SnapShot 244

Hello SnapShotters,

Crypto markets endured a “Black Sunday” weekend capitulation before staging a mild recovery on Tuesday. BTC plunged to US$74,880 on February 2 before rebounding to approximately $78,000 by midday Tuesday.

The recovery was short-lived as BTC first fell to $70,000, followed by a sharper decline to briefly hit $60,000 on Thursday — a level last seen before U.S. President Donald Trump’s re-election in 2024. Although Trump signed a spending bill that ended a four-day partial government shutdown, it did little to lift the markets.

Total cryptocurrency market capitalization collapsed to about $2.25 trillion in the new leg down. The Fear & Greed index flashed the week’s deepest “extreme fear” level at 5.

At the time of writing, spot BTC ETFs recorded a net outflow of about $255 million, and ETH ETFs of around $68 million. SOL and XRP spot ETFs saw flat flows this week.

The trigger arrived last week when Trump nominated former Federal Reserve official Kevin Warsh as the next Fed chair, sparking fears of a more hawkish monetary policy stance. The announcement intensified risk-off sentiment across asset classes, with gold plummeting from a record $5,600 to $4,770 per ounce — a 15% decline — while silver crashed 31%, its steepest single-day drop since March 1980.

Key macro agendas loom large this week: the U.S. nonfarm payroll report on February 7 and subsequent inflation readings will either validate the nascent recovery or reignite volatility, while the ongoing uncertainty around the CLARITY Act's legislative timeline continues to weigh on regulatory-sensitive assets like XRP.

Here are the week's top stories as crypto tries to establish a base.

News Snaps

⚽ Crypto.com Launches OG Prediction App
Crypto.com rolled out OG, a standalone prediction market experience offering CFTC-regulated event contracts across sports, finance, politics, and culture. Powered and offered by Crypto.com | Derivatives North America, OG adds leaderboards, social features, and in what will be a first in prediction markets, plans to provide access to margin trading. The first one million eligible users to sign up will receive up to $500 in rewards. T&Cs Apply.

🥇 Gold and Silver Suffer Historic Wipeout, Bitcoin Joins Cascade
A sharp unwind in precious metals erased an estimated $7 trillion from gold and silver markets in just two days, with gold down over 8% and silver plunging about 36%. Bitcoin initially fell around 7% over the same period, but succumbed below $73,000 in a 15-month low.

💼 Ripple Launches Enterprise Treasury Platform
Ripple unveiled Ripple Treasury, a new platform that lets companies manage cash, stablecoins, and tokenized funds in one system. It uses RLUSD to cut cross-border settlement times and plugs crypto rails directly into existing corporate treasury workflows.

💰 Tether Posts $10 Billion Profit as Reserves Hit New Highs
Tether reported over $10 billion in net profit for 2025, driven by more than $50 billion in new USDT issuance and growing interest income from U.S. Treasuries. Excess reserves climbed to $6.3 billion, with total assets exceeding liabilities by a wide margin.

🏦 BBVA Backs Euro Stablecoin Consortium
Major Spanish bank BBVA joined a group of major European banks forming Qivalis, a joint venture to issue a euro-pegged stablecoin under the EU’s MiCA framework. The project targets faster payments and tokenized asset settlement, with a commercial launch planned for the second half of 2026.

What’s Ahead

🗓️ February 11: U.S. CPI Release
U.S. January consumer price index (CPI) is due on February 11, a key data point for markets recalibrating Fed rate expectations. The last print showed inflation running at 2.7% year over year.

Number of the Week

Source: CoinTelegraph

Chart of the Week

BTC Long-Term Holders Begin Adding on Price Weakness

BTC long-term holders (LTHs) increased their holdings in January for the first time in several months, lifting supply to 14.4 million BTC despite falling prices.

The pickup suggests that some investors with longer time horizons began accumulating on weakness, following an extended period of distribution through late 2025.

As of February 1, 2026

Sources: CheckOnChain.com, Crypto.com Research

Crypto Trivia

Which major milestone did bitcoin reach on February 9, 2011?

A) Its first halving
B) Price parity with the U.S. dollar
C) The launch of its first wrapped token

Find the correct answer at the end of this newsletter.

NFT Spotlight

The ancient deities of the Nile rise again to reclaim their power in ‘Legends of Luxor: Rise of the Gods’, a new drop featuring 250 unique PFP NFTs that portray them in a comic-fantasy style.

Created by the artist Sascha, the collection draws on his fascination with Egyptian mythology and mysticism, blending pyramids, hieroglyphs, and divine symbolism into modern digital legends.

Collectors can join weekly bonus draws for a chance to win one-of-a-kind NFTs.

Be a part of the mystical pantheon. Get all the details before the drop.

Product Updates

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New Token

Rainbow (RNBW)

Rainbow is an open source, self-custodial wallet for Ethereum and Ethereum-based cryptocurrencies and digital collectibles. It makes storing, sending, swapping, and bridging tokens simple and fun for both beginners and experienced users, and supports NFT management and decentralized app (dapp) connections across multiple networks. RNBW is the native token of Rainbow.

This is informational content only and should not be considered as an investment recommendation. Some Crypto.com products may not be available in some jurisdictions.

Byte Sized

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Security Tips

Crypto Investor Loses 4,556 ETH in Address Poisoning Scam

A crypto investor lost 4,556 ETH ($12.4 million) after falling victim to a sophisticated address poisoning attack. According to pseudonymous analyst Specter, the attacker first “dusted” the victim’s wallet with a small transaction, planting a lookalike address at the top of the transaction history. About 32 hours later, the victim copied this poisoned address instead of the legitimate one, unknowingly sending over $12 million in ETH to the attacker.

Address poisoning exploits a common habit: checking only the first and last characters of a wallet address. In this case, the fraudulent address closely resembled the legitimate OTC address, making it hard to spot at a glance.

How to Keep Funds Safe:

• Always verify the full wallet address, not just the first and last characters
• Avoid copying addresses from recent transaction history for large transfers
• Use address whitelisting or test transactions before sending significant amounts

Crypto Trivia Answer

B) Price parity with the U.S. dollar ✅

On February 9, 2011, bitcoin traded at $1 for the first time, as it made a transition from an experimental digital token to an asset the market began valuing in real monetary terms.

That's it for this week's SnapShot. Want more? Find out what’s trending in the crypto world.