According to Odaily Planet Daily, the US ISM Manufacturing PMI broke through 50 in January, ending its contraction trend throughout 2025 and reaching its highest level since 2022. Andre Dragosch, Head of European Research at Bitwise, stated that the surge in PMI data aligns with the reflation trading logic, and such macroeconomic environments have historically been associated with Bitcoin bull markets. Michaël van de Poppe stated that the PMI returning above 50 signifies the end of a long-term bear market, and expects the cryptocurrency market to experience its final bull run in the next 1 to 3 years. Titan of Crypto, however, noted that while Bitcoin rose after the PMI climbed above 50 in 2013, 2016, and 2020, the current PMI shows a bearish divergence from Bitcoin prices, suggesting the outcome may be different this time.

According to Onchain Lens monitoring, as reported by Odaily Planet Daily, Machi Dage's long positions in ETH (25x leverage) and HYPE (10x leverage) have been partially liquidated again, with cumulative losses exceeding $26.23 million.

According to Huoxun Finance on February 3, Trend Research has deposited another 35,000 ETH (worth $80.85 million) into Binance. In total, Trend Research has deposited 138,588 ETH (worth $319.35 million) into Binance for sale and loan repayment.

Huoxun Finance News, February 3rd - According to Cryptopolitan, the Moscow Exchange plans to launch new cryptocurrency indices and corresponding futures contracts based on the prices of Solana, Ripple, and Tron in 2026. Maria Silkina, head of the exchange's derivatives department, stated that these new contracts will adopt the design of the existing Bitcoin and Ethereum index futures, using a monthly expiration and cash settlement method. In addition, the exchange is also considering launching perpetual futures for Bitcoin and Ethereum, designed to expire daily and automatically roll over. Under current Russian regulations, these cryptocurrency derivatives are currently only available to accredited investors.

According to Windemute analysis, Bitcoin fell below $80,000, triggering $2.55 billion in leveraged position liquidations over the weekend. This decline was driven by multiple macroeconomic factors: earnings from the Big 7 tech stocks (Mag7) putting pressure on the AI narrative, Kevin Warsh's nomination as Federal Reserve Chairman raising policy uncertainty, and a sharp liquidation of speculative positions in the precious metals market. The report points out that the market's reaction to these negative factors was delayed, ultimately culminating in a concentrated release during the typically low-liquidity weekend period. Given the previously high leverage levels, this resulted in the tenth largest liquidation event in cryptocurrency history. In this correction, crypto assets underperformed most traditional assets. The report argues that the market has entered a bear market, but unlike previous bear markets triggered by structural collapses in industries (such as FTX and Luna), this decline is primarily driven by the macroeconomic environment and narrative rotation, leading to an organic deleveraging process. Due to the absence of forced bankruptcies or cascading effects, this cycle may end faster than past bear markets. Current infrastructure is more robust, stablecoin adoption continues to grow, and institutional interest has not disappeared but is currently on a wait-and-see basis. Once macroeconomic uncertainties subside and the Fed's policy path becomes clearer, market attention could quickly return in the second half of 2026. Current market positioning has lightened after liquidation, but confidence remains weak, and prices have re-entered an exploratory phase after two months of sideways trading. While it's too early to talk about a trend reversal, given the crypto ecosystem's lack of structural disruption, any meaningful upward trend could be clearer than rallies in previous bear markets.