Bitcoin Slides Toward 2024 Lows as Ethereum Hits Nine-Month Trough and Hyperliquid Gains 60% by February 6

Over the past few days, Bitcoin has fallen to around $60,000 before recovering to roughly $66,400, while Ethereum briefly dropped near $1,750 and trades close to $1,900 with a weekly loss of about 30%. Analysts cite selling from large BTC holders, spot ETH ETF outflows, and on-chain metrics as factors supporting a bearish outlook, though some see extreme fear as a potential bottom signal. In contrast, Hyperliquid's HYPE token has surged about 60% in two weeks, helped by new developments, backing from Ripple, and record HIP-3 trading activity.