Wealthion Macro Bites 2-5-26

The Trump administration (Rubio, Vance, Bessent, Burgum, Wright, Greer) hosted representatives from 54 countries and the EU at the inaugural 2026 Critical Minerals Ministerial in Washington to mobilize allies into creation of a preferential trade bloc for critical minerals (including coordinated price floors). The U.S. signed bilateral trade agreements with 11 countries and “completed negotiations” with an additional 17 nations (building on 10 similar pacts inked over past 5 months). The goals of the agreements are to address pricing challenges, spur development, create fairer markets and expand access to financing in the critical minerals sector.

At the Ministerial, Secretary Rubio also announced formation of the Forum on Resource Geostrategic Engagement (FORGE), a partnership to allow member countries to coordinate critical mineral policy, pricing and project development. Separately, while South Korea was joining the U.S.-led critical minerals trading bloc, its Trade Ministry announced simultaneously that it was establishing a “hotline and joint committee” with Chinese authorities to help South Korean companies import Chinese minerals more “quickly and reliably.”

Bitcoin touched a low of $69,821 in early Thursday trading, a 15-month low and a 45% decline from its 10/6/25 peak ($126,251). Over the four-month span bitcoin’s market cap has declined $1.1 trillion (from $2.5T to 1.4T). As update on the total crypto market, CoinMarketCap now tracks 32,340 different cryptocurrencies which trade on 922 separate exchanges. Total crypto market cap now stands at $2.4T, down from a 10/5/25 high of $4.2T. We cannot stress enough the importance of Strategy’s average cost of $76,052 on its 713,502 bitcoins. Should the bitcoin price fall further below this level, Strategy will be exposed to reflexive pressures from common, preferred and convertible issuance to fund its recent $5.6 billion bitcoin buying spree.

Canada will announce today its national automotive strategy which is expected to scrap its EV mandate in favor of new fuel efficiency standards and credits.

Challenger, Gray & Christmas reported 108,435 U.S. job cuts in January, +118% y/y and the highest for any January since GFC depths of ’09. The Challenger report also showed hiring intentions slid 13% y/y to 5,306 (weakest January total on record).

Euro Stoxx 50 -0.7%, S&P futures -0.45% and Nasdaq futures -0.6%. DXY dollar index +0.2%, spot gold -2.75% and spot silver -14.5% @ 8 am ET.

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