:Crypto Daybook Americas

By Francisco Rodrigues (All times ET unless indicated otherwise)

Bitcoin BTC $ 68,537.61 slipped to $68,500 on Tuesday, having failed to reclaim $70,000 after trading above that level for a while over the weekend. The CoinDesk 20 Index (CD20) dropped 0.23% over the past 24 hours.

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The market appears to be stabilizing after last week’s decline to $60,000, which erased all the cryptocurrency’s gains since Donald Trump’s presidential election victory in November 2024.

The slide prompted over $2.7 billion in liquidations, flushing out leveraged positions. It may not, however, have reflected a fundamental change in the crypto market. Rather, it might have been tied to declining liquidity in the broader financial ecosystem.

Raoul Pal, CEO of Global Macro Investor, said last week's selloff across crypto and tech stocks stemmed from temporary drains in U.S. dollar liquidity tied to Treasury operations and government funding dynamics.

And then there's artificial intelligence (AI). Investments in that technology have been “absorbing available capital for months at the expense of everything else,” Wintermute wrote in a note. The trading firm wrote that stripping AI companies from the Nasdaq 100 index sees crypto’s negative skew nearly disappear.

“The underperformance during rallies and amplified selling during drops is almost entirely explained by AI rotation,” Wintermute OTC trader Jasper De Maere wrote. “For crypto to outperform again, air needs to come out of the AI trade.”

Elsewhere, Japanese government bond yields, which rose after Prime Minister Sanae Takaichi’s decisive election victory at the weekend, are dropping. That could avoid further unwinding of the yen carry trade, which might have seen up to $5 trillion invested overseas moving back to the country.

Arthur Hayes, a co-founder of crypto exchange BitMEX, pointed to Takaichi’s victory as a potential catalyst for the yen to lose value against the dollar, making the Japanese currency a less attractive investment. That could be a boon for risk assets, including cryptocurrencies.

Still, prices are likely to remain rangebound for the time being. The Coinbase Premium Index, which measures demand from large U.S. investors on the exchange, remains negative, and spot bitcoin ETF flows also show hesitation, with daily net inflows coming in at just $145 million yesterday.

“While retail spreads attention across other asset classes, institutional flows through ETFs and derivatives now seem to dictate direction,” Wintermute wrote. 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. 10: Mantle to host Mantle State of Mind Ep. 06 live from Consensus HK.

Macro Feb. 10, 7 a.m.: Brazil inflation rate YoY (Prev. 4.26%), MoM (Prev. 0.33%) Feb. 10, 8:30 a.m.: U.S. retail sales MoM for December Est. 0.5% (Prev. 0.6%) Feb. 10 8:30 a.m.: U.S. employment cost index QoQ (Prev. 0.8%) Feb. 10, 2 p.m.: Argentina inflation rate YoY (Prev. 31.5%), MoM (Prev. 2.8%)

Earnings (Estimates based on FactSet data) Feb. 10: Canaan (CAN), pre-market, -$0.03 Feb. 10: Robinhood Markets (HOOD), post-market, $0.63 Feb. 10: Upexi (UPXI), post-market, -$0.07 Feb. 10: Lite Strategy (LITS), post-market

(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. 10: Solana to host an X Spaces session with SushiSwap's CEO.

Unlocks Feb. 10: Aptos APT $ 0.9980

Token Launches Feb. 10: Venice (VVV) token emissions to drop from 8 million to 6 million per year.



Conferences

For a more comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead".

Day 1 of 3: Consensus Hong Kong

Day 1 of 3: Solana Breakout (Online)

Market Movements

BTC is down 1.9% from 4 p.m. ET Monday at $69,041.32 (24hrs: -0.06%)

ETH is down 4.94% at $2,016.57 (24hrs: -0.8%)

CoinDesk 20 is down 2.59% at 3,086.55 (24hrs: +0.43%)

Ether CESR Composite Staking Rate is up 7 bps at 2.82%

BTC funding rate is at -0.006% (-6.6247% annualized) on Binance

DXY is unchanged at 96.83

Gold futures are unchanged at $5,077.00

Silver futures are down 0.43% at $81.88

Nikkei 225 closed up 2.28% at 57,650.54

Hang Seng closed up 0.58% at 27,183.15

FTSE is down 0.38% at 10,346.98

Euro Stoxx 50 is unchanged at 6,060.67

DJIA closed on Monday unchanged at 50,135.87

S&P 500 closed up 0.47% at 6,964.82

Nasdaq Composite closed up 0.90% at 23,238.67

S&P/TSX Composite closed up 1.7% at 33,023.32

S&P 40 Latin America closed up 1.97% at 3,767.79

U.S. 10-Year Treasury rate is down 1.4 bps at 4.184%

E-mini S&P 500 futures are up 0.09% at 6,989.25

E-mini Nasdaq-100 futures are unchanged at 25,359.00

E-mini Dow Jones Industrial Average Index futures are unchanged at 50,260.00

Bitcoin Stats

BTC Dominance: 59.27% (+0.05%)

Ether-bitcoin ratio: 0.02921 (-2.66%)

Hashrate (seven-day moving average): 1,005 EH/s

Hashprice (spot): $34.72

Total fees: 2.92 BTC / $204,792

CME Futures Open Interest: 118,215 BTC

BTC priced in gold: 13.6 oz.

BTC vs gold market cap: 4.6%

Technical Analysis

The ratio of altcoins (excluding Top 10) to BTC weekly chart continues to maintain its core support, suggesting the broader altcoin market did not experience an extreme selloff during the bitcoin's recent slide.

The weekly RSI has been climbing, indicating some momentum in altcoins relative to BTC.

There's no clear breakout at the moment, but it's worth keeping an eye on.

Crypto Equities

Coinbase Global (COIN): closed on Monday at $167.25 (+1.29%), -1.44% at $164.84 in pre-market

Circle Internet (CRCL): closed at $60.10 (+5.36%), -1.31% at $59.31

Galaxy Digital (GLXY): closed at $21.15 (+7.03%), +0.61% at $21.28

Bullish (BLSH): closed at $32.05 (+16.76%), unchanged in pre-market

MARA Holdings (MARA): closed at $8.06 (-2.18%), -1.49% at $7.94

Riot Platforms (RIOT): closed at $14.97 (+3.60%), -1.27% at $14.78

Core Scientific (CORZ): closed at $18.55 (+10.35%)

CleanSpark (CLSK): closed at $10.19 (+1.09%), -1.77% at $10.01

CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $43.83 (+8.41%)

Exodus Movement (EXOD): closed at $10.74 (+1.70%)

Crypto Treasury Companies

Strategy (MSTR): closed at $138.44 (+2.6%), -2.61% at $134.82

Strive (ASST): closed at $10.15 (-14.86%), +1.03% at $10.25

SharpLink Gaming (SBET): closed at $7.11 (+1.14%), -0.7% at $7.06

Upexi (UPXI): closed at $1.05 (-7.89%), +2.86% at $1.08

Lite Strategy (LITS): closed at $1.05 (-0.94%), -2.86% at $1.02

ETF Flows

Spot BTC ETFs

Daily net flows: $144.9 million

Cumulative net flows: $54.82 billion

Total BTC holdings ~1.27 million

Spot ETH ETFs

Daily net flows: $57 million

Cumulative net flows: $11.9 billion

Total ETH holdings ~5.8 million

Source: Farside Investors

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