By Omkar Godbole (All times ET unless otherwise noted)
Main cryptocurrencies, including bitcoin , and Solana have lost more than 1.5% in the last 24 hours. All 16 CoinDesk Sector Indices are in the red, led by the DeFi Select Index with a 3.6% decline.16 CoinDesk Sector Indices are in the red, led by the DeFi Select Index with a 3.6% decline.
The decline has some analysts wondering whether the early-year rebound was due to conviction buying or seasonal factors such as new year allocations. One clue could come from U.S.-listed spot Bitcoin ETFs, which saw more than $1 billion in inflows in the first two trading days of 2026 and lost $243 million on Tuesday, according to data source SoSoValue.
“This pullback reflects the fragility of the recent rally, with price action remaining sensitive to liquidity changes and seasonal factors rather than conviction buying,” said Samer Hasn, senior market analyst at XS.com.
Explained that tentative signs of improving liquidity have supported the recent advance, but these signals remain uneven, which explains why the upward momentum is fading.
Bulls may also be concerned about indicators such as Coinbase Premium, an indicator of demand from US-based investors. The premium, which measures the difference between the price of BTC on Nasdaq-listed Coinbase and offshore giant Binance, continues to be negative, according to Coinglass data. This indicates that US investors have not yet joined the rally, although analysts say that fiscal sales from those investors who held onto BTC in December have ended.
There are nonetheless encouraging signs for bulls, particularly in the derivatives market, where cumulative open interest in crypto futures rose to its highest level in nearly two months, indicating a renewed willingness among investors to take risks.
Funding rates, or periodic fees paid to exchanges for trading perpetual futures contracts linked to cryptocurrencies, are improving, which is another positive sign.
“Historically, sustained market advances tend to coincide with funding rates consistently above ~0.01%, suggesting that current conditions remain favorable but not yet decisive,” Glassnode said.
In traditional markets, yields on longer-term Japanese government bonds have hit a record high as fiscal concerns persist, raising alarm on social media about how this could affect risky assets, including BTC. Rising bond yields in Japan could spill over to other advanced countries, as CoinDesk has previously reported.
As for bitcoin, its correlation with the yen has strengthened, meaning that a possible churn in Japanese markets could influence the cryptocurrency. The ADP employment report and ISM non-manufacturing data due later today could increase market volatility. Stay vigilant!
Read more: For analysis of current altcoin and derivatives activity, see Crypto Markets Today
What to watch
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Cryptocurrency
- January 7: Ethereum activates its second “Blob Parameter Only” (BPO-2) hard fork, increasing the blob target to 14 and the maximum to 21 blobs per block to increase data capacity for rollups as part of the Fusaka scaling roadmap.
- Macro
- January 7, 8:15 a.m.: Dec. ADP Employment Change Est. 45K.
- January 7, 10 a.m.: Dec. ISM Services PMI Est. 52.3.
- January 7, 10 a.m.: November JOLTS report. Job offers East. 7.64 million; Work stoppages (previous 2,941 M).
- Earnings (Estimates based on FactSet data)
Token Events
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Votes and calls on governance
- January 7: Jupiter will organize a global call after the launch of its stablecoin JupUSD.
- January 7: Axie Infinity will host its first Lunacian Lounge of 2026.
- January 7: Gnosis will host a community session, Ask Me Anything (AMA) on X, YouTube, and Discord.
- Unlocks
- Token Launches
Conferences
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down 1.66% from 4 p.m. ET Tuesday at $91,677.51 (24 hours: -1.77%)
- ETH is down 2.26% at $3,200.70 (24 hours: -0.27%)
- CoinDesk 20 is down 1.97% at 2,981.11 (24 hours: -2.08%)
- Ether CESR Composite Staking Rate Up 3 Basis Points to 2.88%
- BTC funding rate is 0.0084% (9.175% annualized) on Binance
- The DXY is unchanged at 98.55
- Gold futures are down 0.19% at $4,473.50
- Silver futures are down 1.53% at $79.30
- The Nikkei 225 closed down 1.06% at 51,961.98
- Hang Seng closed 0.94% lower at 26,458.95
- The FTSE 100 is down 0.53% at 10,069.29
- The Euro Stoxx 50 is down 0.27% at 5,915.51
- DJIA closed Tuesday up 0.99% at 49,462.08
- The S&P 500 closed up 0.62% at 6,944.82
- The Nasdaq Composite closed up 0.65% at 23,547.17
- The S&P/TSX Composite Index closed up 0.58% at 32,407.00
- The S&P 40 Latin America closed up 1.02% at 3,255.61
- The 10-year U.S. Treasury yield is up 1 basis point at 4.18%
- E-mini S&P 500 futures are down 0.14% at 6,978.25
- E-mini Nasdaq-100 futures are down 0.28% at 25,748.75
- E-mini Dow Jones Industrial Average futures unchanged at 49,744.00
Bitcoin Statistics
- BTC dominance: 58.8% (-0.15%)
- Ether-bitcoin ratio: 0.03502 (-0.41%)
- Hashrate (seven-day moving average): 1,043 EH/s
- Hash price (spot): $39.14
- Total fees: 2.76 BTC / $258,065
- Open Interest on CME Futures: 110,835 BTC
- BTC valued in gold: 20.5 ounces.
- Market capitalization BTC vs gold: 6.15%
Technical analysis
- The chart shows the daily price fluctuations of BTC in candlestick form.
- The recovery rally stalled at the level of horizontal resistance coming from the December 9 high of 94,635.
- A move above this level would signal a breakout, strengthening the case for a rally to $100,000.
Crypto Stocks
- Coinbase Global (COIN): Closed Tuesday at $250.56 (-1.71%), -0.67% at $248.88 in pre-market
- Circle Internet (CRCL): closed at $84.85 (+0.06%), -1.11% at $83.91
- Galaxy Digital (GLXY): closed at $26.08 (-0.84%), -0.46% at $25.96
- Bullish (BLSH): closed at $41.25 (-0.55%), -1.28% at $40.72
- MARA Holdings (MARA): closed at $10.31 (-2.64%), -0.68% at $10.24
- Riot Platforms (RIOT): close at $14.98 (+1.28%), -0.67% at $14.88
- Core Scientific (CORZ): closed at $16.79 (+0.36%), unchanged in pre-market
- CleanSpark (CLSK): closed at $11.99 (-2.52%), -1.25% at $11.84
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): Closed at $44.99 (-2.11%)
- Exodus Movement (EXOD): closed at $15.92 (+1.60%)
Crypto Cash Companies
- Strategy (MSTR): closed at $157.97 (-4.10%), +3.69% at $163.80
- Semler Scientific (SMLR): closed at $21.26 (+0.95%)
- SharpLink Gaming (SBET): closed at $10.34 (+0.68%), -1.74% at $10.16
- Upexi (UPXI): closed at $2.28 (+0.44%), +1.32% to $2.31
- Lite Strategy (LITS): closed at $1.54 (+0.65%)
ETF Feed
Spot BTC ETF
- Daily net flows: -$243.2 million
- Cumulative net flows: $57.52 billion
- Total BTC holdings ~1.31 million
ETH Spot ETF
- Daily net flows: $114.7 million
- Cumulative net flows: $12.8 billion
- Total ETH holdings ~6.16 million
Source: Farside Investors
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