Bitcoin’s Early February 2026 Slide Tied to IBIT Structured Hedging and the $64,000 Level

On 8 February 2026, analysts pointed to dealer hedging around iShares Bitcoin Trust (IBIT) structured notes as a key driver of Bitcoin’s latest price swings, rather than broad spot market selling. Arthur Hayes argued that these bank-issued products can force mechanical buying or selling when trigger levels are hit, while Mike McGlone highlighted $64,000 as a critical technical zone that could determine whether the market stabilizes or undergoes a deeper reset. Together, these structural flows and macro pressures suggest Bitcoin remains exposed to sharp, non-fundamental moves.