Stocks linked to the cryptocurrency sector continued big declines in January on Thursday, as bitcoin fell 6% to below $84,000.
Coinbase (COIN), the largest publicly traded cryptocurrency company by market capitalization, is down 7% today, down 17% so far this year, and is on track to post an eight-session losing streak, its longest since September 2024. At $195 today, the stock has retreated to its May 2025 level.
Shares of competing cryptocurrency exchange Gemini (GEMI) are down 8% on Thursday and 21% so far this year, while cryptocurrency platforms Bullish (BLSH) and Circle (CRCL) are down 16% and 20% this year, respectively.
Read more: Here are key levels to watch as bitcoin falls to $84,000
Aside from falling cryptocurrency prices, exchanges are seeing lower spot trading volumes as the bear market lengthens. Data from TheTie shows that spot volume on exchanges in January was just $900 billion, down from $1.7 billion a year earlier.
“Bitcoin has been stuck around the $85,000 level, and you can feel the hesitation in the market,” Eric He, community angel officer and risk control advisor at cryptocurrency exchange LBank, told CoinDesk. “With geopolitical tensions rising, investors remain cautious,” he added, “and that is being reflected across all assets, not just cryptocurrencies.”
“While stocks and commodities are rising, cryptocurrencies are clearly in a wait-and-see phase,” he concluded.
Looking ahead to February, analysts will be watching for signs of a rebound in trading volumes, an easing of geopolitical tensions and broader macroeconomic data signals that could indicate a shift towards risk-on sentiment.
AI pivot keeps miners afloat
One port in the storm are those cryptocurrency companies that have moved away from cryptocurrencies, namely bitcoin miners who are using their energy and computing resources to capitalize on the data needs of the AI boom.
Although they fell sharply in today’s sell-off, names like Hut 8 (HUT), IREN (IREN), CleanSpark (CLSK), and Cipher Mining (CIFR) are posting year-to-date gains.
Another top performer is Mike Novogratz’s cryptocurrency merchant bank Galaxy Digital (GLXY), which also fell on Thursday but rose strongly in 2026. The company has made a strong move into data centers and recently received approval from Texas grid operator ERCOT for its expansion in that state.
