#加密市场观察 Crypto Daily (01.30): Bitcoin fell below $85,000, and multiple macro pressures and structural challenges appeared

1. Bitcoin price decline and market reaction
Bitcoin experienced a significant correction on January 29, 2026, falling to its lowest level since mid-December last year, falling nearly $3,000 in a few hours and 4.5%-5.2% in 24 hours, with the latest price in the range of $84,649.43 to $85,200. The decline was mainly driven by multiple factors: gold prices reversed after a sharp rebound (plummeting below $5,600 to below $5,200), US technology stocks (such as Microsoft) plummeted 11% due to slowing cloud growth, dragging the Nasdaq down 1.5%, and rising risk aversion in the market put pressure on cryptocurrencies as a whole. Related crypto stocks fell simultaneously, with the stock prices of the largest corporate Bitcoin holders MSTR (Strategy) and Exchange (COIN) falling by 4%-8%, hitting a recent low.
2. The current situation and investment direction of the crypto market
The crypto market is facing a deteriorating investment environment, serious asset homogenization, and a high degree of convergence of various crypto assets (including Bitcoin and altcoins), losing the dispersion and differentiation required for market health.
The industry's excessive packaging of cryptocurrencies as macro trading tools has led investors to turn to traditional safe-haven assets such as gold, and Bitcoin has been relatively weak recently, while gold has risen significantly over the same period. It calls for attention to "equity-like assets" such as DePIN and DeFi that can generate cash flow to attract $600 trillion in fiduciary asset investors who prefer cash flow and reshape the Web3 investment logic.
3. Bitcoin technical risks and market discussions
Quantum computing is considered to threaten Bitcoin's cryptographic foundations (such as ECDSA, an elliptic curve digital signature algorithm), but Wall Street analysts believe the risk is "real but distant" and unlikely to form a real threat in the next 10-20 years. Currently, quantum computers are limited in scale and prone to errors, and only about 1 million to 2 million bitcoins (a small part of the total supply) are stored in exposed public key addresses, and the actual risk is controllable.
The industry has initiated responses, such as the establishment of a quantum advisory committee by Cb, the emphasis of Bitcoin developers on the possibility of adapting to threats through technological evolution, and the doomsday debate continues but does not change short-term market drivers.
4. The impact of option expiration on the market
$9.5 billion in Bitcoin and Ethereum options expire in the near future, and the maximum "pain point price" of BTC is $90,000, which may have an important support or resistance effect on the market, causing short-term volatility. Option expiration usually affects market liquidity and price expectations, and investors pay attention to the outcome of the game between long and short sides at this key price