🚨 BTC Has Left the Chat: -50%

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Crypto Bleeds Out This Morning. $2.7B Liquidated 🩸

• $BTC ( ▲ 13.08% ) dropped hard to $60K, now crawling back to ~$64K

• $ETH ( ▲ 13.79% ) cracked through $1.7K–$1.8K, $SOL ( ▲ 11.74% ) broke $77, $BNB ( ▲ 8.16% ) slipped under $600

We’re no longer in the “+20% overnight” phase… Now it’s –15% to –20% before breakfast. Iran just rejected nuclear talks with the U.S., spiking geopolitical tension.

📱 Just close the app, stay calm. Or don’t, I’ll check for you 😂

Here’s what we got for you today:

• 👀 Here’s what history says happens next

• ⭐ Bitcoin’s worst day since 2022 FTX crash

• ⭐ MicroStrategy’s BTC bet faces mounting risk

• 🔥 Burning hot takes for the road

⭐ Crypto is Bleeding, But the “Smart Money” Isn’t Leaving. Why?

Looking at your portfolio right now probably hurts… Since October, the total crypto market has shed nearly 50% of its value.

If you’re feeling the urge to panic sell or punch a hole in the drywall, please DON’T and listen to me first! When I stepped back and looked at the data, my view changed.

Stablecoin reserves ($USDT ( ▲ 0.1% ) and $USDC) are still near ATHs. That means capital is not running away. It’s waiting. In this piece, I’ll tell you exactly:

• What past bear markets actually looked like (real data)

• Why bottoms are usually a process, not a single moment

• How stablecoins act like dry powder for the next move

Read this if you want clarity, and if you’re trying to decide whether this fear is a warning… or an actual opportunity.

🩸 BTC’S WORST DAY SINCE THE FTX CRASH IN 2022

It’s official: Feb 6th, 2026 will go down as one of the darkest days in crypto history. After a brutal 12-hour sell-off, red has flooded the charts, and we’re not just talking minor dips.

• BTC tanked to $60K, losing over 16% in 24h, before clawing back to ~$64.5K.

• From the ATH of $124K in Oct 2025, BTC is now down over 50% in less than 5 months

It’s now sitting at a new low for 2026, wiping out everything it gained after Trump got re-elected and promised to boost crypto in the US. No clear signs that the bounce will last.

1/ Altcoins Got Slammed Too

• Ethereum (ETH) is down 14%, now trading under $1,800

• Solana (SOL) has crashed 25%+, falling below $70, a level not seen since Dec 2023

• BNB dropped nearly 20% to $570

• Other majors like SUI, ZEC, APT, AAVE, NEAR are also deep in the red

2/ Even Big Players Are Getting Crushed

• According to DropTabs, Strategy’s BTC holdings lost $5.7B in value in just 1 day

• BitMine’s ETH stash is down $1B

Strategy has been known for holding strong in the past (e.g., through 22% drops in 2020–2023), but their treasury is now much larger, and the market conditions have changed.

No one knows if they’ll keep holding this time.

3/ Liquidations & Panic Selling Everywhere

• $2.7B+ in longs got liquidated in 24 hours

• 85% were long positions, wiped out

Meanwhile, the Fear & Greed Index crashed to 9, a level we haven’t seen since June 2022, right after the LUNA-UST implosion and cascading liquidity crises.

That signals extreme fear and maybe even burnout after months of decline with no recovery in sight, while stocks and gold keep climbing.

Bottom line: This might not be the end of the pain, but it’s also a moment of opportunity, if you stay calm, stay smart, and focus on what really matters.

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📉 MICROSTRATEGY’S BTC BET FACES MOUNTING RISK

When BTC dipped to $60K, it didn’t just rattle traders, it hit MicroStrategy hard. They currently hold around 713,500 BTC, with an average cost of $76,000 per coin.

That means as of today, they’re down about 21%, or in real terms, billions in unrealized losses sitting on their balance sheet.

No, they haven’t sold. But that doesn’t mean the pain isn’t real.

1/ The Bigger Concern: Market Cap vs Bitcoin Value

Their stock just took a hit too. And now we’ve got a weird situation → MicroStrategy’s market cap is lower than the value of its BTC holdings.

That’s a red flag for how the market views their whole treasury strategy. Here’s what’s happening now:

• Stock value < BTC value: The market is discounting MicroStrategy’s shares, investors value the company at less than its Bitcoin stash

2/ Are They in Trouble Yet?

Not exactly but they’re not comfortable either.

On the positive side, they’re not about to collapse. They’ve raised ~$18.6B over the past 2 years, mostly when the market was good.

→ That gave them time to build their BTC war chest without too much dilution.

Plus, their debts are long-term, and there are no margin calls tied to BTC’s price. So short-term, they’re not cornered.

3/ So What Does Leadership Say? Here’s what CEO Phong Le told investors:

→ Only if BTC drops to $8,000, and stays there for 5 to 6 years, would our balance sheet be in serious trouble. That would mean a 90% drawdown, where their BTC reserves barely cover their net debt.

So for now, they’re holding the line. Still, concerns are rising about long-term risk if BTC doesn’t recover.

4/ What Could Go Wrong From Here?

The real risk is time. The pressure is already building. MSTR stock is down 23% this week alone. If BTC stays low for too long, and the stock continues trading at a discount:

• MicroStrategy won’t be able to raise capital easily

• They can’t execute their “buy more BTC” strategy without hurting existing shareholders

• Investor confidence could keep slipping, especially if there’s no near-term BTC recovery

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🔥 BURNING HOT TAKES FOR THE ROAD

CZ says “Best Time to Buy”. Great timing for whales, maybe. Not so much for the rest. Read more

Binance just added $100M more Bitcoin to SAFU fund, and that’s not even the big part. Read more

US SEC has filed lawsuits against 3 crypto firms for alleged market manipulation. Read more

Crypto exchange, Gemini, is set to lay off 25% of staff and exit multiple markets globally. Read more

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⚠ This newsletter is for informational purposes only and should not be considered investment advice. Traders should conduct thorough research, understand the risks, and carefully evaluate their decisions before investing in cryptocurrency.