Weekly Update: 6th of February
What happened between the 30th of January and the 6th of February?
- Bitcoin fell nearly 29% since last Friday; stress across precious metals and tech drove heavy ETF outflows and a broad risk-off move. Read more
- Strategy slipped below its BTC cost basis of $76,000 and BitMine is roughly $7 billion underwater, but near-term escalation looks limited thanks to reserves. Read more
- Regulators SEC and CFTC are working together on “Project Crypto” to harmonize oversight, aiming to deliver clearer guidance and a safer crypto market environment. Read more
- CME is exploring a proprietary “CME Coin” as tokenized cash or a settlement layer, aligned with broader tokenization plans for more efficient 24/7 market infrastructure. Read more
Crypto market sells off sharply amid macro and geopolitical pressure
Since Friday 30 January, the crypto market has taken a heavy hit, with Bitcoin falling nearly 29% in a few days and dipping toward the $60,000 level overnight. This move did not come out of nowhere: globally, sentiment has shifted into risk-off mode, with weakness in (AI-)tech and a pronounced stress spike in precious metals.
These broad “de-risking” episodes often trigger margin calls and forced selling, creating a feedback loop that amplifies volatility. Highly liquid, higher-risk assets such as Bitcoin are typically among the first to be sold. In crypto alone, more than $2 billion in positions were liquidated over the past 24 hours, driving significant price swings.
Spot crypto ETFs recorded sizeable outflows. Altcoins reacted more unevenly: some fell harder, while others moved more calmly because many projects had already undergone substantial corrections and had less “overhang” from leverage and profit-taking.
Several indicators currently point to a local bottom, showing levels comparable to previous extremes during the Covid crash and the FTX collapse. As a result, we are seeing a modest rebound this morning, but caution remains warranted as long as macroeconomic pressure continues to weigh on markets.
Our analysts were actively rebalancing portfolios overnight. We will continue to monitor the market closely over the coming days and will act where necessary.
Strategy and BitMine both move underwater
The drawdown highlighted an important psychological level: Bitcoin fell below Strategy’s average purchase price (around $76,000), bringing renewed attention to its paper losses. Pressure is even more visible at Tom Lee’s BitMine, where ETH weakness has pushed unrealized losses on its Ethereum treasury toward roughly $7 billion.
Still, we do not expect this to automatically escalate in the near term. The key distinction is funding and liquidity. Strategy has built reserves and structures to meet obligations over the coming years, making forced selling less likely. For BitMine, the critical variables to watch are financing terms, treasury policy and any potential new capital raises.
SEC and CFTC join forces around “Project Crypto”
Regulation continues to evolve. The SEC and CFTC are cooperating more closely under “Project Crypto,” aiming to improve harmonization in oversight and build preparatory frameworks for future legislation. For institutional participants, this is an important step: less fragmentation between regulators ultimately means greater predictability for product development, market access and compliance. It is also a positive indication that regulators are now taking the lead rather than reacting case by case. Over time, this kind of alignment is necessary to create a safer environment for users and investors.
CME explores “CME Coin” as the next step in tokenization
Wall Street infrastructure is moving forward as well. CME Group is exploring the launch of its own “CME Coin” as part of broader plans to integrate tokenization and tokenized collateral into market infrastructure. The strategic logic is clear: if major exchanges and clearing venues want to settle tokenized assets, they also need an efficient, reliable settlement layer that meets risk and compliance requirements and is available around the clock. A proprietary coin could serve as tokenized cash, collateral, or a settlement instrument within these workflows.
In other digital assets news
- Tether reported roughly $10 billion in profit for 2025, underscoring the profitability of stablecoin rails and interest income dynamics.
- Bhutan moved and sold bitcoin from sovereign wallets again this week, drawing attention as markets fall and liquidity tightens.
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