Weekly Economic Calendar:
| Date | Time | Currency | Event | Expectation | Previously Announced Data |
|---|---|---|---|---|---|
| February 3, Monday | 10:00 | TRY | Consumer Price Index (CPI) (YoY) (January) | 41.25% | 44.38% |
| February 3, Monday | 13:00 | EUR | Eurozone – Consumer Price Index (CPI) (YoY) (Jan) | 2.4% | 2.4% |
| February 5, Wednesday | 16:15 | USD | ADP Non-Farm Employment Change (Jan) | 149K | 122K |
| February 7, Friday | 16:30 | USD | Non-Farm Payrolls (Jan) | 154K | 256K |
| February 7, Friday | 16:30 | USD | Average Hourly Earnings (MoM) (Jan) | 0.3% | 0.3% |
| February 7, Friday | 16:30 | USD | Unemployment Rate (Jan) | 4.1% | 4.1% |
Turkey Inflation Data
This morning, we received Turkey’s inflation data. January inflation increased by 5.03% monthly, while the annual rate dropped to 42.12%.
Bitcoin Transaction Volume at Its Lowest in 11 Months
The transaction volume on the Bitcoin network fell to its lowest level in the last 11 months in January. As network congestion eased, Bitcoin’s pending transactions (mempool) were largely cleared, and transaction fees reached historically low levels. Over the weekend, many blocks were processed by miners before being fully filled. While there was a brief surge in activity, this decline in transaction volume is directly impacting the mining sector. Some major U.S.-based mining companies are now considering shifting towards artificial intelligence and high-performance computing (HPC) services due to declining revenues. These developments raise questions about the current state of the Bitcoin network and how miners should strategize for the future. The drop in transaction volume and declining miner revenues may lead to a transformation in the sector.
Biggest Liquidation in the Last 7 Months
According to DeFi analytics platform Parsec, a total of $310 million in liquidations occurred on the decentralized finance (DeFi) network within the last 24 hours. This marks the largest liquidation volume since August last year. The majority of these liquidations stemmed from Ethereum (ETH)-backed loans, with $181 million in ETH collateral being liquidated. Following Ethereum, Wrapped Bitcoin (wBTC)-backed loans saw $49.2 million in liquidations.
Trump’s Tariff Decision Shakes Japanese Automakers, USD and Oil Rise, Stocks Fall
After U.S. President Donald Trump implemented tariffs of 25% on Canada and Mexico and 10% on Chinese goods starting Tuesday, Japanese automobile manufacturers’ stocks suffered sharp declines. The U.S. dollar strengthened against major peers, pushing the Canadian dollar to its weakest level since 2003, the euro to its lowest since November 2022, and the Mexican peso to nearly a three-year low. U.S. stock futures dropped by over 2%, while Australian stocks fell by 1.8%. Oil prices surged in response to the tariff news. Investors fear that these new tariffs could severely impact automakers exporting vehicles to North America via Mexico. The increased tax burden could raise costs for Japanese manufacturers and weaken their competitive edge. This situation has sparked concerns in the global automotive industry, signaling that manufacturers may need to develop new strategies moving forward.
Trump’s Tariff Decision Hits Crypto Funds as Well
Trump’s new tariffs have rattled markets, and crypto assets have also taken a major hit. In particular, the World Liberty Financial (WLFI) fund, believed to have ties to Trump, reported a $51.7 million loss due to the market turbulence. Despite investing $242.7 million in total, the fund suffered heavy losses due to market uncertainty and a wave of sell-offs. Ethereum (ETH), Wrapped Bitcoin (WBTC), and Ethena (ENA) investments contributed significantly to these losses. The steep drop in Ethereum’s price caused the biggest damage, while Wrapped Bitcoin and Ethena also recorded double-digit losses. Crypto investors are now anxiously awaiting how long this uncertainty will last. Trump’s statement, “These kinds of challenges are a price for greater future gains,” has failed to calm investor concerns. Markets will closely watch how Trump’s trade policies continue to impact crypto assets in the coming days.
Bitcoin Market Analysis (ITB Insights)
Let’s take a look at ITB’s Bitcoin analysis:
We see that the percentage of Bitcoin holders making a profit at the current market price is 86%. This ratio remains unchanged from last week. Meanwhile, whale trading volumes have declined from $168.09 billion to $137.97 billion. ITB analyses indicate that Bitcoin has 2 neutral, 1 bullish, and 2 bearish market expectations.
“The investment information and comments included in this research report do not constitute investment advice.”
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