Red Across the Board: Crypto Starts the Week Under Pressure
The crypto market opened the week firmly in the red. Over the past 24 hours, total market capitalization has fallen 3% to $3.21 trillion, with selling pressure hitting nearly every corner of the market.
At the time of writing:
95 of the top 100 cryptocurrencies are down
All top 10 coins are in the red
Total trading volume sits at $117 billion
This isn’t a quiet dip—it’s a broad-based pullback that has traders asking an uncomfortable question: is this just a pause in the bull run, or the start of something deeper?
Today’s Biggest Winners and Losers
Major Coins Take a Hit
Bitcoin (BTC): down 2.7% to $92,532
Ethereum (ETH): down 3.6% to $3,192
Dogecoin (DOGE): the biggest loser among top coins, down 7.7%
Solana (SOL): slid 6.7% to $133
Tron (TRX): showed relative strength, down just 0.5%
Top 100 Breakdown
Of the top 100 coins:
95 are down
10 posted double-digit losses
The worst performers:
Aster (ASTER): down 12.7%
Sui (SUI): down 12.5%
A small pocket of green did exist:
Dash (DASH): up 9.3%
Monero (XMR): up 6%
A handful of others rose between 2%–4.5%
Still, these gains were exceptions in an otherwise risk-off session.
Are We Still in a Bull Market?
According to John Glover, CIO of Ledn, the answer is yes—but with a caveat.
He believes the market is currently in Wave IV of a major bull run, a corrective phase that typically shakes out weak hands before the next advance.
“From the breakdown of wave C within this corrective pattern, it seems like another leg lower is likely.”
Glover outlines two key scenarios:
A close above $104,000 would confirm the start of Wave V
A break below $80,000 could send BTC toward the low $70,000s before the next rally
Right now, the chart suggests the market hasn’t made its decision yet.
Analysts Warn: More Downside Possible
Nic Puckrin, co-founder of Coin Bureau, echoed the cautious tone, pointing to ongoing tariff news and geopolitical uncertainty as drivers of the sell-off.
Bitcoin has now broken below $94,000, a key support level tied to January’s breakout.
From here:
Strong support sits near $88,000
A close below $90,000 could trigger ETF-related selling when US markets reopen
With the US market closed for Martin Luther King Day, liquidity remains thin—often a recipe for volatility.
Key Levels to Watch
Bitcoin (BTC)
Current price: $92,532
Intraday high: $95,467
Intraday low: $92,263
Weekly range: $90,321–$97,538
Down 26.6% from its $126,080 ATH
A loss of $92K could open the door to $90K—or lower. A rebound above $95K would help stabilize sentiment.
Ethereum (ETH)
Current price: $3,192
Weekly range: $3,089–$3,379
Down 35.3% from its ATH
ETH risks slipping toward $3,100 or even $3,000 if selling continues, though a hold here could fuel a bounce back to the $3,300–$3,500 zone.
Sentiment: Neutral, But Nervous
The Crypto Fear & Greed Index sits at 49, firmly in neutral territory—but leaning cautious.
This reflects a market waiting for:
Clearer macro signals
Geopolitical clarity
Direction from Bitcoin’s next major move
ETFs Tell a Mixed Story
Institutional flows paint a nuanced picture:
US Bitcoin spot ETFs:
$394.68 million in outflows
Only BlackRock posted inflows ($15.09 million)
Grayscale led outflows ($205.22 million)
US Ethereum spot ETFs:
$4.64 million in inflows
Fifth straight day of positive flows
BlackRock added $14.87 million, while Grayscale saw outflows
Institutions aren’t exiting crypto entirely—but they are rotating cautiously.
Quiet Bullish Signals Beneath the Surface
Despite the sell-off, long-term adoption stories continue:
Newrez, a US mortgage lender, will soon allow borrowers to use Bitcoin, Ethereum, and stablecoins as qualifying assets—without selling them.
Steak ’n Shake added $10 million in Bitcoin to its treasury, formalizing a Strategic Bitcoin Reserve.
Anchorage Digital is reportedly seeking $200–$400 million in funding ahead of a potential IPO next year.
These developments suggest confidence hasn’t vanished—it’s just waiting for clarity.
Bottom Line
The crypto market is under pressure, and further downside is possible unless buyers step in decisively. Still, analysts agree this looks more like a corrective phase within a larger bull cycle, not the end of it.
For now, patience—and close attention to key price levels—may be the most valuable asset traders can hold.