【February 5th Market News and Data Analysis】

1. Analysis: The rebound momentum of #dollar has strengthened, putting pressure on gold and silver trends, and the downward pressure may continue;

2. Geopolitical tensions combined with the revaluation of tech stocks have kept the market in the later stages of deleveraging, with safe-haven assets dominating risk pricing;

3. After several twists and turns, negotiations between the US and Iran have resumed, with #BTC hitting a new low in a bear market, and the Nasdaq closing down 1.5% leading to a widespread decline in crypto stocks;

4. Tether released its Q4 report: #USDT data set several new highs in Q4 2025.

The US and Iran have differences regarding the location of talks on nuclear issues, with Iran proposing to move the meeting from the originally scheduled Istanbul to Oman, and hoping to conduct it bilaterally, but this proposal was rejected by the US. This setback once prompted the Trump administration to threaten to withdraw from negotiations, followed by high-level mediation from several Middle Eastern countries. Ultimately, the talks were set to take place on February 6th in Muscat, the capital of Oman.

This geopolitical uncertainty quickly transmitted to financial markets. Bitcoin prices have continuously declined during the news disturbance, currently nearing the $70,000 mark, setting a recent new low. Meanwhile, the US tech sector and cryptocurrency-related stocks have generally seen significant declines, with the market experiencing substantial long position liquidations. This reflects that, against the backdrop of the ongoing global deleveraging process, the market is highly sensitive to liquidity tightening and geopolitical risks. Cryptocurrencies such as Bitcoin are still widely regarded as barometers of risk appetite, and during times of rising macro uncertainty and capital leaning towards defense, they often come under pressure first. Future market trends will still need close monitoring of whether the geopolitical situation escalates and whether adjustments in tech stock valuations will trigger broader asset sell-offs.