Crypto World
$2.9B Bitcoin ETF Outflow Signals Downside as Bearish Futures Loom
Bitcoin (CRYPTO: BTC) traded below $73,000 on Wednesday after briefly retesting the $79,500 level the day prior, as a softer tech backdrop ripples into crypto markets. The move mirrors a broader risk-off tilt that has been evident in the Nasdaq, where a weak sales outlook from chipmaker AMD (NASDAQ: AMD) and softer US payroll data turned investors away from high-beta assets. The price action underscores how crypto is not insulated from macro shifts, even as it trades in a market that remains highly sensitive to liquidity and leverage dynamics.
Key takeaways
- Heavy outflows from Bitcoin spot ETFs persist, with more than $2.9 billion leaving US-listed funds across roughly 12 trading days, signaling renewed pain for leveraged long positions.
- BTC options markets show elevated hedging activity, as professional traders buy downside protection, pushing the 30-day delta skew higher and signaling skepticism about a swift bottom near $72,100.
- Leverage-driven risk outside spot markets remains a pressure point: leveraged long BTC futures liquidations totaled about $3.25 billion during the recent pullback, wiping out substantial margin and forcing rapid deleveraging.
- Industry mechanics remain a focal point: some market observers argue that crypto-exchange liquidation engines are not self-stabilizing in the same way TradFi circuit breakers are, highlighting ongoing fragility even as history suggests eventual recovery.
- Two unfounded rumors continue to circulate: a purported $9 billion Galaxy Digital Bitcoin sale tied to quantum concerns and renewed questions about Binance’s solvency, though on-chain metrics and company statements offer some counterpoints to panic.
Bitcoin (CRYPTO: BTC) slid below $73,000 on Wednesday after briefly retesting the $79,500 level on Tuesday, a retreat that aligned with a broader risk-off move in equities led by a downbeat tech sector. The downturn followed a slide in the Nasdaq, reflecting weaker near-term demand signals from major tech companies and the spillover into risk assets beyond stocks. The pressure is not purely cyclical; it is reinforced by flows that have kept outflows from spot Bitcoin ETFs elevated in recent weeks.
The persistent outflows from spot Bitcoin ETFs add a layer of complexity to the price action. The daily rhythm of fund flows has remained negative, with an average net outflow running around $243 million since mid-January. That cadence coincided with Bitcoin’s rejection at the $98,000 level earlier in the month and helped set the stage for a roughly 26% correction over three weeks. In practical terms, the cascading effect of outflows has amplified liquidity stress for leveraged traders, and unless new margin is deposited, the most aggressive 4x or higher positions may have already seen their risk exposure largely eroded.
Another thread driving narrative risk is the potential for continued volatility in the broader crypto ecosystem. The market has faced a mix of volatile events and rumors about the health of counterparties. A longstanding concern is the possibility that outsized losses from a single event could cascade through liquidity-providing venues. One notable episode cited by market observers is the $19 billion liquidation tied to a mid-October 2025 incident that reportedly originated from a performance glitch in Binance’s data feeds, which delayed transfers and fed inaccurate price signals. Binance acknowledged fault and subsequently issued compensation, but the episode left a lasting impression on risk controls across the space.
In conversations with industry participants, Haseeb Qureshi, managing partner at Dragonfly, described the October 2025 event as a case study in how liquidations can hit market-makers and liquidity providers. “Liquidation engines kept firing even when liquidity could not be absorbed, wiping out market makers and forcing a protracted recovery,” he noted. He added that while the crash did not permanently break the market, a return to normal functioning would require time and a repricing of risk for market participants who relied on aggressive leverage. The sentiment among traders is one of cautious realism: the market has recovered from prior shocks, but the path remains bumpy and contingent on liquidity and macro conditions.
Beyond pure price action, the options market provides a lens into how professionals are positioning for further downside. The 30-day delta skew for Bitcoin 25% delta puts against calls rose to about 13% on Wednesday, signaling that demand for downside protection remains elevated and that even seasoned traders are not confident a durable bottom has formed around the $72,100 level. In practice, a skew above several percent is interpreted as a signal that informed participants are bracing for additional weakness, rather than a swift reversal. The data point, sourced from Deribit through Laevitas, underlines a market that is hedging against a continued drawdown rather than embracing a V-shaped recovery—at least in the near term.
The broader macro backdrop has not yet clarified the near-term trajectory for crypto markets. A key question remains whether spot ETF outflows will persist or abate in the weeks ahead, and how that will interplay with liquidity conditions across major crypto venues. Onchain noise and counterparty concerns continue to simmer, but the market has shown time and again that it can adapt to shocks—though not without interim pain for those exposed to highly leveraged bets.
Why it matters
The current sequence of ETF outflows, leveraged liquidations and hedging activity paints a portrait of a market in transition. It highlights how entrenched leverage remains in some segments of the Bitcoin ecosystem and how quickly liquidity can tighten when risk appetite cools. For traders, the combination of elevated downside hedges and growing suspicion about the sustainability of rallies underscores the importance of margin discipline and robust risk controls. For market-makers and liquidity providers, the episode serves as a reminder that crypto markets still rely heavily on automated liquidation mechanisms that can amplify short-term moves during stress, even as the broader market has learned to rebound from past crises.
From a broader perspective, these dynamics unfold within a sector that remains highly sensitive to outside forces—tech stock sentiment, central-bank policy expectations, and regulatory developments all feed into crypto liquidity. The outflows from spot Bitcoin ETFs—paired with a demand for downside protection in options markets—suggest a risk-off impulse that could persist if macro data continues to disappoint or if equity sell-offs intensify. Yet the history of Bitcoin and other digital assets shows resilience: even after sharp declines, recovery tends to follow, driven by new demand fundamentals and tail-risk hedging strategies that gradually re-enter the market.
For users and builders, the current environment emphasizes the need for clarity around risk models, improved liquidity infrastructure, and more robust stress-testing across venues. It also underscores the value of transparent communications from major counterparties and a cautious approach to leverage, given how quickly market dynamics can shift in crypto ecosystems.
What to watch next
- Next 2–4 weeks: track spot Bitcoin ETF inflows/outflows to gauge whether the current risk-off phase persists or eases.
- Watch BTC 30-day delta skew updates for indications of whether professional hedging is cooling or intensifying.
- Monitor Binance withdrawal and on-chain reserve metrics for evidence of liquidity stress or stabilization.
- Follow public statements from Galaxy Digital and other market participants regarding structural risk and counterparty health.
Sources & verification
- CoinGlass data on Bitcoin spot ETF daily net flows and overall ETF outflows.
- Deribit 30-day delta skew (put-call) data via Laevitas, used to gauge professional hedging behavior.
- Dragonfly partner Haseeb Qureshi’s comments on liquidation dynamics and market recovery timelines.
- Galaxy Digital statements denying quantum-risk-driven sales, as reported by company or executives on X.
- On-chain metrics indicating Bitcoin deposits at Binance remained relatively stable amid withdrawal-related concerns.
Market reaction and key details
Bitcoin (CRYPTO: BTC) has faced renewed downward pressure as liquidity constraints and risk-off sentiment took hold. The failure to sustain a breakout near the $80,000 level—and the subsequent retreat to the mid-$70,000s—came amid a familiar pattern: outsized ETF outflows, a sharp squeeze on leveraged long positions, and rising skepticism among professional traders about a rapid bottom. The narrative has shifted away from a straightforward macro-driven rally toward a more nuanced story about risk management, liquidity provisioning, and the mechanics of how markets absorb shocks in a highly interconnected, cross-asset ecosystem.
Two notable developments stand out as the market adjusts: first, the swing in option hedging signals shows that seasoned traders are actively protecting against further declines, not simply chasing a rebound. The delta skew, a gauge of put versus call demand, has moved higher, highlighting the demand for downside protection in a climate where tech equities are under stress. Second, while the rumor mill churns with talk of large liquidations and counterparty concerns, on-chain and public disclosures suggest a more nuanced picture of counterparty health and liquidity at major venues. The market remains attentive to any fresh data about exchange resilience and the speed with which risk controls can recalibrate after a sell-off.
As traders weigh the near-term path, the interplay between ETF flows, derivatives positioning, and counterparty risk continues to be the defining feature of Bitcoin’s price action in the current cycle. The consensus remains unsettled: the market has a history of snapping back after downturns, but the path to normalization can be long and episodic, with interim pain for those positioned for a quick recovery. The coming weeks will be closely watched for changes in liquidity conditions, regulatory guidance, and the pace at which market participants adjust their risk tolerances in response to evolving macro signals and internal risk controls.
The race is on among analysts to forecast how far bitcoin could drop, with target prices dropping further every day. The latest to jump in is Stifel, a premier, full-service financial services firm headquartered in St. Louis, Missouri.
Analysts at the 136-year-old firm predict the bitcoin price could crash to as low as $38,000.
“Already down -41% from the high, bitcoin super-bears have followed a linear trend suggesting a potential low of~$38K,” the team led by Barry B. Bannister said in a note to clients on Wednesday.
They’re looking at straight line drawn across the low points of every major bitcoin crash since 2010. Bitcoin slumped 93% in 2011, 84% in 2015, 83% in 2018 and 76% in 2022. A line connecting those market bottoms slopes upward and points to $38,000 as the potential nadir for the current slide.
Bitcoin peaked over $126,000 in October and has since crashed to nearly $70,000 revisiting levels last seen in November 2024.
The curios case of Benjamin Bitcoin
The Stifel analysts explained the bearish case with an analogy tied to the movie “The Curious Case of Benjamin Button.”
In the movie and the F. Scott Fiztgerald story on which it is based, Button gets younger as everyone else ages. Bitcoin is like that: A fixed supply cap of 21 million BTC made it stronger — younger in the analysts’ terms — as the dollar weakened from regular money printing.
Now it’s fraying, like the kid version of Button, who looks 10 but acts 80, stuck playing piano for retirees.
Bitcoin used to rise with more global cash and weaker dollars, but since 2025, the relationship has reversed. It now falls with the dollar. The Dollar Index has dropped nearly 1% this year, extending last year’s near 10% slide.
“Prior to 2025, Bitcoin rose when the dollar fell and Global M2 money supply (converted to dollars) rose, thus “aging backward” versus fiat, but since 2025 the relationship has reversed,” the analysts said.
The behavior is compounded by bitcoin closely following Wall Street’s tech heavy Nasdaq 100 index and growth stocks, surging on dovish pivots by the Federal Reserve and slumping on hawkish ones. Though the Fed cut interest rates in the final three meetings of 2025, those largely carried a hawkish tone, downplaying faster cuts in future.
That tone is ominous, the analysts said, especially as technology companies are borrowing more heavily, which has raised their borrowing costs. This could lead to financial tightening, hitting stock valuations and adding to the pain in the bitcoin market.
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The White House is thinking about pulling its support for a major crypto regulation bill after Coinbase suddenly withdrew its backing.
A source close to the Trump administration said officials were caught off guard by Coinbase’s decision. The administration is reportedly angry, calling Coinbase’s move a “rug pull” that hurt not just the White House but the wider crypto industry.
Officials claim Coinbase did not warn them before going public with its opposition. Because of this, the White House may fully walk away from the Digital Asset Market Clarity Act. However, the administration could stay involved if Coinbase returns to talks and agrees to a compromise.
🚨SCOOP: The White House is considering pulling its support for the crypto market structure bill entirely if @coinbase does not come back to the table with a yield agreement that satisfies the banks and gets everyone to a deal, a source close to the Trump administration tells me.…
— Eleanor Terrett (@EleanorTerrett) January 17, 2026
The biggest sticking point is stablecoins, especially rules around yield-bearing stablecoins. Banks are worried that allowing stablecoins to offer around 5% returns could pull money out of traditional savings accounts. The source emphasized that this is “President Trump’s bill,” not one controlled by Coinbase or its CEO, Brian Armstrong.
Why Coinbase Opposes the Crypto Market Structure Bill
Coinbase says it pulled support because the bill, in its current form, could harm the crypto industry. Armstrong said it is better to have no bill than a bad one. He raised concerns that the proposal could effectively ban tokenized stocks, place heavy restrictions on decentralized finance (DeFi), and give the government broader access to users’ financial data, which could hurt privacy.
Armstrong also warned that the bill weakens the Commodity Futures Trading Commission while giving more power to the Securities and Exchange Commission. The SEC has faced strong criticism from the crypto industry for relying heavily on enforcement actions instead of clear rules.
Reactions within the crypto community are mixed. Some support Coinbase, saying lawmakers are protecting banks at the expense of innovation. Others argue that Coinbase is just one exchange and should not have the power to block legislation that affects the entire crypto industry.
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BlackRock has moved millions of dollars in Bitcoin (BTC) and Ethereum (ETH) to Coinbase Prime, sparking speculation about its intentions. The transfer of approximately $170 million comes at a time when BTC is on a downward trend in the market. With the price of Bitcoin falling, questions have emerged regarding whether BlackRock is preparing to sell its assets or purchase more.
The transfer follows a series of similar moves in the past, adding to the ongoing market uncertainty. In January, BlackRock transferred $600 million in BTC and ETH to Coinbase, which later saw an outflow of $142 million. This has raised concerns about potential sell-offs, with some fearing BlackRock may be offloading assets in response to the market downturn. However, it remains unclear whether the funds are being moved for selling or for reinvestment purposes.
Bitcoin Price Continues to Struggle as ETF Outflows Persist
The price of Bitcoin has continued its decline, with the BTC price falling below $100,000 for the first time since April 2025. This comes as Bitcoin ETFs experience significant outflows, with total assets under management (AUM) for Bitcoin ETFs now standing at approximately $97 billion. The drop in the AUM is the lowest it has been in nearly two years.
BTC ETF funds, such as the ones managed by BlackRock, have seen daily outflows. Experts point out that these outflows coincide with the price of Bitcoin being well below the cost of creation for the ETFs. The cost of creating the ETFs stands at around $84,000 per Bitcoin. Given this disparity, there are concerns that the situation could lead to further declines in ETF investments.
While these ongoing outflows have raised concerns, it is important to note that the market is experiencing a wider trend of consolidation and realignment. Despite the challenges faced by Bitcoin ETFs, BlackRock is looking to expand its offerings. The firm has filed for a Bitcoin Premium Income ETF, signaling its continued interest in the cryptocurrency space.
Other Institutions Follow BlackRock’s Lead with Large Transfers
BlackRock is not the only institution to have moved large amounts of cryptocurrency to Coinbase. GameStop Holdings recently transferred all of its Bitcoin holdings, valued at around $450 million, to Coinbase. The transfer, however, was not without its challenges. The value of GameStop’s Bitcoin holdings has decreased by approximately $70 million from their initial purchase price.
GameStop’s move aligns with statements from its CEO, Ryan Cohen, who hinted that the company is looking to diversify its investment strategy. This decision reflects the broader trend of traditional financial institutions and corporations adjusting their positions in the crypto market. BlackRock’s latest move, paired with GameStop’s, could signal a shift in how these firms approach their digital asset portfolios.
This shift in strategy could have wider implications for the market as more institutions look to rebalance or shift their cryptocurrency holdings. While the future of Bitcoin and Ethereum remains uncertain, these movements show how large institutions are responding to ongoing market fluctuations.
Google’s Gemini AI leverages big data for its analyses, and when using a carefully structured prompt, the LLM generates eye-catching 2026 price projections for XRP, Ethereum, and Solana.
According to Gemini’s analysis, an extended crypto bull market combined with clearer and more constructive regulation in the United States could propel leading digital assets to fresh all-time highs faster than many market participants anticipate.
Below is Gemini’s projected outlook for the three biggest altcoins over the next eleven months.
XRP ($XRP): Gemini AI Predicts a Run Toward $8 by 2027
Ripple’s XRP ($XRP) began 2026 with strong upward momentum, gaining roughly 19% in the first week of the year. With the token currently trading around $1.55, Gemini estimates that a sustained bullish trend could push XRP as high as $8 by the end of 2026. That would represent gains of roughly 420%, more than quadrupling.
XRP was one of the top-performing cryptocurrencies last year. In July, it reached its first new all-time high (ATH) in seven years, surging to $3.65 after Ripple secured a decisive legal victory over the U.S. Securities and Exchange Commission.
That ruling removed a significant regulatory cloud hanging over XRP and helped calm broader concerns about altcoins getting treated as unlicensed securities
From a technical standpoint, XRP’s Relative Strength Index (RSI) currently sits near 26, placing it in oversold territory. This suggests the recent selloff may be nearing exhaustion, with buyers likely to step in over the weekend to accumulate at lower price levels.
Meanwhile, support and resistance lines throughout January form an unresolved bullish flag pattern. As XRP re-converges with its 30-day moving average, positive developments could ignite a gold rush in the coming weeks or months.
When combined with ETF inflows and expectations surrounding the U.S. CLARITY bill, a proposed comprehensive framework for crypto regulation, these factors suggest that Gemini’s target is largely conceivable.
Ethereum ($ETH): Gemini Sees an Easy 4x for Current HODLers
Ethereum ($ETH), the leading platform for smart contracts, decentralized applications, and decentralized finance, remains the foundational layer for much of the Web3 economy.
With a market capitalization of around $263 billion and over $59 billion in total value locked (TVL) across DeFi protocols, Ethereum serves as the primary hub of on-chain economic activity.
Its strong security history, dependable settlement layer, and early leadership in stablecoins and real-world asset tokenization position Ethereum favorably for deeper institutional adoption.
This trend could accelerate if U.S. lawmakers pass the CLARITY bill, providing the regulatory certainty institutions need to deploy capital using Ethereum-based infrastructure.
ETH is currently trading just below $2,172, with significant resistance expected near the $5,000 level after reaching an all-time high of $4,946.05 in August.
If Gemini’s bullish scenario materializes, a clear break above $5,000 could set the stage for multiple new highs this year, with potential upside targets ranging far beyond $8,000 in a bull run.
Solana (SOL): Gemini AI Suggests SOL Has 440% Upside by 2027
The Solana ($SOL) ecosystem now supports more than $7.2 billion in TVL and carries a market capitalization of around $53 billion, underpinned by consistent growth in both developer engagement and user adoption.
Investor interest in SOL has intensified following the introduction of Solana-based ETFs by major asset managers such as Bitwise and Grayscale.
After experiencing a sharp pullback in late 2025, SOL has spent recent months in the $130 to $145 support range until Greenland and Iran scares plunged the price down to the $90 to $100 support range. At $93, Solana appears to be in hot water, but its oversold RSI of 25 indicates a sharp bounce could begin before the weekend.
Under Gemini’s most bullish assumptions, Solana could climb to $500 by 2027. That scenario would imply approximately 440% upside from current prices and would place SOL well above its previous all-time high of $293, recorded last January.
Institutional adoption continues to reinforce Solana’s long-term outlook. The network is increasingly being used for real-world asset tokenization, with firms such as Franklin Templeton and BlackRock pointing to Solana’s expanding role within traditional financial infrastructure.
Maxi Doge (MAXI): Move Over Dogecoin! Memesville Has a New Alpha
While not included in Gemini’s core forecasts, Maxi Doge ($MAXI) has quickly become one of the most discussed meme coin presales of 2026, raising approximately $4.6 million ahead of its public debut.
The project features an over-the-top, high-energy parody mascot loosely inspired by Dogecoin (a distant relative, according to the lore), Maxi Doge combines gym-bro aesthetics with unapologetic degen humor.
Loud, exaggerated, and intentionally chaotic, Maxi Doge leans fully into the speculative spirit that originally fueled the meme coin boom.
MAXI is an ERC-20 token running on Ethereum’s proof-of-stake network, giving it a significantly smaller environmental footprint compared with Dogecoin’s proof-of-work model.
During the presale, buyers can stake MAXI tokens for yields of up to 68% APY, with rewards gradually decreasing as more tokens enter the staking pool.
The token is currently selling at $0.0002802 in the latest presale phase, with automatic price increases at each funding milestone. Purchase via MetaMask and Best Wallet.
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The Bitcoin price has jumped by a fraction of a percentage in the last 24 hours to trade at $95,324, as spot Bitcoin ETFs saw a strong return recording $1.42 billion in net inflows over the past week.
ETF activity was heavily concentrated in the middle of the week. Data shows that Wednesday delivered the largest single-day inflow of approximately $844 million, followed closely by $754 million on Tuesday. Although momentum cooled toward the end of the week, including a notable $395 million outflow on Friday, the strong midweek buying was enough to push total weekly inflows to their highest level since early October. At that time, spot Bitcoin ETFs attracted around $2.7 billion, highlighting the scale of the renewed interest.
The latest inflow trend suggests that institutional investors are gradually returning to Bitcoin through regulated investment products after a period of caution. Vincent Liu, chief investment officer at Kronos Research, said that ETF inflows indicate long-only allocators re-entering the market. He added that ETF buying, combined with reduced selling from large Bitcoin holders, or whales, is helping tighten effective supply.
On-chain data shows whale selling pressure has eased compared to late December, reducing a key source of distribution and downside risk. Ethereum ETFs also posted positive inflows, though at more modest levels compared to Bitcoin. The strongest inflow day occurred on Tuesday, with approximately $290 million, followed by $215 million on Wednesday. However, late-week selling weighed on performance, with Friday seeing roughly $180 million in outflows, trimming total weekly inflows to around $479 million.
Despite the improved flow data, analysts remain cautious. Market observers note that short-lived spikes in ETF inflows have historically led to brief price rebounds rather than sustained rallies. Analysts argue that Bitcoin will likely need several consecutive weeks of strong and consistent ETF demand to support a durable uptrend. Without sustained inflows, price gains may continue to face resistance and fade during periods of weaker demand.
Bitcoin Price Consolidates Above Key Support After Bullish Breakout
Bitcoin (BTC) shows steady consolidation after a strong bullish breakout, according to the latest 4-hour chart, as price trades at $95,470 at the time of writing. The chart highlights a major support zone near the $86,000–$88,000 range, where Bitcoin previously formed a solid base.
This area acted as a demand zone, absorbing selling pressure and setting the stage for a rebound. From this level, BTC began forming a rounded bottom pattern, a classic bullish structure that often signals a gradual shift from bearish to bullish momentum. The bullish bias was confirmed after the price broke above a key resistance zone around $91,000–$92,000, labeled as a bullish breakout on the chart. Following the breakout, Bitcoin rallied sharply toward the $97,000–$98,000 area, where sellers temporarily stepped in. This level now acts as short-term resistance.
Currently, BTC is moving sideways just below resistance, suggesting healthy consolidation rather than weakness. Price is holding above the former resistance zone, which has now flipped into support around $94,500–$95,000. This behavior often indicates that buyers are defending higher levels while preparing for a possible continuation move.
BTCUSD Chart Analysis Source: Tradingview
The chart also marks a reward zone targeting the $100,000 psychological level, aligning with the projected take-profit area. A clean break and close above the $96,000–$97,000 resistance could open the door for a retest of six-figure prices in the near term.
Momentum indicators support this outlook, with the Relative Strength Index (RSI) is hovering around the mid-50s, indicating a neutral-to-bullish momentum. Notably, RSI is neither overbought nor oversold, leaving room for further upside if buying pressure increases.
The technical structure remains constructively bullish, as long as Bitcoin holds above the $94,000 support zone. A drop below this level could invite short-term pullbacks toward $92,000, but unless BTC loses the major support near $88,000, the broader trend continues to favor the bulls.
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Let’s have a look at some important PI price targets as the cryptocurrency continues to fall toward new all-time lows.
PI reached a new all-time low at 14.6 cents. Is this the bottom?
PI Network (PI) Price Predictions: Analysis
Key support levels: $0.15
Key resistance levels: $0.2
PI Downtrend Accelerates
PI closed January with a new all-time low after briefly touching $0.146. Since then, buyers have pushed the price above 15 cents, but this is unlikely to hold if the downtrend continues.
Worst, there is no sign of a possible bottom yet, especially when major market leaders such as BTC and ETH continue to fall.
Aggressive Selloff since the start of 2026
As soon as the new year started, PI bears intensified their presence on the orderbook with massive sell orders. This led to a sharp 25% crash in mid-January. This pressure appears to continue in February, as can be seen on the chart.
Daily RSI Extremely Oversold
The daily RSI has been in the oversold region (below 30) since the start of the year, and it has not moved out of it. This is an extremely bearish signal, but it does hint at a possible bounce in the future, since prices rarely remain in extremes for long.
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Should a bounce materialize later, watch the resistance at 20 cents, which could stop any relief rally.
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Bitcoin (BTC) fell below $70,000 on Thursday as suspicions over coordinated selling boiled over.
Key points:
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Bitcoin tumbles below 2021 highs for the first time since November 2024.
-
Gold and silver volatility spark copycat BTC price maneuvers as lower targets stay in play.
-
Market participants say that large entities are selling BTC on a schedule.
Bitcoin collapses to $69,000 in fresh cascade
Data from TradingView captured new 15-month BTC price lows of $69,100 on Bitstamp during the Asia trading session.
The latest plunge marked Bitcoin’s first trip to the $60,000 range since early November 2024. In doing so, it sparked $130 million of crypto long liquidations over four hours, per data from monitoring resource CoinGlass.
Bitcoin moved in step with a flash reversal on precious metals.
Gold, which the day prior had seen a relief bounce to $5,100 per ounce, fell as low as $4,789 Thursday before again targeting the $5,000 mark.
Silver, meanwhile, gyrated between $90 and $73 per ounce as volatility stayed in control.
“$BTC has entered a key support zone,” trader CW warned in a post on X.
“If it fails to support the 69k level, another significant decline could occur.”
Earlier, traders gave various BTC price bottom targets of interest, with these including the area around $50,000. Directly below $69,000, meanwhile, lies the key 200-week exponential moving average (EMA) support trend line.
Reacting, crypto entrepreneur Alistair Milne agreed with observations from longtime trader Peter Brandt. Bitcoin, the latter argued, was the victim of “campaign selling.”
“Agree with this take. Someone enormous is unloading to a deadline,” Milne responded on X.
The post likened the current sell-side pressure to when the government of Germany distributed its BTC holdings to the market, suggesting that coins were being “handed over to OTC desks who simply execute.”
“For me it started 14th Jan,” he added.
Coinbase Premium undercuts Liberation Day low
Nic Puckrin, CEO of crypto education resource Coin Bureau, likewise flagged “large selling” by whales during US hours.
Related: Bitcoin, crypto ‘winter’ soon over, says Bitwise exec as gold retargets $5K
As Cointelegraph reported, the negative Coinbase Premium, which measures the difference in price between Coinbase’s BTC/USD and Binance’s BTC/USDT pairs, highlighted the lack of overall US Bitcoin demand.
“The Coinbase Premium is the lowest it has been in over a year. It’s even lower than post liberation day tariffs,” Puckrin noted.
He added that selling pressure would continue until the premium changed course.
Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, said that “OG” whales were behaving as if BTC/USD were at all-time highs.
Bitcoin’s at $72K and the OG whales continue to dump like we’re still at $125K pic.twitter.com/prL68L8Lhi
— Charles Edwards (@caprioleio) February 5, 2026
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
As the XTI/USD chart shows, the price of a barrel rose above $65 yesterday, reacting to the risk of talks between Iran and the United States on the nuclear deal breaking down. These negotiations could begin on Friday.
According to Axios, Arab world leaders have urged Donald Trump not to follow through on his threats to withdraw from the talks and shift towards military action after demands put forward by Iran. This news prompted a pullback in prices below $64.
The news backdrop is further complicated by conflicting reports regarding India’s refusal to purchase Russian oil, alongside other global factors. All of this is contributing to heightened volatility in the oil market, a trend also confirmed by the ATR indicator.
Technical Analysis of XTI/USD
On 14 January, we:
→ analysed swings in WTI crude prices to identify a breakout from a descending channel (shown in red) and outline an upward trajectory (shown in blue);
→ noted that the breakout level (around $58.35) was acting as support;
→ suggested that the market was vulnerable to a corrective move.
Indeed, on the same day (as indicated by the blue arrow), the price formed a bearish impulse towards this support, where the market found some balance.
However, geopolitical developments since the second half of January have supported higher prices, providing grounds to draw a broad ascending channel (shown in purple). In this context:
→ its lower boundary is acting as support, with the long lower wick on the 3 February candle confirming aggressive buying interest;
→ the $65 level appears to be a key resistance. Broad price swings formed there on 29–30 January — a sign of “smart money” activity — after which prices declined. Yesterday, the market again reversed sharply from this level.
It is therefore reasonable to assume that this resistance will pose a significant hurdle for bulls if they attempt to keep prices within the ascending purple channel. At the same time, the further direction of WTI oil price movements will most likely be determined by developments surrounding Friday’s Iran–US nuclear talks in Oman.
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Crypto-linked cards are emerging as a key channel for stablecoin usage, with annualized volumes now catching up to peer-to-peer on-chain transfers.
Crypto-linked payment cards have become one of the fastest-growing bridges between stablecoins and everyday commerce, according to Artemis, a blockchain analytics firm.
In a Jan. 15 research report compiling estimates from on-chain settlement data and card network disclosures, Artemis found that monthly crypto card volume surged from about $100 million in early 2023 to more than $1.5 billion by late 2025.
“Annualized, the market now exceeds $18 billion, rivaling peer-to-peer stablecoin transfers ($19 billion), which grew just 5% over the same period,” the report reads.
While crypto cards can be funded with a range of assets, the report notes that Circle’s USDC and Tether’s USDT account for nearly 96% of deposited collateral on cards issued via Rain, an infrastructure platform that enables businesses to issue Visa cards.
Visa has also emerged as the dominant payment network in the sector, capturing more than 90% of on-chain card volume despite having a similar number of programs as Mastercard. As Artemis explains, this divergence is likely thanks to Visa’s “early partnerships with infrastructure providers.”
Visa’s stablecoin-linked card spending alone reached a $3.5 billion annualized run rate in late 2025, growing about 460% year over year, according to the report.
A geographic breakdown of stablecoin usage shows India and Argentina as “true global outliers,” where USDC accounts for 47.4% and 46.6% of usage, respectively.
By comparison, USDT dominates stablecoin activity across most other markets, including Turkey, China and Japan, according to the data.
However, even with the rapid growth of crypto cards, Artemis doesn’t expect direct crypto acceptance to fully replace card networks in the near term, citing their “slow relative growth in volume in comparison to cards.”
Bitcoin clawed its way back above $71,000 on Thursday after a sharp selloff earlier in the day dragged prices briefly below the $70,000 mark, mirroring tentative stabilization across global markets.
The move came as a broader rout in technology stocks showed signs of fatigue. Futures tied to the Nasdaq 100 edged higher after two bruising sessions that erased the index’s gains for the year, while European stocks steadied and Asian markets trimmed losses.
Bitcoin had fallen as much as 7% over the previous 24 hours as investors reduced risk across assets tied to growth and leverage. The slide coincided with renewed pressure in precious metals, where silver plunged as much as 17%, extending a brutal reversal after last month’s record rally.
Gold also slipped, underscoring how quickly speculative trades across markets have been unwound.
In crypto, the bounce above $71,000 appears more like short covering than a renewed rush of buyers. Trading volumes remain elevated, but demand in the spot market has thinned, according to analysts.
Stablecoin balances on exchanges have also been drifting lower, suggesting fresh capital is staying on the sidelines rather than stepping in aggressively on dips.
Macro uncertainty continues to weigh on sentiment. Investors are recalibrating expectations around US interest rates amid speculation over Federal Reserve leadership and the risk of a stronger dollar, which typically pressures assets like bitcoin that thrive on easy liquidity.
Some firms remain cautious. Galaxy Digital has warned that, without a clear catalyst, bitcoin could still revisit lower levels if selling resumes.
Others see the bulk of the drawdown as already behind the market, with estimates clustering around a potential bottom in the low-to-mid $60,000 range.
Stifel predicts bitcoin (BTC) price crash to $38,000. Yes, you read it right.
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