Crypto-linked stocks extended January losses on Thursday as bitcoin slid 6% to below $84,000. Coinbase (COIN) fell 7%, bringing its year-to-date decline to 17% and marking an eight-session losing streak — the longest since September 2024. At $195, the stock has retraced to levels last seen in May 2025.
Other exchange stocks followed: Gemini (GEMI) dropped 8% on Thursday and 21% year-to-date, while Bullish (BLSH) and Circle (CRCL) were down 16% and 20% this year, respectively.
Spot Volume Dries Up: $90 Billion in January
Beyond price weakness, spot trading volumes on exchanges have collapsed. Data from TheTie shows January spot volume across all exchanges was just $90 billion, a sharp drop from the same period last year. Eric He, Community Angel Officer and Risk Control Adviser at LBank, said: “Bitcoin has been stuck around the $85,000 level, and you can feel the hesitation in the market. With geopolitical tensions rising, investors are staying cautious — and that’s showing up across assets, not just crypto.”
“While stocks and commodities are pushing higher, crypto is clearly in a wait-and-see phase,” he added. Analysts will watch for a rebound in trading volumes, easing geopolitical risks, and macro data that could shift sentiment toward risk-on.
AI Pivot Shields Some Miners
Bitcoin miners that have pivoted to AI and data centers provided a rare bright spot. Hut 8 (HUT), IREN (IREN), CleanSpark (CLSK), and Cipher Mining (CIFR) all fell Thursday but remain in positive territory year-to-date. Galaxy Digital (GLXY), Mike Novogratz’s crypto merchant bank, also fell Thursday but has posted strong gains in 2026. The firm recently received approval from Texas grid operator ERCOT to expand its data center footprint in the state.