Lost weekend
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 2nd February 2026.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
BTC Bounces After Gruesome Sell-Off
Bitcoin inched toward the vicinity of $78,000 as of early Monday after a weekend crash took the largest crypto to as low as $74,500. BTC is down 11% since last Monday, according to CoinGecko.
Few coins are in positive territory save for only a smattering, including MemeCore (M), up 14% in 24 hours and in somewhat inexplicable fashion.
Meanwhile, World Liberty Financial (WLFI) is another green-tinted token in a sea of red. It featured prominently in a new Wall Street Journal report regarding a previously undisclosed UAE-entity-backed ownership stake in the Trump family crypto platform, raising a host of potentially thorny questions amidst bipartisan efforts to pass comprehensive crypto market structure legislation.
What's down
Global Rout Across Board Leaves Investors Nowhere To Run
Early Saturday, Bitcoin fell hard, and fast, smashing through the $80K floorboards. By that afternoon, BTC was lodged in a rickety heap in a forgotten fruit cellar near $77K. Late Sunday, the biggest crypto sank even lower before bouncing. When we checked BTC on Monday at 8:40 a.m. (EST), a fresh new hell did not await; rather, it was a few bucks shy of $78K.
Suffice to say, the damage had been done. Some $800B in BTC value has disappeared relative to its October peak above $126K.
More than $2B worth of BTC positions got flushed over the course of the past few days, according to Coinglass data.
Expressions of agony, panic and disbelief dominated social media as an array of asset classes, from precious metals to tech stocks, have gotten shellacked in succession in recent days, a decidedly risk-off period marked by a lengthy list of geopolitical and macro worries.
Ethereum is still getting torched as we speak. The second-largest crypto fell another 4% in the past day to roughly $2,300. ETH is down 20% in one week.
The trouble began in the middle of last week. Microsoft missing expectations and uneasiness surrounding the nomination of a hawk to be the next Fed Chairman together caused trepidation, translating into price carnage, even in safe haven assets, as of the end of last week.
Then, with nowhere for investors to hide, there came on Saturday reports of a potentially sharp military escalation between the U.S. and Iran. Knees jerked. Risk bets really came off. “Traders treated BTC as a liquidity source,” CoinDesk said.
What's next
In Bleak Mid-Winter, Alright
The multi-day, broadly based securities market sell-off extended into Monday with gold and silver slipping once again alongside European stocks and U.S. stock futures.
However, Bitcoin is now seemingly steady. Just after 9 a.m. (EST), it crossed above $78K after lurking below that level for the past few hours. The refreshing kiss was merely momentary but noteworthy, all things considered.
BTC’s weekend plunge below $75K coincided with a broader risk-off shift, amplified by structurally thin weekend liquidity, a Nexo researcher told CNBC.
On Polymarket, the odds of BTC sinking below $65K at some point this year have today jumped to 72%, driven by about $1M worth of volume (Cointelegraph).
Last week, crypto investment products, including ETFs, recorded outflows totaling $1.7B, according to CoinShares. Net outflows on a year-to-date basis total $1B, suggesting a “deterioration in investor sentiment towards the asset class,” said James Butterfill, CoinShares’ head of research.
