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🟠 Bitcoin hashrate dropped to mid-2025 levels due to a winter storm in the U.S.

A severe winter storm in the United States temporarily hit the Bitcoin network — miners massively reduced load to help stabilize the power grid.

📉 What happened
— Network hashrate fell to 663 EH/s, the lowest in ~7 months
— The drop exceeded 40% in just two days
— By Monday, the network began recovering — around 854 EH/s


🇺🇸 Why the U.S.
— The U.S. accounts for ~38% of global hashrate
— 137+ mining facilities operate in the country
— Widespread power outages and peak energy demand forced miners to shut down

⚡️ Mining flexibility
Miners acted as a controllable load:
— shut down during energy shortages
— helped stabilize the grid
— ready to come back online quickly once conditions normalize


Experts note that this model makes Bitcoin mining a useful part of energy systems, especially as wind and solar penetration grows.

🏭 Impact on production
— Marathon: from 45 BTC → 7 BTC per day
— IREN: from 18 BTC → 6 BTC
— Total daily BTC production in the U.S. temporarily declined

📌 Conclusion

The hashrate dip is not a sign of network weakness, but proof of adaptability. Bitcoin calmly withstands extreme conditions, while mining increasingly acts as a grid-balancing tool rather than a threat.

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🟠 Mining stocks rise as hashrate drops amid U.S. winter storm

A harsh winter played into the hands of large miners. While part of the network went offline to stabilize the power grid, those who stayed online faced less competition and higher profitability.

📈 Market reaction
— TeraWulf +11%
— IREN +14%
— Cipher Mining +13%
The stock rally coincided with a sharp drop in network pressure.


❄️ What happened to the network
— Hashrate fell to 663 EH/s — a 7-month low
— More than a 40% drop in just two days
— By Wednesday, recovery to 814 EH/s, but still below the previous ~1.1 ZH/s

Fewer miners online = less competition for blocks = higher margins.

💰 Profitability is rising
— Hashprice increased from $0.038 → $0.040 per TH/s per day
— For large, well-prepared players, this directly boosts revenue


⚡️ Who cut production
Due to stress on power grids, several companies temporarily reduced output:
— CleanSpark: 22 → 12 BTC/day
— Riot Platforms: 16 → 3 BTC
— Marathon Digital: 45 → 7 BTC
— IREN: 18 → 6 BTC

🧊 Weaker players under pressure

Braiins noted that extreme cold hits poorly prepared farms hardest:
— equipment damage during abrupt restarts
— ventilation and temperature control issues
— mistakes caused by haste and underinvestment in infrastructure

📌 Conclusion

The winter storm became a real stress test for the industry. Large and efficient miners gained an advantage, while weaker players were pushed out. For the market, this is a classic case: temporary network disruptions redistribute profitability in favor of the strongest.

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🟠 Bitcoin rallies will be short until liquidity returns

BTC bounced from the $80.7–83.4k zone, but the market remains fragile. Bulls defended support, and futures hint at a potential liquidity squeeze toward $93.5k — but this is not the start of a major move.

🧊 The core issue is liquidity

Glassnode is explicit: without liquidity inflows, rallies don’t last.
The key metric is the realized P/L ratio (90D).
All sustainable rallies in recent years only began once it held above 5. Right now — it doesn’t.

📉 Pressure beneath the surface
— Over 22% of BTC supply is at a loss
— Similar levels were seen in 2018 and 2022
— The market is nervous: a support break risks a chain reaction


If BTC loses key levels (STH cost basis and true market mean), even long-term holders could start reacting.

🏦 No sellers — for now
According to CryptoQuant:
— BTC inflows to Binance ≈ 5.7k BTC per month
— That’s 2× below normal and the lowest since 2020


Low inflows mean investors are holding, not preparing to sell. This reduces dump risk but does not replace liquidity.

🧠 Bottom line
The market isn’t bearish — it’s empty.
Without fresh capital, every pump looks the same:
fast up → exhaustion → back into range.

📌 Conclusion

Until liquidity returns, Bitcoin is stuck with short bursts, not trends. The real move won’t start with a candle — it will start with on-chain numbers.

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🟠 Bitcoin lost the key $84k support. What’s next?

That’s it. $84k didn’t hold — a level that had supported price since November gave way with barely a fight. BTC dipped to $81k, and this is no longer “noise” — it’s a clean break in market structure.

💥 What happened
— Price dropped to ~$81k
— Long liquidations: $1.6bn total, $750m in BTC
— Broken levels: 2026 yearly open ($87k), 100DMA, and the $84–86k demand zone


The market switched to “preserve capital,” not “buy the dip.”

😱 Sentiment is wrecked
Fear & Greed Index = 16 (extreme fear).
We’ve seen this only after FTX and during deep bear phases.

Timothy Peterson puts it bluntly:
as long as consumer sentiment is at historic lows, there will be no upside cycle. In this environment, people don’t buy risk — even if it looks “cheap.”

📉 Where price could be pushed
Scenarios are getting less optimistic:
— $74–75k — local spring 2025 low
— $69k — 2021 ATH, psychological level
— $58k — 200-week SMA (classic bear-market bottom zone)
— $50k — worst case if downside accelerates


Many analysts agree:
2026 increasingly looks like a bear year, not “just a correction.”

🧠 Important
Yes, short-term bounces from local lows are possible.
Yes, there will be “hope,” RSI signals, divergences, and tweets about “capitulation.”

But as long as:
— liquidity hasn’t returned
— macro pressure persists
— sentiment is on the floor

any upside is a downtrend rally, not the start of a new cycle.

📌 Conclusion

Losing $84k is not just losing a level — it’s a regime change.
If the market accelerates lower, $50–58k will quickly move from “fear scenario” to a working range. Satoshi would understand.

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🟠 Bitcoin risks going deeper: the bear-market script is repeating

BTC is stuck below $80k and looks increasingly lifeless. Key supports are broken, rebound attempts show zero conviction. All of this looks uncomfortably similar to past bear phases.

📉 What the market sees
— Price below the true market mean ($80.7k)
— Loss of the 21-week EMA — a classic bear-market trigger
— Since the EMA crossover, BTC is already −17% (from $90k to $78k)


📊 History doesn’t lie
Rekt Capital and CryptoBullet agree:
after this EMA setup in past cycles, further downside followed — not a “quick reversal.”

🧲 Where price could be pulled

— $84k — CME gap, possible short-term bounce
— $74.4k — first major liquidity target
— $49k — deep-bear target if the market enters capitulation


🧠 On-chain signal

CryptoQuant highlights a key moment:
BTC is trading below the realized price of 12–18 month holders.
Historically, this is not a “correction,” but the entry into a prolonged bear phase — where any rallies are sold into.

📌 Conclusion

As long as price stays below realized cost and the EMA, the market follows the playbook of previous bear markets.

CME bounces are possible, but without reclaiming key levels they are pauses in the decline — not the start of a new cycle.

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🟠 Why traders expect a BTC bounce to $85k

Bitcoin rebounded from $74.5k and is already trading about +5.5% higher. The market is still nervous, but technically a short-term relief-rally scenario is forming.

📊 What’s happening with price
— A huge CME gap has formed: ~$77.4k → ~$84.4k
— The largest gap of the cycle and the biggest weekend move in months
— Historically, such gaps tend to get filled, making the $84k–$85k zone a magnet


🧲 Liquidity points the route

— A cluster of sell orders around $80k
— The next major pool sits just above $85k
— A break above $80k = risk of a short squeeze that could quickly push price higher


📐 Fair Value Gaps

Titan of Crypto notes:
— first FVG: $79k–$81k
— second FVG: $84k–$88k
If the recovery continues, price most often gravitates to these zones.

💸 ETFs show signs of life again
— +$561.9m inflows into spot Bitcoin ETFs
— The first inflow day of February already surpassed all of January
— No ETF recorded outflows

This is a classic signal: institutions are buying fear.

😱 Sentiment at the bottom
Santiment records maximum FUD since November 2025.
Historically, such points often produce relief rallies.
Plus, the MVRV Z-score is at all-time lows, typically aligning with “fire-sale” zones.

📌 Conclusion

This is not a cycle reversal, but a technical bounce.
As long as price stays below key MAs, it’s a liquidity-and-fear trade.
$80k → $85k looks like a logical path if shorts start getting squeezed.

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🟠 Bitcoin ETFs fell below $100B — did institutions blink?

Spot Bitcoin ETFs lost another $272M, pushing total assets under management back below $100B — for the first time since April 2025. The peak was in October at around $168B. The contrast is, to put it mildly, brutal.

📉 By the numbers
— AUM: < $100B
— YTD outflows: nearly $1.3B
— BTC dropped below $74k
— Total crypto market cap in a week: $3.11T → $2.64T


🪙 Alt funds are holding up
While Bitcoin ETFs see outflows, altcoin funds posted inflows:
— ETH: +$14M
— XRP: +$19.6M
— SOL: +$1.2M
A weak signal, but a telling one — capital is looking for alternatives.

🏗 ETFs below cost basis

BTC is trading below $84k — the average creation price for ETF shares.
In practice: new shares are being created at a loss, so pressure on flows is logical.

🧠 Institutions aren’t panicking
ETF analysts broadly agree:
— there won’t be a mass exit
— long-term institutional holders remain patient


🔁 Next stage — on-chain

B2C2 says it plainly: the next institutional wave won’t come via ETFs, but through direct crypto trading.
ETFs are the entry point. On-chain is the next level.

📌 Conclusion

ETFs are weakening — not because Bitcoin is dead, but because the format is getting tight. Institutions aren’t leaving. They’re changing the route.

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🟠 Bitcoin ETFs keep bleeding — –$545M, BTC near $70k

Pressure is building. Spot Bitcoin ETFs saw $545M in outflows in a single day, pushing the weekly balance back into the red at –$255M. BTC is hovering right around $70,000. The market is shaky, but there’s still no panic among institutions.

📉 What’s happening
— ETF AUM: $93.5B
— YTD: $3.5B inflows, $5.4B redemptions → net –$1.8B
— Total crypto YTD: –20% ($3T → $2.5T)


🧱 ETFs are holding up better than it looks
Despite the worst stretch since launch:
— cumulative inflows still $54.8B
— drawdown from the peak is only 13%

Bloomberg:

— only ~6% of ETF assets have exited
— most investors are underwater, but not selling

BlackRock’s IBIT:

— peak at $100B, now ~$60B
— still the fastest ETF in history to reach that scale

🪙 Alt ETFs show no unity
— ETH ETFs: –$79.5M
— XRP ETFs: +$4.8M
— SOL ETFs: –$6.7M


📌 Conclusion

ETFs are selling, price is under pressure, headlines look scary.
But there’s no mass exodus — this isn’t capitulation, it’s a prolonged cold shower.
ETF investors aren’t running for the exits on every dip.

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🟠 Bitcoin crashes below $64K — record selling. Where is the bottom?

BTC is down –13% in 4 days: from $79,300 to $63,844. Price broke below $69K — the 2021 bull-market high many saw as “iron” support. Selling is accelerating, leverage is getting flushed, and the market is tense.

📉 What’s happening now
— BTC below $69K, first time this cycle
— Futures Open Interest –$10B in a week → harsh deleveraging
— Pressure is not only price-based, but structural


🧱 Why $69K matters

— In past cycles, the previous ATH often became the bear-market floor
— In 2022 BTC initially held $19.6K (2017 high) — then still broke below it


Similar setup now:

— $58K–$69K = largest volume cluster
— 200-week MA sits around $58K
— Order books show large bids at $65K–$68K


⚠️ Support exists, but this may not end with a single touch.

📊 Oversold — extreme
— Weekly RSI < 30 (rare: only 4 times in history)
— Previous cases saw an average +16% bounce within days
— aNUPL turned negative → the average holder is at a loss


🧠 Key nuance
Sentiment is breaking faster than in past cycles.
This looks less like a slow bleed and more like an acute capitulation phase.

📌 Conclusion

Below $60K isn’t fantasy — it’s a scenario.
But the market is already screaming oversold.
Even if the bottom isn’t caught on the first try, we’re close to the zone where fear starts working against sellers.

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🟠 Traders Are Eyeing a $50K BTC Bottom: What Matters This Week

Bitcoin enters the second week of February on the defensive. There’s been a bounce, but the market is increasingly talking not about upside — rather about where the real bottom is: $60K or straight to $50K.

📉 Price: a bounce, not a bottom
— BTC is holding above $70K, but the consensus is harsh: this is a relief bounce
— Many expect new macro lows
— Roman says it bluntly: “This is not the bottom. Historically −80% → $40K”


CrypNuevo:

— a possible short squeeze in the $72K–$77K zone
— followed by a return to the lows, partially or fully
— a scenario stretched over 5–8 weeks


🧊 CPI and the Fed

— CPI is coming this week → a key trigger
— Belief in a hawkish Fed is returning
— Odds of a March rate cut are just 18%
— Trump + a Warsh nomination = pressure on risk assets


💵 Dollar at a crossroads
— DXY can’t hold above 98
— Either a breakdown of the 10-year channel to the downside
— Or a repeat of 2021: strong dollar + final BTC pump
— In that case, the final top target is $146K


🇯🇵 Japan is back in the mix
— A Takaichi win → stimulus + a weaker yen
— Capital may rotate from the U.S. into Japanese assets
— In risk-off phases, BTC correlates with equities → pressure remains
— The yen is again a candidate to trigger volatility


⛏️ Miners are selling

— On February 5, miners sent 24,000 BTC to exchanges
— The highest level since 2024
— CryptoQuant: a redistribution phase, but short-term price pressure
— Hash Ribbons do not confirm a buy — miner stress persists


📌 Conclusion

The market doesn’t believe in a fast recovery. Bounces are possible, but the base case is a search for a lower bottom.
$60K is a working zone. $50K is no longer taboo.

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🟠 ETF flows are waking up: $145m into Bitcoin — but no euphoria

Bitcoin ETFs continue a cautious rebound. After a strong $371m on Friday, funds added another $145m on Monday, with BTC hovering around $70K.

📊 What matters in the flows
— Outflows slowed to $187m — a sharp deceleration
— CoinShares: historically, this signals an inflection point
— But YTD is still -$1.9bn, too early to celebrate


🧠 OGs aren’t exiting — they’re taking profits
Bitwise cuts through a popular narrative:
— early holders are not fleeing BTC
— they are partially locking in gains, not closing positions
— most remain in the market, just with reduced risk


🗣 Hougan (Bitwise):

The OG core that dislikes BlackRock and ETFs is a shrinking minority. New institutions are not pushing out old holders — they are complementing them.


⚖️ Context

— Bernstein: the current downturn is “the weakest bear case in BTC history”
— No FTX, no systemic failures, just macro and redistribution
— Alts also picked up: ETH +$57m, XRP +$6.3m

📌 Conclusion
ETF pressure is easing, no panic.
OGs are not capitulating, institutions are returning cautiously.
The market isn’t bullish — but it’s far from dead.

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🟠 ETFs are back: +$167m and almost flat versus last week

Spot Bitcoin ETFs continue their rebound. On Tuesday, funds attracted $166.6m, and the weekly total has already reached $311.6m. This almost fully offsets last week’s -$318m drawdown.

And all of this — against the backdrop of BTC falling 13% over 7 days and dipping below $68K.

📊 What about the momentum
— Three consecutive sessions in positive territory
— The pace of selling is slowing
— Over the previous three weeks, the market lost >$3bn


The signal is subtle but important: demand is returning even with weak price action.

🏦 Goldman cuts BTC, adds XRP and SOL
In Q4, Goldman Sachs:
— reduced its stake in IBIT (BlackRock) by 39% — from ~34m shares to 20.7m (~$1bn)
— trimmed positions in FBTC and several BTC/ETH-related assets
— entered XRP ETF ($152m) and Solana ETF ($104m) for the first time


Institutions are not leaving — they are rebalancing.

🔍 Investor behavior
According to Bloomberg, only about 6% of assets exited Bitcoin ETFs during the decline.
IBIT dropped from $100bn to $60bn in AUM — but still remains the fastest ETF in history to have reached that mark.

📌 Conclusion

Flows are stabilizing. No panic.
Institutions are reshuffling the deck, but they are not leaving the table. This is not a reversal — but it is no longer capitulation.

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🟠 Strategy changes the scheme: more preferreds — more Bitcoin

Strategy CEO Phong Le announced a shift in the financing tactic for BTC purchases. The company is gradually moving away from issuing common shares and focusing on perpetual preferred stock.

💼 What is changing
— Shift from equity capital to preferred capital
— Main instrument — Stretch (STRC)
— Annual dividend on STRC — >11%
— Already the fourth perpetual offering to finance Bitcoin purchases


The idea is simple: dilute MSTR less, attract more stable capital through preferreds.

📈 STRC back at $100 — what’s next?
On Wednesday, STRC returned to its $100 par value for the first time since mid-January. Previously, shares had fallen below $94 amid BTC’s drop under $60K.

Now that the price is back at par value, Strategy can relaunch the offering and direct funds toward new Bitcoin purchases.

BTC is currently trading around $66.8K — without a clear impulse.

🧠 Why not buy competitors?
There are more and more “Bitcoin treasury” companies on the market, and some are trading below their net asset value.
But Le considers buying competitors a distraction from the core strategy:
“In a new market, you need to focus on your own product. Buying other digital treasury companies is a distraction.”


📉 MSTR shares closed the session -5% at $126.14.

📌 Conclusion
Strategy is not slowing down on Bitcoin — it is changing the instrument. Less dilution, more dividend math. If STRC holds at $100, the market may see aggressive BTC purchases again.

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🟠 The ETF market sheds $410m, Standard Chartered cuts Bitcoin target

US spot Bitcoin ETFs continue to lose money — on Thursday, $410.4m flowed out of the funds. The week is already down $375m, and if there are no inflows on Friday, this will be the fourth consecutive week of outflows.

AUM has fallen to ~$80bn versus a peak of nearly $170bn in October 2025.

📉 Standard Chartered lowers forecast
The bank cut its 2026 BTC target from $150K to $100K and allows for a drop to $50K before recovery.
For ETH, the forecast is $1,400 at the bottom and $4,000 by year-end.

The wording is tough: “capitulation” is possible in the coming months.

💸 Who is losing the most
— BlackRock IBIT: −$157.6m
— Fidelity FBTC: −$104.1m
— Ether ETF: −$113m in one day
— XRP ETF: first outflows since February 3
— Solana ETF — the only one in positive territory (+$2.7m)


🔎 Is the bottom not reached yet?
CryptoQuant believes the key support is around $55K. Cycle indicators are in a bearish phase, but not in “extreme bear,” which historically precedes the final bottom.

BTC is trading around $66K, LTHs are selling near breakeven. Historically, final reversals formed when long-term holders were down −30–40%.

📌 Conclusion
ETF capital is leaving, banks are cutting targets, the cycle remains bearish.
There are no signs of panic capitulation yet — which means the market may require an even more painful flush before a real reversal.

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🟠 Bitcoin −22% since the start of the year — worst Q1 since 2018?

BTC started the year around $87.7K and has already dropped to ~$68K. A −22.3% drawdown — and the market is balancing on the edge of the weakest first quarter in eight years.

📊 Historical context
— 2018: −49.7% in Q1
— 2020: −10.8%
— 2025: −11.8%
— 2026: already −22% and the month isn’t even closed


Bitcoin declined in 7 of the last 13 first quarters. Q1 volatility is classic. But the current dynamics once again bring back bear market rhetoric.

📉 First ever red January + February?
BTC already closed January at −10.2%.
February is currently at −13.4%.

To avoid the first “double red start of the year” in history, price needs to reclaim $80K before month-end. For now, that looks like an ambitious task.

🔎 Is this a crash or a correction?
Some analysts view what’s happening as a standard correction phase amid macro pressure. Historically, BTC often showed weakness at the start of the year and recovered later — especially in the context of institutional demand and halving cycles.

But the fact remains:
fifth consecutive week of decline, −2.3% in 24 hours, pressure is not easing.


📌 Conclusion

Q1 may go down as the worst since 2018. For now, it looks like a deep correction, but if February closes in the red — the market’s psychological backdrop could become even heavier.

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