Freedom Index
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By Francisco Rodrigues (All times ET unless indicated otherwise)
Bitcoin dropped for a third straight day after failing to remain above the $70,000 hit during the weekend recovery as spot trading volumes thinned and theCrypto Fear and Greed Index held in “extreme fear” territory.
The broader crypto market capitalization has slipped to about $2.28 trillion, with the CoinDesk 20 (CD20) index losing 3.4% over the past 24 hours. Even so, onchain data aggregator Glassnode described the pullback as modest by past standards, with no signs of panic selling seen in prior cycle peaks.
Despite the lower volumes and poor sentiment, inflows to spot bitcoin ETFs have been steady over the past three days, helping absorb some selling pressure. The market is now in a price discovery phase, according to Wintermute.
“With spot volumes still relatively light, leverage is driving short term moves as was illustrated by BTC squeezing back up from the lows last friday on the back of heavily crowded perp shorts,” Wintermute desk strategist Jasper De Maere wrote in an emailed note. “It’s likely the market will continue to whip across this range as its still in price discovery.“
Major figures appear to remain bullish. Speaking at Consensus Hong Kong, Tom Lee, chief investment officer of Fundstrat and chairman of ether treasury firm BitMine Immersion (BMNR), told investors they should look for entry points rather than try to time a bottom.
On CNBC, Michael Saylor, executive chairman of bitcoin treasury firm Strategy (MSTR), reiterated his long-term bet on the cryptocurrency, saying he expects it to outperform traditional equities despite the drawdown.
Weak U.S. retail sales have moderately lifted U.S. interest rate-cut expectations and weighed on the dollar. Now, attention will switch to today’s nonfarm payrolls figures and inflation data, which could further influence risk appetite. 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
- Feb. 11: Immutable to complete the merge of Immutable X and Immutable zkEVM.
- Macro
- Feb. 11, 8:30 a.m.: U.S. nonfarm payrolls for January Est. 70K (Prev. 50K)
- Feb. 11, 8:30 a.m.: U.S. unemployment rate for January Est. 4.4%(Prev. 4.4%)
- Feb. 11, 8:30 a.m.: U.S. average hourly earnings for January YoY Est. 3.8% (Prev. 3.6%)
- 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
- Feb. 11: Ripple to host XRP Community Day on X Spaces discussing XRP adoption, regulated finance and innovation.
- Unlocks
- Feb. 11: to unlock 0.32% of its circulating supply worth $14.33 million.
- Token Launches
- Feb. 11: Coinbase to list RaveDAO (RAVE), DeepBook (DEEP), and Walrus (WAL).
Conferences
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.
Market Movements
- BTC is up 0.25% from 4 p.m. ET Tuesday at $66,868.63 (24hrs: -3.14%)
- ETH is down 2.96% at $1,947.84 (24hrs: -3.25%)
- CoinDesk 20 is down 2.75% at 1,900.89 (24hrs: -3.53%)
- Ether CESR Composite Staking Rate is up 1 bp at 2.83%
- BTC funding rate is at -0.0023% (-2.536% annualized) on Binance
- DXY is down 0.3% at 96.50
- Gold futures are up 1.73% at $5,117.80
- Silver futures are up 6.22% at $85.39
- Nikkei 225 closed up 2.28% at 57,650.54
- Hang Seng closed up 0.31% at 27,266.38
- FTSE is up 0.50% at 10,405.94
- Euro Stoxx 50 is down 0.41% at 6,022.26
- DJIA closed on Tuesday up 0.1% at 50,188.14
- S&P 500 closed down 0.33% at 6,941.81
- Nasdaq Composite closed down 0.59% at 23,102.47
- S&P/TSX Composite closed up 0.71% at 33,256.83
- S&P 40 Latin America closed down 0.57% at 3,746.47
- U.S. 10-Year Treasury rate is down 1 bps at 4.135%
- E-mini S&P 500 futures are unchanged at 6,966.50
- E-mini Nasdaq-100 futures are unchanged at 25,218.00
- E-mini Dow Jones Industrial Average Index futures are up 0.13% at 50,338.00
Bitcoin Stats
- BTC Dominance: 59.12% (-0.29%)
- Ether-bitcoin ratio: 0.02914 (-0.81%)
- Hashrate (seven-day moving average): 1,002 EH/s
- Hashprice (spot): $33.56
- Total fees: 2.6 BTC / $179,640
- CME Futures Open Interest: 120,785 BTC
- BTC priced in gold: 13.1 oz.
- BTC vs gold market cap: 4.46%
Technical Analysis
- BTC/USD is currently hovering below the 200-week exponential moving average, a critical support level that must be reclaimed to prevent further downside.
- The market now awaits the weekly close to confirm whether this breach marks a definitive breakdown or a temporary deviation.
Crypto Equities
- Coinbase Global (COIN): closed on Tuesday at $162.51 (-2.83%), -3.39% at $157.00 in pre-market
- 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): closed at $14.83 (-0.94%), -2.29% 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 Miners ETF (WGMI): closed at $42.62 (-2.76%)
- Exodus Movement (EXOD): closed at $10.86 (+1.12%)
Crypto Treasury Companies
- 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 Strategy (LITS): closed at $1.03 (-1.90%)
ETF Flows
Spot BTC ETFs
- Daily net flows: $166.5 million
- Cumulative net flows: $54.98 billion
- Total BTC holdings ~1.27 million
Spot ETH ETFs
- Daily net flows: $13.8 million
- Cumulative net flows: $11.91 billion
- Total ETH holdings ~5.84 million
Source: Farside Investors
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