By Francisco Rodrigues (All times ET unless otherwise noted)
Bitcoin fell nearly 2.5% in the past 24 hours after failing to hold on to gains made during a weekend rebound that sent it back up to $71,000.
The pullback follows a turbulent few days in which the cryptocurrency plunged as low as $60,000 before rebounding. BTC is still down over 11% over the past seven days.
Nonetheless, it is outperforming the broader market, which saw the CoinDesk 20 Index (CD20) fall 13.5% over 24 hours and 13.7% over a week.
This decline has seen institutions move. Speaking to CNBC, Hunter Horsley, CEO of Bitwise, said late last week that the company had seen significant inflows as prices fell.
“I think long-time holders are unsure, and I think new investors — institutions — feel like they’re getting another crack at the apple and seeing prices that they thought they’d missed forever,” Horsley said.
Spot Bitcoin ETFs reversed a three-day streak of outflows on Friday, bringing in a net $371 million, according to SoSoValue data. Retailer confidence nevertheless remains fragile. Julio Moreno, head of research at CryptoQuant, noted on social media that U.S. investors are buying back, based on the Coinbase Premium Index turning positive for the first time since mid-January.
Online search interest for terms like “crypto capitulation” increased during the sell-off and remained high, according to crypto analytics firm Santiment, providing an opportunity for value investors to jump in.
Meanwhile, capital flowed into traditional safe havens. Gold and silver extended their recoveries following a selloff late last month, with gold surging above $5,000 again as investors eye a weaker U.S. dollar and major buyers continue to accumulate. These include Tether, whose gold reserve has exceeded $23 billion, and the Chinese central bank.
Stock market futures are down ahead of the open, after Japanese stocks rallied following the ruling party’s landslide victory in a snap election. Prime Minister Sanae Takaichi had campaigned for low interest rates and big fiscal spending.
The yield on Japanese government bonds continued to rise, further dampening the yen carry trade and affecting risk assets including cryptocurrencies. This outcome could bring nearly $5,000 billion in foreign investment into the country. 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
- Macro
- February 9, 11 a.m.: US consumer inflation expectations for January (previous 3.4%)
- 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
- No major votes on governance.
- Unlocks
- Token Launches
- February 9: Pendle will launch SPENDLE redemptions with the first yield distributions starting February 13 and time-weighted rewards starting January 29.
- February 9: ZKsync will launch season 1 of the ZKnomics staking pilot program via Tally
Conferences
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down 2.90% from 4 p.m. ET Sunday at $69,045.23 (24 hours: -2.44%)
- ETH is down 4.07% at $2,034.28 (24 hours: -4.40%)
- CoinDesk 20 is down 3.09% at 1,973.38 (24h: -3.46%)
- Ether CESR composite staking rate is down 25 basis points to 2.74%
- BTC funding rate is -0.037% (-4.0362% annualized) on Binance
- The DXY is down 0.33% at 97.31
- Gold futures are up 1.67% at $5,033.80
- Silver futures are up 5.62% at $81.05
- The Nikkei 225 closed up 3.89% at 56,363.94
- Hang Seng closed 1.76% higher at 27,027.16
- The FTSE 100 is up 0.31% at 10,402.44
- The Euro Stoxx 50 is up 0.39% at 6,021.78
- DJIA closed Friday up 2.47% at 50,115.67
- The S&P 500 closed up 1.97% at 6,932.30
- The Nasdaq Composite closed up 2.18% at 23,031.21
- The S&P/TSX Composite Index closed up 1.49% at 32,471.00
- The S&P 40 Latin America closed down 2.89% at 3,653.05
- The 10-year US Treasury yield is up 2 basis points to 4.23%
- E-mini S&P 500 futures unchanged at 6,949.25
- E-mini Nasdaq-100 futures are down 0.20% at 25,113.25
- E-mini Dow Jones Industrial Average futures unchanged at 50,246.00
Bitcoin Statistics
- BTC dominance: 59.33% (-0.05%)
- Ether-bitcoin ratio: 0.02944 (-0.92%)
- Hashrate (seven-day moving average): 977 EH/s
- Hash price (spot): $34.55
- Total fees: 2.23 BTC / $157,182
- Open Interest on CME Futures: 116,125 BTC
- BTC valued in gold: 13.8 ounces.
- Market capitalization BTC vs gold: 4.62%
Technical analysis
- Bitcoin is testing the 200-week exponential moving average (~$68,339), a critical support level to avoid a prolonged structural pullback.
- The weekly RSI is firmly oversold at 28.18, a level that historically precedes short-term rebounds.
- Although this positioning suggests that there is a high probability of a rebound, a clear reversal of the downtrend requires a sustained breakout above $74,000.
Crypto Stocks
- Coinbase Global (COIN): closed Friday at $165.12 (+13.00%), –1.24% at $163.07 in pre-market
- Galaxy Digital (GLXY): closed at $19.76 (+17.34%), –0.30% at $19.70
- MARA Holdings, Inc. (MARA): closed at $8.24 (+22.44%), –2.67% at $8.02
- Riot Platforms, Inc. (RIOT): closes at $14.45 (+19.82%), –1.18% at $14.28
- Core Scientific, Inc. (CORZ): closed at $16.81 (+13.47%), –0.30% at $16.76
- CleanSpark (CLSK): closed at $10.08 (+21.96%), –0.89% at $9.99
- Exodus Movement (EXOD): closed at $10.56 (+12.10%)
- CoinShares Bitcoin Mining ETF (WGMI): Closed at $40.43 (+14.76%)
- Circle Internet Group (CRCL): closed at $57.04 (+13.56%), –1.05% at $56.44
- Bull (BLSH): closed at $27.45 (+10.24%), unchanged at $27.45
Crypto Cash Companies
- Strategy (MSTR): closed at $134.93 (+26.11%), –3.47% at $130.25
- Strive Asset Management (ASST): closed at $11.91 (+20.84%), –3.40% at $11.51
- Sharplink Gaming (SBET): closed at $7.03 (+15.82%), –0.71% at $6.98
- Upexi, Inc. (UPXI): closed at $1.14 (+4.59%), +0.88% at $1.15
- Lite Strategy, Inc. (LITS): closed at $1.06 (+11.58%)
ETF Feed
Spot BTC ETF
- Daily net flows: $330.7 million
- Cumulative net flows: $54.63 billion
- Total BTC holdings ~1.27 million
ETH Spot ETF
- Daily net flows: -$21.3 million
- Cumulative net flows: $11.83 billion
- Total ETH holdings ~5.83 million
Source: Farside Investors
While you were sleeping
- Takaichi’s victory sends the Nikkei to a record, bitcoin to $72,000 and gold past $5,000 (CoinDesk): Japan’s Nikkei 225 index hit a record Monday, surpassing 57,000 after Prime Minister Sanae Takaichi’s decisive “supermajority” election victory.
- China Urges Banks to Reduce Exposure to U.S. Treasuries (Bloomberg): Chinese regulators have advised financial institutions to limit their holdings of U.S. Treasuries, citing concerns about concentration risks and market volatility.
- Tether’s gold reserve exceeds $23 billion, with purchases outpacing those by nation states, says Jefferies (CoinDesk): The Wall Street investment bank estimates the crypto firm holds at least 148 tons of physical gold, joining the top 30 global bullion holders.
- U.S. IPOs to quadruple to record $160 billion in 2026 on rebound in deals, Goldman says (Reuters): U.S. stock markets are poised for a strong rebound in IPOs in 2026, Goldman Sachs analysts said, forecasting revenues to quadruple to a record $160 billion as marquee names such as SpaceX, OpenAI and Anthropic move closer public quotations.
