By Francisco Rodrigues (All times ET unless otherwise noted)
Bitcoin fell for a third straight day after failing to stay above $70,000 during the weekend rally as spot trading volumes declined and the Crypto Fear and Greed Index held in “extreme fear” territory.
The broader crypto market cap has fallen to around $2.28 trillion, with the CoinDesk 20 Index (CD20) losing 3.4% over the past 24 hours. Despite this, on-chain data aggregator Glassnode described the pullback as modest by past standards, with no signs of panic selling seen during previous cycle peaks.
Despite falling volumes and poor sentiment, inflows into spot Bitcoin ETFs have been steady over the past three days, helping to absorb some selling pressure. The market is now in a price discovery phase, according to Wintermute.
“With spot volumes still relatively low, leverage is driving short-term moves, as illustrated by BTC’s rally from last Friday’s lows on heavily crowded perp shorts,” Wintermute office strategist Jasper De Maere wrote in an emailed note. “It is likely that the market will continue to move within this range as it is still in the price discovery phase.”
The main figures seem to remain optimistic. Speaking at Consensus Hong Kong, Tom Lee, Chief Investment Officer of Fundstrat and Chairman of Ether Treasury firm BitMine Immersion (BMNR) told investors they should look for entry points rather than trying to predict a bottom.
On CNBC, Michael Saylor, executive chairman of treasury firm Bitcoin Strategy (MSTR), reiterated his long-term bet on the cryptocurrency, saying he expects it to outperform traditional stocks despite the pullback.
Weak U.S. retail sales slightly boosted expectations for U.S. interest rate cuts and weighed on the dollar. Attention will now shift to current non-farm employment figures and inflation data, which could further influence risk appetite. 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
- February 11: Immutable to complete the merger of Immutable X and Immutable zkEVM.
- Macro
- February 11, 8:30 a.m.: US non-farm payrolls for January est. 70,000 (previous 50,000)
- February 11, 8:30 a.m.: US unemployment rate for January Est. 4.4% (previous 4.4%)
- February 11, 8:30 a.m.: Average hourly wage in the United States for January year-over-year, Est. 3.8% (previous 3.6%)
- 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
- February 11: Ripple will host XRP Community Day on X Spaces to discuss XRP adoption, regulated finance, and innovation.
- Unlocks
- February 11: to unlock 0.32% of its circulating supply worth $14.33 million.
- Token Launches
- February 11: Coinbase lists RaveDAO (RAVE), DeepBook (DEEP), and Walrus (WAL).
Conferences
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is up 0.25% from 4 p.m. ET Tuesday at $66,868.63 (24 hours: -3.14%)
- ETH is down 2.96% at $1,947.84 (24 hours: -3.25%)
- CoinDesk 20 is down 2.75% at 1,900.89 (24h: -3.53%)
- Ether CESR Composite Staking Rate Up 1bp to 2.83%
- BTC funding rate is -0.0023% (-2.536% annualized) on Binance
- The DXY is down 0.3% at 96.50
- Gold futures are up 1.73% at $5,117.80
- Silver futures are up 6.22% at $85.39
- The Nikkei 225 closed up 2.28% at 57,650.54
- Hang Seng closed 0.31% higher at 27,266.38
- The FTSE is up 0.50% at 10,405.94
- The Euro Stoxx 50 is down 0.41% at 6,022.26
- DJIA closed Tuesday up 0.1% at 50,188.14
- The S&P 500 closed down 0.33% at 6,941.81
- The Nasdaq Composite closed down 0.59% at 23,102.47
- The S&P/TSX Composite Index closed up 0.71% at 33,256.83
- The S&P 40 Latin America closed down 0.57% at 3,746.47
- The 10-year U.S. Treasury yield is down 1 basis point at 4.135%
- E-mini S&P 500 futures unchanged at 6,966.50
- E-mini Nasdaq-100 futures unchanged at 25,218.00
- E-mini Dow Jones Industrial Average futures are up 0.13% at 50,338.00
Bitcoin Statistics
- BTC dominance: 59.12% (-0.29%)
- Ether-bitcoin ratio: 0.02914 (-0.81%)
- Hashrate (seven-day moving average): 1,002 EH/s
- Hash price (spot): $33.56
- Total fees: 2.6 BTC / $179,640
- CME Futures Open Interest: 120,785 BTC
- BTC valued in gold: 13.1 ounces.
- Market capitalization BTC vs gold: 4.46%
Technical analysis
- BTC/USD is currently hovering below the 200-week exponential moving average, a critical support level that must be reclaimed to avoid further decline.
- The market is now waiting for the weekly close to confirm whether this breakout marks a definitive break or a temporary gap.
Crypto Stocks
- Coinbase Global (COIN): Closed Tuesday at $162.51 (-2.83%), -3.39% at $157.00 in pre-market
- Circle Internet (CRCL): closed at $59.75 (-0.58%), -1.84% at $58.65
- Galaxy Digital (GLXY): closed at $21.19 (+0.19%), -1.75% at $20.82
- Bullish (BLSH): closed at $32.05 (+0.00%), -1.68% at $31.51
- MARA Holdings (MARA): closed at $7.66 (-4.96%), -3.13% at $7.42
- Riot Platforms (RIOT): close at $14.83 (-0.94%), -2.29% at $14.49
- Core Scientific (CORZ): closed at $18.13 (-2.26%), -2.48% at $17.68
- CleanSpark (CLSK): closed at $10.03 (-1.57%), -2.49% at $9.78
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): Closed at $42.62 (-2.76%)
- Exodus Movement (EXOD): closed at $10.86 (+1.12%)
Crypto Cash Companies
- Strategy (MSTR): closed at $133.00 (-3.93%), -3.12% at $128.85
- Strive (ASST): closed at $9.18 (-9.51%), -3.27% at $8.88
- SharpLink Gaming (SBET): closed at $6.65 (-6.47%), -0.60% at $6.61
- Upexi (UPXI): closed at $0.98 (-7.14%), +1.96% at $0.99
- Lite Strategy (LITS): closed at $1.03 (-1.90%)
ETF Feed
Spot BTC ETF
- Daily net flows: $166.5 million
- Cumulative net flows: $54.98 billion
- Total BTC holdings ~1.27 million
ETH Spot ETF
- Daily net flow: $13.8 million
- Cumulative net flows: $11.91 billion
- Total ETH holdings ~5.84 million
Source: Farside Investors
