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In January, Base's monthly stablecoin transfer volume surpassed Ethereum, making it the highest among all blockchains. (Cointelegraph)

Gelonghui, February 5th | Oppenheimer has raised Alphabet's target price from $345 to $360.

BlockBeats News, February 5th, a Bitunix analyst stated that the overall market is currently in a state where deleveraging has not yet been completed. The cryptocurrency market has generally retraced by nearly 50% from last year's high, indicating that the previous risk premium has been systematically squeezed out, and the market's sensitivity to liquidity and uncertainty remains high. On a macro level, the situation in the Middle East has once again escalated. The U.S.-Iran nuclear negotiations have restarted in Oman under the mediation of multiple countries, but Trump's tough warning to Iran and the clear differences in the negotiation framework have made it difficult to substantially reduce geopolitical risks. The related news has repeatedly disrupted the trends of oil and safe-haven assets, indirectly suppressing global risk appetite. At the same time, the "reassessment-led decline" in tech stocks triggered by the AI industry has spread synchronously in the U.S. and other markets, exacerbating a simultaneous sell-off in stocks and bonds, amplifying a defensive fund mentality, and further prompting funds to move away from high-volatility assets. Regarding precious metals, Goldman Sachs emphasized that the core driver of the upward trend in gold prices comes from Western capital and central bank reserve diversification, rather than short-term speculation, highlighting that amid currency system and geopolitical uncertainties, risk hedging allocation is still one of the mainstream narratives. In this environment, BTC is more seen as an indicator of whether the market is willing to take on risk again. With global funds leaning toward defense and structural deleveraging not yet completed, the crypto market still struggles to detach from macro risk pricing. The key focus for future observation still lies in whether geopolitical tensions escalate into a substantive conflict and whether the reassessment in the tech industry triggers a more widespread balance sheet contraction effect.