The beginning of February 2026 has become a true test for the global financial system. As of February 5, we are witnessing a rare scenario where capital is fleeing simultaneously from both high-risk cryptocurrency and the most reliable tech giants.
Bitcoin has tested the $66,000 mark for the first time in a long while, and the Nasdaq index is experiencing one of its worst weeks of the year. What is really happening?
🧠 1. AI sector crisis: From euphoria to revaluation
The main driver of growth in 2024-2025 is Artificial Intelligence — today it has become the main source of panic.
Capital expenditures vs Profits: Investors have started to realize that Microsoft, Alphabet, and Meta are spending hundreds of billions of dollars on data centers, but the actual return on these investments is delayed.
Technological cannibalization: The launch of new models (for example, from Anthropic) at the beginning of February scared shareholders of software developers. There was a fear that the new AI would render existing software obsolete, on which market giants rely. The result was a loss of $300 billion in sector capitalization in one session.
🏛️ 2. Kevin Warsh factor and the "expensive dollar"
Donald Trump's appointment of Kevin Warsh as head of the Federal Reserve on January 30 was a turning point.
Tight policy: The market sees in Warsh a "hawk" who will not print money to save the markets. Expectations of higher rates for a longer time have strengthened the dollar (DXY) and hit everything traded against it — from gold to Bitcoin.
Inflation risks: Massive spending on AI infrastructure has started to drive inflation, forcing central banks to keep money "expensive."
₿ 3. Bitcoin: Cascading liquidations and ETF exit
For cryptocurrencies, February has begun with a "cleansing."
$66,000 as a magnet: The drop of BTC below the psychological level of $75,000 triggered a chain reaction. Just in the last few days, positions worth more than $6 billion were liquidated in the futures market.
Outflow from ETFs: Institutional investors who entered BlackRock and Fidelity ETFs have started to realize losses and transfer capital into government bonds or traditional sectors of the economy.
📊 Where is the money going? (Capital rotation)
Experts are noting a mass exit of investors from "digital dreams" into the "real world":
1. Traditional sectors: Money is flowing into industry, energy, and healthcare (Value Stocks).
2. Bonds and cash (USDT): The capitalization of the stablecoin USDT is increasing — traders are not exiting the ecosystem but waiting for a "bottom."
3. Gold (after correction): Despite a local drop due to dollar strengthening, gold remains the main asset for hedging geopolitical risks (Iran).
🧭 Conclusion: Is this the end of the cycle?
We are witnessing not the end of technologies or crypto, but a global revaluation of value. The bubble of expectations around AI is slightly deflating, releasing excess air.
The $66,000 level for BTC is a critical support zone. If we hold here, February might conclude the "cleansing" of the market that Cathy Wood talked about and prepare the ground for healthy growth in spring.
