Market Overview

If January gave us a taste of what 2026 would look like, February has served the full meal. And it’s been hard to digest for many.

$BTC went from $78,000 at the start of February to briefly touching $60,062 on the 5th. A 47% drawdown from the October $126,000 all time high. Total crypto market cap went from over $4T to below $3T. Over $2 billion in liquidations in a single week. The Fear and Greed Index sitting at 8 to 10. Extreme Fear
territory.

And yet. This is not 2022. This is not a collapse. This is an orderly deleveraging and there is a massive difference between the two. Let’s start with the macro picture because that’s where the real story begins this month.

On January 30th, President Trump nominated Kevin Warsh as the next Federal Reserve Chair, replacing Powell when his term expires in May 2026. For those unfamiliar, Warsh served as a Fed Governor from 2006 to 2011 and has historically been one of the most hawkish voices in monetary policy.

The market reaction was immediate. Dollar spiked. Precious metals went into freefall. Crypto got caught in the crossfire.

We take a look at Strategy and answer the question, are they in trouble?

While everyone was watching Bitcoin bleed, stablecoins quietly became the most important story in crypto. We look into the stablecoin supercycle.

The arm wrestle with China and the USA continues, is China loading its next move?

Our Project Research for the month takes a closer look at Sentient and their focus on Open Source AI

Are you equipped to make it through a bear market? WE break down the bear market playbook.