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$10 Trillion Vanishes as “Safe Havens” Crack

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Gold and Silver Price Performance

Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.

Grab a coffee because markets just sent a signal that doesn’t come with a clean headline. Gold, silver, and crypto are all moving the wrong way at once, leaving investors uneasy and searching for what quietly changed beneath the surface.

Crypto News of the Day: Bitcoin, Gold, and Silver Dump

More than $10 trillion in market value has been wiped out from gold and silver in just three days, marking one of the largest and fastest episodes of wealth destruction in the history of modern metals.

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The sudden collapse has rattled global markets, raising urgent questions about liquidity, monetary policy, and whether traditional “safe haven” assets are losing their defensive role.

Spot gold prices plunged below $4,500 per ounce, down nearly $1,000 in three trading days. Meanwhile, silver fell below $72, extending losses toward 40% from recent highs.

In market-cap terms, gold alone erased roughly $7.4 trillion, while silver shed another $2.7 trillion, a combined wipeout larger than the entire cryptocurrency market. As of this writing, gold was trading at $4,702, while silver was trading at $81.59.

Gold and Silver Price Performance
Gold and Silver Price Performance. Source: TradingView

What makes the move especially unsettling is the absence of a clear catalyst. There has been no major geopolitical shock, recession signal, or inflation surprise. Instead, markets appear to be repricing a future defined by aggressive Federal Reserve balance-sheet contraction.

“Markets are reacting to incoming Fed Chair Kevin Warsh’s message: ‘The Fed should shrink its balance sheet,’” Coin Bureau wrote, noting that Warsh has argued the Fed’s roughly $7 trillion balance sheet is “trillions larger than it needs to be.”

Less balance sheet, the argument goes, means less liquidity supporting stocks, crypto, and even metals.

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Panic Spreads as Crypto Joins the “Safe Haven” Breakdown

The impact has not been confined to precious metals. Crypto markets have lost more than $430 billion in market value in just four days.

This suggests fears that a liquidity-driven unwind is spreading across asset classes. Bitcoin and Ethereum have both suffered sharp drawdowns, while broader crypto sentiment has deteriorated quickly.

Bitcoin and Ethereum Price Performance
Bitcoin and Ethereum Price Performance. Source: TradingView

“Gold is down 20% from its peak, and it has erased $7.4 trillion in market value, which is 5 times the entire market cap of Bitcoin. Silver crashed nearly 40%, wiping out $2.7 trillion, which is equal to the entire crypto market cap. Safe-haven assets are moving like crypto meme coins,” stated analyst Bull Theory.

Investor psychology has also begun to fracture amid reports that more investors are shaken in this cycle than even during the 2022 crypto collapse.

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“Some bailed into gold because they still want to stay on the hard money train,” wrote Natalie Brunell, cautioning against confusing fear-driven price action with a broken long-term thesis for Bitcoin.

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At the same time, some strategists remain constructive on gold over a longer horizon, with Deutsche Bank reportedly maintaining its $6,000 gold forecast, even amid the slump.

This highlights the divide between short-term liquidation pressure and longer-term monetary hedging narratives.

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Others see historical parallels, with analyst Zev comparing the current gold rally-and-crack pattern to the 1980 peak. Based on this, the analyst warns that the biggest risk may not be a total collapse, but years of stagnation following a parabolic move.

“Safe haven ≠ buy at any price,” he cautioned.

Meanwhile, in a recent interview, Fundstrat’s Tom Lee argued that crypto’s recent underperformance relative to gold stems from a historic deleveraging event last October that damaged the crypto market structure.

While reaffirming Bitcoin’s “digital gold” thesis, Lee warned that the adoption path will remain volatile, with 2026 shaping up as a key stress test.

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Chart of the Day

Gold, Silver, and Bitcoin Market Cap
Gold, Silver, and Bitcoin Market Cap. Source: Top Assets by Market Capitalization

Byte-Sized Alpha

Here’s a summary of more US crypto news to follow today:

Crypto Equities Pre-Market Overview

Company Close As of January 30 Pre-Market Overview
Strategy (MSTR) $149.71 $139.47 (-6.84%)
Coinbase (COIN) $194.74 $187.89 (-3.52%)
Galaxy Digital Holdings (GLXY) $28.26 $27.03 (-4.35%)
MARA Holdings (MARA) $9.50 $9.04 (-4.84%)
Riot Platforms (RIOT) $15.47 $14.79 (-4.40%)
Core Scientific (CORZ) $17.99 $17.92 (-0.39%)
Crypto equities market open race: Google Finance

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Crypto World

30% Risk Despite Tom Lee’s Theory

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BitMine Holdings

BMNR stock price remains under pressure in early February as selling continues across crypto-linked equities. The stock is down nearly 25% over five days and more than 33% over one month, trading around $22.35.

While management defended recent crypto-led paper losses as part of a long-term strategy, market data suggests technical weakness is still driving investor behavior. And increasingly driving them away, despite a novel defense from BitMine Chairman, Tom Lee.

Ethereum Treasury Losses Spark ‘Feature, Not A Bug’ Defense

Concerns around BitMine’s balance sheet intensified after data showed heavy unrealized losses on its Ethereum treasury.

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As of February 3, BitMine had invested roughly $14.95 billion into ETH holdings. However, the current market value had fallen to around $8.53 billion, implying paper losses of more than $6.4 billion.

At the same time, Ethereum was trading near $2,200, well below BitMine’s average acquisition cost of roughly $3,800. This gap highlighted how deeply underwater the company’s treasury had become.

BitMine Holdings
BitMine Holdings: CryptoQuant

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

These figures triggered criticism from market observers, who argued that such large unrealized losses could limit future upside and pressure shareholder returns. Some warned that accumulated ETH could eventually act as a selling supply.

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In response, Chairman Tom Lee defended the strategy, stating that drawdowns are “a feature, not a bug.” He argued that crypto cycles naturally involve temporary losses and that BitMine is designed to accumulate through downturns to outperform over time.

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However, despite this explanation, BMNR stock failed to attract sustained buying interest after the comments.

OBV and CMF Show Buyers Stayed Away After the Breakdown

Market participation data suggests that investors began exiting even before the public debate intensified.

On-Balance Volume (OBV) tracks cumulative buying and selling pressure by adding volume on up days and subtracting it on down days. It reflects whether traders are accumulating or distributing.

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From early December through late-January, OBV was forming higher lows, signaling steady accumulation. But between January 28 and 29, OBV broke below its rising trend line. This showed that possibly retail and short-term traders had started distributing shares.

Retail Buyers Leaving
Retail Buyers Leaving: TradingView

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After OBV weakened, institutional-style capital followed.

Chaikin Money Flow (CMF) measures whether money is flowing into or out of an asset using price and volume. Readings above zero suggest accumulation, while negative values signal capital outflows.

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From January 30 onward, CMF fell sharply and remained below zero. This confirmed that large buyers were reducing exposure as the BMNR price approached key support. Both indicators aligned with the chart structure.

BMNR had been forming a head-and-shoulders pattern through December and January. When price failed near the neckline and then broke down on February 2 (gap-down formation), OBV and CMF confirmed the move.

Big Money Leaves BitMine
Big Money Leaves BitMine: TradingView

In sequence, retail volume weakened first, large capital exited next, and prices collapsed afterward. The “feature, not a bug” ETH treasury narrative did not reverse this flow-driven sell-off.

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Key BMNR Stock Price Levels Define the Next Move

After breaking the head-and-shoulders neckline and the rising trend line, the BMNR stock price resumed its broader downtrend, a projected dip of over 30%.

Several levels now define the outlook. On the downside, initial support sits near $19.26 if the BMNR stock price doesn’t reclaim $22.52 on the daily timeframe. Below $19.26, the next major level stands near $16.71, which aligns with the full technical projection of the bearish pattern.

If selling pressure accelerates, extended downside could reach toward $9.87, pushing the stock into single-digit territory. On the upside, recovery remains difficult.

The first resistance lies near $22.52. The BMNR stock price must reclaim this level to slow the decline. Above that, resistance appears near $25.07 and $28.66. These zones would need to be cleared to signal early stabilization.

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BMNR Price Analysis
BMNR Price Analysis: TradingView

A broader trend shift would require a move above $34.46, followed by confirmation near $42. For now, both OBV and CMF remain weak, showing that buyers have not returned in force. Until capital flows turn positive and key resistance is reclaimed, technical pressure is likely to dominate BMNR stock price behavior.

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Crypto World

TRM Labs Completes $70M Round At $1B, Becomes Crypto Unicorn

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TRM Labs Completes $70M Round At $1B, Becomes Crypto Unicorn

Blockchain intelligence platform TRM Labs completed a $70 million Series C funding round, valuing it at $1 billion, becoming the latest crypto company to reach unicorn status.

The investment round was led by seed investor Blockchain Capital, with participation from Goldman Sachs, Bessemer Venture Partners, Brevan Howard Digital, Thoma Bravo, Citi Ventures and Galaxy Ventures, according to a Wednesday news release.

TRM Labs seeks to equip public and private institutions with AI solutions that combat cybercrime. The company defends against illicit activities that increasingly rely on automation.

“At TRM, we’re building AI for problems that have real consequences for public safety, financial integrity, and national security,” wrote Esteban Castaño, co-founder and CEO of TRM Labs.

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“This funding allows our world-class team — and the people who will join us next — to innovate alongside institutions on the front lines of the most consequential threats, and expand the potential of AI to meaningfully improve how our critical systems are protected.”

The $70 million round shows that capital is flowing into blockchain analytics platforms seeking to stop the spread of AI-fueled scams and cyberattacks, including from large traditional institutions.

Related: Fake MetaMask 2FA security checks lure users into sharing recovery phrases

TRM Labs to expand global workforce, advance AI compliance and investigation tools

TRM is a San Francisco-headquartered company with hubs in Los Angeles, New York, Washington, London and Singapore.

It said the new capital will be used to expand its global workforce of AI researchers, data scientists, engineers and financial crime experts.

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The company will also advance its AI-powered investigations to disrupt illicit activity and advance its solutions that help institutions manage financial crime risks.

Related: CZ proposes fix to address poisoning after investor loses $50M

Crypto phishing scams see resurgence due to generative AI advancements

Crypto phishing scams have been a long-standing issue in the industry, which saw a resurgence following advancements in generative AI. They involve hackers sharing fraudulent links with victims to steal sensitive information, such as crypto wallet private keys.

In December, a Bitcoin (BTC) investor lost his entire retirement fund to an AI-fueled romance scam known as a “pig butchering.” In this case, the scammer used AI-generated images to emotionally manipulate the victim into sending over his Bitcoin.

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Monthly crypto phishing scam losses and victims, 2025 chart. Source: drop.scamsniffer.io

Still, the falling number of incidents suggests that investors are becoming better at safeguarding their assets from attackers.

Losses to phishing scams decreased 83% year-on-year, falling to $83.3 million in 2025, from $494 million in 2024, according to a report from Web3 security tool Scam Sniffer

Magazine: Meet the onchain crypto detectives fighting crime better than the cops