DeFi Dev Corp's Chief Investment Officer and Chief Operating Officer Parker White stated on February 6 that Bitcoin's recent sharp decline and Solana's simultaneous fall may be linked to the forced liquidation of heavily leveraged BlackRock IBIT options positions. White noted that on February 5, BlackRock's IBIT recorded an all-time high trading volume of approximately $10.7 billion and roughly $900 million in options premium. He theorized on social media that the market movement, occurring amidst low centralized finance (CeFi) liquidations, originated from large IBIT holders, potentially non-crypto hedge funds based in Hong Kong, some reportedly holding highly concentrated IBIT positions. White added that the February 6 slump in silver and accelerated yen carry trade unwinds exacerbated market pressure, straining these funds' leveraged strategies until Bitcoin's drop potentially triggered widespread liquidations. Detailed position data may not be visible until mid-May due to 13F filing lags.

A whale address (0x5d2f4) known for maintaining long-term short positions on Bitcoin canceled a $59,138 limit buy order on Hyperliquid on Feb. 6, HyperInsight data show. The address opened a 20x leveraged short position of 499.91 BTC when Bitcoin was trading at $111,499.3 and has since reduced the position to 68.33 BTC while holding an unrealized profit of $3.184 million. HyperInsight also reported the whale has earned $10.0056 million from funding rate settlements on the position.

The Bitcoin Ahr999 indicator dropped to 0.27 on Feb. 6, well below the "bottom-buy line" of 0.45, Coinglass data cited by BlockBeats show. The metric last reached this level on June 18, 2022 and Nov. 22, 2022 during the ETH liquidation plunge and FTX collapse, and on March 16, 2020 during the "316 crash." Created by ahr999, the indicator helps Bitcoin dollar-cost-averaging users combine timing strategies by reflecting short-term DCA returns and the deviation between Bitcoin's price and its expected valuation. Historically, the Ahr999 index has stayed below the 0.45 threshold for 572 days.

Bitcoin fell below $64,000 on Feb. 6, trading at $63,785 with a 24-hour decline of 10.35%, HTX data show. The drop marks a sharp pullback for the cryptocurrency over the past day.

Bitcoin's weekly RSI dropped to 26.62 on Feb. 6 as the price fell to $64,000, Tradingview data show. The RSI, a momentum indicator often considered oversold below 30, matches readings from June 2022 during the last bear market, BlockBeats reports.

Metaplanet CEO Simon Gerovich said on Feb. 6 the company will continue steadily accumulating Bitcoin despite acknowledging challenges for shareholders from recent share price performance, BlockBeats reports. He added Metaplanet will keep working to enhance its earning power and prepare for the next growth stage. On Jan. 29, Metaplanet announced a plan to raise $1.37 billion to increase its Bitcoin position, and the company now holds 35,102 BTC, making it the fourth-largest publicly listed Bitcoin holder globally.

Bitcoin rebounded 9.75% over 105 minutes on Feb. 6, BlockBeats reports. The rally followed an early-morning drop to $60,000, the lowest level since October 2024.

Bitcoin hit $60,001 on Feb. 6, its first time at that level since Oct. 2024, Santiment data show. Addresses holding 10–10,000 BTC now control 68.04% of supply, a 9-month low, after net selling 81,068 BTC over 8 days. Meanwhile, the supply share held by addresses with under 0.01 BTC rose to 0.249%, a 20-month high.

Bitcoin climbed back above $64,000 on Feb. 6, HTX data show. The 24-hour decline narrowed to 12.25%, BlockBeats reports.