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Crypto Market Volatility Triggers $2.5 Billion in Bitcoin Liquidations
Bitcoin investors liquidated $2.56 billion in recent days, according to data provider CoinGlass, as cryptocurrencies slumped following a sell-off in other risk assets, including equities and precious metals.
The wipeouts in both short and long bitcoin positions are far below the record $19 billion in crypto liquidations the market experienced after U.S. President Donald Trump announced new tariffs on China. Even so, analysts say the fresh cascade of wipeouts demonstrates how sensitive the crypto market has become to risk-off sentiment.
While bitcoin is notoriously volatile, cryptocurrencies have been weighed down by fresh concerns about the AI trade and a sell-off in precious metals sparked by Trump's announcement that he was picking Kevin Warsh as his Fed chair nominee.
Bitcoin ETF Buyers Sit on Losses as Crypto Conviction Fades
Fresh data from Sean Rose at digital-asset data firm Glassnode shows that buyers who entered the market via US spot-Bitcoin exchange-traded funds paid an average of about $84,100 per coin. With Bitcoin now trading near $78,500, the group is sitting on average paper losses of roughly 8% to 9%.
It’s not the first time the ETF cohort has slipped into the red. Back in November, when Bitcoin briefly breached $89,600, then the average entry level, analysts flagged a critical test of conviction for the newly minted mainstream investor base. The average cost basis has since declined as early 2024 inflows remain profitable, but later allocations are now underwater.
The largest cryptocurrency has shed more than 35% from its 2025 peak, falling below $77,000 over the weekend in thin trading. Analysts point to a confluence of factors: vanishing inflows, shrinking liquidity, and a broader loss of macro appeal. Bitcoin has failed to respond to typical drivers like dollar weakness or geopolitical risk, and its decoupling from other assets has left it increasingly direction-less.
Strategy's Bitcoin Holdings Dipped Below Average Purchase Price
Strategy’s Bitcoin bet showed losses on paper for the first time in years, as the digital asset tumbled below the Bitcoin-buying firm’s average purchase price on Sunday.
With Bitcoin recently changing hands at $77,911, Strategy’s $56 billion position had turned positive again on Monday. The company has amassed its stash for an average cost of around $76,000 per Bitcoin since 2020, according to a press release.
Strategy’s shares sank 6.7% on Monday at just under $140. Over the past six months, the company’s stock price has plummeted 60%, outpacing Bitcoin’s 30% decline.
GameStop Considers Moving Away From Bitcoin Amid Plans for Future Acquisitions, CEO Says
GameStop’s love affair with Bitcoin may be coming to an end.
On Friday, CEO Ryan Cohen said the company is pivoting the meme-stock pioneer toward a “transformative” acquisition, suggesting the company’s roughly $500 million Bitcoin treasury may no longer be a permanent fixture on the balance sheet.
In a CNBC interview, Cohen declined to say whether GameStop plans to cash out its Bitcoin. Still, when asked how the company would fund future deals, Cohen described GameStop’s acquisition ambitions as “way more compelling than Bitcoin.”
BitMine Acquires $96 Million Worth of Ethereum, Facing $6 Billion in Unrealized Losses
Publicly traded Ethereum treasury firm BitMine Immersion Technologies acquired another 41,788 ETH, valued around $96 million, over the last week as its unrealized losses continue to mount as the price of the crypto asset craters.
The firm now holds 4,285,125 ETH—more than 3.5% of the circulating supply of Ethereum—which is valued at $9.9 billion. However, it has racked up more than $6 billion in unrealized losses based on data from its most recent 10-Q filing with the SEC as ETH tumbles to a recent price of $2,381.
Based on data from November 30, the firm had acquired its first 3.7 million ETH for approximately $14.95 billion and an average cost of around $4,001 per ETH. That same amount of ETH is now worth just $8.8 billion.
JPMorgan Report Shows That Majority of Family Offices Avoid Crypto
The vast majority of global family offices do not hold cryptocurrency in their portfolios, according to JPMorgan Private Bank’s 2026 Global Family Office Report.
Despite the pervasive sense of geopolitical risks, highlighted in the bank’s wealth report, the appetite for traditional and emerging hedges remains limited: 72% of global family offices have no gold exposure, and 89% have no exposure to cryptocurrencies, the report stated.
In light of the latest bloodbath that enveloped crypto markets this past weekend, it’s perhaps not surprising that family offices choose to rely on other approaches when it comes to hedge their portfolios.
Bitcoin & Ethereum Spot ETF Flow
The overall net inflow of the US Bitcoin spot ETF on Monday was $561.89 million. The total net asset value of Bitcoin spot ETFs is $100.38 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.44%.
The Bitcoin spot ETF with the highest net inflow on February 2 was Fidelity Wise Origin Bitcoin Fund (FBTC), with a net inflow of $153.35 million, according to SoSoValue.
Source: SoSoValue
The overall net outflow of the US Ethereum spot ETF on Monday was $2.86 million. The total net asset value of Ethereum spot ETFs is $113.69 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 4.88%.
The Ethereum spot ETF with the highest netoutflow on February 2 was iShares Ethereum Trust ETF (ETHA), with a net outflow of $82.11 million, according to SoSoValue.
Source: SoSoValue
