The cryptocurrency market is in a contraction phase after Bitcoin failed to break through the $105k mark in January. Bitcoin remains stable, while Ethereum, Solana and memecoins are facing deeper corrections. Solana, previously the leader in capital inflows, is also experiencing a significant decline. Open interest in Bitcoin futures is down 11.1%, Ethereum by 23.8%, Solana by 6.2%, and the memecoin index by 52.1%, reflecting a decline in interest in leveraged speculation.