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On January 26, major crypto assets came under broad pressure as market risk appetite continued to contract. After an emotion-driven sell-off, BTC found support around $86,000 but remains below its medium-term moving averages, while ETH broke below its previous consolidation range, with volatility expanding noticeably. The Fear & Greed Index fell to 20, indicating the market is in an extreme fear zone. Meanwhile, mid- and small-cap tokens such as TAIKO, AUCTION, and BOB moved higher against the trend, driven by factors including technical upgrades, capital rotation, and supply constraints, highlighting localized sector rotation. On the narrative front, the SocialFi thesis is rapidly unwinding, with social tokens broadly down more than 90%; BTC payments are seeing accelerated offline adoption in Las Vegas; and while on-chain stablecoin settlement volumes continue to grow, their share of real-world payments remains relatively small.

Gate Research Daily Report: On January 26, crypto market sentiment fell into the extreme fear zone, with major assets under pressure and risk appetite continuing to contract. Mid- and small-cap tokens such as TAIKO, AUCTION, and BOB moved higher against the broader trend, driven by technical upgrades, capital rotation, and supply constraints, indicating localized sector rotation. Structurally, the SocialFi narrative is rapidly unwinding, with social tokens broadly down more than 90%; Bitcoin payments are seeing accelerated offline adoption in Las Vegas and other locations; and while on-chain stablecoin settlement volumes continue to expand, their share of real-world payments remains below 0.02%.

Gate Research Daily Report: On January 23, BTC rebounded after a sharp sell-off that previously pushed it down to around $87,000, and is now consolidating within the $89,300–$89,900 range; ETH staged a technical rebound after falling to around $2,866, but retreated after facing resistance near $3,000 and is now moving sideways between $2,930–$2,980; GT, after rebounding from lower levels, is capped by resistance near $10.10 and continues to trade in a weak consolidation pattern; XRD led small-cap tokens with a surge of +60.19%. Meanwhile, South Korean authorities reported that BTC under custody may have been stolen in a phishing attack, involving around $47 million; Citi warned that the recent surge in Ethereum on-chain activity is likely driven mainly by “address poisoning” scams; and World Liberty Financial’s partnership with Spacecoin to launch the USD1 satellite DeFi project has drawn market attention.