Bitcoin declined about 6%, moving below the $84,000 level and prompting renewed selling across crypto-linked stocks. Major exchange shares fell sharply, with Coinbase down 7% on the day and 17% year-to-date, while several competitors logged larger YTD losses. At the same time, spot trading activity eased: January spot volume across exchanges was roughly $900 billion, a noticeable drop from a year earlier.
Crypto Market Decline in January 2026
The price move reverberated through listed crypto firms: Coinbase registered an intraday 7% decline and has slipped 17% year-to-date, retracing to levels seen earlier in the prior year. Other exchange and platform stocks also fell, with Gemini down on the day and about 21% lower year-to-date, and firms such as Bullish and Circle posting double-digit YTD declines. Lower market participation showed up in trading metrics, as spot volumes in January were about $900 billion compared with the prior year.
Market participants pointed to hesitation among investors as a factor in the pullback. As noted by Eric He, bitcoin lingered near the mid-$80,000 range and the market displayed caution, which mirrored broader asset sentiment. Those dynamics contributed to thin trading conditions and kept analysts focused on whether volumes and risk appetite will return in the near term; for more on recent price moves see bitcoin price today.
AI-Driven Crypto Companies Outperform
A subset of bitcoin miners that redirected energy and computing capacity toward AI and data-center services fared better despite the broader sell-off. Names cited as pivoting to AI include Hut 8, IREN, CleanSpark, and Cipher Mining, all of which posted year-to-date gains even as exchange and platform stocks weakened. These companies are using existing infrastructure to pursue data workloads alongside mining operations, providing alternative revenue streams during the downturn.
Galaxy Digital is another notable case: while the stock dipped during the sell-off, the firm recorded strong year-to-date performance and has moved into data-center expansion. The company recently received approval from Texas’s grid operator ERCOT to expand operations in that state, signaling growth in non-mining data services; related coverage of spot volumes is available here.
Why this matters
For a miner operating from a single rig to a few hundred machines in Russia, the price drop and lower exchange volumes primarily affect revenue in fiat terms rather than the technical process of mining. Lower bitcoin prices reduce the fiat value of mined coins, and thinner spot volumes can mean larger price swings when selling holdings, which matters if you convert frequently. The market hesitation noted by industry participants also signals that liquidity and sentiment can remain strained, affecting how quickly you can exit positions.
At the same time, the performance of AI-focused miners shows a route to diversify income without changing core hashing operations: selling excess power or compute to data workloads can partially offset weaker crypto returns. Galaxy Digital’s ERCOT approval illustrates that larger firms are pursuing data-center growth, which may influence hosting demand and service offerings in the sector over time.
What to do?
Review your cost structure and selling cadence: calculate your breakeven in local currency, and decide whether to hold mined coins longer or sell in smaller tranches to manage price impact. Keep operating costs under control by checking contracts and efficiency settings, and schedule routine maintenance to avoid downtime when margins are thin.
Explore diversification of revenue where practical: consider contracts for hosting or selling spare compute capacity, and evaluate partnerships with local or regional data services if you have excess power. Stay informed on trading liquidity and market sentiment, monitor announcements that could affect fiat conversion, and keep operational records to adapt quickly if conditions change.
