Fears of a looming market bubble have returned as stock prices climb and 
artificial intelligence spending accelerates, but several leading economists 
argue that the broader economic picture remains more stable than the headlines 
suggest. From Wall Street valuations to U.S. growth and global resilience, 
their message is consistent: conditions look stretched in places, but not […]

Are Markets in a Bubble? Top Economists See Strength — With Caveats

Solana became one of Samani’s favorite crypto projects at Multicoin in 2018 
after he initially favored Ethereum but grew dissatisfied with how its 
developers addressed scaling.

Kyle Samani leaves Multicoin in ‘bittersweet moment’ to explore new tech

On-chain data shows the Bitcoin MVRV Z-Score has fallen to its lowest level in 
years following the price crash below the $80,000 level. Bitcoin MVRV Z-Score 
Has Plummeted Recently In a new post on X, Glassnode analyst Chris Beamish has 
discussed about the latest trend in the Bitcoin MVRV Z-Score, an indicator 
that aims to estimate whether the asset is overvalued or undervalued based on 
how its market cap compares against its Realized Cap. Related Reading: Bitcoin 
Drop Below $80,000 May Not Be The Final Capitulation Event, Checkonchain Says 
The &#8220;Realized Cap&#8221; is a capitalization model for BTC that calculates its total 
value by assuming that the value of each token in circulation is equal to the 
price at which it was last transacted on the blockchain. In short, what this 
model represents is the amount of capital that investors as a whole have put 
into the cryptocurrency. In contrast, the market cap represents the value 
being held by them in the present. The MVRV Z-Score takes the difference 
between the two and divides it by the standard deviation of the market cap. 
When the value of the metric is highly positive, it suggests that the market 
cap is significantly higher than the Realized Cap. In other words, it 
indicates the investors are in a notable amount of profit. On the other hand, 
the indicator being inside the negative zone implies the dominance of loss 
among holders. Now, here is the chart shared by Beamish that shows the trend 
in the Bitcoin MVRV Z-Score over the last several years: As displayed in the 
above graph, the Bitcoin MVRV Z-Score has faced a steep drop as the 
cryptocurrency&#8217;s price has gone through its latest drawdown. The metric has 
now slipped below the 1 level, although its value still remains above zero, 
meaning investors continue to be in net profits. The degree of profitability, 
however, is quite low compared to the average for the last few years. The last 
time that the MVRV Z-Score was at levels this low was in October 2023, when 
the asset was still trading near $29,000. &#8220;This is a solid reset in unrealised 
profitability, with the market reverting toward fair value after the prior 
expansion,&#8221; noted the analyst. In the previous cycle, when the MVRV Z-Score 
saw compression to similar levels, Bitcoin went on to slide further as the 
2022 bear market tightened its grip. The cryptocurrency eventually reached its 
lows after a period of stay in the zone below the 0 level. It now remains to 
be seen what trajectory the coin will follow in this cycle. Related Reading: 
Shiba Inu’s Fate Hinges On This Support Level, Analyst Warns The latest market 
downturn hasn&#8217;t only affected unrealized investor gains, realized profits have 
also shrunk, as pointed out by Glassnode in an X post. The 90-day moving 
average (MA) of the ratio between realized profits and losses on the Bitcoin 
network has declined to 1.5, not far from the neutral 1 level. According to 
Glassnode, this reflects &#8220;progressively thinner liquidity conditions.&#8221; BTC 
Price At the time of writing, Bitcoin is trading around $76,000, down 15% over 
the last week. Featured image from Dall-E, chart from TradingView.com

Bitcoin MVRV Z-Score Compresses To Levels Last Seen Near $29,000

Wintermute founder Evgeny Gaevoy offered a blunt assessment of crypto’s 
current condition on Wednesday, arguing that the industry has stalled on 
substance even as speculation continues to dominate attention. Gaevoy 
Criticizes Stablecoins, Perp Exchanges, and Token Design In a thread published 
on X on Feb. 4, 2026, Gaevoy, CEO of market-making firm Wintermute, dismissed 
ongoing […]

Wintermute Founder Casts a Cold Eye on Crypto’s Direction

XRP has entered what Korean Certified Elliott Wave Analyst XForceGlobal 
(@XForceGlobal) calls a “washout” phase inside a broader Elliott Wave 
corrective structure, a zone he argues can set the stage for a renewed macro 
advance, with eventual cycle targets stretching into the $20–$30 region. In a 
Feb. 3 video breakdown, XForceGlobal said the recent pullback does not change 
his larger framework, but rather pushes XRP deeper into what he described as 
the “alternative” macro scenario: an expanded flat correction where a prior 
push to new highs becomes a “fake out” before a final leg lower attempts to 
flush late buyers. “Nothing new here, we’ve been talking about this for quite 
some time where we have 2 extreme points of interest,” he said. “The B Wave 
here creating a fake out point at the all time high, and then the current C 
Wave that we are also in that creates a fake out point below the market 
structure of this previous low here, that Wave A.” XRP May Needs A Final Dump 
Before $30 The core of his argument rests on a measured target for Wave C 
derived from the pivot points of Waves A and B, specifically the 1.618 
Fibonacci extension, which he framed less as a mystical level and more as a 
behavioral marker where corrections turn emotional. In his telling, Wave A is 
the initial counter-trend move, Wave B is the “overconfidence phase,” and Wave 
C becomes the forced exit: stop losses, broken conviction, and liquidation 
pressure. Related Reading: Where’s XRP Price Headed As Exchange Reserves 
Plunge To 1.7 Billion? “Basically, it’s a trap and kind of a liquidation 
structure where Wave A is the first counter trend of the larger trend that we 
were expecting,” XForceGlobal said. “And then the B Wave is the overconfidence 
phase and then the C Wave becomes the reality check where everyone who bought 
the B Wave at the top is now wrong and exiting at the local bottoms because of 
their stop losses or they just lose confidence in the overall structure of the 
XRP.” He argued that because Wave C is driven by “emotion and not balance,” it 
tends to resolve as a five-wave decline rather than a three-wave correction, 
often terminating around the 161.8% extension as selling pressure exhausts. 
The key, he said, is not that the asset becomes “cheap,” but that sellers run 
out of ammunition and divergences begin to appear. “The markets will not 
reverse there because prices are really cheap,” he said. “It reverses because 
the sellers are exhausted at those levels and usually you’ll see sellers being 
really exhausted. You’ll start to see some bullish divergences occurring.” 
From a levels perspective, XForceGlobal described a volatile “free for all” 
zone where bulls and bears battle for a base, pointing to a range he labeled 
between roughly $1.50 down toward $1.08–$1.09. He suggested that, if the 
expanded flat thesis holds, that area could evolve into a buy zone, but only 
after the five-wave move down completes and a reversal sequence provides 
confirmation. Related Reading: XRP Market Structure “Very Similar” To April 
2022, Glassnode Says Macro context remains central to his conviction. 
XForceGlobal pointed to XRP breaking out of a prior multi-year triangle and 
then rallying roughly 500% as evidence of an objective five-wave advance, 
followed by corrective structures consistent with an expanded flat setup: a 
non-impulsive pullback, a B-wave push to an extreme, then a new downside 
extreme below prior market structure. $XRP One of the most important #XRP 
videos to date! A complete 10-minute breakdown covering targets and 
invalidation levels. More importantly, I cover how to properly manage 
expectations in the midst of chaos using the macro structure, and why the 
overall trend remains bullish. pic.twitter.com/E2g9ga52N9 — XForceGlobal 
(@XForceGlobal) February 3, 2026 If XRP does complete the corrective leg and 
transitions into what he frames as a new impulsive cycle, with the classic 
wave three, wave four, wave five sequence, his roadmap opens higher targets 
over time. “We got a wave three in the making here, a wave four, and then a 
wave five that’s pending that could bring us up into that $20 to $25, $30 
region that we’re looking for at a later stage,” he said. He also flagged $6 
as a major level where he expects profit-taking and a reassessment, framing it 
as part of a broader risk-management approach rather than a single-shot price 
call. At press time, XRP traded at $1.5887. Featured image created with 
DALL.E, chart from TradingView.com

Cryptocurrency price in USD