Stocks related to the crypto sector continued their sharp declines in January on Thursday, with bitcoin falling 6% to below $84,000.
Coinbase (COIN), the largest publicly traded crypto company by market cap, is down 7% today, 17% year-to-date, and is on pace to record an eight-game losing streak, the longest since September 2024. At the current price of $195, the stock is back to where it was in May 2025.
Shares of rival crypto exchange Gemini (GEMI) are down 8% on Thursday and 21% year-to-date, while crypto exchanges Bullish (BLSH) and Circle (CRCL) are down 16% and 20% this year, respectively.
Read more: Here are the key levels to watch as bitcoin plunges to $84,000
In addition to falling cryptocurrency prices, exchanges are seeing a drop in spot trading volumes as the bear market drags on. Data from TheTie shows that spot volume on exchanges in January was just $900 billion, down from $1.7 billion a year earlier.
“Bitcoin is stuck around the $85,000 level, and you can feel the hesitation in the market,” Eric He, head of Community Angel and risk control advisor at crypto exchange LBank, told CoinDesk. “With geopolitical tensions rising, investors remain cautious,” he added, “and this is reflected in assets, not just cryptocurrencies.”
“While stocks and commodities are rising, crypto is clearly in a waiting phase,” he concluded.
As February approaches, analysts will be watching for signs of a rebound in trading volumes, an easing of geopolitical tensions and broader signals from macroeconomic data that could signal a shift toward a sense of risk appetite.
AI pivot keeps miners afloat
One port in the storm is crypto companies that have moved away from crypto, namely Bitcoin miners who are using their energy and computing resources to profit from the data needs of the AI boom.
Although down sharply in today’s selloff, names like Hut 8 (HUT), IREN (IREN), CleanSpark (CLSK), and Cipher Mining (CIFR) are all showing year-to-date gains.
Another outperformer is Mike Novogratz’s crypto investment bank Galaxy Digital (GLXY), also down Thursday but up sharply in 2026. The company has made a move into data centers, recently receiving approval from Texas grid operator ERCOT for an expansion in that state.
