Bitcoin value investors move in as BTC price drops, ‘capitulation’ searches rise: Crypto Daybook Americas

By Francisco Rodrigues (All times ET unless indicated otherwise)

Bitcoin BTC$68,459.21 has retreated by nearly 2.5% in the past 24 hours after failing to hold onto gains made during an end-of-week bounce that pushed it back up to $71,000.

The pullback followed a turbulent few days in which the cryptocurrency plunged to as low as $60,000 before rebounding. BTC is still down more than 11% in the past seven days.

Even so, it’s outperforming the wider market, which saw the CoinDesk 20 (CD20) index drop 13.5% over 24 hours and 13.7% in a week.

The drop saw institutions move. Speaking to CNBC, Bitwise CEO Hunter Horsley said late last week that the firm saw significant inflows as prices dropped.

“I think long-time holders are feeling unsure, and I think the new investor set — institutions — are feeling they’re getting a new crack at the apple and seeing prices they thought they’d forever missed,” Horsley said.

Spot bitcoin ETFs on Friday reversed a three-day streak of outflows, 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 U.S. investors are buying back in, based on the Coinbase Premium Index turning positive for the first time since mid-January.

Online search interest for terms such as “crypto capitulation” spiked during the selloff and stayed elevated, according to crypto analytics firm Santiment, offering an opportunity for value investors to step in.

Meanwhile, capital flowed into traditional safe havens. Gold and silver extended their recovery after a selloff late last month, with gold once again topping $5,000 as investors consider a weaker U.S. dollar and major purchasers continued accumulating. These include Tether, whose gold stash has topped $23 billion, and China’s central bank.

Stock market futures are down ahead of the open, after a Japan equities rallied over the ruling party’s landslide win in a snap election. Prime Minister Sanae Takaichi had campaigned on low interest rates and significant fiscal spending.

The yield on Japanese government bonds kept rising, further unwinding the yen carry trade and affecting risk assets including cryptocurrencies. The unwind could bring nearly $5 trillion of overseas investments back into the country. Stay alert!

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today

What to Watch

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.

• Crypto
• Macro
  • Feb. 9, 11 a.m.: U.S. consumer inflation expectations for January (Prev. 3.4%)
• Earnings (Estimates based on FactSet data)

Token Events

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.

• Governance votes & calls
  • No major governance votes.
• Unlocks
• Token Launches
  • Feb. 9: Pendle to launch sPENDLE buybacks with first yield distributions starting Feb. 13, and rewards time-weighted from Jan. 29.
  • Feb. 9: ZKsync to launch Season 1 of the 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% from 4 p.m. ET Sunday at $69,045.23 (24hrs: -2.44%)
• ETH is down 4.07% at $2,034.28 (24hrs: -4.40%)
• CoinDesk 20 is down 3.09% at 1,973.38 (24hrs: -3.46%)
• Ether CESR Composite Staking Rate is down 25 bps at 2.74%
• BTC funding rate is at -0.037% (-4.0362% annualized) on Binance

• DXY is down 0.33% at 97.31
• Gold futures are up 1.67% at $5,033.80
• Silver futures are up 5.62% at $81.05
• Nikkei 225 closed up 3.89% at 56,363.94
• Hang Seng closed up 1.76% at 27,027.16
• FTSE 100 is up 0.31% at 10,402.44
• Euro Stoxx 50 is up 0.39% at 6,021.78
• DJIA closed on Friday up 2.47% at 50,115.67
• S&P 500 closed up 1.97% at 6,932.30
• Nasdaq Composite closed up 2.18% at 23,031.21
• S&P/TSX Composite closed up 1.49% at 32,471.00
• S&P 40 Latin America closed down 2.89% at 3,653.05
• U.S. 10-Year Treasury rate is up 2 bps at 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 Stats

• BTC Dominance: 59.33% (-0.05%)
• Ether-bitcoin ratio: 0.02944 (-0.92%)
• Hashrate (seven-day moving average): 977 EH/s
• Hashprice (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 drawdown.
• The weekly RSI is firmly oversold at 28.18, a level that has historically preceded short-term rebounds.
• While this positioning suggests there’s a high probability of a bounce, a clear reversal of the downtrend requires a sustained breakout above $74,000.

Crypto Equities

• Coinbase Global (COIN): closed on Friday at $165.12 (+13.00%), –1.24% at $163.07 in pre-market
• 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 ~1.27 million

Spot ETH ETFs

• Daily net flows: -$21.3 million
• Cumulative net flows: $11.83 billion
• Total ETH holdings ~5.83 million

Source: Farside Investors

While You Were Sleeping

• Takaichi victory sends Nikkei to record, bitcoin to $72,000 and gold past $5,000 (CoinDesk): Japan’s Nikkei 225 index surged to a record on Monday, breaching 57,000 following Prime Minister Sanae Takaichi’s decisive “supermajority” electoral victory.
• China Urges Banks to Curb Exposure to U.S. Treasuries (Bloomberg): Chinese regulators advised financial institutions to rein in their holdings of U.S. Treasuries, citing concerns over concentration risks and market volatility.
• Tether’s gold stash tops $23 billion as buying outpaces nation states, Jefferies says (CoinDesk): The Wall Street investment bank estimates the crypto firm holds at least 148 metric tons of physical gold, joining the top 30 global holders of bullion.
• U.S. IPO proceeds to quadruple to record $160 billion in 2026 as dealmaking rebounds, says Goldman (Reuters): U.S. equity markets are set for a sharp rebound in IPOs in 2026, Goldman Sachs analysts said, forecasting proceeds quadrupling to a record $160 billion as marquee names such as SpaceX, OpenAI and Anthropic edge closer to public listings.