Gate Research: BTC Down About 40% from Its October Peak｜Tether’s Lofty Valuation Faces Investor Scrutiny

• Market Commentary: BTC fell below $73,000 as deleveraging continued, with liquidations rising to $2.56 billion and risk appetite contracting sharply. ETH pulled back to the key $2,000 support level, while a deeply negative premium indicator suggests growing caution among institutions and medium- to long-term buyers. Stablecoin market capitalization edged lower, Ethereum gas fees remained subdued, and on-chain activity stayed weak, leaving the market dominated by defensive positioning and passive adjustment.
• Key Data: On-chain indicators show a renewed convergence between profitable and unprofitable BTC supply, a pattern that has historically coincided with cyclical market bottoms and may point to BTC gravitating toward the $60,000 range. In contrast, select assets moved counter-trend, including Chinese meme tokens on BNB Chain, DePIN-related projects, and cross-chain infrastructure assets supported by Filecoin ecosystem adoption, highlighting the continued dominance of narrative- and event-driven short-term trading.
• This Week’s Focus: Institutional participation pathways are undergoing notable shifts. Ripple Prime integrated Hyperliquid, introducing a prime brokerage model to on-chain derivatives trading, while Bitnomial launched regulated XTZ futures, signaling the continued expansion of compliant derivatives offerings into specific crypto assets. At the same time, Tether has maintained fundamental resilience despite ongoing valuation scrutiny.
• Looking Ahead: Over the coming week, large-scale token unlocks for HYPE, BERA, and ENA are scheduled, with near-term supply releases potentially impacting prices and market sentiment. Close attention should be paid to the unlock pace and the market’s capacity to absorb the additional supply.

Discover more details today → Gate Research: BTC Down About 40% from Its October Peak｜Tether’s Lofty Valuation Faces Investor Scrutiny

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Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.

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5 Şubat 2026

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