TLDR
Coinbase shares dropped 7% Thursday, extending losses to eight consecutive sessions as price hits $195
Crypto spot trading volume fell 47% from $1.7 trillion to $900 billion year-over-year
Bitcoin declined 6% to $82,000 while Ethereum slipped to $2,816 on Thursday
Strategy and BitMine treasury stocks each lost nearly 10% as crypto holdings declined
Bitcoin miners focused on AI infrastructure continue generating positive 2026 returns
Major crypto exchange stocks continued their January decline on Thursday as bitcoin fell 6% to trade below $82,000. The downturn affected companies across the digital asset sector.
Coinbase stock fell 7% to $195, marking its eighth straight day of losses. The exchange hasn’t traded at this price level since May 2025. Coinbase is down 17% for the year.
Coinbase Global, Inc., COIN
Other exchange stocks posted similar declines. Gemini dropped 8% Thursday and has fallen 21% in 2026. Circle declined 20% year-to-date while Bullish is down 16%.
Spot Trading Activity Falls by Half
Crypto spot trading volume dropped sharply in January 2026. Data from TheTie shows volume reached $900 billion compared to $1.7 trillion in January 2025. The 47% decline indicates reduced market participation.
Eric He from LBank exchange said bitcoin has been stuck around $85,000. He explained that rising geopolitical tensions are causing investor caution. The wait-and-see approach is affecting multiple asset classes.
Bitcoin treasury companies also experienced losses Thursday. Strategy stock fell nearly 10% to $143.19, its lowest price since September 2024. The company holds 712,647 BTC valued at roughly $60 billion.
Michael Saylor’s company purchased $267 million in bitcoin on Monday. Strategy continues accumulating bitcoin despite market weakness.
BitMine Immersion Technologies dropped nearly 10% to $26.70 on Thursday. The Ethereum treasury firm holds $11.9 billion in ETH, representing 3.5% of total supply. BitMine bought $116 million worth of ETH this week.
Miners Shifting to AI Show Strength
Bitcoin mining companies pivoting to AI infrastructure posted gains despite Thursday’s selloff. Hut 8, IREN, CleanSpark, and Cipher Mining all show positive year-to-date returns. These companies are leveraging their energy and computing infrastructure for AI applications.
Galaxy Digital also outperformed in 2026 despite daily losses. The firm recently received Texas grid operator ERCOT approval for data center expansion.
Ethereum fell 6.6% to $2,816 on Thursday. Prediction market users on Myriad increased the probability that Ethereum will reach $2,500 before $4,000 from 65% to over 75%.
Analysts will watch for trading volume recovery and macroeconomic signals in February. Market participants are monitoring geopolitical developments and their impact on risk appetite.
The U.S. Senate blocked a continuing resolution on Thursday afternoon to prevent a government shutdown. Lawmakers have until Saturday to reach agreement. Concerns about an AI bubble also weighed on markets after Microsoft’s stock decline.
Bitcoin recovered from its daily low of $83,407 to trade at $84,416. The price remains above the late November low when it briefly fell below $83,000 after a large holder sold $1.3 billion worth of bitcoin.
