 10 assets, where it had been for a long time, now trailing institutional heavyweights like Elon Musk's Tesla and Saudi Aramco.

To say that this selloff has been painful would be putting it mildly, as social media is in full-blown panic mode, and wherever you look, there is blood on the street. And this is not just isolated to bitcoin; this week has been painful across all asset types, from tech stocks to precious metals.

Historic week of downturns (Max Crypto/X)

If you’re wondering why the "digital gold" narrative has suddenly gone silent, here is the breakdown of the three-headed monster currently driving the market into a state of "Extreme Fear."

1. Geopolitics rattles the 'safety' tradeThe immediate spark on Saturday was a literal explosion. Reports of a potential sharp military escalation between the U.S. and Iran sent risk appetite into a deep freeze. In a repeat of a familiar script, traders didn't treat bitcoin as a safe haven; they treated it as a liquidity source.

In times of war, investors typically engage in a "flight to safety," moving capital into the U.S. Dollar. Because bitcoin is a 24/7 market, it often acts as the "first responder" to global panic. On Saturday, it served as the world’s ATM, being sold off to cover losses and find safety amid a thin, low-liquidity weekend.

Not to mention that liquidity, since the Oct. 10 crash (which has many pointing fingers at Binance), has never recovered, making market dynamics even more fragile heading into this weekend.

2. Gold and silver face a 'hard money' resetBitcoin wasn’t the only victim this week. The broader "store of value" trade came under siege. Gold plunged 9% in a single trading session on Friday to just under $4,900, while Silver suffered a historic 26% crash to $85.30.

In a bizarre twist, the traditional "safe havens" of gold and silver are being sold off alongside crypto. Analysts suggest that the massive rally in the U.S. Dollar — ignited by the nomination of Kevin Warsh to lead the Fed—has made these dollar-priced metals too expensive for international buyers, leading to a massive "de-risking" across all hard assets.

In early Sunday trade, both gold and silver are bouncing from that difficult Friday, up 1% and 3%, respectively. Currently, gold is trading near $4,730 and silver around $81.

3. The 'liquidation trap'The geopolitical shock hit a market already "bruised" by Washington's shifting political landscape. As the price slipped, it triggered a massive mechanical breakdown in the markets.

According to data from Coinglass, over $850 million in bullish bets (long positions) were wiped out in a matter of hours on Saturday when prices started to crumble, eventually adding up to nearly $2.5 billion. These liquidations occur when traders borrow money to bet that the price will rise; once the price hits a certain "trap door," exchanges automatically sell their holdings to repay the debt. This creates a "domino effect" — forced selling leads to lower prices, which trigger even more liquidations. Across the board, nearly 200,000 traders had their accounts "blown out" on Saturday.

4. Michael Saylor's very bad dayTo make matters worse, bitcoin’s price plummeted briefly below Michael Saylor’s Strategy (MSTR) average entry point of approximately $76,037, putting his massive bitcoin stack "underwater." Panic set in that he might have to be forced to sell his stash, making the selloff even deadlier.

However, CoinDesk debunked that theory, explaining that Saylor won't be forced to sell his bitcoin stash, given none of his coins are pledged as collateral. What it does mean, though, is that it will hinder his ability to raise cheap capital to buy more bitcoin in the open market.

Although Saylor later came out signaling that he would "buy the dip, the damage was done. The market realized that if a large corporation, such as Strategy, can't raise more capital to buy bitcoin in the open market, the already fragile market will be left with no buyers, becoming vulnerable to forced liquidations and profit-taking.

Consequently, the sentiment has shifted from "moonshot" optimism to defensive hedging, as investors rush to buy price insurance in the options market against further slides toward $75,000.

5. Wall Street on edge: U.S. futures turn redThe contagion is already leaking into traditional finance.

While the New York Stock Exchange is closed for the weekend, U.S. Stock Futures, which opened for trade on Sunday evening (U.S. East Coast time), are lower across the board; the Nasdaq is down 1% and the S&P 500 is off 0.6%.

Get ready for a potential messy Monday!

6. Whales vs. the world: a tale of two investorsPerhaps the most telling part of this crash isn't the price; it’s the wallet data.

According to Glassnode data, small investors are running. "Small Fish" (holders with less than 10 BTC) have been persistently selling bitcoin for over a month. They are capitulating, spooked by a 35% drop from the $126,000 all-time high.

Meanwhile, "mega-whales" (those holding 1,000+ BTC) have been quietly adding to their stacks. This cohort is now back at levels not seen since late 2024, effectively absorbing the coins that panicked retail traders are dumping. Although their buys weren't significant enough to move the price upwards.

7. Bigger picture: The inevitable human greedNow let's zoom out and compare this weekend's selloff and current market dynamics with those that played out before.

To be clear, this cycle is not all doom and gloom. The likes of BlackRock and JPMorgan of the traditional finance have been going all in on crypto through exchange-traded funds and stablecoins. Regulatory frameworks are being created around the world to make crypto more accessible and usable for the masses, and many legitimate crypto companies are trading publicly and turning into part of many fund managers' "must-have" stock allocations. None of these were even remotely thinkable during previous cycles.

But the parallels between the last four months and the beginnings of the crypto winter in late 2021/early 2022 are perhaps growing, and while the names and methods may have changed, human behavior and the boom-bust nature of markets haven’t.

The likes of Three Arrows Capital, Do Kwon and TerraUSD, BlockFi, and Sam Bankman-Fried might have been replaced by the Trump family’s alleged naked profiteering, Michael Saylor's massive buying and promises of an 11% risk-free rate in a world of 3% risk-free rates, and well-followed crypto Twitter personalities who teamed up with investment bankers to make a quick buck in digital asset treasury companies.

Just as in 2021, these new dynamics have probably created a speculative bubble that has likely collapsed in 2026. The only question now is how long and how deep the downturn will be.

While no one has fond memories of the 2022 crypto winter — with the price of bitcoin falling 80% — the timeline was relatively brief, roughly one year from the blowoff top to the bottom. From there, bitcoin quickly doubled in price, rose through 2023, and ultimately hit a new record in early 2024.

In theory, if there were another 80% decline from the October 2025 high of $126,000, bitcoin would be around $25,000. It's a scary number to even think about, but it might be necessary to wipe out the worst of this past bull-market grift and clear the decks for another sustained run higher.

The denouement of the 2022 bear market came not far after the collapse of FTX and the arrest of its CEO, Sam Bankman-Fried. Whether bracelets will be necessary for any of this cycle’s bull market personalities remains to be seen.

"It’s only when the tide goes out that you discover who’s been swimming naked," said Warren Buffett. The tide may not be fully out yet, but it surely feels like it's headed that way.

Read more: How instant gratification is sucking the air out of the bitcoin market

Bitcoin price started a major decline below $80,000. BTC is down over 10% and might soon test the $70,000 support zone.

Bitcoin failed to remain above $82,500 and started another decline. The price is trading below $80,000 and the 100 hourly simple moving average. There is a bearish trend line forming with resistance at $79,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might dip further if it trades below the $75,000 and $74,000 levels. Bitcoin Price Dips Again Bitcoin price failed to remain stable above the $85,000 zone. BTC started a major decline below the $83,200 and $82,500 levels. The bears were able to push the price below $80,000.

It spared major bearish moves, pushing the price below $78,000. A low was formed at $75,665, and the price is still signaling more downsides. There is also a bearish trend line forming with resistance at $79,200 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading below $78,500 and the 100 hourly simple moving average. If the price remains stable above $75,000, it could attempt a fresh increase. Immediate resistance is near the $78,500 level. The first key resistance is near the $79,200 level or the 23.6% Fib retracement level of the downward move from the $90,440 swing high to the $75,665 low.

Source: BTCUSD on TradingView.com A close above the $79,200 resistance might send the price further higher. In the stated case, the price could rise and test the $82,000 resistance. Any more gains might send the price toward the $83,000 level or the 50% Fib retracement level of the downward move from the $90,440 swing high to the $75,665 low. The next barrier for the bulls could be $84,000 and $84,500.

More Losses In BTC? If Bitcoin fails to rise above the $79,200 resistance zone, it could start another decline. Immediate support is near the $76,200 level. The first major support is near the $75,500 level.

The next support is now near the $75,000 zone. Any more losses might send the price toward the $72,000 support in the near term. The main support sits at $70,000, below which BTC might struggle to recover in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

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

Major Support Levels – $75,500, followed by $75,000.

Major Resistance Levels – $79,200 and $82,000.