Block Scholes Research

Block Scholes Research

Gold Keeps Swinging

Crypto markets rebounded modestly after the weekend selloff, with BTC recovering from roughly 74k lows to as high as 79k and ETH holding around 2.3k.

Thahbib Rahman's avatar
Catherine (Block Scholes)'s avatar
Andrew Melville's avatar
Thahbib Rahman, Catherine (Block Scholes), and Andrew Melville
Feb 03, 2026
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Market Snapshot: Overnight Moves

Daily Updates:

  • The crypto market staged a modest recovery yesterday following last weekend’s selloff which pushed prices to multi-month lows and saw the most liquidations in a single day since October 10, 2025.

  • BTC recovered to as much as $79,000 during early Asian trading after reaching lows of $74,000 while ETH currently trades around $2,300.

  • Volatility is still elevated in options markets with both BTC and ETH’s term structures inverted, though short-tenor volatility has dropped 10 and 15 points respectively for BTC and ETH. Volatility smiles continue to price in a significant premium for put options with the 25-delta put-call skew at -8% for BTC and -9% for ETH.

  • After an almost-straight run of outflows since mid-January, Spot Bitcoin ETFs showed some signs of buying the dip yesterday, purchasing $561.8M worth of bitcoins. Ethereum ETFs on the other hand saw very modest outflows of -$2.9M.

  • Yesterday, XRP ETFs saw $404.69K of outflows, while SOL ETFs recorded $5.58M of inflows and DOGE ETFs had $252.53K of ETF inflows.

  • US equities also climbed higher in yesterday’s session, with all three major stock indexes ending in the green including smaller-cap stocks (Russell-2000 rose 1.02%).

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