Gold Keeps Swinging

Find out our latest reports, listed below:

• 2026 – the year of RWA perps?

• Keep Calm and Carry Yen
  
  
• Bybit x Block Scholes: “2026: It's Different This Time?”

• Tokenised Markets on Bitget UEX: Unlocking Real-World Assets On-Chain for 24/7 Global Access

Market Snapshot: Overnight Moves

Daily Updates:

• The crypto market staged a modest recovery yesterday following last weekend’s selloff which pushed prices to multi-month lows and saw the most liquidations in a single day since October 10, 2025.
• BTC recovered to as much as $79,000 during early Asian trading after reaching lows of $74,000 while ETH currently trades around $2,300.
• Volatility is still elevated in options markets with both BTC and ETH’s term structures inverted, though short-tenor volatility has dropped 10 and 15 points respectively for BTC and ETH. Volatility smiles continue to price in a significant premium for put options with the 25-delta put-call skew at -8% for BTC and -9% for ETH. 
• After an almost-straight run of outflows since mid-January, Spot Bitcoin ETFs showed some signs of buying the dip yesterday, purchasing $561.8M worth of bitcoins. Ethereum ETFs on the other hand saw very modest outflows of -$2.9M. 
• Yesterday, XRP ETFs saw $404.69K of outflows, while SOL ETFs recorded $5.58M of inflows and DOGE ETFs had $252.53K of ETF inflows.

• US equities also climbed higher in yesterday’s session, with all three major stock indexes ending in the green including smaller-cap stocks (Russell-2000 rose 1.02%).
• That market optimism coincided with a report from the Institute for Supply Management which showed that manufacturing activity in the US, which has contracted for ten months, unexpectedly rose at its fastest pace since August 2022.
• The ISM’s Manufacturing Index rose from 47.9 to 52.6, exceeding estimates from all participants in Bloomberg’s survey, while the New Orders Index rose for the first time since August 2025.
• After Friday’s selloff, precious metals have also recovered some of their losses. Gold has jumped as much as 5% in the past 24 hours and is trading back above $4,900 per ounce, while silver is up 8.1%. 

• Atlanta Fed President Raphael Bostic said yesterday that he supported the FOMC’s recent decision to leave interest rates unchanged, while saying he does not project any interest-rate cuts for 2026.
• "My concern for the past three or four years has been that inflation is too high, and we've got to get it down to the 2 percent target. We've made good progress, but for the last two years or so we've been kind of stuck in place in this high 2s, low 3s range. I would say that we should be waiting and be more patient."
• Bostic does not hold a vote in this year’s meetings however, when asked about his projections for cuts in the December SEP’s dot plot, he replied “For me, I didn’t have any. We have so much momentum in the economy that we need to keep our policy rate in a mildly restrictive stance.”

• ING Deutschland is now offering retail clients access to crypto-linked notes and exchange-traded products that provide price exposure to Bitcoin, Ethereum and Solana.
• The instruments can be bought and held through clients’ existing securities accounts, meaning that investors can gain crypto exposure by using familiar market infrastructure without setting up third-party wallets or managing private keys. 

• The BLS’s Nonfarm payrolls report for January, which was scheduled for Friday has been delayed due to the government’s partial shutdown. 
• According to the associate commissioner of the BLS, “The release will be rescheduled upon the resumption of government funding”. 
• Markets had expected the report to show an increase of 55,000 jobs for the month and for the unemployment rate to hold steady at 4.4%. 

• Hyperliquid unveiled HIP-4, a proposal to add general-purpose “outcome trading” to its platform. The upgrade introduces a new class of fully collateralised outcome contracts, which have dated expiries with non-linear payoffs using fully-collateralised event markets.
• Outcome trading will debut on testnet, initially with a tailored set of markets, before potentially moving to permissionless listings if user feedback is positive.
• The feature will settle in Hyperliquid’s USDH stablecoin and run on HyperCore, the exchange’s high-performance execution engine.

• BitMine Immersion Technologies is doubling down on its Ethereum treasury strategy, adding 41,788 ETH over the past week and lifting total holdings to 4.285M ETH.
• The company said it bought ETH at an average price of roughly $2,317 per ETH, raising its ETH position to about $9.9B as of 1 February. 
• In parallel, BitMine reported $10.7B in combined crypto, cash and higher-risk “moonshot” investments, including around $586M in cash alongside smaller exposure to BTC and private companies.
• BitMine now holds roughly 3.55% of ETH in circulation - over 70% of the way toward its internal target of owning 5% of total supply.

• Strategy has added another 855 BTC, spending roughly $75.3M at an average price of about $87,974 per bitcoin.
• The latest buy takes the firm’s total holdings to 713,502 BTC as of 1 February 2026.
• On a cumulative basis, Strategy says it has acquired its bitcoin stack for around $54.26B, implying an average entry price of approximately $76,052 per BTC.

This Week’s Calendar:

Charts of the Day: