By Francisco Rodrigues (All times Eastern Time unless otherwise noted)
bitcoin has retreated almost 2.5% in the last 24 hours after failing to maintain gains made during a weekend bounce that sent it back to $71,000.
The pullback came after a turbulent few days in which the cryptocurrency plummeted to $60,000 before recovering. BTC is still down more than 11% in the last seven days.
Still, it is outperforming the broader market, where the CoinDesk 20 Index (CD20) fell 13.5% in 24 hours and 13.7% in a week.
The fall made institutions move. Speaking to CNBC, Bitwise CEO Hunter Horsley said late last week that the company saw significant inflows as prices fell.
“I think long-time holders feel insecure, and I think the new group of investors – the institutions – feel like they’re getting a new shot at the apple and they’re seeing prices that they thought were lost forever,” Horsley said.
Spot bitcoin ETFs on Friday reversed a three-day streak of capital outflows, generating a net total of $371 million, SoSoValue data shows. Still, retail confidence remained fragile. Julio Moreno, head of research at CryptoQuant, noted on social media that US investors are buying again, based on the Coinbase Premium index turning positive for the first time since mid-January.
Online search interest for terms like “crypto capitulation” spiked during the sell-off and remained high, according to crypto analytics firm Santiment, offering an opportunity for value investors to intervene.
Meanwhile, capital flowed into traditional safe havens. Gold and silver extended their recovery after a sell-off late last month, with gold back above $5,000 as investors factor in a weaker US dollar and major buyers continued to accumulate. These include Tether, whose gold reserve has surpassed $23 billion, and China’s central bank.
Stock market futures are lower pre-opening 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 significant fiscal spending.
Japanese government bond yields continued to rise, further undoing the yen carry trade and weighing on risk assets including cryptocurrencies. The reduction could bring nearly $5 trillion in foreign investment back into the country. 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
- Macro
- February 9, 11 am: US consumer inflation expectations for January (previous 3.4%)
- 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
- There are no major votes on governance.
- Unlock
- Token releases
- February 9: Pendle will launch sPENDLE buybacks with first performance distributions starting February 13 and time-weighted rewards starting January 29.
- February 9: ZKsync to launch season 1 of ZKnomics staking pilot program via Tally
Conferences
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down 2.90% as of 4pm ET Sunday to $69,045.23 (24 hours: -2.44%)
- ETH is down 4.07% to $2,034.28 (24 hours: -4.40%)
- CoinDesk 20 is down 3.09% to 1,973.38 (24 hours: -3.46%)
- Ether CESR Composite Staking Rate is down 25 bps to 2.74%
- BTC funding rate is -0.037% (-4.0362% annualized) on Binance
- DXY is down 0.33% at 97.31
- Gold futures rise 1.67% to $5,033.80
- Silver futures rise 5.62% to $81.05
- The Nikkei 225 closed up 3.89% at 56,363.94
- Hang Seng closed up 1.76% at 27,027.16
- The FTSE 100 rises 0.31% to 10,402.44
- The Euro Stoxx 50 rises 0.39% to 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
- Nasdaq Composite closed up 2.18% at 23,031.21
- S&P/TSX Composite closed up 1.49% at 32,471.00
- The S&P 40 Latin America closed with a fall of 2.89% to 3,653.05
- The 10-year US Treasury rate rises 2 basis points to 4.23%
- E-mini S&P 500 futures unchanged at 6,949.25
- E-mini Nasdaq-100 futures 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
- Hashprice (spot): $34.55
- Total fees: 2.23 BTC / $157,182
- CME Futures Open Interest: 116,125 BTC
- BTC priced in gold: 13.8 oz.
- BTC market capitalization against 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 decline.
- The weekly RSI is firmly oversold at 28.18, a level that has historically preceded short-term bounces.
- While this positioning suggests that there is a high probability of a rebound, a clear reversal of the downtrend requires a sustained break above $74,000.
Crypto Stocks
- Coinbase Global (COIN): closed on Friday at $165.12 (+13.00%), –1.24% to $163.07 in the previous market
- Galaxy Digital (GLXY): closed at $19.76 (+17.34%), –0.30% to $19.70
- MARA Holdings, Inc. (MARA): closed at $8.24 (+22.44%), –2.67% to $8.02
- Riot Platforms, Inc. (RIOT): closed at $14.45 (+19.82%), –1.18% to $14.28
- Core Scientific, Inc. (CORZ): closed at $16.81 (+13.47%), –0.30% to $16.76
- CleanSpark (CLSK): closed at $10.08 (+21.96%), –0.89% to $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% to $56.44
- Bullish (BLSH): Closed at $27.45 (+10.24%), unchanged at $27.45
Crypto treasury companies
- Strategy (MSTR): closed at $134.93 (+26.11%), –3.47% to $130.25
- Strive Asset Management (ASST): closed at $11.91 (+20.84%), –3.40% to $11.51
- Sharplink Gaming (SBET): closed at $7.03 (+15.82%), –0.71% to $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 Flows
BTC Spot ETF
- Daily net flows: $330.7 million
- Accumulated net flows: $54.63 billion
- Total BTC holdings ~1.27 million
ETH Spot ETF
- Daily net flows: -$21.3 million
- Accumulated net flows: $11.83 billion
- Total ETH holdings ~5.83 million
Source: Farside Investors
while you were sleeping
- Takaichi’s win lifts Nikkei to record, bitcoin to $72,000 and gold to over $5,000 (CoinDesk): Japan’s Nikkei 225 index rose to a record on Monday, surpassing 57,000 following 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 monitor their holdings of U.S. Treasuries, citing concerns about concentration risks and market volatility.
- Tether’s Gold Reserves Surpass $23 Billion as Purchases Overtake Nation States, Says Jefferies (CoinDesk): The Wall Street investment bank estimates the crypto firm holds at least 148 metric tons of physical gold, joining the top 30 global bullion holders.
- U.S. IPO Quadruples to Record $160 Billion in 2026 as Deals Pick Up, Goldman Says (Reuters): U.S. stock markets are set for a strong rebound in IPOs in 2026, Goldman Sachs analysts said, forecasting revenue will quadruple to a record $160 billion as marquee names such as SpaceX, OpenAI and Anthropic are getting closer to going public.
