Name: Trading the Markets: February 4, 2026 | Kris Bullock and Bijan Maleki
Uploaded: 2026-02-05T06:39:23+00:00
Duration: 1686 s

Speakers

Kris Bullock — Host, Real Vision

Bijan Maleki — Host

Summary

Kris Bullock joins Bijan Maleki to discuss a risk-off session sparked by Iran nuclear talks breaking down, with major US equity indices breaking down and liquidity rolling over. Bullock remains near-term bearish on Bitcoin while expecting a possible Q2 bottom, favors gold and silver after a healthy reset, and highlights Hyperliquid (HYPE) and PER as rare crypto bright spots. He also flags AI-leveraged pharmaceutical names as relative outperformers and discusses IREN's pivot to AI compute despite Bitcoin headwinds.

Iran nuclear talks breakdown added to a risk-off market mood.
S&P 500, Nasdaq, and Russell 2000 showed technical breakdowns as M2 rolled over.
Bitcoin is near-term bearish with downside levels in the $70K, $64K, and $55K zones; a Q2 bottom is possible.
Hyperliquid (HYPE) and PER are highlighted as rare crypto winners with buyback-driven upside.
Gold and silver are favored after a healthy correction, with weekly uptrends intact.
AI-driven pharma names Eli Lilly, Novartis, Merck, and McKesson are on the watchlist to outperform.
IREN's AI compute pivot is positive but still exposed to Bitcoin weakness.

Ideas

Kris Bullock Host, Real Vision 1:27

US indices broken; risk assets holding pattern.

Major US equity indices are rolling over: the S&P 500 has broken major daily moving averages, the Nasdaq is below its 20-week bull market support band, and the Russell 2000 is losing support. With M2 rolling over, the dollar rebounding, and geopolitical tensions spooking markets, he sees risk assets in a holding pattern until liquidity stabilizes.

Kris Bullock Host, Real Vision 3:12

Bitcoin downside first, Q2 bottom later.

Bitcoin looks ugly with weekly RSI at bear-market lows and five consecutive red monthly candles. He sees a possible reflexive bounce to fill the CME gap near $84k, but his base case is another leg down, with support zones in the low $70k, around $64k, and mid-$50k if washed out. He expects a Q2 2026 bottom as liquidity improves, but his near-term bias is downside.

Kris Bullock Host, Real Vision 10:41

HYPE is brightest crypto spot, flywheel intact.

HYPE is the single brightest spot in crypto, rising while everything else is red and in a daily uptrend while trying to flip its weekly trend. Its new commodities perps protocol has driven trading volume and fees, which fund token buybacks, creating a flywheel that should support further upside toward prior all-time highs.

Kris Bullock Host, Real Vision 11:52

PER amplifies HYPE upside via treasury buybacks.

PER is Hyperliquid Strategies, a digital asset treasury company that gives US brokerage and retail investors exposure to HYPE. It buys HYPE and has a stock buyback program, creating continued buying pressure, and acts as a beta amplifier: when HYPE rises, PER tends to rise more, potentially outperforming if HYPE returns to all-time highs.

Kris Bullock Host, Real Vision 13:39

Pax Gold benefits as tokenized gold.

Pax Gold is one of the few crypto assets performing because it is tokenized gold or a gold-pegged stablecoin, so it benefits from gold's strength rather than crypto beta.

Kris Bullock Host, Real Vision 14:20

Metals reset, uptrend intact, prefer over crypto.

The correction in gold and silver is likely over. Gold nearly retraced to its 20-week moving average and held its weekly trend indicator dot, while silver had an even bigger healthy reset and also kept its trend. The weekly uptrends remain intact, making metals a better bet than crypto; he would rather be in gold than Bitcoin.

Kris Bullock Host, Real Vision 18:33

AI pharma names to outperform this year.

Four major pharma companies—Eli Lilly, Novartis, Merck, and McKesson—are investing in AI research labs to accelerate drug trials and data processing, lowering the cost and time to bring products to market. The sector has been strong, and Eli Lilly's strong earnings and 8% move bucked the tech-led selloff. Though he is not in positions yet, he thinks these AI-leveraged pharma names will outperform this year and be relatively resilient.

Kris Bullock Host, Real Vision 20:59

IREN AI pivot supports despite Bitcoin headwind.

IREN has resolved its earlier delisting risk and bounced, and it is pivoting from Bitcoin mining to providing AI compute and data-center capacity, which is in strong demand and helps sustain the business. He thinks IREN will continue to do well but notes it still faces Bitcoin price headwinds and may not be the best AI/data-center play relative to peers without that exposure.

Trading the Markets: February 4, 2026 | Kris Bullock and Bijan Maleki

Summary

Ideas

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