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Bitcoin dropped as much as 3.5% Sunday to a 2026 low of just above $86,000 before climbing to $87,735 Monday. Second largest token Ether slumped as much as 5.7% before rallying 2% to trade at $2,872, still close to its lowest level since mid December.
Coinbase Eyes South Korean Expansion with Potential Coinone Equity Deal
South Korea’s third-largest cryptocurrency exchange, Coinone, is reportedly up for sale as major shareholders look to capitalize on a wave of industry consolidation. Chairman Cha Myung-hoon, who controls a 53.44% stake alongside his holding company, is exploring options to divest a portion of his shares.
The news coincides with a high-profile visit by Coinbase executives to Seoul this week, aimed at discussing potential equity investments and strategic cooperation with Coinone and other local financial firms. While Coinone officially maintains that the Chairman recently returned to management to sharpen the firm’s technological edge, industry insiders suggest the move is a precursor to a deal.
Ancient ETH Wallet Linked to Bitfinex Reactivates, Moves 50K Ether to Exchange
An ancient Ethereum (ETH) whale has re-emerged after nine years of dormancy, moving 50,000 ETH (valued at approximately $145 million) to the Gemini exchange. On-chain data reveals the address originally withdrew 135,000 ETH from Bitfinex in 2017 when the price was just $90 per coin.
By holding through multiple market cycles, the investor has realized a staggering 32x increase on the transferred portion. Despite this massive move, the whale still retains a “moon bag” of 85,000 ETH, currently worth about $244 million.
Matrixport: BTC Correction to Deepen as Price Struggles Below 21-Week MA
Institutional analysis from Matrixport suggests that the cryptocurrency market remains firmly in a correction phase, with Bitcoin (BTC) failing to reclaim a vital technical threshold. The firm identifies the 21-week moving average as a “watershed” indicator between bull and bear cycles; historically, Bitcoin’s inability to hold above this level has preceded deeper drawdowns.
Despite a brief relief rally in late December, BTC encountered heavy resistance at this average and has since pulled back. Analysts warn that while short-term tactical bounces are possible, there are currently no clear signals to support a sustainable upward move, advising investors to remain cautious until the price can firmly re-establish itself above this long-term support.
Analyst Warns ETH More Likely to Hit $2,000 Than Reclaim $4,000
Bloomberg Intelligence’s senior commodity strategist, Mike McGlone, has issued a cautious outlook for Ethereum (ETH), suggesting the asset is more likely to slide toward $2,000 than return to the $4,000 mark. In a recent analysis, McGlone noted that ETH appears to be gravitating toward the lower bound of the trading range it has maintained since 2023. He highlighted that if traditional stock market volatility returns to historical norms, risk assets like Ethereum could face significant pressure.
Foundry USA Pool Hashrate Drops 60% Amid Severe U.S. Winter Storm
The Bitcoin network is experiencing a significant slowdown as Winter Storm Fern sweeps across the United States, forcing major mining operations to go dark. Foundry USA, the world’s largest mining pool, has seen its hashrate plummet by approximately 60% since Friday, with nearly 200 EH/s taken offline.
This massive reduction has caused Bitcoin block production times to stretch to 12 minutes, well above the 10-minute average. As the storm causes power outages for over 1 million residents, miners in Texas and other affected regions are voluntarily curtailing energy usage to stabilize the struggling electrical grid.
Bitcoin & Ethereum Spot ETF Flow
The overall net outflow of the US Bitcoin spot ETF on Friday was $103.57 million. The total net asset value of Bitcoin spot ETFs is $115.88 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.48%.
Source: SoSoValue
The Bitcoin spot ETF with the highest net outflow on January 23 was iShares Bitcoin Trust (IBIT), with a net outflow of $101.62 million, according to SoSoValue.
Source: SoSoValue
