By Francisco Rodrigues (all times ET unless otherwise noted)
Bitcoin has pulled back nearly 2.5% in the past 24 hours after failing to hold on to gains made during an end-of-the-week rally that pushed it back up to $71,000.
The pullback followed a turbulent few days that saw the cryptocurrency fall as low as $60,000 before rebounding. BTC is still down more than 11% in the past seven days.
Still, it outperformed the broader market, which saw the CoinDesk 20 (CD20) index fall 13.5% over 24 hours and 13.7% in a week.
Drop so institutions move. Speaking to CNBC late last week, Bitwise CEO Hunter Horsley said the firm saw significant inflows as prices fell.
“I think long-term holders feel uncertain, and I think the new set of investors — institutions — feel like they’re getting another crack at the apple and seeing prices they thought they’d missed forever,” Horsley said.
Spot bitcoin ETFs reversed a three-day streak of outflows on Friday, bringing in a net $371 million, SoSoValue data shows. Still, retail sentiment remained fragile. Julio Moreno, CryptoQuant’s head of research, noted on social media that US investors are buying back, based on the Coinbase Premium Index turning positive for the first time since mid-January.
Online search interest for terms like “crypto capitulation” spiked during the sale and remained high, according to crypto analytics firm Santiment, giving value investors an opportunity to step in.
Meanwhile, capital poured into traditional safe havens. Gold and silver extended their recovery after a sell-off late last month, with gold again topping $5,000 as investors consider a weaker US dollar and major buyers continued to accumulate. These include Tether, whose gold holdings have topped $23 billion, and China’s central bank.
Stock futures fell before the open after Japanese shares rose on the ruling party’s landslide victory in a snap election. Prime Minister Sanae Takaichi had campaigned for low interest rates and substantial tax spending.
Japanese government bond yields continued to rise, further unwinding the yen carry trade and affecting risk assets including cryptocurrencies. The relaxation could bring nearly $5 trillion of overseas investment back into the country. 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
- 9 February at 11: US Consumer Inflation Expectations for January (Prev 3.4%)
- 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
- No major government votes.
- Unlocks
- The token is launched
- February 9: Pendle launches sPENDLE buyback with distribution of first dividend from February 13 and time-weighted rewards from January 29.
- February 9: ZKsync launches Season 1 of ZKnomics Staking Pilot Program via Tally
Conferences
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down 2.90% as of 16 ET Sunday at $69,045.23 (24 hours: -2.44%)
- ETH is down 4.07% to $2,034.28 (24h: -4.40%)
- CoinDesk 20 is down 3.09% to 1,973.38 (24 hours: -3.46%)
- Ether CESR Composite Staking Rate is down 25 bps to 2.74%
- BTC funding rate is at -0.037% (-4.0362% annualized) on Binance
- DXY is down 0.33% to 97.31
- Gold futures are up 1.67% at $5,033.80
- Silver futures are up 5.62% at $81.05
- The Nikkei 225 closed up 3.89% at 56,363.94
- The Hang Seng closed up 1.76% to 27,027.16
- The FTSE 100 is up 0.31% at 10,402.44
- The Euro Stoxx 50 rose 0.39% to 6,021.78
- The DJIA closed Friday up 2.47% at 50,115.67
- The S&P 500 closed up 1.97% at 6,932.30
- The Nasdaq Composite closed up 2.18% at 23,031.21
- The S&P/TSX Composite closed up 1.49% at 32,471.00
- The S&P 40 Latin America closed up 2.89% at 3,653.05
- The US 10-year Treasury yield is up 2 bps to 4.23%
- E-mini S&P 500 futures are unchanged at 6,949.25
- E-mini Nasdaq-100 futures are down 0.20% at 25,113.25
- E-mini Dow Jones Industrial Average futures are unchanged at 50,246.00
Bitcoin statistics
- BTC Dominance: 59.33% (-0.05%)
- Ether to bitcoin ratio: 0.02944 (-0.92%)
- Hashrate (seven-day moving average): 977 EH/s
- Hash price (spot): $34.55
- Total Fees: 2.23 BTC / $157,182
- CME Futures open interest: 116,125 BTC
- BTC priced in gold: 13.8 oz.
- BTC vs Gold Market Cap: 4.62%
Technical Analysis
- Bitcoin is testing the 200-week exponential moving average (~$68,339), a critical support level to prevent an extended structural downturn.
- The weekly RSI is heavily oversold at 28.18, a level that has historically preceded short-term rebounds.
- While this positioning suggests a high probability of a bounce, a clear reversal of the downtrend requires a sustained breakout above $74,000.
Crypto stocks
- Coinbase Global (COIN): closed Friday at $165.12 (+13.00%), -1.24% at $163.07 in premarket
- Galaxy Digital (GLXY): closed at $19.76 (+17.34%), -0.30% at $19.70
- MARA Holdings, Inc. (MARA): closed at $8.24 (+22.44%), -2.67% at $8.02
- Riot Platforms, Inc. (RIOT): closed at $14.45 (+19.82%), -1.18% at $14.28
- Core Scientific, Inc. (CORZ): closed at $16.81 (+13.47%), -0.30% at $16.76
- CleanSpark (CLSK): closed at $10.08 (+21.96%), -0.89% at $9.99
- Exodus Movement (EXOD): closed at $10.56 (+12.10%)
- CoinShares Bitcoin Mining ETF (WGMI): closed at $40.43 (+14.76%)
- Circle Internet Group (CRCL): closed at $57.04 (+13.56%), -1.05% at $56.44
- Bullish (BLSH): closed at $27.45 (+10.24%), unchanged at $27.45
Crypto Treasury Companies
- Strategy (MSTR): closed at $134.93 (+26.11%), -3.47% at $130.25
- Strive Asset Management (ASST): closed at $11.91 (+20.84%), -3.40% at $11.51
- Sharplink Gaming (SBET): closed at $7.03 (+15.82%), -0.71% at $6.98
- Upexi, Inc. (UPXI): closed at $1.14 (+4.59%), +0.88% at $1.15
- Lite Strategy, Inc. (LITS): closed at $1.06 (+11.58%)
ETF Flows
Spot BTC ETFs
- Daily net flows: $330.7 million
- Cumulative net flows: $54.63 billion
- Total BTC holdings ~1.27m
Spot ETH ETFs
- Daily net flows: -$21.3 million
- Cumulative net flows: $11.83 billion
- Total ETH holding ~5.83 million
Source: Farside Investors
While you were sleeping
- Takaichi win sends Nikkei to record, bitcoin to $72,000 and gold above $5,000 (CoinDesk): Japan’s Nikkei 225 index rose to a record on Monday, breaking 57,000 after Prime Minister Sanae Takaichi’s decisive “supermajority” election win.
- China Urges Banks to Limit Exposure to U.S. Treasuries (Bloomberg): Chinese regulators advised financial institutions to rein in their holdings of U.S. Treasuries, citing concerns about concentration risks and market volatility.
- Tether’s gold holdings top $23 billion as purchases outpace nation states, says Jefferies (CoinDesk): The Wall Street investment bank estimates the crypto firm holds at least 148 tons of physical gold, joining the top 30 global bullion holders.
- U.S. IPOs continue to quadruple to record $160 billion in 2026 as deal-making returns, Goldman says (Reuters): U.S. equity markets are set for a sharp rebound in IPOs in 2026, Goldman Sachs analysts said, forecasting proceeds to quadruple to a record $160 billion, as listings.
