By Omkar Godbole (All times ET unless otherwise noted)
Major cryptocurrencies including bitcoin , and solana has lost more than 1.5% in the past 24 hours. All 16 CoinDesk sector indices are in the red, led by the DeFi Select Index down 3.6%.16 CoinDesk sector indices are in the red, led by the DeFi Select Index down 3.6%.
The pullback has led some analysts to question whether the rally at the start of the year was driven by conviction buying or by seasonal factors such as New Year allocations. A clue may come from the US-listed spot bitcoin ETFs, which saw over $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 price action still sensitive to changes in liquidity and seasonal factors, rather than driven by conviction buying,” said Samer Hasn, a senior market analyst at XS.com.
Explained that preliminary signs of improving liquidity supported recent gains, but these signals remain patchy, which explains why upward momentum is slowing.
Bulls may also be concerned about indicators such as Coinbase Premium, a proxy for demand from US-based investors. The premium, which measures the difference between BTC’s price on Nasdaq-listed Coinbase and offshore giant Binance, remains negative, according to Coinglass data. This indicates that US investors have yet to join the rally, although analysts say the tax-related selling by those investors who held back BTC in December has ended.
Still, there are some encouraging signs for the bulls, particularly from the derivatives market, where the cumulative open interest for crypto futures has risen to the highest in nearly two months, pointing to renewed investor appetite for risk.
Funding rates, the periodic fee paid to exchanges for trading perpetual futures linked to cryptocurrencies, are improving in another positive sign.
“Historically, sustained market advances tend to coincide with funding rates consistently staying above ~0.01%, suggesting current conditions remain supportive but not yet decisive,” Glassnode said.
In traditional markets, longer-dated Japanese government bond yields hit record highs as fiscal concerns persist, sparking alarm on social media about how it could affect risk assets, including BTC. Higher bond yields in Japan could spill over to other advanced nations, as CoinDesk has previously discussed.
As for bitcoin, its correlation with the yen has strengthened, meaning potential runoff in the Japanese markets could affect the cryptocurrency. The ADP employment report and ISM non-manufacturing data due later today could add to market volatility. Pay attention!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today
What to see
For a more comprehensive list of events this week, see 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 transaction. block to expand data capacity for rollups as part of the Fusaka scaling roadmap.
- Macro
- January 7, at 08:15: Dec. Change of employment in ADP employment. 45K.
- 7 January at 10: Dec. ISM Services PMI Est. 52.3.
- 7 January at 10: Nov. JOLTS report. Job Openings Est. 7.64M; Jobs cease (Previous 2,941 million).
- Earnings (Estimated based on FactSet data)
Token Events
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- January 7: Jupiter hosts a Planetary Call following the launch of its JupUSD stablecoin.
- January 7: Axie Infinity hosts its first Lunacian Lounge in 2026.
- Jan 7: Gnosis will be hosting a community ask me anything (AMA) session on X, YouTube and Discord.
- Unlocks
- The token is launched
Conferences
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down 1.66% as of 16 ET Tuesday at $91,677.51 (24 hours: -1.77%)
- ETH is down 2.26% to $3,200.70 (24h: -0.27%)
- CoinDesk 20 is down 1.97% to 2,981.11 (24h: -2.08%)
- Ether CESR Composite Staking Rate is up 3 bps to 2.88%
- BTC funding rate is at 0.0084% (9.175% annualized) on Binance
- DXY is unchanged at 98.55
- Gold futures are down 0.19% at $4,473.50
- Silver futures are down 1.53% at $79.30
- The Nikkei 225 closed up 1.06% at 51,961.98
- The Hang Seng closed up 0.94% at 26,458.95
- The FTSE 100 is down 0.53% at 10,069.29
- The Euro Stoxx 50 is down 0.27% at 5,915.51
- The DJIA closed Tuesday up 0.99% at 49,462.08
- The S&P 500 closed up 0.62% at 6,944.82
- The Nasdaq Composite closed up 0.65% at 23,547.17
- The 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
- US 10-year Treasuries are up 1 bps at 4.18%
- E-mini S&P 500 futures are down 0.14% at 6,978.25
- E-mini Nasdaq-100 futures are down 0.28% at 25,748.75
- E-mini Dow Jones Industrial Average futures are unchanged at 49,744.00
Bitcoin statistics
- BTC Dominance: 58.8% (-0.15%)
- Ether to bitcoin ratio: 0.03502 (-0.41%)
- Hashrate (seven-day moving average): 1,043 EH/s
- Hash price (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 vs Gold Market Cap: 6.15%
Technical Analysis
- The chart shows BTC’s daily price swings in candlestick format.
- The recovery rally has stalled at horizontal resistance stemming from the 94,635 high.
- A move above that level would signal a breakout, strengthening the case for a rally to $100,000.
Crypto stocks
- Coinbase Global (COIN): closed Tuesday at $250.56 (-1.71%), -0.67% at $248.88 in premarket
- Circle Internet (CRCL): closed at $84.85 (+0.06%), -1.11% at $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 pre-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% at $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
Spot BTC ETFs
- Daily net flows: -$243.2 million
- Cumulative net flows: $57.52 billion
- Total BTC holdings ~1.31M
Spot ETH ETFs
- Daily net flows: $114.7 million
- Cumulative net flows: $12.8 billion
- Total ETH holdings ~6.16 million
Source: Farside Investors
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