By Francisco Rodrigues (All times ET unless otherwise noted)
Bitcoin slipped to $68,500 on Tuesday, after failing to reclaim $70,000 after trading above that level for some time over the weekend. The CoinDesk 20 Index (CD20) fell 0.23% in the last 24 hours.
The market appears to be stabilizing after last week’s drop to $60,000, which erased all of the cryptocurrency’s gains since Donald Trump’s victory in the November 2024 presidential election.
This decline resulted in liquidations of over $2.7 billion, eliminating leveraged positions. However, this may not reflect a fundamental change in the crypto market. Rather, it could be linked to diminishing liquidity in the broader financial ecosystem.
Raoul Pal, CEO of Global Macro Investor, said last week’s selloff in crypto and tech stocks stemmed from temporary U.S. dollar liquidity leaks related to Treasury operations and government funding dynamics.
And then there is artificial intelligence (AI). Investments in this technology “have been absorbing capital available for months at the expense of everything else,” Wintermute wrote in a note. The trading firm wrote that removing AI companies from the Nasdaq 100 index would almost cause crypto’s negative skewness to disappear.
“The underperformance during rallies and the amplification of selling during declines can be explained almost entirely by AI turnover,” wrote Wintermute OTC trader Jasper De Maere. “For crypto to outperform again, the air needs to come out of AI trading.”
Elsewhere, yields on Japanese government bonds, which rose after Prime Minister Sanae Takaichi’s decisive election victory over the weekend, are falling. This could avoid a further unwinding of the yen carry trade, which could have seen up to $5 trillion invested abroad return to the country.
Arthur Hayes, co-founder of crypto exchange BitMEX, pointed to Takaichi’s victory as a potential catalyst for the yen losing value against the dollar, making the Japanese currency a less attractive investment. This could be a boon for risky assets, including cryptocurrencies.
Nonetheless, prices are expected to remain range-bound for now. The Coinbase Premium Index, which measures demand from large U.S. investors on the exchange, remains negative, and spot Bitcoin ETF flows are also showing hesitation, with daily net inflows amounting to just $145 million yesterday.
“As retail draws attention to other asset classes, institutional flows through ETFs and derivatives now appear to be dictating direction,” Wintermute wrote. 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 10: Mantle will host Mantle State of Mind Ep. 06 live from Consensus Hong Kong.
- Macro
- February 10, 7 a.m.: inflation rate in Brazil over one year (previous 4.26%), over one month (previous 0.33%)
- February 10, 8:30 a.m.: U.S. MoM retail sales for December Est. 0.5% (previous 0.6%)
- February 10, 8:30 a.m.: US employment cost index QoQ (previous 0.8%)
- February 10, 2:00 p.m.: inflation rate in Argentina over one year (previous 31.5%), over one month (previous 2.8%)
- Earnings (Estimates based on FactSet data)
- February 10: Canaan (CAN), pre-market, -$0.03
- February 10: Robinhood Markets (HOOD), post-market, $0.63
- February 10: Upexi (UPXI), post-market, -$0.07
- February 10: Lite Strategy (LITS), post-market
Token Events
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Votes and calls on governance
- Unlocks
- February 10: Aptos to unlock 0.69% of its circulating supply worth $12.07 million.
- Token Launches
- February 10: Venice token issuances (VVV) will decrease from 8 million to 6 million per year.
Conferences
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down 1.9% from 4 p.m. ET Monday at $69,041.32 (24 hours: -0.06%)
- ETH is down 4.94% at $2,016.57 (24 hours: -0.8%)
- CoinDesk 20 is down 2.59% at 3,086.55 (24 hours: +0.43%)
- Ether CESR Composite Staking Rate Up 7 Basis Points to 2.82%
- BTC funding rate is -0.006% (-6.6247% annualized) on Binance
- The DXY is unchanged at 96.83
- Gold futures unchanged at $5,077.00
- Silver futures are down 0.43% at $81.88
- The Nikkei 225 closed up 2.28% at 57,650.54
- Hang Seng closed 0.58% higher at 27,183.15
- The FTSE is down 0.38% at 10,346.98
- The Euro Stoxx 50 is unchanged at 6,060.67
- DJIA closed Monday unchanged at 50,135.87
- The S&P 500 closed up 0.47% at 6,964.82
- The Nasdaq Composite closed up 0.90% at 23,238.67
- The S&P/TSX Composite Index closed up 1.7% at 33,023.32
- The S&P 40 Latin America closed up 1.97% at 3,767.79
- The 10-year US Treasury yield is down 1.4 bps to 4.184%
- E-mini S&P 500 futures are up 0.09% at 6,989.25
- E-mini Nasdaq-100 futures unchanged at 25,359.00
- E-mini Dow Jones Industrial Average futures unchanged at 50,260.00
Bitcoin Statistics
- BTC dominance: 59.27% (+0.05%)
- Ether-bitcoin ratio: 0.02921 (-2.66%)
- Hashrate (seven-day moving average): 1,005 EH/s
- Hash price (spot): $34.72
- Total fees: 2.92 BTC / $204,792
- Open interest on CME futures: 118,215 BTC
- BTC valued in gold: 13.6 ounces.
- Market capitalization BTC vs gold: 4.6%
Technical analysis
- The ratio of altcoins (excluding the Top 10) to the weekly BTC chart continues to hold its base support, suggesting that the broader altcoin market did not experience a sell-off during bitcoin’s recent decline.
- The weekly RSI has increased, indicating some momentum in altcoins against BTC.
- There is no clear breakout at the moment, but it is worth watching.
Crypto Stocks
- Coinbase Global (COIN): Closed Monday at $167.25 (+1.29%), -1.44% at $164.84 in pre-market
- Circle Internet (CRCL): closed at $60.10 (+5.36%), -1.31% at $59.31
- Galaxy Digital (GLXY): closed at $21.15 (+7.03%), +0.61% to $21.28
- Bullish (BLSH): closed at $32.05 (+16.76%), unchanged in pre-market
- MARA Holdings (MARA): closed at $8.06 (-2.18%), -1.49% at $7.94
- Riot Platforms (RIOT): close at $14.97 (+3.60%), -1.27% at $14.78
- Core Scientific (CORZ): closed at $18.55 (+10.35%)
- CleanSpark (CLSK): closed at $10.19 (+1.09%), -1.77% at $10.01
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): Closed at $43.83 (+8.41%)
- Exodus Movement (EXOD): closed at $10.74 (+1.70%)
Crypto Cash Companies
- Strategy (MSTR): closed at $138.44 (+2.6%), -2.61% at $134.82
- Strive (ASST): closed at $10.15 (-14.86%), +1.03% to $10.25
- SharpLink Gaming (SBET): closed at $7.11 (+1.14%), -0.7% at $7.06
- Upexi (UPXI): closed at $1.05 (-7.89%), +2.86% at $1.08
- Lite Strategy (LITS): closed at $1.05 (-0.94%), -2.86% at $1.02
ETF Feed
Spot BTC ETF
- Daily net flows: $144.9 million
- Cumulative net flows: $54.82 billion
- Total BTC holdings ~1.27 million
ETH Spot ETF
- Daily net flows: $57 million
- Cumulative net flows: $11.9 billion
- Total ETH holdings ~5.8 million
Source: Farside Investors
