On February 3, the price of the leading cryptocurrency dropped to $73,111, a level not seen since early November 2024.
As of this writing, Bitcoin is trading at $76,715, down 2.3% in the last 24 hours.
In October 2025, the price reached an all-time high of $126,080. From February to March, Bitcoin consolidated around $80,000 but then began to decline. This downward trend has also affected other crypto assets.
Glassnode manager Sean Rose noted that 44% of Bitcoin's supply is currently in an unrealized loss. The 30% drop from the recent peak of $108,000 has reduced the share of profitable coins from 78% to 56%.
“Buyers who entered the market near the all-time high are now facing losses. The patience and conviction of investors will be tested in the coming weeks,” Rose stated.
According to CoinGlass, the liquidation volume in the futures market reached $704 million in the last 24 hours.
The RSI indicator has fallen into the oversold zone (value 30). Analysts at The Block noted that if the situation mirrors the 2022 bear market bottom, prices could drop another 20% to $60,000.
Macroeconomic Factors and Altcoins
Additional pressure on the market comes from macroeconomic uncertainty surrounding a potential government shutdown in the U.S. Stock indices are also showing weakness, with the Nasdaq Composite down 2.2%.
Major altcoins are following Bitcoin's lead:
- Ethereum — $2,272 (-2%);
- Solana — $98 (-5.3%);
- XRP — $1.60 (-0.6%);
- BNB — $761 (-2.1%).
Source: CoinGecko.
Shares of crypto companies are also declining. Coinbase's stock fell 6%, while Strategy's dropped over 8%. The only exception was the mining company Terawulf, which saw an increase.
On February 2, spot Bitcoin ETFs attracted $561.9 million, breaking a two-week streak of outflows. However, the overall market situation remains tense.
On February 3, the net outflow from exchange-traded funds amounted to $272 million.
Investors withdrew the most from Fidelity's FBTC fund — $149 million.
In contrast, the altcoin sector is experiencing an influx of capital. Spot ETFs based on Ethereum attracted $14.06 million, XRP-based funds received $19.46 million, and Solana-based products gained $1.24 million.
“Feature, Not a Bug”
Bitmine Chairman Tom Lee addressed market concerns regarding the company's unrealized loss of $6.6 billion. He dismissed suggestions that future asset sales would hinder Ethereum's price growth.
These tweets miss the point of an ethereum treasury:
— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) February 3, 2026
— BitMine is designed to track the price of $ETH
— outperform over the cycle (think up ETH)
— crypto is in a downturn, so naturally ETH is down$BMNR will see “unrealized” losses on our holdings of ETH during these times:
-… https://t.co/VpoNjAnJdC
According to Lee, critics overlook the essence of the Ethereum treasury strategy. The Bitmine model is designed to track the price of the second cryptocurrency and outperform the market over the full cycle.
The executive emphasized that paper losses during downturns are a “feature, not a bug.” He compared it to index ETFs, which also experience declines during global corrections.
Searching for the Bottom
Data from CryptoQuant shows that from November 2024 to February 2025, the volume of profitable Bitcoins decreased from 19.8 million to 11.2 million. About 8 million BTC have entered the unrealized loss zone.
Analyst known as RugaResearch noted that current on-chain metrics indicate a capitulation phase and a search for the bottom. Holders who bought the asset at local highs are beginning to realize losses.
The expert compared the current dynamics to patterns from 2018, 2020, and 2022 that preceded market recoveries.
“If you have a risk appetite, this is typically where the best risk-reward opportunities arise,” the analyst emphasized.
However, RugaResearch warned that being in the “searching for the bottom” zone does not guarantee an immediate turnaround. Historical data shows varying durations for this phase:
- 2018: the market was in this zone for 8 months;
- 2020: a brief stay before a quick rebound;
- 2022: the phase lasted 6 months.
As a reminder, in February, Bitwise's Chief Investment Officer Matt Hougan stated that a “full-blown crypto winter” is nearing its end.