Cryptocurrencies underperformed during an otherwise risk-on week, with Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) stuck in tight consolidation ranges even as select altcoins showed relative strength.

What Happened: According to Wintermute’s January 2026 market update, the divergence came despite a broad rally across traditional assets. The Russell 2000 jumped 4.6%, while equities, gold and U.S. Treasurys all gained amid a softer dollar. Bitcoin slipped 0.6% on the week and Ethereum fell 0.7%, making crypto one of the few asset classes to finish lower.

The weakness appeared driven by crypto-specific flows rather than macro conditions. Bitcoin briefly rallied from the high-$80,000s to…

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