Markets crash across crypto, equities and metals in broad correction
Crypto drops to two-month lows, metals retreat 10% from highs, and Binance swaps stablecoins for BTC as ETF outflows mount.
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Markets finally cracked. After weeks of strength in metals and a slow bleed in crypto, everything gave way in a broad Thursday wipeout. Gold and silver, fresh off record highs, plunged double digits. Equities tanked. Crypto got slammed. And while some assets bounced slightly into Friday, the mood stayed heavy. The Trump-fueled Fed narrative is shifting again, this time with a twist: Kevin Warsh is back.
In parallel, Binance is ditching stablecoins in its SAFU fund and buying Bitcoin, just as spot ETFs suffer their biggest outflows in months. Institutions are cutting crypto exposure as the market cools, with over $2.6 billion leaving Bitcoin ETFs in just two weeks.
Markets
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SPX, BTC, and gold all fall as traders brace for change
Markets crashed hard Thursday as overextended rallies finally snapped. Gold dropped over 5% and silver plunged 10% from recent all-time highs of $5.5K and $120, respectively. The S&P 500 fell 1.5% and the Nasdaq dropped 2.5%. Bitcoin slid 8% to $80K, its lowest level since November, while ETH hit $2.7K and SOL fell to $116. XRP also dropped to $1.76.
Friday brought a modest bounce. BTC recovered to $83K, and equities regained some ground. But metals continued correcting, with gold now near $5K and silver heading toward $100. The catalyst may be political: Trump nominated Kevin Warsh for the Fed chair role, reinforcing market expectations for lower rates. Ironically, Warsh is known as a hawk. Traders are now trying to gauge whether Warsh would really be looser than Powell, or just a new face for the same tight policy.
Binance to convert $1B SAFU fund to Bitcoin while ETFs bleed
Binance said Friday it would convert the $1B in its Secure Asset Fund for Users (SAFU) from stablecoins to Bitcoin over the next 30 days. If BTC drops and the fund falls below $800M, Binance will top it back up to $1B. The move comes as crypto ETFs bleed cash.
According to SoSoValue, spot BTC ETFs saw $817.9M in outflows on Jan. 29 alone, the biggest since November. Ether ETFs lost $155.6M that day. Over the past two weeks, BTC products have lost $2.6B, and ETH ETFs another $600M. The synchronized exits suggest institutions are reducing overall exposure, not rotating between assets. Binance’s BTC move may be a long-term signal, but short term, TradFi is pulling out.
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