:Crypto Diary Americas
By Omkar Godbole (All times ET unless otherwise noted)
The crypto market’s bank on Thursday spurred industry heavyweights into “diving protection” mode, a term for coordinated moves to steady a sinking ship.
As bitcoin neared $81,000, its lowest since November, and analysts warned of a deeper fall, Binance sprang into action. The largest crypto exchange by volume traded said it will switch its user protection fund to bitcoin from stablecoins and, more importantly, buy BTC to replenish the fund to $1 billion if the value fell below $800 million.
Crypto billionaire and Tron founder Justin Sun acknowledged Binance’s efforts and informed X that Tron will also buy more bitcoin in the future.
These moves are likely aimed at calming market nerves and potentially putting a floor under BTC prices. But traditional markets teach us that such efforts can be overwhelmed by broader forces. For example, how many times has the Bank of Japan’s intervention failed to stem the decline of the yen?
In other words, the market needs a clear bullish catalyst to stabilize, and the odds seem stacked against it. Dollar liquidity is tightening, as noted by Maelstrom CIO Arthur Hayes, and the emergence of Kevin Warsh, a former hawkish Fed official who cited inflation risks after the 2008 crash, as a preferred candidate for central bank chairmanship is seen as a generally negative development for BTC and other risk assets. Still, even though he’s a hawk, Warsh has occasionally spoken positively about bitcoin and has had investments in crypto-adjacent projects in the past.
Bitcoin has shown no respite so far. It recently traded near $82,700, up slightly from overnight lows, but still down over 6% on a 24-hour basis. Other important tokens, ether XRP solana , and GDP posted similar loss.
At the same time, BTC’s market dominance fell to 59.16%. This could signal altcoins’ relative resilience to underlying demand, setting them up for a major move higher as sentiment stabilizes. But that’s not necessarily true: Altcoins underperformed throughout bitcoin’s bull run from early 2023 to October 2025, with limited participation, it may be that they simply hold up better as the bull market unravels.
In traditional markets, precious metals such as gold and silver plus industrial copper have pulled back sharply from record highs. Analysts noted earlier this month that when these trends run out of steam, money could rotate back to crypto. We’ll see if it pans out. 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
- Macro
- 30 January at 5: GDP growth in the European Economic Area YoY (flash) for Q4 (prev 1.4%), QoQ (flash) (prev 0.3%)
- 30 January at 8:30am: US PPI YoY for December (Prev 3%), Core PPI YoY (Prev 3%)
- 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 30: Conflux Network hosts its quarterly community call.
- The GMX DAO votes on a two-year funding framework for GMX Labs, establishing an annual operating budget of $7 million-$9 million derived from V2 protocol fees. Voting ends January 30.
- Unlocks
- 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) unlocks 8.88% of its circulating supply, worth $12.53 million.
- The token is launched
- January 30: Kindred Labs (KIN) to list on Binance Alpha, KuCoin and others.
- February 1: Story Foundation’s planned IP token buyback program ends.
Conferences
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down 2.49% as of 16 ET Thursday at $82,293.08 (24 hours: -5.69%)
- ETH is down 3.37% to $2,720.41 (24h: -6.45%)
- CoinDesk 20 is down 2.9% to 2,499.34 (24 hours: -5.92%)
- Ether CESR Composite Staking Rate is up 6 bps to 2.87%
- BTC funding rate is at 0.0009% (1.0063% annualized) on Binance
- DXY is up 0.33% to 96.60
- Gold futures are down 4.61% at $5,108.00
- Silver futures are down 12.69% at $99.90
- The Nikkei 225 closed up 0.1% at 53,322.85
- The Hang Seng closed down 2.08% to 27,387.11
- The FTSE rose 0.16% to 10,188.28
- The Euro Stoxx 50 rose 0.58% to 5,926.34
- The DJIA closed up 0.11% at 49,071.56 on Thursday
- The S&P 500 closed up 0.13% at 6,969.01
- The Nasdaq Composite closed down 0.72% at 23,685.12
- The S&P/TSX Composite closed up 0.48% at 33,016.13
- The S&P 40 Latin America closed up 0.24% at 3,760.03
- The US 10-year Treasury yield rose 3 bps to 4.257%
- E-mini S&P 500 futures are down 0.75% at 6,940.50
- E-mini Nasdaq-100 futures are down 0.87% at 25,773.75
- E-mini Dow Jones Industrial Average Index futures are down 0.72% at 48,815.00
Bitcoin statistics
- BTC Dominance: 59.29% (-0.09%)
- Ether to 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 vs Gold Market Cap: 5.54%
Technical Analysis
- The chart shows weekly fluctuations in the 10-year US Treasury yield since the end of 2024.
- The yield has risen over two basis points to 2.27% this week, testing the bearish trend line that characterizes a year-long decline.
- A move past this trendline would confirm what analysts call a bullish breakout – a sign that the downtrend is over and more gains are ahead.
- Continued hardening of yields may hamper the attraction of stocks and other risky assets.
Crypto stocks
- Coinbase Global (COIN): closed Thursday at $199.18 (-4.89%), -2.63% at $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
Spot BTC ETFs
- Daily net flows: -$817.8 million
- Cumulative net flows: $55.5 billion
- Total BTC holdings ~1.29m
Spot ETH ETFs
- Daily net flows: -$155.7 million
- Cumulative net flows: $12.26 billion
- Total ETH holding ~6.05 million
Source: Farside Investors
