Over the past week, crypto markets extended a sharp decline as analysts highlighted fragmented liquidity and widening dispersion rather than broad capitulation. Bitcoin fell more than 17% week over week, while selective rotation appeared in products and tokens, including a 44% jump in Hyperliquid's HYPE during the selloff.

Eurostat's flash estimate shows eurozone annual inflation at 1.7% in January 2026, down from 2.0% in December and 2.5% a year earlier. Analysts expect the softer price growth and a strong euro to shape European Central Bank rate decisions and potentially lend support to regional stock and cryptocurrency markets, even as Bitcoin trades more than 40% below its peak.

Novo Nordisk A/S unexpectedly pre-released its 2026 outlook late Tuesday, projecting a sales decline of 5% to 13%. As of 10:23 AM EST on February 4, 2026, shares were off about 18% in Copenhagen and the ADS traded at $47.60, down 5.37%. Analysts cited U.S. pricing pressure, patent expiries, and competition as key headwinds.

On February 4 2026, UBS Group AG CEO Sergio Ermotti said the Swiss bank is preparing infrastructure to enable individual clients to trade cryptocurrencies and to offer tokenized deposit solutions for corporate customers. He emphasized that UBS will follow a fast‑follower strategy and roll out these digital asset services cautiously over the next three to five years amid strict Basel III capital rules on crypto exposure.

On a Wednesday earnings call covering FY25, UBS CEO Sergio Ermotti said the bank is preparing to give private banking clients direct access to crypto while expanding a "fast follower" tokenization strategy over three to five years. UBS reported full-year net profit of $7.8 billion, up 53%, with invested assets crossing $7 trillion, and is building infrastructure for both individual crypto access and tokenized deposit solutions for corporate clients.

A report from CfC St. Moritz based on 242 responses from its invitation-only January event indicates that 85% of senior crypto investors are prioritizing core infrastructure over DeFi. Respondents also highlighted liquidity and market depth constraints as key hurdles for institutional adoption, with 84% viewing the macro backdrop as better than neutral heading into 2026.

On Wednesday, Feb. 4, Dogecoin gained against Bitcoin after reports cited Elon Musk's net worth at $850 billion, while Ethereum's February seasonality pointed to a possible rebound. Cardano rejoined the top 10 by market cap by surpassing Hyperliquid and Bitcoin Cash, and traders tracked key support and resistance levels across BTC, ETH, ADA and DOGE.

Bloomberg Intelligence strategist Mike McGlone compares crypto market turbulence in 2025-26 with volatility during the 1929-30 U.S. stock market crash. He argues Bitcoin is acting as a high-beta liquidity gauge as BTC trades around $76,069 with double-digit percentage losses over the past week and month.