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Welcome to Asia Morning Briefing, a daily overview of significant events during U.S. hours, along with market movements and insights. For a comprehensive understanding of U.S. markets, refer to CoinDesk’s Crypto Daybook Americas.
As we enter the “Year of the Horse,” crypto markets appear more like a racehorse ready to start, with tension building after a recent downturn.
The ETH/BTC performance chart is particularly noteworthy, as its patterns echo those observed prior to the last major crypto bull run.
In the last peak for Gold, the following occurred:
– $ETH hit its lowest point 9 months earlier.
– $ETH faced a 30-40% drop.This time;
– $ETH reached a low 9 months back
– $ETH has already decreased by 31%.What followed?
Over a 300% increase for Ethereum relative to #Bitcoin and the awakening of the bull market… pic.twitter.com/CH8SRjyZm7
— Michaël van de Poppe (@CryptoMichNL) February 1, 2026
The “Year of the Horse” metaphor symbolizes not just destiny but also pace. Such years are known in market lore for rapid changes and momentum that builds quickly when it begins. In the context of crypto, this means anticipating greater volatility and quicker capital shifts, potentially moving leadership away from Bitcoin to higher beta assets if liquidity conditions improve.
The interest in the ETH/BTC chart is due to having experienced a cycle previously that seems to be repeating. In the prior major cycle, Ethereum hit bottom against Bitcoin approximately 9 months before gold peaked, later experiencing another sharp 30%-40% decline that many thought would break the trend. This drop, however, marked a low point, following which capital flowed back into riskier crypto assets, driving Ethereum up over 300% relative to Bitcoin, which helped spark a broader market rally.
Currently, the ETH-to-BTC chart has reached a low point roughly 9 months ahead of gold’s latest peak and has already seen a decrease of around 31%, registering within a familiar historical range before significant upward movements. Traders remain cautious, with some still seeking protection from further losses, but the urgency is less than during last year’s rapid selloffs, suggesting a level of caution instead of panic.
