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Binance Joins Forces with $1.6 Trillion Asset Management Giant Franklin Templeton
Franklin Templeton, which manages approximately $1.6 trillion in assets, and Binance, the world's largest cryptocurrency exchange by daily trading volume, have launched a new program of great interest to institutional investors. The program allows large-scale investors to trade in cryptocurrency markets without transferring their assets to the exchange. Under the new structure, tokenized money market fund (MMF) shares issued through Franklin Templeton's Benji Technology Platform can be used as collateral on Binance. However, there's a critical detail: these assets are not directly sent to the exchange. Instead, they remain held in regulated custodians.The system works as follows: The institutional client uses the tokenized fund shares held in the custodian as collateral. Binance then "reflects" the value of this collateral in its own trading infrastructure. Thus, the investor can carry out buy and sell transactions; however, the underlying assets remain outside the exchange, within a regulated custodial structure.This model addresses concerns about increased counterparty risk, particularly following past exchange failures and custody crises. One of the biggest question marks for institutions was the risks that holding high-value assets on centralized platforms could create.The new structure aims to mitigate this risk. While assets remain under regulated custody, investors can still actively trade in crypto markets. Moreover, money market fund shares held as collateral continue to generate returns. Thus, capital efficiency increases compared to balances sitting idle on the exchange.Custody and settlement processes are handled by Ceffu, Binance's institutional custody partner. Tokenized fund shares are held there; only the collateral value is integrated into the trading environment on the Binance system.Traditional products are being brought to the blockchainThis step is seen as part of a trend among asset management companies and banks to adapt existing cash and liquidity tools to blockchain infrastructure by tokenizing them, rather than launching entirely "crypto-specific" new products. Franklin Templeton has recently made several updates to make its money market funds compatible with blockchain-based consensus systems. The company also modified two of its institutional funds to develop structures compliant with stablecoin reserve requirements in the US. The Benji platform is also expanding by opening up to different networks. Launched on BNB Chain in September 2025, the platform currently operates on Ethereum, Arbitrum, Solana, and Stellar networks. This expansion paves the way for the use of tokenized traditional finance products across multiple blockchain ecosystems. Franklin Templeton Head of Digital Assets Roger Bayston stated that the focus of the collaboration with Binance since 2025 has been to develop scalable solutions tailored to institutional needs. According to Bayston, the over-the-counter collateral model offers the possibility of secure trading in crypto markets with assets that continue to generate returns under regulated custody. A more constructive tone is also noticeable on the regulatory front in the US. SEC Commissioner Mark Uyeda recently stated that unnecessary obstacles should not be created at a time when tokenization is moving from theory to practice.
Goldman Sachs Has Taken Positions in Bitcoin, Ethereum, SOL, and XRP
Goldman Sachs revealed a remarkable position in crypto assets in its 13F filing for the fourth quarter of 2025. According to the filing submitted to the US Securities and Exchange Commission (SEC), the bank holds a total of over $2.36 billion in digital asset-linked ETF positions.What's in the Wall Street giant's portfolio?Looking at the portfolio breakdown, approximately $1.1 billion in Bitcoin ETFs, $1 billion in Ethereum ETFs, $153 million in XRP ETFs, and $108 million in Solana ETFs stand out. These items represent approximately 0.33% of the bank's reported investment portfolio. While seemingly small in proportion, in terms of nominal size, it makes Goldman Sachs one of the major US banks with the highest exposure to crypto-linked assets.The detail regarding XRP is particularly noteworthy. The bank's approximately $152–153 million XRP position is held not through direct token custody, but through exchange-traded funds (ETFs). The total net asset value of spot XRP ETFs traded in the US has exceeded $1 billion, and the products have only recorded net outflows for a few days so far. This indicates that institutional demand for XRP through regulated instruments remains stable.Goldman Sachs, managing approximately $3.2-3.6 trillion in assets, is a leading global player in mergers and acquisitions, capital markets, and asset management. Therefore, the bank's portfolio statements are often read as a leading indicator of broader institutional trends.Goldman's approach to Bitcoin has undergone a significant transformation over the years. Before 2020, bank executives and research teams described Bitcoin as a highly volatile, non-cash-flow generating speculative asset. It was frequently emphasized that crypto assets were not suitable for conservative portfolios and that regulatory risks outweighed other considerations.However, after 2020, increased institutional demand and market depth softened this rhetoric. The bank reactivated its crypto trading desk, expanded access to derivatives, and published research acknowledging Bitcoin's potential as a hedge against inflation. Despite this, it avoided positioning crypto as a primary asset class.During the crypto winter of 2022, attention was drawn again to infrastructure and counterparty risks. The recent strategy offers a more cautious participation model; instead of directly holding spot assets, it proceeds through ETFs, structured products, and tokenization projects.ETFs play a critical role here. For traditional financial institutions, ETFs offer a liquid and transparent access channel that is compliant with existing regulatory and risk management frameworks. Banks can thus be exposed to crypto price movements without directly undertaking custody, technical infrastructure, or operational risks.
Institutional Appetite Continues: Binance and Strategy Are Accumulating Bitcoin
Despite the ongoing volatility in the cryptocurrency market, institutional Bitcoin purchases continue unabated. In recent days, both Strategy and Binance, the world's largest cryptocurrency exchange, have increased their Bitcoin positions despite the weak market performance. These moves are interpreted as a message of long-term confidence while price pressure persists in the short term.According to an 8-K filing submitted to the US Securities and Exchange Commission (SEC), Strategy purchased 1,142 BTC between February 2nd and 8th for approximately $90 million. The average cost per Bitcoin was $78,815. This brings the company's total Bitcoin holdings to 714,644 BTC. This portfolio, worth approximately $49 billion at current prices, makes Strategy by far the world's largest institutional Bitcoin holder. Michael Saylor, co-founder and chairman of Strategy, notes that the average cost of the company's Bitcoin purchases to date has been $76,056. This portfolio, created with a total expenditure of approximately $54.4 billion, represents more than 3.4% of Bitcoin's total supply of 21 million. Although a nominal loss of approximately $5.2 billion has been incurred due to recent price drops, company management views this as a strategic risk. These purchases were financed by the sale of Strategy's Class A MSTR shares from the market. Last week alone, the company sold 616,715 MSTR shares, generating approximately $89.5 million in revenue. According to the current program, Strategy has approximately $7.97 billion worth of shares available to issue in the coming period. On the other hand, Strategy has clearly demonstrated the impact of the Bitcoin price pullback on its balance sheet. At the last earnings meeting, CEO Phong Le stated that if Bitcoin were to fall to the $8,000 level and remain there for 5-6 years, there could be serious problems in rolling over debt. It was emphasized that if this scenario occurs, the company may consider options such as an additional share issuance, new borrowing, or restructuring.Binance accelerates Bitcoin accumulation for SAFU fundSimilarly, Binance continues its Bitcoin purchases despite market pressure. The exchange purchased approximately $300 million worth of 4,225 BTC for its SAFU (Secure Asset Fund for Users) fund, which it created to protect user assets. According to data from the blockchain analytics platform Arkham, this move increased the fund's Bitcoin holdings to over $720 million.At the end of January, Binance announced a plan to gradually convert its total $1 billion user protection fund into Bitcoin. The company also commits to rebalancing if the fund's value falls below $800 million due to market volatility. While this strategy reflects long-term confidence in Bitcoin, it is noteworthy that the fund has become more vulnerable to short-term price volatility.
Crypto Funding Slows Down; Demand for XRP, SOL, and ETH Increases
According to CoinShares' weekly report, the sharp outflow from cryptocurrency investment products has slowed significantly. In the last week, a total net outflow of $187 million occurred from digital asset-based investment products. This figure represents a sharp slowdown compared to the approximately $1.7 billion in outflows seen consecutively in the previous two weeks. While the market is still under price pressure, this loss of momentum in fund movements is interpreted as approaching a potential breaking point in investor sentiment.What does the CoinShares report show this week?According to the report, CoinShares Research Director James Butterfill emphasizes that changes in the rate of flows, rather than absolute inflow/outflow figures, have historically provided more meaningful signals. According to Butterfill, the fact that outflows haven't completely stopped doesn't automatically mean a negative picture; what's important is the slowdown in the momentum of these outflows. In past cycles, similar slowdowns have coincided with periods when local lows were formed in the markets.On the cryptocurrency price side, the picture remains challenging. Although Bitcoin has lost approximately 9% of its value in the last week, its attempt to recover towards the $70,000 level is noteworthy. Despite this, total assets under management (AUM) fell to its lowest level since March 2025, reaching $129.8 billion. At that time, US tariff announcements caused a sharp market volatility.On the other hand, trading volumes are showing a strong increase. Weekly trading volume in cryptocurrency exchange-traded products (ETPs) reached an all-time high of $63.1 billion, surpassing the previous record set in October.Looking at the regional distribution, flows are not homogeneous. European markets stand out, with Germany leading the way with $87.1 million in inflows. Switzerland, Canada, and Brazil were also among the countries that recorded positive inflows. In contrast, outflows were noticeable in the US.What is the latest situation with Bitcoin and altcoins?When examined on an asset basis, Bitcoin showed the weakest performance of the week. With a total net outflow of $264 million, Bitcoin stood out alone on the negative side. However, some altcoins managed to attract investor interest again. XRP saw net inflows of $63.1 million, Solana $8.2 million, and Ethereum $5.3 million. XRP, in particular, has been the strongest performer since the beginning of the year, with total inflows of $109 million. Smaller-cap altcoins also saw noteworthy movements. Chainlink experienced quiet but steady demand with a weekly inflow of $1.5 million, while Litecoin flows remained almost balanced. While Sui saw very limited weekly outflows, the fact that total inflows since the beginning of the year remain positive is noteworthy. The $9.3 million inflow seen in multi-asset products suggests investors are shifting towards more balanced portfolios rather than focusing on a single asset. Conversely, the $11.6 million outflow from Bitcoin-indexed short positions (Short Bitcoin) is interpreted as a weakening of expectations for a sharp decline. In other words, investors are preferring to readjust their risk at current levels rather than aggressively seeking profits from a decline.
BTC Commentary and Price Analysis - February 9, 2026
BTC Technical Analysis Important Levels of BTC On the BTC side, the $69,000 – $70,000 range is clearly a critical support zone. The fact that this area has previously acted as a horizontal level and that the rebound after the recent decline has held above this zone helps preserve the short-term structure.As long as price remains above this band, an initial test of the $73,700 – $75,000 range is expected, followed by a continuation toward the $77,000 – $78,000 area. Especially the $77,000 – $78,000 zone is a likely area for profit-taking, as it represents both a previous breakout region and a strong supply zone.In the downside scenario, closes below $69,000 weaken the structure. In this case, $65,400 and then the main trend support at $60,000 come into focus, respectively.In summary:Above $69,000 – $70,000 → structure remains intactTargets: $73,700 → $77,000 – $78,000$77,000 – $78,000 → profit-taking zoneBelow $69,000 → risk toward $65,400 / $60,000These analyses do not provide investment advice and focus on support and resistance levels that are considered to offer short- and medium-term trading opportunities depending on market conditions. However, responsibility for execution and risk management lies entirely with the user. In addition, the use of stop loss is strongly recommended for all shared trades.
Sberbank Officially Launches Crypto-Backed Loans
Russia's largest bank, Sberbank, is preparing to officially launch loans to companies using cryptocurrency assets as collateral. In a statement to Reuters, the bank announced that it is developing this product and aims to serve cryptocurrency mining companies and other institutional clients holding digital assets.From pilot success to commercial productIn fact, the foundations for Sberbank's move were laid last year. In a pilot transaction conducted with mining company AO Intelion Data in December 2025, the bank provided loans with cryptocurrency collateral for the first time. Intelion Data provided its own digital currency as collateral, while Sberbank secured the collateral using its own blockchain infrastructure and Rutoken hardware solution. Anatoly Popov, Sberbank's deputy chairman of the board, stated that this pilot application tested digital collateral mechanisms and would shape future regulations.The bank emphasized its readiness to cooperate with the central bank in developing the regulatory framework. Sberbank's move parallels similar products being explored by global financial institutions such as JPMorgan and Wells Fargo. Second in the competition, but strongIn Russia, the first step in the field of crypto-backed loans was taken by rival Sovkombank. However, Sberbank's entry into this market is significant because, as the central institution of the country's financial system, Sberbank's decisions are trendsetting.Sberbank's crypto initiative is an extension of its years-long strategy to build digital asset infrastructure. The bank, which announced in 2020 that it would create a digital financial assets platform, received approval from the central bank as a DFA (Digital Financial Assets) issuer in March 2022.Today, this platform is showing tremendous growth. According to Sberbank's announcement on February 2, the total value of digital financial assets issued on the platform reached 408 billion rubles ($5.3 billion) in 2025. This figure is 5.6 times the 73 billion rubles ($948 million) in 2024 and 204 times the 2 billion rubles in 2023.In early February, Sberbank announced that only 231 billion rubles ($3 billion) of new DFAs would be issued in January 2026, an amount comparable to the previous year's six-month period. The volume of digital assets held on the platform increased sevenfold in six months, rising from 25 billion rubles to 185 billion rubles ($2.4 billion). Regulatory roadmapThe Central Bank of Russia currently defines cryptocurrencies as foreign trade assets, allowing for their purchase and sale while prohibiting their use in domestic payments. The regulator has set July 1, 2026, as the deadline for finalizing a more comprehensive legal framework for crypto assets.
Bitcoin Drop Causes Historic Losses for Strategy
On February 5, 2026, Strategy released its fourth-quarter 2025 earnings report, once again highlighting the high risk of its Bitcoin-focused treasury model. The company reported a net loss of $12.4 billion, largely due to the revaluation of its Bitcoin assets relative to market price. Loss per share was $42.93. While software activity slightly exceeded expectations, the overall tone of the report was overshadowed by a sharp market crash. Fourth-quarter software revenue reached $123 million, slightly exceeding market estimates, while subscription revenue increased 62% year-over-year to $51.8 million. However, the sharp sell-off in Bitcoin during "Black Thursday," which saw the price fall to $62,353, resulted in a significant paper loss on the company's digital assets. This decline also pushed Michael Saylor's massive Bitcoin portfolio, accumulated over the years, into a noticeable "loss" position for the first time. Strategy Remains the Largest Bitcoin Treasury CompanyAccording to data released by the company, as of February 1, 2026, Strategy continues to be the world's largest institutional Bitcoin holder with 713,502 BTC. The total cost of these assets is stated to be $54.3 billion, with an average purchase price of $76,052. In a scenario where Bitcoin trades around $64,400, the market value of the portfolio has fallen to approximately $45.9 billion. This represents an unrealized loss of approximately $8.4 billion. Despite this, the company demonstrated that it did not abandon its aggressive accumulation strategy even during periods of decline by purchasing 41,002 BTC alone in January 2026. The fact that Bitcoin inflows were directed to exchanges such as Binance during the same period indicated that selling pressure and panic perception in the market were strengthening.In response to balance sheet concerns, Strategy management points to a strong liquidity buffer. The company slowed down Bitcoin purchases towards the end of 2025, creating a cash reserve of $2.25 billion. CEO Phong Le emphasized that this reserve has the capacity to cover dividends paid on preferred shares and debt interest for over two and a half years, regardless of the Bitcoin price. Furthermore, the fact that a large portion of Bitcoin assets are not pledged as collateral for any loans significantly reduces the risk of forced sales.CFO Andrew Kang, evaluating the fourth-quarter results, stated that the loss was primarily due to market valuation and did not indicate an operational disruption. Michael Saylor urged investors not to panic, stating that the company's long-term approach to "digital lending" and Bitcoin accumulation is not shaped by short-term price fluctuations.The earnings call also addressed security risks stemming from quantum computing. Saylor characterized these concerns as an exaggerated wave of FUD, arguing that it will take at least ten years for quantum computers to reach a level that threatens Bitcoin. He added that Bitcoin's open-source nature allows for quantum-resistant updates to be implemented through global consensus when deemed necessary. In this context, Strategy plans to launch a new Bitcoin Security program aimed at bringing together developers and security experts. In summary, although Strategy has announced one of the hardest quarterly losses in its history, it argues that it can weather this volatile period thanks to its strong cash reserves, flexible debt structure, and long-term Bitcoin vision. While the company's shares remain highly sensitive to the Bitcoin price, the management team believes that this volatility is a natural part of the strategy.
Binance Added $233 Million Worth Of Bitcoin to Its SAFU Fund During The Market Downturn
As volatility continues in the cryptocurrency markets, Binance, the world's largest exchange, has made a noteworthy move. The company added $233 million worth of Bitcoin to its SAFU fund, created to protect its users, viewing the market downturn as a buying opportunity. This strategic step both strengthens the fund and reshapes the concept of reserves in the sector.Despite the recent decline in Bitcoin prices, Binance, a giant in the cryptocurrency sector, focused on expanding its user protection fund. The company purchased 3,600 Bitcoin, worth $233 million, under its SAFU (Secure Asset Fund for Users) fund. This move brought the fund's total to 6,230 BTC, or approximately $404 million. The purchase is the third largest transaction in the last few days, bringing the total amount close to $430 million.Binance's statement indicates that these investments are made to protect user assets during extreme market conditions. The fund's composition is also changing: SAFU, which previously held predominantly stablecoins, is now evolving into a Bitcoin-dominant structure.SAFU transitions from stablecoins to BitcoinAccording to the plan announced on January 30th, Binance is converting a portion of the fund from stablecoins to BTC. This aims to create a long-term reserve by taking advantage of price dips. Keeping SAFU separate from the exchange's balance sheet and reporting transparently aims to reaffirm user trust.The recent purchases indicate the company's "buy the dip" approach. Bitcoin's level around $65,000 (with an 8.43% drop in 24 hours) provided a suitable environment for this move.Meanwhile, Binance's own coin, BNB Coin (BNB), also took its share of the declines. The cryptocurrency experienced a drop of slightly over 10% in the last 24 hours and fell to $625 as of writing. Binance's Recent MovesBinance continues to expand its platform alongside its SAFU investments. In January 2026, it received a global license from ADGM (Abu Dhabi Global Market), providing full operational authority with three licensed units and making Abu Dhabi a digital asset hub. In early January, it launched USDT-based TradFi perpetual contracts, offering 24/7 access to traditional assets such as gold and silver.In early February, it topped the CoinMarketCap reserve rankings with $155.6 billion in assets. It also increased its investments in security, compliance, and education as part of its 2026 roadmap; the Binance Junior program provides digital finance education to young people. Despite market volatility (sharp sell-offs have been experienced in Bitcoin, Ether, and BNB since the beginning of 2026), Binance has grown its user base by 14%. As the Bitcoin weighting of SAFU increases, the fund's value becomes more dependent on market fluctuations. While the risk increases in the short term, it provides protection in line with industry trends in the long term. Binance's steps seem to reflect an approach that prioritizes user trust.
Bitcoin Returns to 2024 Levels: Drops to $71,000
Selling pressure in the Bitcoin market continued unabated in the middle of the week. As of Thursday morning, the leading cryptocurrency fell below $71,000, reaching its lowest levels since October 2024. The increasing risk aversion trend in global markets led to sharp declines in crypto assets as well as crypto-related stocks.Bitcoin in declineData from the last 24 hours shows that Bitcoin lost over 7% of its value, falling to $70,894. During the same period, Ethereum also fell by 7.8% to $2,091. This pullback across the market accelerated further as short-term recovery attempts failed. Vincent Liu, CIO of Kronos Research, states that the recent decline in Bitcoin deepened due to a combination of multiple factors. According to Liu, “The loss of critical support levels following a failed rebound led to the liquidation of long positions. Combined with the contagion effect from sharp sell-offs in US technology stocks and ongoing outflows from ETFs, this accelerated downward pressure on the crypto market.”The sell-off wasn't limited to cryptocurrencies alone. Companies traded on crypto-related exchanges also saw declines. Shares of the US-based cryptocurrency exchange Coinbase closed down 6.14% on Wednesday, while Bitmine, known for its Ethereum treasury, fell by over 9%. In traditional markets, the technology-heavy Nasdaq Composite dropped 1.51%, while the Dow Jones Industrial Average remained slightly positive. This picture shows investors moving away from risky assets and towards more cautious positions.What's behind the decline?Analysts point out that the current pullback is linked to broader macroeconomic dynamics rather than a singular shock specific to crypto. Presto Research Director Peter Chung says that crypto price movements have closely followed the "risk-off" sentiment in the general markets in recent days. According to Chung, falling to the lowest levels seen since the beginning of the year has brought investor psychology to its weakest point since the last bear market. This weakness is also reflected in sentiment indicators. The Crypto Fear & Greed Index being at 12 indicates that the "extreme fear" zone continues in the market. While most investors prefer to remain cautious in the short term, a significant decrease in trading volume is also noticeable. However, some analysts argue that the current pessimistic picture may overshadow long-term opportunities. Chung states that crypto assets are still not sufficiently adopted by a large part of the global investment world, which holds significant potential in the long term. According to him, short-term fluctuations can cause this broader perspective to be overlooked. Selling pressure became even more pronounced in the Asian session. Bitcoin fell as low as $69,101 on the Bitstamp exchange, while prices on other major platforms like Coinbase stabilized around $70,000. This discount seen on Bitstamp is believed to be due to more intense selling pressure on the platform. Some market observers suggest the decline is not yet over and Bitcoin could retreat to the $60,000 level. In this scenario, this region could potentially constitute a bottom. In the short term, investors will be watching to see if the psychologically critical $70,000 level can be maintained.
Binance Completed Its Second Bitcoin Purchase for SAFU Fund
Binance, one of the world's largest cryptocurrency exchanges, announced the completion of its second major Bitcoin (BTC) purchase for its SAFU (Secure Asset Fund for Users) fund, created to protect user funds. The company, which is gradually implementing its plan to convert its stablecoin assets, totaling $1 billion, into Bitcoin, stated that it will purchase additional BTC if the fund's value falls below $800 million. The SAFU fund was initially established in 2018 as an "insurance fund" against market volatility and security vulnerabilities. Its funding comes from small transaction fees deducted from transactions on the Binance platform. The company's latest move marks a significant change in the fund's structure: Binance now prefers to hold fund assets in Bitcoin rather than stablecoins. Recently, an additional 1,315 Bitcoins were added to the fund's wallet, bringing the total Bitcoin balance for SAFU to 2,630. While it was stated that these transfers did not have a direct impact on market prices, the transactions were carried out directly between the company's internal wallets, not via market orders. At the time of the transfer, the price of Bitcoin was hovering around $76,000.Binance plans to convert all $1 billion worth of stablecoins in its SAFU fund to Bitcoin by the end of the month. This is thought to both preserve the long-term value of the fund and reflect optimistic expectations regarding the value of Bitcoin. In the market, this move was interpreted as Binance once again emphasizing its confidence in the cryptocurrency ecosystem.Clear response to bankruptcy rumorsBinance is also dealing with bankruptcy claims that have flared up again in recent weeks. The company stated that it regularly publishes proof of reserves reports supporting user deposits and that these reserves more than cover user balances. It was also explained that the recent short-term withdrawal problems were due to technical reasons and that the issue has been resolved. Binance CEO Changpeng “CZ” Zhao dismissed claims circulating on social media that the exchange was "going bankrupt" as "FUD" (fear, uncertainty, doubt) and warned users against misinformation spread through fake images. On-chain data also shows no significant capital outflow from the exchange. According to CryptoQuant data, the exchange still holds 656,736 BTC in its wallets. Furthermore, the withdrawal of 6,156 BTC from Binance's cold wallets in the last week was reported as part of normal operational activities. Despite market fluctuations, Binance's reserves show no net decrease. Analysts note that increased investments by large investors (whales) indicate continued confidence in the exchange. Binance's native token, BNB, is trading at around $755. The company is also expanding its SAFU fund to guarantee the safety of user assets in the event of potential market crashes or technical glitches.
Bitcoin Experiences a Dramatic Drop: Falls Below $75,000
The global cryptocurrency market started the week with a sharp sell-off. Bitcoin (BTC) fell to $73,000 late Tuesday evening, reaching its lowest level since November 2024. This drop, falling below the strong support line of $74,500 seen in April 2025, confirmed that the market has re-entered "bear territory." The analytics platform Swissblock commented, "Negative momentum is extremely high right now; the bear market continues unabated after the sharp crash in October." Bitcoin has lost over 25% of its value in the last three weeks and over 40% since its all-time high of $126,000. Analyst "Bull Theory" suggested that this sharp sell-off could be due to "either extraordinary manipulation or a serious, yet to be fully revealed, breakdown within the crypto ecosystem." Short-term selling is increasing pressureAccording to the analytics company CryptoQuant, short-term investors in particular have been heavily selling in recent days. The analyst, nicknamed "Darkfost," stated that more than 40,000 BTC were sent to exchanges to be sold at a loss in the last 24 hours. "This selling pressure directly affected the market today. Usually, sending large amounts of Bitcoin to exchanges means an intention to sell," he said.According to the on-chain data firm Santiment, wallets holding between 10 and 10,000 BTC, i.e., the large group of investors controlling more than two-thirds of the Bitcoin in circulation, sold 50,000 BTC in just two weeks. Change in fund flowsOn February 3, there was a net outflow of approximately $272 million from spot Bitcoin ETFs traded in the US. In contrast, net inflows of $14 million and $20 million were seen in Ethereum (ETH) and XRP-related products, respectively, indicating that investors are moving away from Bitcoin, not the asset class. Experts interpret this situation as "capital flows shifting within crypto." According to analysts, Bitcoin has become an asset increasingly sensitive to macroeconomic risks. Sharp declines in US stock markets, losses in technology stocks, and global geopolitical tensions are increasing this fragility. Indeed, the renewed escalation of diplomatic tensions between Iran and the US has negatively impacted investors' risk appetite. Investors' patience is being tested.According to Glassnode data, with the current decline, 44% of the Bitcoin supply is "at a loss." This rate reveals that approximately half of the investors have lost money on their positions. "The faith and patience of investors who bought near the peak will be severely tested in the coming weeks," said data manager Sean Rose, noting that the market's fragility may continue. According to JrKripto's AI analysis, the last 24 hours show a liquidation of long positions ($526.9M), while the last 12 hours have seen a shift towards short positions ($123.83M). However, some analysts remain optimistic in the long term. A market commentator nicknamed "Sykodelic" painted a hopeful picture, saying, "A drop below the $74,000 level could be a temporary trap in the market. This area could become a springboard for the next big rise."Bitcoin was trading around $76,500 again on Wednesday morning. However, the total crypto market capitalization fell to $2.64 trillion, reaching its lowest level in nine months. Ethereum dropped to $2,120, while leading altcoins like Solana and XRP returned to levels seen during what is called the "crypto winter."
ING Bank has launched exchange products for Bitcoin, ETH, and SOL in Germany
ING Deutschland, one of Germany's leading retail banks, now allows its clients to invest in exchange-traded products (ETPs) and exchange-traded notes (ETNs) linked to popular cryptocurrencies such as Bitcoin, Ethereum, and Solana. This represents a significant step by the bank to make the crypto market more accessible to individual investors using traditional financial infrastructure. According to information on the bank's website, the products offered are physically backed by well-known issuers such as 21Shares, Bitwise, and VanEck, and each product directly tracks the performance of a specific crypto asset. These products can be bought and sold on regulated exchanges via ING's Direct Depot investment platform, just like stock transactions. With this new move, ING aims to reduce the technical challenges associated with crypto investments. The bank states that clients can invest in crypto products without having to deal with third-party wallet systems or manage their private keys. VanEck Europe CEO Martijn Rozemuller also stated, “Many investors are looking for solutions that are compatible with their existing portfolio structures, reliable, and have transparent costs. This collaboration brings crypto access exactly where investors want it to be: securities accounts.”The issue of taxation is also noteworthy for investors. According to German regulations, investments in these ETPs are treated similarly to direct crypto asset purchases. This can mean exemption from capital gains tax for positions held for more than one year. “Cryptocurrencies have no intrinsic value” warningHowever, ING also strongly emphasizes the risks of the investment. In its statement, the bank stresses that crypto-related products carry high volatility, that the entire investment can be lost in the event of the issuer's bankruptcy, and that liquidity problems, market manipulation, and regulatory uncertainties also pose serious risks for investors. ING's information page on crypto assets states the following:“Cryptocurrencies are speculative products with no intrinsic value. Their prices are largely based on investor psychology, and the same effects are decisive on the values of crypto products traded on exchanges.”ING, the giant Dutch bank with roots dating back to the 18th century, has taken various steps in the field of digital assets in recent years. Last September, ING formed a consortium with eight European banks to develop a euro-based stablecoin. With this initiative, the bank aims to create a “reliable digital payment standard” across Europe.
Binance and Strategy Bought Bitcoin at the Dip
In a period of continued sharp fluctuations in the cryptocurrency markets, Bitcoin moves from two major players in the sector have attracted attention. Both Binance and Strategy, which stands out with its institutional Bitcoin strategies, have made significant BTC purchases in recent days. These steps show that the long-term Bitcoin approach continues to be maintained at the institutional level despite the selling pressure in the markets.Binance completed its first Bitcoin purchase under the Secure Asset Fund for Users (SAFU), which it created for user security. As part of its plan to reduce the stablecoin weighting of the SAFU fund, the exchange purchased a total of 1,315 Bitcoin. According to Blockchain.com data, this purchase, worth approximately $101 million, was made at an average price of $77,409 per Bitcoin. Binance aims to convert the entire approximately $1 billion stablecoin balance in the SAFU fund into Bitcoin within the next 27 days.Binance officials emphasize that there is no change in the purpose of SAFU. The fund has been used since 2018 to protect users in situations such as extreme market conditions, cyberattacks, or unexpected losses. The conversion of reserves previously held in BUSD and then USDC to Bitcoin reveals Binance's positioning of BTC as a long-term store of value. This move also came immediately after a sharp sell-off in Bitcoin that briefly dropped below $75,000. Strategy also in the spotlightOn the other hand, purchases continued unabated at Strategy. The company announced that it purchased another 855 Bitcoin between January 26 and February 1. According to the 8-K filing with the US Securities and Exchange Commission (SEC), this purchase was made for approximately $75.3 million, with an average cost of $87,974 per Bitcoin. Thus, Strategy's total Bitcoin holdings reached 713,502 BTC.Michael Saylor, the company's co-founder and chairman of the board, states that the average cost of the total purchases was $76,052. At current prices, Strategy's Bitcoin portfolio is worth approximately $56 billion. This represents more than 3.4% of Bitcoin's total supply of 21 million. However, recent price drops have raised risks for Strategy. With Bitcoin falling below $76,000, the company's average cost of ownership temporarily turned into a loss, the first time this has happened since October 2023. Strategy's purchases are largely financed through the sale of MSTR shares on the market. The company still has over $8 billion in additional share sale capacity. Saylor has previously stated that Strategy's capital structure is designed to withstand prolonged and sharp declines in Bitcoin. Despite this, both the decline in Bitcoin price and the loss in Strategy's share value demonstrate that institutional Bitcoin strategies are vulnerable to significant short-term fluctuations.
Investors Hit the Brakes: Chainlink is an Exception in the $1.7 Billion Outflow from ETFs
According to CoinShares' weekly report, investor appetite for global cryptocurrency investment products has weakened significantly. Outflows from crypto funds offered by major asset managers such as BlackRock, Grayscale, Fidelity, and Bitwise accelerated for the second consecutive week, with a total net outflow of $1.7 billion recorded last week. This has turned the cumulative flow negative since the beginning of the year, bringing the total outflow to $1 billion by 2026. The strong redemptions seen in the last two weeks have also dragged down total assets under management. According to CoinShares data, assets under management in cryptocurrency investment products have decreased by $73 billion since their peak in October 2025. CoinShares Research Director James Butterfill attributes this deterioration in investor sentiment to a combination of macroeconomic and intra-market factors. According to Butterfill, the appointment of a more hawkish Fed chairman in the US, the continuation of whale selling associated with the cryptocurrency's four-year cycle, and increasing geopolitical uncertainty are among the main factors suppressing risk appetite. The center of outflows is the US, with the bulk of the burden on BitcoinThe regional distribution shows that the selling pressure originated mainly from the US. Last week, $1.65 billion of the global total flowed out of US investment products. Canada and Sweden were also among the countries that recorded net outflows, with $37.3 million and $18.9 million respectively. In contrast, Switzerland ($11 million) and Germany ($4.3 million) were among the rare markets that recorded net inflows, albeit limited. Looking at it on an asset basis, the picture becomes even clearer. The majority of outflows were concentrated in Bitcoin products. Bitcoin-focused funds, especially led by BlackRock's IBIT product, saw a net redemption of $1.32 billion on a weekly basis. Ethereum products saw an outflow of $308 million. The breakdown of altcoins in the table also shows that the selling pressure was not limited to majors. According to CoinShares data, last week there was a net outflow of $43.7 million from XRP products and $31.7 million from Solana products. While a $13.5 million pullback was observed in multi-asset products, it was noted that risk appetite for altcoin baskets weakened significantly. In contrast, some smaller-scale products experienced a limited positive divergence; Chainlink products recorded $0.5 million inflows, and the “Other” category saw $8.6 million inflows. Litecoin and Sui, however, did not show any significant directional movement on a weekly basis.Some “niche” products stand outDespite the negative picture, some products were exceptions. Short Bitcoin products attracted a net inflow of $14.5 million, reflecting investors' search for hedging against the decline. It is stated that the increase in assets under management in this segment has reached 8.1 percent since the beginning of the year. In addition, some thematic products classified as “Hype” by CoinShares also attracted attention with an inflow of $15.5 million. According to the report, this interest was supported by the increased on-chain activity towards tokenized precious metals. The sharp pullback on the price front makes the disruption in fund flows more understandable. In the last week, Bitcoin has lost approximately 12% of its value, while Ethereum has fallen by about 22%. In this environment of weak liquidity, investors' risk-averse movement towards cash is emerging as one of the key dynamics accelerating fund redemptions. The overall picture indicates a cautious stance prevailing in crypto investment products in the short term. CoinShares highlights that investor sentiment has been negatively impacted by macroeconomic uncertainties and market cycles, while noting that some products continue to attract interest, albeit in limited amounts.
Bitcoin experiences weekend sell-off: Drops below $75,000, 40% away from ATH
Bitcoin is seeking equilibrium again, recovering above $76,000 after a brief sell-off during weekend trading. Forced liquidations triggered when the price fell below $75,000 once again highlighted the shallow liquidity of the market. This brief visit below the support level resulted in a typical V-shaped price movement, demonstrating why sell-offs and recoveries are so sharp in shallow order books. According to price change data, Bitcoin has lost over 2% in the last 24 hours, while the seven-day performance shows a decline exceeding 12%. However, a limited recovery is noticeable in the short term; the price is currently positive on an hourly basis. Buying from the lows around $74,500 on the 24-hour chart has pushed the price back towards the $76,000 range. However, the double-digit loss in the 30-day outlook indicates that the market is still under strong pressure. Massive Liquidation in the MarketIn the last 12 hours, a total of $510 million worth of leveraged positions were liquidated in the crypto markets. Approximately $392 million of this figure consisted of long positions. The fact that the sales predominantly hit bullish positions revealed that there is already a large number of optimistic positions in the market, and therefore the price remains vulnerable to downward movements. Weak market depth means that even relatively limited sales can easily lead to the breaking of technical levels.The weakening of risk appetite was also clearly felt in the altcoin front. Ether fell by over 8% in the last 24 hours, while losses in BNB, XRP, and Solana ranged from 4% to 6%. Assets with high volume but lower volatility, such as Dogecoin and TRON, weathered the period with more limited losses. The overall picture shows that investors are in a widespread risk-reduction trend.On the macro side, manufacturing data from China, while signaling limited stability for global markets, did not create a direct catalyst effect on Bitcoin. While private sector surveys indicate a slight recovery in production, official data remains in contraction territory. Tight controls on the yuan and limited new stimulus measures are preventing direct impact of Chinese liquidity on crypto markets.Bitcoin falls below average cost in ETFsOn the other hand, the picture is more fragile in the US spot Bitcoin ETF market. According to Galaxy Digital research director Alex Thorn, the Bitcoin price has fallen below the average cost of spot ETFs in the US. CoinGlass and BiTBO data show that ETFs hold approximately 1.28 million BTC and the average cost is around $87,800. A total outflow of $2.8 billion from spot ETFs in the last two weeks reveals weakening institutional demand.Total ETF holdings have fallen by more than 31 percent compared to their peak in October, while the Bitcoin price drop has approached 40 percent. Thorn emphasizes that institutional investors have not completely abandoned their positions, but the appetite for new purchases has decreased significantly. Nick Ruck, Director of LVRG Research, warns that Bitcoin could enter a more pronounced bear market if the recovery is delayed. Increased macroeconomic uncertainty in the US, geopolitical risks, and tightening liquidity conditions continue to put pressure on the price.
