February 10th Weekly Market Recap: “Gold Keeps Swinging”

BlockScholes delivers in-depth, data-driven research to help you navigate the crypto markets with confidence.

This is just the beginning of what we believe will be a fruitful partnership, and we look forward to continuing to provide our users with more value and innovative solutions.

30% discount on Block Scholes Research for Coincall users, use the code: COINCALL30

DeFi Analytics 6th February 2026

The weekly addition of the Crypto DeFi Analytics, covering chain fee generation, Beacon Chain Balance, Uniswap V3 and Liquidations.

Crypto Risk Appetite Report 5th February 2026

The weekly addition of our Market Sentiment Report.

Strategy faces $17.4B operating loss

The largest single-day drop since the collapse of FTX in November 2022 pushed BTC below $60K, with clear signs of panic in derivatives markets. Funding rates fell to their lowest since December 2024, while more than $2.6B in positions have been liquidated in the past 24 hours alone.

ATM implied volatility for BTC and ETH has surged to levels last seen in November 2022, with 7-day skew briefly trading at -30%. In response to the near 50% drawdown from ATH, Strategy's CEO Phong Le responded that $8,000 per BTC is "the point at which our bitcoin reserve equals our net debt". US equities also traded lower following weaker-than-expected labour market data.

Bitcoin hits $69k

BTC continues to slump lower, falling to $70,000 yesterday, in line with a selloff in US risk-on equities. While derivatives markets paint a bearish picture, the same level of pessimism that defined previous bear market crashes is yet to appear in options markets, though both BTC and ETH's term structures of volatility remain inverted, with skew tilted towards put options.

Mixed macro data for the US showed continued resilience in the services sector, while ADP jobs data came in below expectations. Treasury Secretary Scott Bessent was asked in his testimony ahead of the House committee whether the US Treasury Department or the FOMC had the "authority to bailout BTC”..

Bitcoin Reached its Lowest Level Since Trump’s Re-election

Crypto markets extended their rout, with BTC briefly sliding to a 15-month low near $72,000 and dragging total crypto market cap down by roughly $500B since end-January, as ETF flows flipped back to $272M of outflows and derivatives stayed defensively positioned with strong demand for downside protection and muted futures positioning.

Broader risk sentiment was also weak: US equities sold off, with the S&P 500 down 0.84% and the Nasdaq-100 down 1.55% amid fresh AI-automation concerns for software names, while gold and silver rebounded sharply, taking gold back above $5,000/oz. In Washington, President Trump signed a $1.2T spending bill to end the partial shutdown, but focus shifts to Homeland Security funding that expires on Feb 13, as Fed speakers signalled a still-divergent read on the “last mile” of inflation.

Gold Keeps Swinging

Crypto markets rebounded modestly after the weekend selloff, with BTC recovering from roughly 74k lows to as high as 79k and ETH holding around 2.3k, while options markets still show elevated, inverted volatility and a strong premium for put protection. Spot Bitcoin ETFs appeared to buy the dip with 561.8m of net inflows, while Ethereum ETFs saw a small 2.9m outflow and flows across XRP, SOL and DOGE products were mixed.

Broader risk sentiment improved as US equities rose and a strong ISM manufacturing print helped lift precious metals, with gold and silver snapping back sharply. Elsewhere, Bostic reiterated a more patient stance with no cuts in his 2026 projection, the January payrolls release was delayed by the partial shutdown, and crypto headlines included ING Deutschland expanding crypto-linked access, Hyperliquid’s outcome-trading proposal, and fresh treasury accumulation from BitMine and Strategy.