Last week delivered a toxic mix of market capitulation, political scandals, and trillion-dollar ambitions.
$BTC broke the $75,000 support and crashed to $60,000 intraday
Total liquidations topped $2.6B, with over $2B in long positions wiped out
Fear & Greed Index collapsed to 9 a level last seen during the Terra meltdown
BTC later rebounded and is hovering around $70,000
ETFs & Institutions Underwater
Average entry price for US spot BTC ETFs: ~$87,800
Net outflows since late January: $2.8B
Total ETF AUM down 31.5% from October highs
Strategy (ex-MicroStrategy) says it survives unless BTC stays at $8,000 for 5 years
Miners in the Red
Estimated mining cost: ~$87,000 per BTC
Spot price below production cost - a classic bear market signal
"This Is a Crypto Winter"
Bitwise CIO: this is not a correction, but a full crypto winter Comparable to 2018 and 2022
Causes: excessive leverage, profit-taking by whales, cooling demand
Extreme fear, forced liquidations, miners under pressure, ETF losses, and resurfacing scandals point to a market in late stage capitulation.
Historically, this phase doesn't reward impatience but it often sets the stage for the next cycle.
