On Thursday, Bitcoin fell to its lowest level in over two months near $84,000 as risk appetite waned after Microsoft shares dropped 11%. Despite a 26% drawdown over 90 days and $360 million in BTC futures liquidations, Bitfinex margin longs climbed to 83,933 BTC, the highest since November 2023. Arbitrage and funding dynamics suggest the jump in longs is not a straightforward bullish signal.

On Wednesday, Hyperliquid's HYPE token climbed 60% from $21.80 to $34.90, with more than $20 million in liquidations hitting bearish leveraged traders and a large staking unlock easing sell pressure. Institutional accumulation tied to Hyperliquid Strategies and a research report describing Hyperliquid as highly revenue efficient have fueled interest, even as onchain DEX metrics like fees and perpetual volumes show limited change and Binance still leads in BTC futures open interest.

On Jan. 30, $10.8 billion in Bitcoin options are set to expire, with positioning favoring bearish outcomes unless spot rises above $90,000. Deribit data show $6.6 billion in calls versus $4.2 billion in puts, while venue share stands at 78.7% for Deribit, 6.3% for OKX and 5% for CME. Scenario modeling indicates bears retain an edge below $90,000.

Ether fell 15.9% over the seven days ending Sunday, alongside $910 million in liquidations, yet network metrics point to stabilization. Layer-2 transaction counts and fees are up, and weekly DEX volumes across Ethereum's stack rose, with Solana still leading. Options data shows traders turning neutral after a spike in put volumes.

Bitcoin has traded below $91,000 since Tuesday while funding rates hover around 7%, implying traders are cautious about adding leveraged longs. Options flow around long straddles and iron condors and rising long-to-short ratios at Binance and OKX suggest whales expect an accumulation phase near $89,500. A sustained move toward $95,000 appears to hinge on institutional demand returning after $1.58 billion exited spot Bitcoin ETFs over the past two days.

Ether price recently endured a three-day 13.8% pullback that pushed it back to the $2,900 support area and triggered $480 million in leveraged long liquidations. Although ETH later reclaimed $3,000 after U.S. President Donald Trump scrapped planned tariff hikes on several EU countries, derivatives data show a negative funding rate and a sharp rise in downside option premiums. Combined with sizable spot ETF outflows and weaker onchain activity versus rivals, these signals suggest limited conviction for a strong near-term rally.

Bitcoin and Ether revisited more-than-two-week lows as markets reacted to US President Donald Trump's new tariff threats. On Tuesday, the S&P 500 fell 1.9%, gold hit a record, and total crypto capitalization slipped to $2.71 trillion, down from nearly $3 trillion the prior Wednesday.

Bitcoin stayed above $92,000 after a 3.4% weekend pullback, while a failed $98,000 retest and $395 million in Friday ETF outflows weighed on sentiment. Derivatives showed a roughly 5% futures basis and an 8% put-call skew, and gold pushed past $4,650 as U.S. markets were shut Monday.

Ether briefly touched $3,400 on Wednesday before a two‑day 4% pullback, while derivatives positioning stayed neutral‑to‑bearish. A 4% annualized futures basis and a 6% put premium highlight caution, as lower fees and softer DApps activity weigh on sentiment. U.S. spot ETF flows have been modest since Jan. 7.