On February 5, Bitcoin's entity-adjusted realized losses climbed to a record $3.2 billion as the price slid around 10% toward $64,000. An on-chain analyst described the move as a capitulation phase that exceeded loss-taking seen during the Luna collapse, the FTX failure and earlier black swan events.

In a recent research note, JPMorgan said gold’s more than 60% surge through 2025 contrasted with Bitcoin’s weakness heading into 2026, reducing the crypto’s near-term hedge appeal. The bank’s volatility framework indicates Bitcoin would trade at roughly $266,000 if it matched gold’s risk profile, though it called that level unrealistic this year amid ETF outflows and shrinking stablecoin supply.

On Friday morning in Asia, Bitcoin briefly touched $60,000 before stabilizing near $64,000, a roughly 10% daily decline after a near $10,000 move and $1.39 billion in leveraged liquidations. CoinMarketCap's sentiment index fell to a record 5, while Strategy posted a $12.4 billion fourth-quarter net loss as its 713,000-plus BTC holdings traded below a $76,052 cost basis.

Strategy recorded a $12.4 billion net loss in the fourth quarter of 2025 after Bitcoin fell from about $120,000 in early October to roughly $89,000 by year-end, pushing its holdings below their average purchase price. The company now owns 713,502 BTC at an average cost of $76,052 per coin and ended the year with $2.25 billion in cash, while investors await guidance on how management will respond to the ongoing market downturn.

On Thursday, BlackRock's iShares Bitcoin Trust (IBIT) registered about $10 billion in trading volume while its share price dropped 13% amid a sharp Bitcoin selloff. The ETF has faced mounting outflows, with $373.4 million redeemed on Wednesday and only ten net inflow days in 2026, as Bitcoin has fallen roughly 50% from its early October all-time high near $126,000 to around $64,000. Analysts warn that macroeconomic pressure, derivatives liquidations and possible large-scale "campaign selling" are weighing on sentiment, leaving many IBIT investors now under water.

Bitcoin extended its slide to a $60,500 low after failing to hold above $72,000, dropping over 10%. It now trades below $68,000 and the 100 hourly simple moving average, with resistance at $66,000 and $67,200. A failure below $62,500 and $61,200 could send price back to $60,500 and the $60,000 support.

On Thursday, BlackRock's iShares Bitcoin Trust (IBIT) set a $10 billion daily trading record as Bitcoin fell 12% in the past 24 hours. The ETF dropped 13%, its second-worst day since launch, and saw $373.4 million in net outflows on Wednesday. Bitcoin traded near $64,000 after an intraday low of $60,300.

On February 6, 2026 (UTC), reports said Bitcoin Core maintainer Gloria Zhao resigned and revoked her cryptographic signing key. The reports added that her departure does not affect Bitcoin’s consensus rules, network security, or transaction processing, and noted she began contributing in 2019–2020 and was not part of the 2015 MIT DCI funding period.