By Francisco Rodrigues (All times Eastern unless otherwise noted)
Bitcoin failed to hold above $70,000 during its weekend recovery, falling for a third day in a row as spot trading volumes declined and the Crypto Fear and Greed Index remained in “extreme fear” territory.
The broader cryptocurrency market capitalization has slipped to about $2.28 trillion, with the CoinDesk 20 (CD20) index down 3.4% in the past 24 hours. Even so, on-chain data aggregator Glassnode said the pullback was mild by past standards, with no signs of panic selling seen in previous cycle peaks.
Despite lower trading volumes and poor sentiment, inflows into the spot Bitcoin ETF have been steady over the past three days, helping to absorb some of the selling pressure. Wintermute said the market is currently in a price discovery phase.
“With spot volumes still relatively light, leverage is driving short-term moves, as demonstrated by Bitcoin’s recovery from the lows on Friday on the back of heavy Perp shorts,” Jasper De Maere, desk strategist at Wintermute, wrote in an emailed note. “The market is likely to continue to move within this range as it remains in the price discovery phase.”
The main data still looks bullish. Fundstrat Chief Investment Officer and Ethereum Chairman Tom Lee speaks at Consensus Hong Kong Financial firm BitMine Immersion (BMNR) told investors they should be looking for entry points rather than trying to find a bottom.
Michael Saylor, executive chairman of Bitcoin finance firm Strategy (MSTR), reiterated his long-term bet on the cryptocurrency on CNBC, saying he expects Bitcoin to outperform traditional stocks despite the drawdown.
Weak U.S. retail sales modestly boosted expectations of a U.S. interest rate cut, weighing on the dollar. Attention will now turn to today’s non-farm payrolls and inflation data, which may further influence risk appetite. Stay alert.
Read more: For analysis of today’s altcoin and derivatives activity, see Today’s Cryptocurrency Market
What to see
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- cryptocurrency
- February 11: Immutable completes the merger of Immutable X and Immutable zkEVM.
- Macro
- February 11, 8:30 am: US non-farm payrolls data for January 70K (previously 50K)
- February 11, 8:30 a.m.: U.S. unemployment rate in January was 4.4% (previous value 4.4%)
- February 11, 8:30 a.m.: U.S. average hourly earnings in January are estimated at 3.8% year-on-year (previously 3.6%)
- income (Estimate based on FactSet data)
Token event
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- February 11: Ripple will host an XRP Community Day on X Spaces to discuss XRP adoption, regulatory finance, and innovation.
- Unlock
- February 11: Unlocks 0.32% of its circulating supply, worth $14.33 million.
- Token issuance
- February 11: Coinbase lists RaveDAO (RAVE), DeepBook (DEEP), and Walrus (WAL).
Meeting
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
market trend
- BTC is up 0.25% at $66,868.63 as of 4pm ET on Tuesday (24 hours: -3.14%)
- ETH fell 2.96% to $1,947.84 (24 hours: -3.25%)
- CoinDesk 20 down 2.75% to 1,900.89 (24 hours: -3.53%)
- The comprehensive pledge rate of Ethereum CESR increased by 1 basis point to 2.83%
- The BTC financing interest rate on Binance is -0.0023% (annualized -2.536%)
- DXY fell 0.3% to 96.50
- Gold futures rose 1.73% to $5,117.80
- Silver futures rose 6.22% to $85.39
- The Nikkei 225 closed up 2.28% at 57,650.54
- The Hang Seng Index closed up 0.31% to 27,266.38 points
- The FTSE rose 0.50% to 10,405.94
- The Stoxx Europe 50 index fell 0.41% to 6,022.26
- The Dow closed 0.1% higher on Tuesday at 50,188.14 points
- The S&P 500 closed down 0.33% at 6,941.81 points
- The Nasdaq Composite Index closed down 0.59% at 23,102.47 points
- The S&P/TSX Composite Index closed up 0.71% at 33,256.83 points
- The S&P 40 Latin America Index closed down 0.57% at 3,746.47 points
- The U.S. 10-year Treasury bond rate fell 1 basis point to 4.135%
- E-mini S&P 500 futures unchanged at 6,966.50
- E-mini Nasdaq 100 futures prices unchanged at 25,218.00
- E-mini Dow Jones Industrial Average futures rose 0.13% to 50,338.00
Bitcoin Statistics
- Bitcoin dominance: 59.12% (-0.29%)
- Ethereum-Bitcoin ratio: 0.02914 (-0.81%)
- Hash rate (seven-day moving average): 1,002 EH/s
- Hash price (spot): $33.56
- Total fee: 2.6 BTC / $179,640
- CME Futures Open Interest: 120,785 BTC
- BTC in gold: 13.1 ounces.
- Bitcoin and gold market capitalization: 4.46%
technical analysis
- BTC/USD is currently hovering below the 200-week exponential moving average, a key support level that must be reclaimed to prevent further declines.
- The market now awaits weekly closing prices to confirm whether this breakout marks an outright breakdown or a temporary deviation.
crypto stocks
- Coinbase Global (COIN): Closed Tuesday at $162.51 (-2.83%), closing at $157.00 pre-market -3.39%
- Circle Internet (CRCL): Closed at $59.75 (-0.58%), -1.84% at $58.65
- Galaxy Digital (GLXY): Closed at $21.19 (+0.19%), -1.75% at $20.82
- Bullish (BLSH): Closed at $32.05 (+0.00%), -1.68% at $31.51
- MARA Holdings (MARA): Closed at $7.66 (-4.96%), -3.13% at $7.42
- Riot Platforms (RIOT): -0.94% to close at $14.83, -2.29% to close at $14.49
- Core Scientific (CORZ): Closed at $18.13 (-2.26%), -2.48% at $17.68
- CleanSpark (CLSK): Closed at $10.03 (-1.57%), -2.49% at $9.78
- CoinShares Valkyrie Bitcoin Miner ETF (WGMI): Closed at $42.62 (-2.76%)
- Exodus Movement (EXOD): Closed at $10.86 (+1.12%)
Cryptocurrency Treasury Corporation
- Strategy (MSTR): Closed at $133.00 (-3.93%), -3.12% at $128.85
- Strive (ASST): Closed at $9.18 (-9.51%), -3.27% at $8.88
- SharpLink Gaming (SBET): Closed at $6.65, -6.47% , -0.60% at $6.61
- Upexi (UPXI): Closed at $0.98 (-7.14%), +1.96% at $0.99
- Lite Strategies (LITS): Closed at $1.03 (-1.90%)
ETF flows
Spot BTC ETF
- Net daily traffic: $166.5 million
- Cumulative net flow: $54.98 billion
- Total BTC holdings are approximately 1.27 million
Spot ETH ETF
- Daily net traffic: $13.8 million
- Cumulative net flow: $11.91 billion
- The total holdings of ETH are approximately 5.84 million
Source: Farside Investors