Markets are selling off across the board, and the damage is no longer small. Gold’s price is down 8.5%, silver has dropped 13%, and together they have lost about $11 trillion in market value in just two trading days. Since Thursday alone, gold has shed roughly $9 trillion, with silver down another $2 trillion.
Crypto has not been spared. The Bitcoin price is trading below $75k down around 4–5% on the day and more than 13% over the past week.
Ethereum is down close to 9%, altcoins are in panic mode, and more than $100 billion has been wiped from the total crypto market cap. Market sentiment has collapsed, with the Fear and Greed Index sitting in extreme fear territory.
When gold, silver, stocks, and Bitcoin all fall at the same time, the move is rarely about one asset. It points to stress beneath the surface, where liquidity becomes the main driver.
Popular market commentator NoLimit with over 470k followers argues that the issue is not value or belief. In his view, the system is short on cash.
Gold down 8.5%
— Cryptoinsightuk (@Cryptoinsightuk) February 2, 2026
Silver down 13%
Overall, since Thursday, Gold has lost 9 trillion in market cap and silver around 2 trillion.
11 trillion dollars in 2 trading days.
What you'll learn 👉
Why Everything Is Falling Together
In periods of stress, funds do not sell what they want to sell. They sell what they can sell. Liquid assets become the fastest source of cash. Gold and silver fit that role well. They are easy to offload and often sit on large unrealized gains.
That is why metals can fall even when fear is rising. The selling is not a judgment on their worth. It is about meeting margin requirements.
The same pressure spreads to stocks and crypto. When leverage unwinds, positions get cut across the board. This creates broad selling, even in assets that usually move differently.
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In addition, stocks entered this period at stretched levels. By several measures, the S&P 500 traded above past extremes seen before major downturns. When liquidity tightens, those conditions leave little room for error. As selling accelerates, leverage clears. Positions that once looked stable no longer are. The need for cash ripples through markets.
🚨 THE SYSTEM IS BREAKING
— NoLimit (@NoLimitGains) February 2, 2026
Gold: CRASHING
Silver: CRASHING
S&P500: CRASHING
Bitcoin: CRASHING
And things could get a lot worse before they get better…
We’re watching the everything bubble POP in real-time.
The S&P 500 is trading at its most expensive valuation multiples in… pic.twitter.com/tEgegm8DM8
Why Metals Matter Right Now
NoLimit points to metals as a key signal. In past deflationary shocks, gold and silver fell early, right alongside equities. This happened in 2008 and again in March 2020.
The turning point came later. When metals stopped falling but stocks continued lower, pressure had peaked. Until that kind of split appears, stress often remains elevated.
This is why traders are watching metals closely. Their behavior can hint at when forced selling begins to fade.
Where Bitcoin Fits In
Bitcoin is not isolated from this process. During fast deleveraging phases, crypto trades like a risk asset. Liquidity exits, leverage clears, and price drops.
This does not erase the broader case for Bitcoin, but it shapes near-term moves. When cash is scarce, narratives lose influence.
Furthermore, this phase is about balance sheets, not belief. Liquidity is tight. Deleveraging is underway. That mix usually brings sharp moves and heavy volatility. Cash becomes valuable in moments like this. Risk control matters more than bold calls.
However, Gold, stocks, and Bitcoin falling together point to stress behind the scenes. The issue is not that these assets failed. The issue is that the system needs liquidity.
Until forced selling slows and pressure eases, markets may stay unstable. History shows these phases do pass, but they rarely end quietly.
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