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The cryptocurrency market is experiencing a downturn today, registering another notable decline. It has decreased by 8% in the last 24 hours, bringing the total market capitalization to $2.3 trillion. Additionally, 90 out of the top 100 cryptocurrencies have seen their values diminish. Concurrently, the overall trading volume in the crypto sector is at $356 billion, marking the highest level observed in several months.
TLDR:
Crypto Winners & Losers
On Friday morning (UTC), 9 of the top 10 cryptocurrencies by market capitalization have seen their prices decline. A significant 5 of these have recorded double-digit decreases.
Bitcoin (BTC) has decreased by 9.1%, currently trading at $64,744.
Bitcoin (BTC)24h7d30d1yAll time
Ethereum (ETH) has dropped 11%, now trading at $1,878.
The largest decrease in this category is 14% from Solana (SOL), which is now priced at $79.
This is followed by Dogecoin (DOGE), which fell 11.3% to $0.09056.
The smallest decline is from Tron (TRX), which decreased by 4% to $0.2687.
The only cryptocurrency showing gains is Figure Heloc (FIGR_HELOC), which is up 2.9% to $1.03.
Furthermore, among the top 100 cryptocurrencies by market capitalization, 90 have reported price declines today. 41 of these experienced double-digit pullbacks.
The most significant drop today is 21.3% from Official Trump (TRUMP), which now trades at $3.23.
Next on the list is LEO Token (LEO), which has fallen 17.2% to $6.69.
Among the cryptocurrencies that gained, the top performer is MYX Finance (MYX), which rose by 6.1% to $6.48.
MemeCore (M) follows with a 5% increase to $1.58.
Bitcoin’s entity-adjusted realized loss reached a record $3.2 billion on February 5, indicating that traders hurried to exit as the market declined.
On-chain analyst Murphy characterized this as capitulation, suggesting that the extent of loss-taking exceeded what the market absorbed during some of its most significant shocks.
Source: Murphy, Twitter
Meanwhile, Bitcoin miner Marathon Digital (MARA) transferred 1,318 BTC, valued at $86.9 million, in ten hours to three different crypto wallets.
The decline in prices has significantly impacted Bitcoin miners.
The Bitcoin mining firm #MARA transferred 1,318 $BTC($86.89M) to Two Prime, BitGo, and Galaxy Digital in the past 10 hours.https://t.co/9DlN5ZPsBz pic.twitter.com/ubPZM5iwWi
— Lookonchain (@lookonchain) February 6, 2026
‘Consolidating a Clearly Corrective Phase’
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Matt Howells Barby, VP at Kraken, stated, “Bitcoin breaching the 2021 all-time high of $69,000 is significant, but it does not eliminate the possibility of further short-term declines.”
He contends that the coin’s price is now entering a clearly defined support zone between $54,000 and $69,000.
Additionally, the weekly RSI has fallen below 30 for the first time since mid-2022. This indicator “has historically preceded major bottoms forming within a three-to-six-month timeframe.”
“In our perspective, a base is most likely to form in the $54,000–$60,000 range, especially as the low-$50,000s align with the 200-day moving average,” the VP concludes.
Furthermore, Antonio Di Giacomo, Senior Market Analyst at XS.com, remarked that Bitcoin experienced a sharp decline amid a contraction in global liquidity and a widespread sell-off in technology stocks.
“The cryptocurrency has recorded losses in seven of the last eight sessions, consolidating a clearly corrective phase that has significantly weakened market sentiment.”
Consequently, the leading cryptocurrency has seen a nearly 50% drop from its all-time high, “confirming a structural shift in price dynamics.” According to the analyst, “the market has shifted from an environment characterized by speculation and leverage to one focused on capital preservation, amid a broader adjustment across risk assets.”
The breach of critical technical levels has intensified downward pressure and triggered a wave of forced liquidations in the derivatives market. Nearly $770 million in leveraged positions were liquidated within just 24 hours. This, in turn, heightened volatility and accelerated the price decline in a low-liquidity environment.
“This deleveraging process reflects a market that has yet to complete its cleansing phase. Over recent months, elevated leverage has left Bitcoin susceptible to sharp movements, and the recent breach of technical supports acted as a catalyst for a deeper, more chaotic adjustment.”
Moreover, BTC no longer functions as an alternative safe-haven asset. It has once again aligned with the risk-asset cycle.
Di Giacomo notes: “In the short term, price movements will remain influenced by liquidity stability and the progression of the macroeconomic environment. As long as restrictive financial conditions and a defensive tone persist in global markets, technical rebounds may be limited and susceptible to renewed selling pressure.”
Levels & Events to Watch Next
As of Friday morning, BTC was trading at $64,744. It began the day at $71,702 but quickly fell below the psychologically significant support level of $70,000, reaching an intraday low of $60,255.
It is now down nearly 22% within a single week, with the highest price during this period being $84,177. BTC is also down 48.5% from its all-time high of $126,080 recorded in October 2025.
Having dipped to the $60,250 level, Bitcoin now has a high likelihood of dropping below $60,000 towards $58,500, followed by $56,300. The resistance area is currently positioned at the $77,000 level.
At the same time, Ethereum was trading at $1,878. It decreased from the intraday high of $2,136 to a low of $1,756, but has since recovered slightly.
Over the past week, the price has fallen by 31.5%, and it has pulled back 62% from the August all-time high of $4,946.
Similar to BTC, ETH is also exhibiting a strong bearish trend. If the trend does not reverse, having fallen below $2,000, the coin is now at risk of further declines towards $1,700 and $1,620, with the next target being the $1,500 level.
Ethereum (ETH)24h7d30d1yAll time
Moreover, the sentiment in the crypto market has dropped to a level not seen since CoinMarketCap began tracking this metric in mid-2023.
The crypto fear and greed index currently stands at just 5, having plummeted from 11 observed a day earlier. This is deep within the extreme fear zone.
The decline in sentiment is not surprising given the drop in market prices. It will be noteworthy to see how low it can go during this substantial pullback. The figure reflects a high level of concern among market participants, and it may worsen further.
ETFs Continue Outflow Streak
The US BTC spot exchange-traded funds (ETFs) closed another session lower on Thursday, with $434.15 million in outflows. The total net inflow has decreased to the current $54.32 billion.
Six out of the twelve ETFs reported negative flows, with none experiencing inflows. BlackRock reported outflows of $175.33 million on February 5.
Fidelity recorded outflows of $109.48 million, followed by Grayscale’s $75.42 million.
Additionally, the US ETH ETFs also experienced outflows on Thursday, with $80.79 million exiting. The total net inflow has decreased to $11.83 billion.
Of the nine funds, three reported negative flows, while two saw inflows. Fidelity had outflows of $55.78 million, followed by Grayscale’s $27.08 million and BlackRock’s $8.52 million.
At the same time, Grayscale Mini Trust and Invesco received $7.05 million and $3.53 million, respectively.
Quick FAQ
- Did crypto move with stocks today?
The cryptocurrency market experienced another decline in the past day. Similarly, the US stock market closed sharply lower on Thursday. By the end of trading on February 5, the S&P 500 was down 1.23%, the Nasdaq-100 fell by 1.38%, and the Dow Jones Industrial Average decreased by 1.2%. Investors assessed the latest labor data and earnings reports from major technology companies.
- Is this drop sustainable?
Prices may still decline further. There is potential for additional pullbacks unless significant macroeconomic and/or geopolitical factors provide a strong enough impetus for another upward movement.
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