NEW YORK, Feb 7, 2026, 12:04 (EST) — Market closed.
Bitcoin slipped 1.1% to $68,917 on Saturday, cooling off after a turbulent week that spilled into weekend trading. Ether mostly held steady near $2,036. Among U.S.-listed bitcoin names, Strategy closed out Friday with a 26% jump, and BlackRock’s iShares Bitcoin Trust added 10%.
Why does the back-and-forth matter? More crypto risk now lives inside mainstream vehicles like ETFs and public companies — all of which stay shut until U.S. markets resume. So, a mild weekend shift can suddenly spill into a jumpy Monday start, particularly with nerves already high.
Bitcoin erased its Trump-era rally this week, dropping under $61,000 on Thursday before snapping back above $70,000 by Friday. “This contraction has been underway for several months,” Kaiko’s Thomas Probst noted, highlighting that bitcoin’s “1% market depth” — a key liquidity measure — has dwindled to roughly $5 million, down from over $8 million in 2025. Jefferies’ Andrew Moss saw “few bullish indicators” out there, while James Butterfill at CoinShares argued the market might be “very close to a bottom,” as large holders with 10,000 or more bitcoin have been offloading less. 1
ETF flows swung again. On Feb. 5, U.S. spot bitcoin ETFs saw $434.1 million leave. The next day, they attracted $330.7 million in fresh money. BlackRock’s IBIT brought in the bulk, netting $231.6 million, according to Farside Investors data. 2
The downturn has shaken up a new wave of “digital asset treasury” outfits—these are the firms snapping up crypto and holding it on their books. Strategy tumbled to $111.27 on Thursday. Smarter Web Company out of Britain lost almost 18% that day. “It’s clear the crypto market is now in full capitulation mode,” said Nic Puckrin, co-founder at Coin Bureau. 3
Stocks like these often act as leveraged plays on bitcoin itself. When the coin tumbles, scrutiny ramps up around how these companies secure funding, and whether their balance sheets can hold up if tough conditions stick around.
Still, rebounds have a way of vanishing quickly if selling flares up again in risk assets—or if ETF holders keep yanking cash once U.S. trading resumes. Thin liquidity means even modest trades can jolt prices.
The next major update on U.S. inflation drops Feb. 13, with the Labor Department set to publish January’s consumer price index. If the numbers come in strong, that could muddy the waters for rate-cut wagers—crypto has been feeling the pressure from the same macro forces. 4
Come Monday, U.S. crypto-linked stocks and ETFs reopen, offering the first real read on weekend sentiment via new flows and trading volume. All eyes on Bitcoin holding $70,000—if it slips back toward Thursday’s lows, that’s what traders will fixate on in the short term.
