:Crypto Daybook Americas
By Omkar Godbole (All times ET unless otherwise noted)
The drubbing that the cryptocurrency market took on Thursday prompted industry heavyweights to adopt “crash protection” mode, a term for coordinated measures to stabilize a sinking ship.
As bitcoin approached $81,000, the lowest level since November, and analysts warned of a deeper decline, Binance sprang into action. The largest cryptocurrency exchange by trading volume said it will shift its user protection fund to bitcoin from stablecoins and, more importantly, buy BTC to replenish the fund to $1 billion if the value falls below $800 million.
Crypto billionaire and Tron founder Justin Sun acknowledged Binance’s effort and announced on X that Tron will also buy more bitcoins in the future.
These moves are likely aimed at calming market nerves and potentially putting a floor on BTC prices. But traditional markets teach us that those efforts can be overcome by broader forces. For example, how many times has the Bank of Japan’s intervention failed to stop the decline of the yen?
In other words, the market needs a clear bullish catalyst to stabilize and the odds seem to be against that. Dollar liquidity is tightening, as noted by Maelstrom CIO Arthur Hayes, and the rise of Kevin Warsh, a hawkish former Federal Reserve official who cited inflation risks after the 2008 crash, as the preferred candidate for central bank chairman, is seen as a generally adverse development for BTC and other risk assets. Still, although he is a hawk, Warsh has at times spoken positively about bitcoin and made investments in crypto-adjacent projects in the past.
Bitcoin has not given a truce until now. It recently traded near $82,700, slightly above the previous night’s lows, but still down more than 6% in 24 hours. Other important tokens, ether XRP solarium , and BNB recorded similar losses.
At the same time, BTC market dominance fell to 59.16%. This could indicate the relative resilience of altcoins against underlying demand, setting them up for a big bullish move once sentiment stabilizes. But that’s not necessarily true: Altcoins underperformed during bitcoin’s bull run from early 2023 to October 2025, with limited participation, it could simply be that they are holding up better as the bull market unravels.
In traditional markets, precious metals such as gold and silver, as well as industrial copper, have retreated sharply from record levels. Analysts noted earlier this month that once these trends lose steam, money could flow back into cryptocurrencies. We’ll see if that works. 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
- January 30, 5am: European Economic Area GDP growth rate year-on-year (flash) for Q4 (previously 1.4%), quarter-on-quarter (flash) (previously 0.3%)
- Jan 30, 8:30 am: December US PPI YoY (previous 3%), Core PPI YoY (previous 3%)
- 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
- January 30: Conflux Network will host its quarterly community call.
- GMX DAO is voting on a two-year funding framework for GMX Labs, setting an annual operating budget of between $7 million and $9 million from V2 protocol fees. Voting ends on January 30.
- Unlock
- January 30: to unlock 3.68% of its circulating supply worth $11.22 million.
- February 1: to unlock 1.15% of its circulating supply worth $65.29 million.
- February 1 – EigenLayer (EIGEN) will unlock 8.88% of its circulating supply worth $12.53 million.
- Token releases
- January 30: Kindred Labs (KIN) will appear on Binance Alpha, KuCoin and others.
- February 1 – Story Foundation’s planned IP token buyback program ends.
Conferences
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down 2.49% as of 4pm ET Thursday to $82,293.08 (24 hours: -5.69%)
- ETH is down 3.37% to $2,720.41 (24 hours: -6.45%)
- CoinDesk 20 is down 2.9% to 2,499.34 (24 hours: -5.92%)
- Ether CESR Composite Staking Rate Up 6 Basis Points to 2.87%
- BTC funding rate is 0.0009% (1.0063% annualized) on Binance
- DXY rises 0.33% to 96.60
- Gold futures fall 4.61% to $5,108.00
- Silver futures down 12.69% to $99.90
- The Nikkei 225 closed down 0.1% at 53,322.85
- Hang Seng closed down 2.08% at 27,387.11
- The FTSE rises 0.16% to 10,188.28
- The Euro Stoxx 50 rises 0.58% to 5,926.34
- The DJIA closed Thursday up 0.11% at 49,071.56
- The S&P 500 closed down 0.13% at 6,969.01
- Nasdaq Composite closed down 0.72% at 23,685.12
- S&P/TSX Composite closed down 0.48% at 33,016.13
- The S&P 40 Latin America closed up 0.24% at 3,760.03
- The 10-year US Treasury rate rises 3 basis points to 4.257%
- E-mini S&P 500 futures down 0.75% to 6,940.50
- E-mini Nasdaq-100 futures down 0.87% at 25,773.75
- E-mini Dow Jones Industrial Average index futures down 0.72% to 48,815.00
Bitcoin Statistics
- BTC dominance: 59.29% (-0.09%)
- Ether-bitcoin ratio: 0.03305 (-0.85%)
- Hashrate (seven-day moving average): 837 EH/s
- Hash price (spot): $36.83
- Total fees: 2.74 BTC / $236,749
- CME Futures Open Interest: 117,145 BTC
- BTC priced in gold: 16.1 oz.
- BTC market capitalization against gold: 5.54%
Technical analysis
- The chart shows weekly swings in the US 10-year Treasury yield since the end of 2024.
- The yield has risen more than two basis points to 2.27% this week, testing the bearish trend line that characterizes a year-long decline.
- A move beyond this trend line would confirm what analysts call a bullish breakout: a sign that the downtrend is over and more gains are on the way.
- The continued tightening of yields could affect the attractiveness of stocks and other risk assets.
Crypto Stocks
- Coinbase Global (COIN): closed on Thursday at $199.18 (-4.89%), -2.63% to $193.95 in premarket
- Circle Internet (CRCL): closed at $67.55 (-7.26%), -2.16% at $66.09
- Galaxy Digital (GLXY): closed at $29.96 (-6.08%), -3.81% at $28.82
- Bullish (BLSH): closed at $32.66 (-4.86%), -2.63% at $31.80
- MARA Holdings (MARA): closed at $9.86 (-4.92%), -3.45% at $9.52
- Riot Platforms (RIOT): closed at $16.97 (-3.30%), -3.71% at $16.34
- Core Scientific (CORZ): closed at $18.84 (-3.34%), -2.97% at $18.28
- CleanSpark (CLSK): closed at $12.59 (-6.39%), -4.61% at $12.01
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $48.74 (-5.12%), -2.67% at $47.44
- Exodus Movement (EXOD): closed at $13.98 (-2.44%)
Crypto treasury companies
- Strategy (MSTR): closed at $143.19 (-9.63%), -3.45% at $138.25
- Strive (ASST): closed at $0.79 (-2.00%), -2.93% at $0.76
- SharpLink Gaming (SBET): closed at $9.37 (-6.02%), -3.42% at $9.05
- Upexi (UPXI): closed at $1.83 (-6.63%)
- Lite Strategy (LITS): closed at $1.25 (-4.58%)
ETF Flows
BTC Spot ETF
- Daily net flows: -$817.8 million
- Accumulated net flows: $55.5 billion
- Total BTC holdings ~1.29 million
ETH Spot ETF
- Daily net flows: -$155.7 million
- Accumulated net flows: $12.26 billion
- Total ETH holdings ~6.05 million
Source: Farside Investors
