By Omkar Godbole (All times ET unless otherwise noted)
Major cryptocurrencies including bitcoin , and sunny They have lost more than 1.5% in the last 24 hours. All 16 CoinDesk sector indices are in the red, led by the DeFi Select index with a 3.6% drop. 16 CoinDesk sector indices are in the red, led by the DeFi Select index with a 3.6% drop.
The pullback has some analysts wondering whether the early-year rebound was driven by conviction buying or seasonal factors such as new year allocations. One clue could come from US-listed spot bitcoin ETFs, which recorded more than $1 billion in inflows in the first two trading days of 2026 and lost $243 million on Tuesday, according to data source SoSoValue.
“The pullback reflects how fragile the recent rally remains, with the price action still sensitive to changes in liquidity and seasonal factors rather than driven by conviction buying,” said Samer Hasn, senior market analyst at XS.com.
He explained that tentative signs of improving liquidity supported the recent rally, but those signs remain uneven, which explains why the bullish momentum is fading.
Bulls may also be concerned about indicators such as Coinbase Premium, an indicator of demand from US-based investors. The premium, which measures the difference between the price of BTC on Nasdaq-listed Coinbase and offshore giant Binance, remains negative, according to data from Coinglass. This indicates that US investors have not yet joined the rally, even though analysts say that tax-related selling by these investors who held BTC in December has ended.
Still, there are some encouraging signs for bulls, particularly from the derivatives market, where cumulative crypto futures open interest has risen to the highest level in nearly two months, pointing to a renewed willingness of investors to take risks.
Funding rates, the periodic fee paid to exchanges to trade cryptocurrency-linked perpetual futures, are improving in another positive sign.
“Historically, sustained market advances tend to coincide with funding rates that remain consistently above ~0.01%, suggesting that current conditions remain favorable, but not yet decisive,” Glassnode said.
In traditional markets, longer-dated Japanese government bond yields hit a record high as fiscal concerns persist, sparking alarm on social media about how it could impact risk assets including BTC. Higher bond yields in Japan could spread to other advanced nations, as CoinDesk has previously commented.
As for bitcoin, its correlation with the yen has strengthened, meaning that a possible rotation in the Japanese markets could influence the cryptocurrency. The ADP employment report and ISM non-manufacturing data due later today could increase market volatility. 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
- January 7: Ethereum activates its second “Blob Parameter Only” (BPO-2) hard fork, raising the blob target to 14 and the maximum to 21 blobs per block to expand data capacity for rollups as part of the Fusaka scaling roadmap.
- Macro
- January 7, 8:15 am: Estimated ADP employment change in December. 45K.
- January 7, 10 am: PMI est. of December ISM services. 52.3.
- January 7, 10 am: JOLTS report for November. Estimated job openings 7.64 million; Job resignations (Previous 2,941M).
- 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 7: Jupiter will host a planetary call after the launch of its JupUSD stablecoin.
- January 7: Axie Infinity will host its first Lunacian Lounge of 2026.
- January 7: Gnosis will host a community Ask Me Anything (AMA) session on X, YouTube, and Discord.
- Unlock
- Token releases
Conferences
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down 1.66% as of 4 pm ET Tuesday to $91,677.51 (24 hours: -1.77%)
- ETH is down 2.26% to $3,200.70 (24 hours: -0.27%)
- CoinDesk 20 is down 1.97% to 2,981.11 (24 hours: -2.08%)
- Ether CESR Composite Staking Rate Up 3 Basis Points to 2.88%
- BTC funding rate is 0.0084% (9.175% annualized) on Binance
- DXY remains unchanged at 98.55
- Gold futures fall 0.19% to $4,473.50
- Silver futures down 1.53% to $79.30
- The Nikkei 225 closed down 1.06% at 51,961.98
- Hang Seng closed down 0.94% at 26,458.95
- The FTSE 100 is down 0.53% at 10,069.29
- The Euro Stoxx 50 falls 0.27% to 5,915.51
- DJIA closed Tuesday up 0.99% at 49,462.08
- The S&P 500 closed up 0.62% at 6,944.82
- Nasdaq Composite closed up 0.65% at 23,547.17
- S&P/TSX Composite closed up 0.58% at 32,407.00
- The S&P 40 Latin America closed up 1.02% at 3,255.61
- The 10-year US Treasury rate rises 1 bp to 4.18%
- E-mini S&P 500 futures down 0.14% at 6,978.25
- E-mini Nasdaq-100 futures down 0.28% at 25,748.75
- E-mini Dow Jones Industrial Average futures unchanged at 49,744.00
Bitcoin Statistics
- BTC dominance: 58.8% (-0.15%)
- Ether-bitcoin ratio: 0.03502 (-0.41%)
- Hashrate (seven-day moving average): 1,043 EH/s
- Hashprice (spot): $39.14
- Total fees: 2.76 BTC / $258,065
- CME Futures Open Interest: 110,835 BTC
- BTC priced in gold: 20.5 oz.
- BTC market capitalization against gold: 6.15%
Technical analysis
- The chart shows the daily BTC price swings in candlestick format.
- The recovery rally has stalled at the horizontal resistance that originated from the December 9 high of 94.635.
- A move above that level would indicate a breakout, strengthening the case for a rally to $100,000.
Crypto Stocks
- Coinbase Global (COIN): closed on Tuesday at $250.56 (-1.71%), -0.67% at $248.88 in premarket
- Circle Internet (CRCL): closed at $84.85 (+0.06%), -1.11% to $83.91
- Galaxy Digital (GLXY): closed at $26.08 (-0.84%), -0.46% at $25.96
- Bullish (BLSH): closed at $41.25 (-0.55%), -1.28% at $40.72
- MARA Holdings (MARA): closed at $10.31 (-2.64%), -0.68% at $10.24
- Riot Platforms (RIOT): closed at $14.98 (+1.28%), -0.67% at $14.88
- Core Scientific (CORZ): closed at $16.79 (+0.36%), unchanged from the previous market
- CleanSpark (CLSK): closed at $11.99 (-2.52%), -1.25% at $11.84
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $44.99 (-2.11%)
- Exodus Movement (EXOD): closed at $15.92 (+1.60%)
Crypto treasury companies
- Strategy (MSTR): closed at $157.97 (-4.10%), +3.69% at $163.80
- Semler Scientific (SMLR): closed at $21.26 (+0.95%)
- SharpLink Gaming (SBET): closed at $10.34 (+0.68%), -1.74% to $10.16
- Upexi (UPXI): closed at $2.28 (+0.44%), +1.32% at $2.31
- Lite Strategy (LITS): closed at $1.54 (+0.65%)
ETF Flows
BTC Spot ETF
- Daily net flows: -$243.2 million
- Accumulated net flows: $57.52 billion
- Total BTC holdings ~1.31 million
ETH Spot ETF
- Daily net flows: $114.7 million
- Accumulated net flows: 12.8 billion dollars
- Total ETH holdings ~6.16 million
Source: Farside Investors
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