Stocks linked to the crypto sector continued large January declines on Thursday, as bitcoin fell 6% to below $84,000.
Coinbase (COIN), the largest publicly traded crypto company by market cap, is down 7% today, 17% year-to-date, and on track to record an eight-session losing streak, the longest since September 2024. At the current $195, the stock has returned to May 2025 levels.
Shares of rival crypto exchange Gemini (GEMI) are down 8% Thursday and 21% year-to-date, while crypto platforms Bullish (BLSH) and Circle (CRCL) are down 16% and 20% this year, respectively.
Read more: Here are key levels to watch as bitcoin dives to $84,000
Apart from declines in crypto prices, exchanges are experiencing lower spot trading volumes as the bear market extends. Data from TheTie shows that spot volume across exchanges in January was just $900 billion, compared to $1.7 billion seen the year before.
“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 Adviser at crypto exchange LBank told CoinDesk. “With rising geopolitical tensions, investors remain cautious,” he added, “and it shows across assets, not just crypto.”
“While stocks and commodities are pushing higher, crypto is clearly in a wait-and-see phase,” he concluded.
Heading into February, analysts will be watching for signs of a pick-up in trading volume, easing geopolitical tensions and broader signals from macroeconomic data that could signal a shift toward risk-on sentiment.
AI pivot keeps miners afloat
One port in the storm are the crypto companies that have pivoted away from crypto — namely the bitcoin miners, who are using their energy and computing resources to cash in on the data demand from the AI boom.
Although it has fallen sharply in today’s sales, names like Hut 8 (HUT), IREN (IREN), CleanSpark (CLSK), and Cipher Mining (CIFR) are all up year-to-date.
Another outperformer is Mike Novogratz’s crypto merchant bank Galaxy Digital ( GLXY ), which was also lower Thursday but rallied sharply in 2026. The company has made a strong move into data centers and recently received approval from Texas grid operator ERCOT to expand in that state.
