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Ripple Effect

Crypto’s $2 Trillion Wipeout

Loading ...Addison Wiggin

February 5, 2026 • 59 second read

BitcoinCrypto
Crypto’s $2 Trillion Wipeout

Since peaking in early October, the market cap of all cryptocurrencies has slid from a $4.3 trillion peak to about $2.3 trillion today:

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Following a series of massive liquidations, crypto has erased $2 trillion in market cap since October. (Source: Kobeissi Letter)

In comparison, gold’s 9% haircut last Friday wiped out a similar $2 trillion valuation.

We forecast markets would hit historic highs before getting chopped in half. Bitcoin and cryptos as a block are leading the way early in the year.

We’ll be talking to Mark Jeftovic tomorrow about tge big pops and drops lately and how to play them. The price action at the top is a feature —  not a flaw — of this “Most terrifying bull” market.

~ Addison

 

P.S.  Mark Jeftovic’s joining us at a special time this week for Grey Swan Live! — Friday, February 6, at 2 p.m. ET. He’s going to help us unpack a set of signals in crypto and Dollar 2.0 digital assets that rarely appear at the same time — and almost never by accident.

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Mark will walk us through what’s happening with bitcoin, and what to expect next when capital, policy, and power start pulling in the same direction. Fascinating stuff!

Gold’s Relentless Bid

February 25, 2026 • Addison Wiggin

China’s gold reserves have more than tripled since 2022, while the U.S. Treasury holdings have declined. The metal is rising as central banks’ sovereign bond exposure falls globally.

Capital continues to be repositioned between a Western debt-based system and an Eastern resource-based accumulation.

Gold’s Relentless Bid
The Hindenburg Five

February 24, 2026 • Addison Wiggin

The stock market “rebalancing” is a polite way to put it. Energy and health care are getting a healthy boost. But tech hardware and software makers are still getting dressed down and have been asked to report to the principal’s office.

The great rotation underway has triggered a series of “Hindenburg Omens.” Five have occurred in recent weeks.

The Hindenburg Five
Piercing The Veil

February 23, 2026 • Addison Wiggin

The S&P 500 has traded in a 3.7% range over the past two months — less than half the 20-year median of 8.6%. One of the tightest ranges in modern history.

In trader parlance, the indexes are “flat,” a setup that often materializes before a sell-off at the top after a multi-year bull market.

Goldman Sachs told its own traders to be aware that institutional trading activity resembles a VIX reading near 35. Rather than a reading of 20, where the VIX has been trading over that same 2-month period.

The U.S. software ETF, IGV, tested its April 2025 lows last week and trades roughly 35% below its peak. The “SaaS-pocalypse” in software companies reflects the fear of Citrini’s 2028 scenario happening in real time.   That divergence now exceeds the spread seen at the peak of the Great Financial Crisis.

Under the surface, the “great rotation” we wrote about last week is threatening to widen.

Piercing The Veil
Oh. Canada

February 23, 2026 • Addison Wiggin

Despite its overly-educated 40-million-plus population, on a GDP per capita basis Canada is null. Collectively, the Great White North would rank as America’s second-lowest state, coming in above Mississippi, but below Alabama.

Oh. Canada