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Stocks tied to the cryptocurrency sector extended their sharp January losses on Thursday as bitcoin dropped nearly 6%, slipping below the $84,000 level. The decline in bitcoin price has weighed heavily on publicly traded crypto companies, reinforcing a cautious tone across digital asset markets amid broader macroeconomic uncertainty and rising geopolitical tensions.
Coinbase (COIN), the largest publicly traded crypto exchange by market capitalization, fell another 7% in Thursday’s session. The stock is now down 17% year-to-date and is on pace for its longest losing streak since September 2024, marking eight consecutive sessions of declines. Trading around $195, Coinbase shares have retraced to levels last seen in May 2025, reflecting persistent pressure on crypto equities as investor sentiment weakens.
Other major crypto-related stocks are facing similar headwinds. Shares of rival exchange Gemini (GEMI) dropped 8% on Thursday and are down 21% so far this year. Crypto platform Bullish (BLSH) and stablecoin issuer Circle (CRCL) have also struggled, posting year-to-date declines of 16% and 20%, respectively. These losses come as the broader crypto bear market continues to suppress investor confidence.
Beyond falling crypto prices, trading activity has slowed significantly. According to data from TheTie, spot trading volume across crypto exchanges totaled roughly $900 billion in January, a steep decline compared with approximately $1.7 trillion recorded during the same period last year. Lower volumes suggest reduced risk appetite and hesitation among market participants.
Market observers note that bitcoin’s prolonged consolidation around the $85,000 range has contributed to the sense of uncertainty. With geopolitical risks rising and macroeconomic signals remaining mixed, investors appear reluctant to increase exposure to digital assets, even as stocks and commodities show relative strength.
Despite the broader downturn, some crypto companies are finding stability by diversifying beyond traditional mining. Bitcoin miners that have pivoted toward artificial intelligence infrastructure and data center services have emerged as relative outperformers. Firms such as Hut 8 (HUT), IREN (IREN), CleanSpark (CLSK), and Cipher Mining (CIFR) remain up year-to-date, even after Thursday’s pullback.
Galaxy Digital (GLXY), led by Mike Novogratz, is another standout, posting strong gains in 2026 thanks to its expansion into data centers and recent approval from Texas grid operator ERCOT. As February approaches, analysts will closely watch trading volumes, bitcoin price action, and macroeconomic data for signs of a potential rebound in crypto markets.
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