Bitcoins (BTC) Free Fall, Ethereums (ETH) Collapse, and More: Bits Recap Feb 6

BTC Fear & Greed Index, Source: alternative.me

After all, prominent investors, including Warren Buffett, have advised over the years that the best buying opportunities occur when theres blood on the streets. The exact words of the Oracle of Omaha are: “Be fearful when others are greedy and greedy when others are fearful.”

Bad Days for ETH

The second-largest cryptocurrency has also been significantly affected by the market crisis, with its price briefly falling to a nine-month low of approximately $1,750. Currently, it hovers around $1,900, down 30% over the last seven days.

Its negative performance coincides with substantial outflows from spot ETH ETFs, suggesting a decline in institutional investor interest. It also follows news that Vitalik Buterin (one of Ethereum‘s co-founders) has sold millions of dollars’ worth of the asset.

One popular analyst who touched upon ETHs recent downtrend is X user Ted. He claimed that the next major support zone for the price is around the April 2025 lows. Recall that at that time, ETH nosedived below $1,400.

Ali Martinez argued that the coin historically bottoms when the Market Value to Realized Value (MVRV) drops under 0.80. On February 5, the metric stood at 0.96, indicating that an additional slump isnt out of the question.

HYPE Stands Its Ground

Contrary to BTC, ETH, and countless other cryptocurrencies, Hyperliquid (HYPE) is actually in green territory. Its price has rallied by growing interest in HIP-3 activity amid increased trading volume and open interest.

A few days ago, the team behind the decentralized platform revealed that HIP-3 markets reached new all-time highs of $1 billion in open interest and $4.8 billion in 24-hour volume.

Analysts like Crypto General and Zach are quite bullish. The former predicted short-term volatility and an eventual spike beyond $100 sometime this year, whereas the latter claimed there are “so many reasons to buy and hold HYPE.”