The cryptocurrency market faced a worsening situation on Tuesday, as a widespread sell-off impacted both the technology and financial sectors.
Bitcoin (BTC) dropped by 5%, falling back to around $75,000 during early U.S. afternoon trading—just slightly above its recent weekend low. Ethereum’s ether (ETH) experienced a sharper decline of 6.5%, nearing the $2,200 mark, while Solana (SOL) dipped below $100, down 5.5%.
Several major tech companies also suffered significant losses: Shopify (SHOP), Adobe (ADBE), Salesforce (CRM), and Intuit (INTU) all tumbled between 7% and 12%. The iShares Expanded Tech-Software ETF (IGV) fell by 5% today alone, marking a steep weekly drop of 14% and an overall decline of nearly 28% since its peak last October.
Private equity stocks were not spared either; industry leaders such as Blackstone (BX), Ares Capital (ARES), KKR (KKR), and Apollo Global Management (APO) saw their shares fall between 6% and 10% during the session.
The sector has endured considerable pressure in recent months, accelerating after BlackRock’s private debt fund—BlackRock TCP Capital Partners—revealed on January 23 that it planned to reduce the net asset value of its holdings by approximately 19%. This announcement raised concerns about economic stability and suggested tighter liquidity conditions than previously assumed.
At the time of this filing, Bitcoin was neither in full bullish momentum nor panic mode; earlier that day it had reached roughly $91,000 but has since declined steadily without recovery signs.
Stocks linked to digital assets mirrored this downward trend: Galaxy Digital Holdings Inc. led losses with an impressive drop of about 18%, following earnings reports. Other companies like MicroStrategy Incorporated (MSTR), Coinbase Global Inc. (COIN), Circle Internet Financial Ltd. (CRCL), and Bullish Crypto Inc. (BLSH) declined between roughly 5%-7%
A Harsh Crypto Winter With Some Rays Of Hope
Matt Hougan—the Chief Investment Officer at Bitwise Asset Management specializing in digital assets—noted that since January 2025 crypto markets have been enduring what he calls a “full-scale winter,” comparable to previous bear markets seen in years like 2018 or 2022.
“This isn’t merely a correction within an ongoing bull run or just another dip,” Hougan explained Monday in his report; “it resembles more closely the intense crypto winter akin to Leonardo DiCaprio’s survival struggle depicted in ‘The Revenant.’”
However optimistic signs may be emerging: historically these extended downturns tend to last around thirteen months on average before rebounding strongly again—and if one marks January 2025 as this cycle’s start rather than October—which some analysts advocate—the market could be approaching its lowest point very soon indeed.
“Having witnessed multiple crypto winters firsthand,” Hougan reflected candidly, “the conclusion often feels much like what we’re experiencing now — profound despair mixed with desperation.”