By Francisco Rodrigues (All times Eastern Time unless otherwise noted)
Bitcoin fell for the third day in a row after failing to stay above $70,000 hit during the weekend rally, as spot trading volumes declined and the Crypto Fear and Greed Index remained in “extreme fear” territory.
The broader crypto market capitalization has fallen to approximately $2.28 trillion, and the CoinDesk 20 Index (CD20) lost 3.4% in the last 24 hours. Still, on-chain data aggregator Glassnode described the pullback as modest by previous standards, with no signs of panic selling seen at previous cycle peaks.
Despite lower volumes and poor sentiment, inflows into bitcoin ETFs have remained stable over the past three days, which has helped absorb some selling pressure. According to Wintermute, the market is now in a price discovery phase.
“With spot volumes still relatively low, leverage is driving near-term moves, as illustrated by BTC rallying back from last Friday’s lows due to crowded criminal short positions,” Wintermute desktop strategist Jasper De Maere wrote in an emailed note. “The market is likely to continue moving in this range as it is still in price discovery.”
The main figures seem to remain optimistic. Speaking at Consensus Hong Kong, Tom Lee, Chief Investment Officer of Fundstrat and President of ether Treasury firm BitMine Immersion (BMNR) told investors they should look for entry points rather than trying to time a bottom.
On CNBC, Michael Saylor, CEO of bitcoin treasury firm Strategy (MSTR), reiterated his long-term bet on the cryptocurrency and said he expects it to outperform traditional stocks despite the decline.
Weak US retail sales have moderately raised expectations for US interest rate cuts and weighed on the dollar. The focus will now turn to today’s non-farm payrolls numbers and inflation data, which could further influence risk appetite. Stay alert.
Read more: For an analysis of current activity in altcoins and derivatives, see Crypto Markets Today
What to watch
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Crypto
- February 11: Immutable to complete the merger of Immutable X and Immutable zkEVM.
- Macro
- February 11, 8:30 am: US nonfarm payrolls for January est. 70K (previously 50K)
- February 11, 8:30 am: US unemployment rate for January est. 4.4% (previously 4.4%)
- February 11, 8:30 am: US average hourly earnings for January YoY est. 3.8% (previously 3.6%)
- Earnings (Estimates based on FactSet data)
symbolic events
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- February 11: Ripple will host XRP Community Day at X Spaces where XRP adoption, regulated finance, and innovation will be discussed.
- Unlock
- February 11: to unlock 0.32% of its circulating supply worth $14.33 million.
- Token releases
- February 11: Coinbase will list RaveDAO (RAVE), DeepBook (DEEP), and Walrus (WAL).
Conferences
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is up 0.25% since 4 pm ET on Tuesday to $66,868.63 (24 hours: -3.14%)
- ETH is down 2.96% to $1,947.84 (24 hours: -3.25%)
- CoinDesk 20 is down 2.75% to 1,900.89 (24 hours: -3.53%)
- Ether CESR Composite Staking Rate Up 1bp to 2.83%
- BTC funding rate is -0.0023% (-2.536% annualized) on Binance
- DXY is down 0.3% at 96.50
- Gold futures rise 1.73% to $5,117.80
- Silver futures rise 6.22% to $85.39
- The Nikkei 225 closed up 2.28% at 57,650.54
- Hang Seng closed up 0.31% at 27,266.38
- The FTSE rises 0.50% to 10,405.94
- The Euro Stoxx 50 falls 0.41% to 6,022.26
- The DJIA closed Tuesday up 0.1% at 50,188.14
- The S&P 500 closed down 0.33% at 6,941.81
- Nasdaq Composite closed down 0.59% at 23,102.47
- S&P/TSX Composite closed up 0.71% at 33,256.83
- The S&P 40 Latin America closed with a fall of 0.57% to 3,746.47
- The 10-year US Treasury rate drops 1 bp to 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 index futures rose 0.13% to 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 priced in gold: 13.1 oz.
- BTC market capitalization against gold: 4.46%
Technical analysis
- BTC/USD currently sits below the 200-week exponential moving average, a critical support level that must be recovered to avoid further declines.
- The market is now waiting for the weekly close to confirm whether this breach represents a definitive breakout or a temporary deviation.
Crypto Stocks
- Coinbase Global (COIN): closed on Tuesday at $162.51 (-2.83%), -3.39% to $157.00 in premarket
- 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% to $20.82
- Bullish (BLSH): closed at $32.05 (+0.00%), -1.68% to $31.51
- MARA Holdings (MARA): closed at $7.66 (-4.96%), -3.13% at $7.42
- Riot Platforms (RIOT): closed 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 treasury 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 Flows
BTC Spot ETF
- Daily net flows: $166.5 million
- Accumulated net flows: $54.98 billion
- Total BTC holdings ~1.27 million
ETH Spot ETF
- Daily net flows: $13.8 million
- Accumulated net flows: 11,910 million dollars
- Total ETH holdings ~5.84 million
Source: Farside Investors
