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The cryptocurrency market is currently experiencing significant volatility following a sharp weekend "bloodbath" that saw Bitcoin drop more than 10% to lows around $74,000–$77,000, its lowest point since early 2025. While prices have slightly steadied as of February 2, 2026, total market capitalisation remains down by nearly $290 billion from recent peaks. Major altcoins like Ethereum and XRP have followed this downward trend, with Ethereum trading near $2,240–$2,317.
Market Performance & Institutional Activity
Digital asset investment products had their second week of heavy outflows, losing $1.7 billion. Year-to-date net flows are negative, with a $1 billion global outflow.Major trading platforms such as Coinbase, Gemini, and Bullish are facing plummeting trading volumes. Their share prices have dropped 40% to 55% over the past three months as retail investors disengage.Some large entities are "buying the dip". Michael Saylor’s Strategy Inc. acquired an additional 855 BTC for $75 million. Justin Sun reportedly purchased $100 million worth of Bitcoin as prices fell.BitMine Immersion Technologies announced its ETH holdings have reached 4.285 million tokens (worth roughly $10.7 billion), making it the world's largest corporate Ethereum treasury.
Regulatory & Global Developments
The SEC and CFTC have launched "Project Crypto" to unite US regulation. Bipartisan market structure legislation, including the Clarity Act, is expected to move forward in early 2026 to provide a traditional finance rulebook for digital assets.The Financial Conduct Authority (FCA) announced its authorization gateway for crypto firms will open in September 2026, with the full regulatory regime going live in October 2027.Hong Kong is scheduled to begin granting stablecoin issuer licenses in March 2026.The Budget 2026 maintains a 30% tax on crypto income while introducing new penalties for missed transaction reports.
Key Outlook for 2026
Analysts from Bernstein suggest the current market weakness is a "late-stage correction" rather than a new crypto winter, expecting a reversal in the first half of 2026. Grayscale identifies asset tokenization and the integration of stablecoins into mainstream payments as the primary growth themes for the remainder of the year.
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