Crypto Risk Appetite Report 5th February 2026

This week's edition of our Crypto DeFi Analytics. BTC’s new all time high triggered mass liquidations of short positions across Aave and Compound and the Beacon Chain saw a brief drawdown.

ETH surpassed $4,000 for the first time since December 2024, rising to $4,300, up over 190% from its April lows, supported by $6.7 billion in Spot ETH ETF inflows and $13 billion in corporate treasury purchases year-to-date. Derivatives markets show bullish signals with 7-day implied volatility near 72% and call options trading at a premium, though sentiment is less strong than in July. Gold prices briefly exceeded $3,400 amid US tariff fears on Swiss exports but dropped after an executive order clarified tariff exemptions; central banks, including China’s PBoC, continue consistent buying. US Federal Reserve officials express mixed views on inflation and rate policy, while El Salvador enacts new banking laws enabling crypto services for institutional investors, and CEA Industries becomes the largest corporate holder of Binance Coin (BNB) after a $160 million purchase.

The GENIUS Act, aiming to regulate stablecoins with full USD backing and audits, faces a delayed House vote despite strong support from former President Trump and Senate approval. Bitcoin rebounded +1.82% to above $118.9K after a pullback, while major altcoins also gained 2.6%–4%, amid subdued funding rates and lower BTC volatility. Spot Bitcoin ETFs saw $403M in net inflows, led by BlackRock’s IBIT with $416M, extending a nine-day inflow streak totaling $4.4B. XRP futures hit record volumes on CME, surpassing $235M daily traded volume, reflecting rising institutional interest. Meanwhile, U.S. CPI inflation rose to 2.7% YoY in June, exceeding expectations, while U.K. inflation climbed to 3.6%, complicating monetary policy outlooks.