Bitcoin dipped to 75,000, and Ethereum dipped to 2,200. Although there was a slight rebound, market conditions and liquidity were extremely poor. $BTC $ETH This level is below the cost basis for many institutions/large investors: 1️⃣ $MSTR average Bitcoin purchase cost: 76,037 2️⃣ $BMNR average price around 3,000, a significant drop. Garret Bullish's Hyperliquid position was liquidated. I haven't been paying much attention to the crypto market lately, but it feels like this happened over the weekend, so I chose a time with low liquidity. Warsh's appointment as Fed Chairman, representing the hawkish camp, accelerated the strengthening of the dollar, which is detrimental to cryptocurrencies. However, the deeper impact remains the lack of an effective market narrative, with funds continuously flowing out, into gold, stocks, and AI. In the past two months, Bitcoin and Ethereum ETFs have shown a significant net outflow trend, accelerating especially in January 2026. While exchanges are embroiled in disputes or listing new coins, they haven't noticed the world outside has changed drastically.