Total cryptocurrency market capitalization declined from roughly $2.95 trillion to about $2.56 trillion by February 2, 2026, a drop near $400 billion. The slide began in late January, with Bitcoin down 11.53% to $77,704, Ethereum lower by 20.92% to $2,288, and XRP falling 14.70% to $1.61 over the week.

On February 2, 2026, the OKX CEO criticized Binance for its handling of USDe and linked it to the crypto market crash on October 10, 2025. He argued that treating USDe like a stablecoin while offering yields up to 12 percent APY encouraged leverage loops that magnified systemic risk. When volatility hit and USDe lost its peg, cascading liquidations followed across major tokens, with some briefly trading near zero.

CoinShares reported on Monday that crypto exchange-traded products saw $1.7 billion in outflows for the week, the second straight decline that brought two-week redemptions to $3.43 billion. Year-to-date flows turned negative by $1 billion. Bitcoin funds led withdrawals with $1.32 billion, while Ether products saw $308 million exit.

Over the weekend, over $250 billion was wiped from the crypto market as Bitcoin fell from around $84,000 to roughly $76,000 and Ethereum also dropped sharply. Analyst Raoul Pal attributed the downturn to tightening U.S. dollar liquidity driven by Treasury cash flows, the reverse repo drawdown, and a strong gold rally, arguing crypto remains tied to macro risk sentiment rather than suffering a structural breakdown.

Bitcoin extended its slide on Monday morning, according to CryptoPotato, hitting a multi-month low just above $74,000 before rebounding near $78,000. Altcoins fell broadly: ETH hovered near $2,300 and was 5.5% down on the day, while XMR touched $400. MYX jumped 13.5% and M rose 10%.

On February 2, 2026, the German Economy Ministry lowered its 2026 growth outlook to 1.0% from 1.3%. In a Friday note, Deutsche Bank strategist Maximilian Uleer said he still expects the DAX to climb 18% in 2026, well above an 8% consensus, citing government spending and resilient global conditions.

Nomura Holdings moved to curb risk at its Swiss crypto unit Laser Digital after third-quarter losses, with shares falling 6.7% on Monday and net income down 9.7% year-over-year to ¥91.6 billion for the quarter ended December 31. The firm also filed a U.S. national bank trust charter application on Tuesday, underscoring its long-term digital asset plans.

On February 2, 2026, Wall Street entered a key trading week as major earnings reports from large technology companies coincided with elevated market volatility. Investors are also preparing for an upcoming U.S. jobs report that may influence expectations for interest rates and equity valuations. Analysts expect continued sharp price swings as corporate results and economic data are digested.