Investment Rating - The report suggests a cautious approach to the cryptocurrency market due to the current low sentiment and advises focusing on companies with strong earnings reports or those transitioning to AI data centers [4][24]. Core Insights - The cryptocurrency market has seen a significant decline, with a total market capitalization of $2.17 trillion, down 23.6% from the previous week. Bitcoin's lowest price during the week was $60,074, and Ethereum's was $1,749 [1][10]. - The average holding price for Bitcoin is approximately $55,174, which is lower than the short-term investors' cost basis, indicating a bearish sentiment in the market. The Fear and Greed Index is at 8, reflecting "extreme fear" [11][1]. - Global cryptocurrency trading volume increased by 60.2% week-on-week, with Coinbase's spot trading volume rising by 113.9% [15][16]. Global Policy and Industry News - The China Securities Regulatory Commission issued guidelines for the issuance of asset-backed securities tokens overseas, which will be regulated by different authorities based on the type of asset [2][17]. - Tether reported record highs in Q4 2025, with a market cap of $187.3 billion and a user base of 535 million, marking significant growth [21][2]. - Ondo launched a platform for real-time trading of U.S. stocks post-IPO, allowing global users to trade major stocks and ETFs with leverage [21][2]. Company News - Bullish reported a record digital asset sales figure of $64.3 billion for Q4 2025, despite a net loss of $560 million. The company has become the second-largest Bitcoin options trading platform [22][3]. - Gemini announced a 25% workforce reduction and will focus on the U.S. market, exiting the UK and European markets [22][3]. - Cipher Mining plans to issue senior secured notes to raise $2 billion for data center construction [23][3]. - Bitfarms is transitioning from Bitcoin mining to developing high-performance computing and AI data centers, relocating its headquarters to the U.S. [23][3]. Investment Recommendations - Given the current market conditions, the report recommends maintaining caution and focusing on companies that are performing well during earnings season or those transitioning to AI data centers, such as Applied Digital and IREN Limited [4][24].

Investment Rating - The report suggests a cautious approach in the current cryptocurrency market due to low sentiment and recommends focusing on companies with strong earnings during the earnings season or those transitioning from mining to AI data centers [4][24]. Core Insights - The cryptocurrency market has seen a significant decline, with a total market capitalization of $2.17 trillion, down 23.6% from the previous week. Bitcoin's lowest price during the week was $60,074, and Ethereum's was $1,749. The fear and greed index indicates extreme fear at a score of 8 [1][10][11]. - Tether reported record highs in its Q4 2025 report, with a market capitalization of $187.3 billion and a user base of 535 million, marking an increase of over 30 million users for eight consecutive quarters [21]. - The decentralized telecom network World Mobile has expanded its coverage to over seven countries, with more than 3 million daily active users and over 100,000 AirNodes deployed [17][18]. Market Review - The cryptocurrency market capitalization decreased by 23.6% this week, with Bitcoin and Ethereum prices dropping by 16.1% and 23.6%, respectively [10][14]. - The average holding price for Bitcoin is approximately $55,174, which is below the short-term investors' cost basis [11][12]. - Global cryptocurrency trading volume increased by 60.2% week-on-week, with Coinbase's spot trading volume rising by 113.9% [15][16]. Company News - Bullish reported a record digital asset sales figure of $64.3 billion for Q4 2025, with a net loss of $560 million and an adjusted EBITDA of $44.5 million [22]. - Gemini announced a 25% workforce reduction and plans to focus solely on the U.S. market, exiting the UK, EEA, and Australia [22]. - Cipher Mining plans to issue senior secured notes to raise $2 billion for data center construction [23]. Investment Recommendations - The report advises maintaining caution in the current market and suggests monitoring companies that perform well during earnings season or those transitioning to AI data centers, such as HUT 8 and IREN Limited [4][24].

Core Insights - The software sector in the US has experienced a significant downturn, with major companies like Microsoft and Oracle seeing substantial stock price declines, leading to a total market cap loss of $1 trillion [1][4] - The release of a new tool by AI startup Anthropic has heightened investor concerns about the potential disruption of the software industry by AI technologies, triggering a wave of selling and short-selling by hedge funds [1][2][5] Market Performance - As of February 5, multiple software stocks have seen declines exceeding 30% year-to-date, with Unity Software down 47.45%, Applovin down 44.31%, and Figma down 40.59% [2][3] - Major players like Microsoft and Oracle have also faced downward pressure, with declines of 18.6% and 29.79% respectively [3] Short-Selling Activity - Hedge funds have aggressively shorted software stocks, with TeraWulf and Asana experiencing the highest short-selling pressures, at over 35% and 25% of their tradable shares respectively [4] - Hedge funds have profited $24 billion from short-selling activities in the software sector amid the $1 trillion market cap loss [4] Industry Outlook - The software industry is expected to undergo significant differentiation, with only a few companies like Microsoft likely to successfully integrate AI and adapt to the ongoing technological shifts [5] - The transition from traditional SaaS platforms to AI-native platforms is seen as a major paradigm shift, with historical precedents indicating that such transformations occur approximately every 10 to 15 years [6] - The first wave of AI-native companies is anticipated to begin their IPO processes later this year, which may pose challenges for traditional software vendors [6]

Core Viewpoint - IREN, a Bitcoin miner and AI services provider, experienced a stock rebound after reporting a significant net loss for fiscal Q2 2026, which was attributed to a drop in Bitcoin prices [1] Financial Performance - IREN reported a net loss of $155.4 million for fiscal Q2 2026, a stark contrast to a net income of $19 million in the same period last year [1] - The company's shares fell over 11% on Thursday due to Bitcoin prices dropping below $63,000, reaching 16-month lows [1] Market Context - The overall market saw a rise in Dow Jones futures and a bounce in Bitcoin prices, while Amazon's stock declined due to substantial capital spending [1] - IREN's stock performance is linked to broader trends in the cryptocurrency market, particularly the fluctuations in Bitcoin prices [1] Strategic Developments - IREN, along with Cipher Mining, has surged in stock value due to AI cloud deals with major companies like Microsoft and Amazon Web Services [1] - The company is positioned to benefit from the intersection of AI services and Bitcoin mining amid ongoing power shortages [1]

Publicly traded Bitcoin miner Bitfarms is fully detaching itself from the top crypto asset, changing its name to Keel Infrastructure as it seeks to transition its business to the United States to focus on empowering artificial intelligence (AI).  The firm first announced its intentions in November to abandon its Bitcoin mining business, signaling a shift to providing infrastructure for AI as it saw an opportunity to improve net operating incomes. “Our new name reflects how we think about infrastructure, ho ...

Core Insights - Hedge funds are increasing short positions in software stocks, contributing to significant sell-offs in the sector this year [1] - Hedge funds have made $24 billion in profits from shorting software stocks since 2026, while the total market capitalization of the U.S. software industry has decreased by $1 trillion during the same period [1] - The focus of short-selling appears to be on companies providing basic automation services, which are at risk of being replaced by new AI tools [1] Group 1 - Hedge funds are currently net short on the software industry, indicating a bearish outlook [2] - The stocks facing the largest short bets include TeraWulf and Asana, with over 35% and 25% of their tradable shares shorted, respectively [2] - Dropbox and Cipher Mining have 19% and 17% of their float shorted [2] Group 2 - The worst-performing stocks in the iShares Expanded Tech Software ETF (IGV) this year include Intuit and DocuSign, both down over 30% [3] - Major stocks within the ETF, such as Microsoft and Oracle, have also suffered, with declines of 15% and 21% respectively, while Salesforce, Adobe, and ServiceNow have dropped over 20% [4] - The recent sell-off was triggered by concerns over AI disruption, particularly following the release of a new tool by AI startup Anthropic [4] Group 3 - Despite the sell-off, there is currently no widespread panic in the credit markets, as corporate revolving credit lines remain untapped [5] - Analysts suggest that market sentiment may shift soon with several software companies set to release earnings reports [6]

The Bitwise Crypto Industry Innovators ETF is flat year to date as Bitcoin has a slow start to the year.The Bitwise Crypto Industry Innovators ETF (BITQ 6.45%) gives investors exposure to growth stocks that derive most of their revenue from cryptocurrency-related businesses. However, with Bitcoin (BTC 7.43%) down 20% over the past year, some investors may be feeling the jitters, especially with most of those losses happening over the past week.Despite Bitcoin's rocky start, Bitwise's ETF is actually flat ye ...

Core Viewpoint - The article highlights significant declines in the stock prices of several cryptocurrency mining companies, indicating a bearish trend in the sector [1]. Group 1: Company Performance - Cipher Mining's stock dropped over 20% [1] - IREN's stock fell nearly 19% [1] - Applied Digital's stock decreased by almost 18% [1] - TeraWulf's stock declined over 15% [1] - Hut 8's stock fell more than 14% [1]

加密货币相关股票在盘前交易中下跌，此前比特币价格于周末跌至4月以来最低。 全球最大企业加密货币储备平台Strategy的股价周一盘前下跌6.6%。 下跌个股包括：Riot Platforms跌3.9%、MARA Holdings跌4.7%、比特数字跌4.4%、Coinbase跌3.3%、 CleanSpark跌5.8%、Hut 8跌3.3%、Cipher Mining跌3.3%，Galaxy Digital跌4.0%，Iren跌2.5%，Circle Internet Group跌2.1%。 最大加密货币比特币过去五日累计跌幅达14%。 加密货币相关股票在盘前交易中下跌，此前比特币价格于周末跌至4月以来最低。 全球最大企业加密货币储备平台Strategy的股价周一盘前下跌6.6%。 下跌个股包括：Riot Platforms跌3.9%、MARA Holdings跌4.7%、比特数字跌4.4%、Coinbase跌3.3%、 CleanSpark跌5.8%、Hut 8跌3.3%、Cipher Mining跌3.3%，Galaxy Digital跌4.0%，Iren跌2.5%，Circle Internet Gro ...

Core Insights - Applied Digital Corp. (NASDAQ:APLD) experienced a significant share price increase of 14.29% to close at $41.35, driven by positive developments in the artificial intelligence (AI) sector, including increased funding from major players [1] - The company is part of a broader rally in the AI industry, alongside peers such as IREN Ltd., TeraWulf, and Cipher Mining, following Nvidia Corp.'s $2 billion investment in CoreWeave, which reflects optimism despite concerns about an AI bubble [2] - Anthropic, a US-based AI firm, reportedly raised up to $15 billion in new funds for its expansion, supported by investors like Coatue and GIC, which bodes well for data center operators like Applied Digital [3] Company Developments - Applied Digital is currently constructing a new 430-megawatt data center in Dallas, Texas, which will include two 150-megawatt facilities on a 500-acre site, expected to create over 200 jobs once operational [4]