Published: January 30, 2026
US-listed crypto proxy stocks suffered sharp losses on January 30, 2026, with MicroStrategy (MSTR) and BitMine Immersion Technologies (BITMF) each dropping nearly 10% intraday as Bitcoin tested the $82,000–$83,000 zone. The sell-off mirrored ongoing pressure from spot Bitcoin ETF redemptions — $1.1 billion net outflows across the prior week, including $19.64 million on January 28 alone — and broader risk-off sentiment fueled by Fed “higher-for-longer” expectations, renewed tariff rhetoric, and geopolitical headlines. While Ethereum ETFs recorded $28.1 million inflows on the same day, the divergence highlights selective institutional rotation rather than outright crypto exodus. This article provides a detailed breakdown of the stock declines, ETF flow data, macro catalysts, technical levels for MSTR/BITMF/BTC, on-chain context, and actionable trading setups on Tapbit for navigating the current deleveraging phase.
Crypto Stock Performance Snapshot – January 30, 2026
| Ticker | Company | Jan 30 Close / Change | Market Cap (approx.) | Key Exposure |
|---|---|---|---|---|
| MSTR | MicroStrategy | Down ~9.8% | ~$38–40B | Largest corporate BTC holder (~252,220 BTC) |
| BITMF | BitMine Immersion | Down ~9.5% | ~$150–200M | Bitcoin mining & immersion cooling |
| COIN | Coinbase Global | Down ~6–7% | ~$45B | Leading US crypto exchange |
| MARA | Marathon Digital | Down ~8% | ~$6–7B | Pure-play Bitcoin mining |
MicroStrategy — often viewed as a leveraged Bitcoin proxy due to its ~252,220 BTC treasury — led the decline, erasing roughly $4 billion in market value in a single session. Smaller mining names like BitMine amplified the move due to higher beta to BTC spot prices.
Latest Spot Bitcoin ETF Flows – January 28 Data
| ETF Ticker | Issuer | Net Flow (Jan 28) | 7-Day Cumulative (approx.) | Notes |
|---|---|---|---|---|
| IBIT | BlackRock | –$11.2 million | –$508.7 million | Largest single contributor |
| GBTC | Grayscale | –$8.9 million | –$289.8 million | Ongoing redemption pressure |
| Other BTC ETFs | Various | Combined ~$0.54M outflow | –$300M+ | Scattered institutional exits |
| Total BTC ETFs | — | –$19.64 million | –$1.1B+ | Multi-week drain continues |
| ETH ETFs (same day) | Various | +$28.1 million | +$142 million (7d) | Selective altcoin rotation |
Source: SoSoValue, Farside Investors, Bloomberg (flows reported Jan 29).
Why Crypto Stocks Like MSTR & BITMF Fell Nearly 10%
The synchronized ~10% drop in leveraged crypto equities stems from several reinforcing factors:
- Spot BTC ETF Outflow Momentum The $19.64M outflow on Jan 28 extends a multi-week trend totaling billions — direct spot selling pressure from Authorized Participants (APs) removes natural bid support.
- High Beta to BTC Price MSTR trades at a significant premium to its BTC holdings (often 2–3× NAV); BITMF and other miners have even higher operating leverage to BTC spot → small BTC moves create outsized stock reactions.
- Macro Risk-Off Overlay Fed’s January 28 rate hold at 3.50–3.75% (with Powell signaling no rush to cut) → higher real yields → capital rotates to T-bills/gold → pressure on high-beta equities.
- Geopolitical & Tariff Noise Renewed Trump tariff rhetoric (autos, pharma, lumber, semiconductors, copper) and Middle East flare-ups add uncertainty → institutional trimming of leveraged crypto proxies.
- Leverage & Sentiment Unwind Crypto stock options and margin trading saw elevated activity → forced selling and stop cascades amplified the move.
Ethereum ETF Inflows – Selective Institutional Rotation
While Bitcoin ETFs bled, Ethereum products showed resilience:
- $28.1 million inflows on Jan 28 (led by BlackRock ETHA)
- 7-day net inflows ~$142 million — strongest weekly print since December 2025
- Staking yield pass-through in several ETFs → growing institutional preference for ETH over BTC during consolidation phases
- ETH/BTC ratio showing relative strength — classic late-cycle rotation behavior
This divergence indicates capital is rotating **within** crypto rather than fully exiting the asset class.
Technical Levels & Sentiment for Key Names
MicroStrategy (MSTR) — current ~10% lower
- Support: Prior BTC-correlated levels (~$380–$400)
- Resistance: $450–$480 (recent highs)
- NAV premium compressed → potential mean-reversion candidate
BitMine (BITMF) — current ~10% lower
- Support: $4.50–$5.00 (prior consolidation)
- High beta to BTC → more downside risk if BTC breaks $81k
Bitcoin (current ~$82,800–$83,500)
- Support: $81,000–$81,500 (capitulation zone)
- Critical: $78,000–$80,000 (Nov 2025 low)
- Resistance: $85,000–$86,000
Trading Strategies & Positioning on Tapbit
- Sign Up on Tapbit (0% maker fees)
- Deposit USDT or JPY via bank/SEPA/P2P
- Stablecoin parking: Hold USDT/USDC → earn yield while waiting for reversal signal
- Selective dip buy: DCA ETH/USDT or SOL/USDT on relative strength
- BTC hedge: Long BTC/USDT perpetuals only on reclaim of $85,000
- Risk control: Isolated margin, max 1–2% account risk per position
Conclusion & 2026 Outlook
The $19.64 million Bitcoin ETF outflow on January 28, 2026 — part of a multi-week drain totaling billions — continues to exert downward pressure on BTC and leveraged crypto equities, with MicroStrategy (MSTR) and BitMine (BITMF) each dropping nearly 10% on January 30 as Bitcoin tested $82,000–$83,000. Ethereum’s $28.1 million inflow on the same day highlights selective institutional rotation rather than broad exodus. Stablecoins remain the dominant parking vehicle, while RWA tokenization and on-ramp innovations offer structural growth themes.
Deposit USDT & trade safely on Tapbit:
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Disclaimer: Cryptocurrency and equity trading involve significant risk of loss. ETF flows are estimates and subject to revision. Prices are highly volatile and can change rapidly. This article is for informational purposes only and does not constitute investment advice. Always conduct your own research (DYOR) and never invest more than you can afford to lose completely.
