Last week, funds have flowed into #Bitcoin, #Ethereum, and #Hyperliquid.

February 2nd – Per Glassnode analyst Chris Beamish, Bitcoin has fallen below the average cost basis of U.S. spot ETF holders (roughly $84,000), leaving ETF investors with unrealized net losses. Beamish noted this marks the first real stress test for U.S. spot Bitcoin ETF holders. As U.S. stock markets open, investors will choose between adding to positions or panic selling—with tonight shaping up to be that critical stress test.

February 2nd Per HyperInsight (https://t.me/HyperInsight) monitoring: - BTC’s morning price drop triggered liquidations of several large on-chain positions, while some whales bottom-fished or went long. - 9 whales with >$1M holdings shorted BTC at high leverage, with liquidation prices ranging from $77k to $80k. All now face unrealized losses. - Address 0xbb8... closed its position via stop-loss before publication. - 5 other whale positions are near their liquidation lines (prices ~$78k): 0xb56, 0x7a8, 0xb86, 0x801, 0x93a. - Closest to liquidation: 0x7a8 was partially liquidated at press time; its next liquidation price is $77,800, with current position size ~$960k. - Largest position: 0xb56 holds ~$4M, liquidation price $78k, now facing a -140% unrealized loss.

February 2nd — Per HTX market data, Ethereum briefly topped $2,300 and is now trading at $2,293.42, with its 24-hour decline narrowing to 0.94%.

February 2 — Digital asset investment products posted a record $1.7 billion in outflows last week, pushing year-to-date net flows into negative territory at $1 billion, according to CoinShares’ latest weekly report. Total assets under management (AuM) have dropped by $73 billion since the October 2025 price peak. Outflows were heavily concentrated in the U.S. ($1.65 billion), with notable withdrawals also in Canada and Sweden. Bitcoin led the outflows at $1.32 billion, while mainstream tokens including Ethereum, XRP and Solana also saw investor exits. Analysts cite three key factors driving the shift in market sentiment: a more hawkish Federal Reserve chair appointment, four-year cycle “whale selling,” and escalating geopolitical turmoil. Notably, short Bitcoin products and Hype investment products bucked the trend, bringing in $14.5 million and $15.5 million in inflows respectively — the latter boosted by a frenzy of online sales for tokenized precious metals.

According to an official announcement on February 2, Binance will delist and cease trading for the following spot trading pairs on February 3 at 4:00 PM: ARKM/FDUSD, ASTR/BTC, AWE/BTC, BANANA/BNB, DYDX/BTC, EUL/FDUSD, IMX/BTC, JTO/FDUSD, KSM/BTC, LINEA/FDUSD, LINK/BNB, NEAR/ETH, NFP/BTC, PIVX/BTC, PNUT/EUR, QTUM/ETH, SCRT/BTC, SNX/BTC, STG/BTC, SYS/BTC, and UTK/USDC.

Feb. 2 — Per The Kobeissi Letter, Ethereum-focused treasury firm BitMine’s unrealized losses have hit $6.6 billion. If these paper losses materialize, they would rank as the fifth-largest proprietary trading loss in global financial market history. In 2021, Archegos Capital Management posted losses of roughly $10 billion — equal to about 66% of its total assets — making it the largest ever in the space.