Cryptocurrency sector-related stocks continued their steep declines in January as Bitcoin fell 6% to below $84,000 on Thursday.
Coinbase (COIN), the largest publicly traded cryptocurrency company by market capitalization, is down 7% today, down 17% since the beginning of the year, and on track to snap its longest eight-session losing streak since September 2024. The current $195 stock price has reverted to its May 2025 level.
Shares of rival crypto exchange Gemini (GEMI) are down 8% as of Thursday and 21% since the beginning of the year, while crypto platforms Blish (BLSH) and Circle (CRCL) are down 16% and 20%, respectively, this year.
Read more: Here are the key levels to watch as Bitcoin plummets to $84,000
Apart from the decline in virtual currency prices, spot trading volumes on exchanges are decreasing due to the prolonged bear market. Spot trading volume across exchanges in January was just $900 billion, compared to $1.7 billion a year earlier, according to data from TheTie.
“Bitcoin is hovering around the $85,000 level, and there is a sense of hesitation in the market,” Eric He, community angel officer and risk control advisor at crypto exchange LBank, told CoinDesk. “Investors remain cautious amidst heightened geopolitical tensions, and this is reflected across assets, not just cryptocurrencies,” he added.
“While stocks and commodities are rising, cryptocurrencies are clearly in a wait-and-see phase,” he concluded.
Looking ahead to February, analysts will be looking at broader signals from macroeconomic data that could suggest signs of a recovery in volumes, easing geopolitical tensions and a shift towards risk-on sentiment.
AI pivot allows miners to survive
In the storm are crypto companies that have pivoted away from cryptocurrencies: Bitcoin miners, which are using their energy and computing resources to turn the data demands of the AI boom into cash.
Despite their sharp declines in today’s selloff, stocks like Hut8 (HUT), IREN (IREN), CleanSpark (CLSK), and Cipher Mining (CIFR) have all posted year-to-date gains.
Another outperformer is Mike Novogratz’s crypto merchant bank Galaxy Digital (GLXY), which also fell on Thursday but is up significantly in 2026. The company has been making strong moves into data centers, recently receiving approval from Texas power grid operator ERCOT to expand in the state.
