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6 Feb 2026, 21:00

Crypto’s stress test hits balance sheets as Bitcoin, Ether collapse

Crypto’s downturn is rippling through treasuries, ETFs and mining infrastructure, exposing how digital asset volatility reshapes balance sheets and operations.

6 Feb 2026, 20:55

Polymarket logs 38.4M visits to its site in January, getting near the traffic of Robinhood

Polymarket was the most visited decentralized app in January, almost catching up with the traffic on Robinhood. The app reached peak on-chain traffic as well, while expanding its mainstream presence. Polymarket was the most visited crypto-native app, logging both peak on-chain volumes and site ranking. The prediction app is almost catching up with Robinhood in popularity. The app’s founder, Shayne Coplan, marked the achievement. Serious business. pic.twitter.com/RcF4leTZ2x — Shayne Coplan 🦅 (@shayne_coplan) February 6, 2026 Polymarket was among the most popular on-chain use cases in January, as activity shifted to the most liquid markets. The app also posted peak USDC volumes, leading to a partnership with Circle for using the native stablecoin version. Polymarket still ahead of Kalshi in site visits Polymarket is still ahead of Kalshi on several metrics, including nearly four times as much site visits. Most of the Polymarket traffic comes from the USA, after the app started offering prediction pairs. Polymarket is still drawing international traffic, but has complied with US regulations to offer its brand of probability trading. Multiple prediction apps are competing for the top spot. Polymarket has broadened its outreach on social media, while also encouraging smart betting. The platform gained an edge on Kalshi by allowing smart betting and not playing against ‘sharps’. The two apps are competing for user appeal with shopping vouchers and even a free grocery store. Most of the expansion in the past month came from retail predictions, totaling over $12B in trading volumes. Polymarket remains the leader in current events and politics predictions, with a big lead against Kalshi outside the sports predictions market. Mobile usage picked up for Polymarket in the past three months, with gradual growth on all devices. Polymarket search volumes also moved ahead of Kalshi in the past three months. Polymarket rises on small-scale bets in January Polymarket’s activity was driven by the most diverse prediction markets, categorized as ‘other’. Sports, politics, and crypto made up the bulk of activity. Top bets as of February 6 included sports events, the potential US strikes against Iran, as well as a short-term 15-minute market on the performance of BTC. Polymarket is growing based on highly active players making more than five predictions on average. The platform uses a mix of bots and organic activity, while being heavily promoted through copy-trading and influencers. Most of the active trading on Polymarket happens on contested issues, where the odds are between 40% and 60%. The other big subset is almost-resolved issues with a probability of 80% to 90%. Polymarket benefits from both high-visibility issues, as well as bot trading on niche markets or small-scale predictions. Open interest on Polymarket has also expanded to a new peak, hovering around $411M . The current open interest is still below the November 2024 record, but remains sustainable and retains a rising trend. Get seen where it counts. Advertise in Cryptopolitan Research and reach crypto’s sharpest investors and builders.

6 Feb 2026, 20:52

Analysts Warn Bitcoin May Face Further Downside After Major Sell‑Off

Bitcoin (BTC) has staged a modest rebound after suffering a sharp sell‑off over recent days, but market analysts warn that the underlying pressures driving the decline remain firmly in place. The world’s largest cryptocurrency plummeted momentarily to around $60,000 on Thursday, its lowest level in around 17 months, before rising modestly to current trade values of $70,667 as of Friday afternoon. Crypto Winter Fears Grow In comments shared with Fortune, Jefferies analyst Andrew Moss, the downturn is being fueled largely by selling from major holders. In a note to clients, Moss said that large Bitcoin investors, commonly referred to as whales, have been offloading their positions into market weakness. He noted that these holders shifted to net sellers over the weekend after steadily accumulating Bitcoin since early January, suggesting a significant change in market behavior at the top end of ownership. Selling pressure has also emerged from retail investors who gained exposure to Bitcoin through spot exchange‑traded funds (ETFs). Moss pointed out that net outflows from spot Bitcoin ETFs during the weeks of January 19 and January 26 ranked as the second‑ and third‑largest since those products were launched. Those withdrawals were followed by another wave of substantial outflows on February 4, adding to downward pressure on prices, which coupled with ETF outflows, has reignited familiar concerns across the crypto market. Moss said renewed talk of a “ Crypto Winter ” is spreading, warning that there are few convincing signs that Bitcoin is nearing a bottom. He added that the lack of buying activity from small‑ and medium‑sized holders suggests that dip‑buying sentiment remains weak, a factor that often signals further downside risk. Analysts Divided On Bitcoin’s Next Move Other analysts echoed the cautious outlook. Deutsche Bank strategist Henry Allen noted that Bitcoin’s recent drop marked its worst single‑day decline since November 2022. That period coincided with the collapse of Sam Bankman‑Fried’s FTX exchange , an event that wiped out billions of dollars in customer funds and sent shockwaves through the digital asset industry. Chevy Cassar, author of the Milk Road newsletter, described the current environment in stark terms, acknowledging that the downturn is painful and warning that conditions could deteriorate further. Based on historical patterns, Cassar said crypto markets often take anywhere from one month to nearly a year to reach a true bottom after major declines. Still, not all observers see the current moment as purely negative. Fabian Dori, chief investment officer at Sygnum Bank, said the market may be approaching a point of exhaustion . Dori said sentiment appears to be entering what he described as “peak fear territory,” a phase that has historically preceded stabilization or recovery in past cycles. At the time of writing, BTC has recovered to its current trading price of $70,667 and has seen a 10% surge within the last 24 hours. Featured image from OpenArt, chart from TradingView.com

6 Feb 2026, 20:48

OpenAI’s GPT-5.3 Codex and Anthropic’s Opus 4.6 Debut With Competing Strengths

Two major artificial intelligence (AI) companies, OpenAI and Anthropic introduced new flagship models on February 5.

6 Feb 2026, 20:48

Bitcoin bounce steadies crypto markets after sharp sell-off

Bitcoin’s rebound above $70,000 helped steady crypto markets after a steep sell-off, easing downside pressure and sparking a broad recovery.

6 Feb 2026, 20:45

Bitcoin Offensive Asset vs. Gold Defensive: The Essential 2025 Portfolio Strategy Revealed

BitcoinWorld Bitcoin Offensive Asset vs. Gold Defensive: The Essential 2025 Portfolio Strategy Revealed In the evolving landscape of 2025 digital finance, a crucial framework for understanding core assets has emerged from London’s financial hub. Bradley Duke, the Head of Europe for leading crypto asset manager Bitwise, recently framed Bitcoin and gold in starkly different strategic terms. Speaking at the prestigious Digital Asset Forum, Duke characterized Bitcoin as an offensive asset and gold as a defensive asset . This distinction provides investors with a clear, experience-driven lens for portfolio construction in an era of both technological innovation and economic uncertainty. Decoding the Offensive and Defensive Asset Paradigm Financial analysts often categorize investments by their risk and return profiles. However, Duke’s terminology cuts to the strategic purpose of each holding. An offensive asset, in this context, primarily seeks growth and capital appreciation during market rallies. Conversely, a defensive asset aims to preserve capital and act as a buffer during market declines or periods of high volatility. This framework moves beyond simple “risk-on” or “risk-off” labels to describe an asset’s functional role in a portfolio. Consequently, understanding this dynamic is essential for modern asset allocation. Bradley Duke’s perspective carries significant weight due to his position at Bitwise, a firm managing billions in crypto assets. His analysis stems from direct observation of market cycles and institutional adoption trends. For instance, during the 2023-2024 rally, Bitcoin significantly outperformed traditional hedges, demonstrating its offensive characteristics. Meanwhile, gold maintained stability during specific geopolitical tensions, affirming its defensive nature. This real-world performance data underpins the conceptual model Duke presented. Bitcoin: The Architecture of an Offensive Asset Bitcoin’s design and market behavior solidify its role as an offensive tool. Its fixed supply of 21 million coins creates a scarcity model that, combined with increasing adoption, drives its upside potential. Network effects, such as the growing integration by major financial institutions and nation-states, further amplify this potential. Technological developments like the Lightning Network also enhance its utility, supporting long-term value propositions. Several key traits define an offensive asset like Bitcoin: High Beta: It tends to experience larger price swings relative to the broader market. Growth Catalyst Dependency: Value is driven by adoption milestones, regulatory clarity, and technological advances. Asymmetric Return Profile: It offers the possibility of outsized gains, which compensates for its higher volatility risk. Historical analysis supports this classification. For example, after major sell-offs, Bitcoin has repeatedly demonstrated powerful recovery rallies, often surpassing its previous highs. This resilience and growth capacity underscore its offensive utility for investors seeking to build wealth over time, rather than merely preserve it. Expert Insight: The Upside Potential in Focus Duke emphasized that Bitcoin’s core focus is on upside potential . This is not mere speculation. The asset’s entire economic model incentivizes long-term holding and capital inflow. Unlike dividend-paying stocks, Bitcoin’s value accrual is purely capital-based, tied to its perception as digital property and a decentralized monetary network. Analysts from firms like Fidelity and ARK Invest have published research comparing Bitcoin’s adoption curve to that of early-stage technologies like the internet, suggesting its growth phase is ongoing. Therefore, allocating to Bitcoin is a strategic bet on the continued expansion of the digital asset ecosystem itself. Gold: The Timeless Defensive Bulwark Gold’s role across millennia as a store of value cements its defensive status. It lacks the growth catalysts of a technology but offers unparalleled stability during crises. Its value is derived from physical scarcity, universal recognition, and a history detached from any single government’s monetary policy. During market downturns, investors historically flock to gold, appreciating its lack of counterparty risk and its performance during inflationary periods. The defensive characteristics of gold include: Low Correlation: It often moves independently of stock markets, providing diversification. Inflation Hedge: It has historically maintained purchasing power over very long periods. Liquidity and Safety: It is a highly liquid asset viewed as a “safe haven” during geopolitical strife. Central banks continue to be net buyers of gold, reinforcing its defensive stature in the global financial system. This institutional demand creates a stable price floor. As Duke noted, gold excels at protecting against downside risks stemming from economic uncertainty, currency devaluation, or systemic financial stress. Its purpose is capital preservation first and foremost. Strategic Portfolio Implications for 2025 The offensive-defensive framework is not about choosing one asset over the other. Instead, it guides strategic allocation based on an investor’s goals, risk tolerance, and market outlook. A balanced portfolio may intentionally include both for different reasons. The following table contrasts their strategic roles: Attribute Bitcoin (Offensive) Gold (Defensive) Primary Goal Capital Appreciation Capital Preservation Market Condition Performs best in risk-on rallies Performs best in risk-off declines Key Driver Adoption & Technological Growth Fear & Uncertainty Volatility Profile High Moderate to Low Long-term Thesis Digital Gold / New Monetary Network Physical Safe Haven / Ancient Store of Value In practice, an investor might increase their Bitcoin allocation when anticipating a period of technological adoption and liquidity expansion. Conversely, they might bolster their gold holdings when economic indicators signal potential recession or heightened geopolitical risk. This active, role-based management differs from a static buy-and-hold approach and aligns with modern portfolio theory principles. The Evolving Context of Digital and Traditional Finance The discussion at the Digital Asset Forum reflects a broader maturation in finance. Assets are no longer viewed solely through the lens of traditional sectors. The rise of Bitcoin ETFs in 2024, for example, forced a direct comparison with gold ETFs, compelling portfolio managers to evaluate them side-by-side. This institutionalization provides a continuous real-world test of Duke’s framework. As regulatory environments solidify globally, the distinct behaviors of these assets will become even more pronounced and critical for strategic planning. Conclusion Bradley Duke’s characterization of Bitcoin as an offensive asset and gold as a defensive asset provides a powerful and practical model for contemporary investors. This framework transcends hype and focuses on functional utility: Bitcoin for growth and asymmetric upside, gold for stability and downside protection. As the financial landscape continues to integrate digital assets in 2025, understanding this strategic dichotomy will be essential. Ultimately, a sophisticated approach may leverage both, using Bitcoin’s offensive potential to build wealth and gold’s defensive strength to safeguard it, creating a resilient portfolio for the future. FAQs Q1: What does it mean for Bitcoin to be an “offensive” asset? It means Bitcoin is strategically used primarily for growth and capital appreciation. Its value proposition centers on high upside potential during market rallies, driven by factors like adoption and technological innovation, though this comes with higher volatility. Q2: Why is gold considered a “defensive” asset? Gold is considered defensive because its primary historical role is to preserve wealth and act as a buffer during market downturns, economic crises, or periods of high inflation. It tends to be less volatile than growth assets and is seen as a safe haven. Q3: Should I invest in Bitcoin or gold? This is not an either/or decision. Many investors hold both for different purposes. Bitcoin can be part of a portfolio’s growth-oriented (offensive) allocation, while gold can serve as the protective (defensive) portion. The right mix depends on your individual financial goals, risk tolerance, and investment timeline. Q4: Can Bitcoin become a defensive asset like gold in the future? Some proponents believe Bitcoin could develop more defensive characteristics as it matures, becomes less volatile, and sees broader adoption as “digital gold.” However, as of 2025, most analysts and practitioners, like Bradley Duke, still view its core behavior as predominantly offensive due to its growth phase and price dynamics. Q5: Where did Bradley Duke make these comments? Bradley Duke, the Head of Europe for crypto asset manager Bitwise, presented this analysis at the Digital Asset Forum in London. This forum is a major gathering for institutional professionals in the cryptocurrency and digital assets space. This post Bitcoin Offensive Asset vs. Gold Defensive: The Essential 2025 Portfolio Strategy Revealed first appeared on BitcoinWorld .