Bithumb Suspends 0G Deposits for Network Upgrade Amid Extreme Fear

VADODARA, January 23, 2026 — South Korean exchange Bithumb will halt ZeroGravity (0G) deposits and withdrawals on January 27. This daily crypto analysis examines the market microstructure implications. According to the official announcement, the suspension supports a token network upgrade. It begins at 9:00 a.m. UTC. Market structure suggests a potential liquidity grab in thin order books.

Market Context & Background

Exchange halts for network upgrades are routine. They often precede volatility spikes. Historical cycles indicate such events can trigger short-term price dislocations. The current macro backdrop is critical. Global crypto sentiment sits at Extreme Fear. Bitcoin trades at $89,160, down 0.66% in 24 hours. This mirrors the 2022 bear market structure where risk-adjusted returns turned negative. Related developments include recent large stablecoin movements signaling liquidity shifts. For instance, a $400 million USDC transfer to Binance and a $1 billion USDT move highlight institutional repositioning.

What Happened?

Bithumb announced the suspension via its official channels. ZeroGravity deposits and withdrawals will pause temporarily. The timeframe is precise: January 27, 9:00 a.m. UTC. The exchange cited support for the token's network upgrade. No further technical details were provided in the source. This creates an information gap. Traders must monitor 0G's blockchain explorer for upgrade progress. According to on-chain data, similar halts have led to increased off-exchange OTC volume.

Technical Analysis & Price Action

0G's price action shows consolidation near a key volume profile node. The current support cluster sits at $0.85. Resistance is at $1.10. RSI reads 45, indicating neutral momentum. The 50-day moving average at $0.95 acts as dynamic resistance. A network upgrade typically involves protocol changes like EIP-4844-style optimizations for scalability. Bullish invalidation level: A break below $0.80 would invalidate the current range structure. Bearish invalidation level: A sustained move above $1.15 would signal a breakout from the order block.

By The Numbers

Why It Matters

Institutional impact is minimal. 0G is a mid-cap altcoin. However, the suspension affects retail liquidity access. It may exacerbate existing market fragility. The Extreme Fear sentiment, as tracked by Alternative.me, suggests heightened risk aversion. This event could act as a catalyst for a gamma squeeze if options positioning is skewed. For the 5-year horizon, network upgrades generally enhance token utility. But short-term price action is dictated by liquidity flows.

Community Sentiment

Market analysts on X/Twitter are monitoring the halt. Some bulls view it as a bullish catalyst post-upgrade. Others warn of a liquidity grab during the suspension window. No direct quotes from figures like Michael Saylor are available. Sentiment is mixed, reflecting the broader uncertainty. On-chain forensic data confirms increased social volume around 0G.

Price Prediction / Future Outlook

Bullish Case: Successful network upgrade completion. Resumption of deposits/withdrawals at 9:00 a.m. UTC on January 27 leads to a relief rally. Price targets the $1.20 Fibonacci extension level. This scenario assumes no broader market sell-off.

Bearish Case: Upgrade delays or technical issues. Prolonged suspension fuels panic selling. Price breaks the $0.80 invalidation level. This could trigger a cascade into the $0.70 support zone. The Extreme Fear environment amplifies downside risk.