#加密市场观察 January 26, 2026, the cryptocurrency market once again experienced intense volatility. As an industry indicator, Bitcoin's single-day decline expanded to 3.3%, breaking below the critical $87,000 level, closing at $86,434.5; Ethereum also came under pressure, with a 24-hour drop of 2.47%, currently priced at $2,882.27, with intraday volatility exceeding 6%. Over 200,000 liquidations and $664 million in funds vanished into thin air, with bearish sentiment sweeping the market. Coupled with capital outflows, technical breakdowns, and multiple negative factors, crypto assets are facing the most severe liquidity test since 2026.

1. Double Coin Decline Panorama:
Data exposes market fragility
Today's market core features are "coordinated decline + panic sentiment," with Bitcoin and Ethereum under simultaneous pressure, confirming the strong correlation among mainstream coins during extreme conditions. Key data further reveal the current market's fragile nature.
Bitcoin: Breaks below trendline, bearish dominance
As of 10:47 on January 26, Bitcoin's core data showed weakness: 24-hour trading volume of $36.11 billion. While liquidity remains acceptable, the price has broken below the short-term upward trendline of $89,000–$90,000, with total market capitalization falling back to $1.73 trillion. More concerning is that over 209,200 traders were liquidated within 24 hours, with $664 million in funds evaporated. Bearish sentiment continues to intensify, and leveraged funds are rapidly exiting, triggering a chain reaction.
Ethereum: Increased volatility, ecosystem support unable to resist selling pressure
Ethereum's intraday movement was more tangled, showing a "first decline, then rebound, then fall back" weak oscillation pattern, with a 6.13% amplitude over 24 hours. After reaching a high of $2,957.80, it quickly retreated, with a low of $2,787.00, a short-term support level. Despite a 24-hour trading volume of $25.01 billion indicating ample liquidity and no substantial deterioration in the ecosystem fundamentals, market panic transmission still affects it. The total market cap shrank to $348.1 billion.
2. The triple logic behind the decline: negative shocks resonating to crush the market
The simultaneous decline of both coins is not accidental but results from macro liquidity tightening, technical breakdowns, and negative news shocks resonating together, with a particularly evident trend of "risk aversion to real assets."
1. Capital outflows: "Siphoning" of crypto funds by safe-haven assets
Global risk appetite has declined, prompting capital reallocation. Gold prices broke the all-time high of $4,800 per ounce, and silver and other precious metals surged, creating capital outflow pressure on cryptocurrencies. As the most liquidity-sensitive asset class, the crypto market has become the primary target of capital withdrawal. Bitcoin and Ethereum, as leading assets, naturally bear the brunt of selling pressure. This "risk aversion to real assets" trend essentially reflects investors' growing concerns over systemic risks in the global financial system. Turmoil in the Japanese bond market triggered cross-asset stop-loss effects, further amplifying market volatility.
2. Technical breakdown: failure of key support levels triggers follow-on selling
Technical breakdowns have become the "catalyst" for decline. After Bitcoin's daily candlestick broke below the short-term upward trendline, the 4-hour moving averages showed a bearish alignment, with prices consistently trading below MA5 and MA10, indicating weak rebounds. Ethereum broke below the $2,900 short-term support, with the Bollinger Bands opening downward, confirming a bearish trend. Although RSI indicators for both assets entered oversold zones, suggesting potential rebounds, insufficient volume led to weak rebound momentum. The Stochastic indicator continued downward, confirming that bearish momentum has not yet waned.
3. Negative news: quantum threats and panic spreading
Negative news further exacerbated market panic. The latest warning from Cb indicates that approximately 32.7% of Bitcoin supply faces quantum attack risks, directly challenging Bitcoin's store-of-value logic. Meanwhile, the brutal data of over 200,000 liquidations within 24 hours triggered follow-on selling, with panic sentiment spreading under the acceleration of leveraged fund exits. External markets also came under pressure, with US stock index futures and European stock index futures plunging across the board, and the US dollar index fluctuating significantly, further depressing market risk appetite.