The first cryptocurrency correlates with tech stocks and behaves like a high-risk asset. Analysts from market maker Wintermute attribute the market stagnation to a shift in the macroeconomic regime.
— Wintermute (@wintermute_t) February 24, 2026
After a wave of liquidations, Bitcoin has struggled to hold above $70,000 multiple times. The weak response from buyers during downturns indicates market participants' uncertainty. Liquidity remains low, experts noted.
Ethereum dipped below the psychological level of $1,900, with specialists identifying the $1,600 mark as a realistic support zone.
Institutional demand has not recovered despite price stabilization. Outflows from spot ETFs continue. In the derivatives market, open interest has been declining since October, with participants preferring to buy put options for portfolio protection. A brief surge in interest from large investors in altcoins quickly faded.
According to Wintermute, the market is undergoing structural changes. The influence of the Federal Reserve has diminished: the regulator cannot ease policy due to persistent inflation and cannot raise rates due to economic slowdown.
Currently, two main factors are driving the market:
- Revaluation of the AI sector. Investors are questioning the profitability of artificial intelligence technologies, and growth multiples are decreasing.
- Deglobalization. Trade tariffs have become permanent, supply chains are fragmenting, and raw materials are becoming more expensive.
Capital is flowing from growth stocks into defensive and tangible assets: gold, industrials, and the defense sector.
In the current environment, cryptocurrencies are losing ground alongside the tech sector. The market perceives digital assets as too risky.
The key question for the crypto industry in 2026 will be the sustainability of this macroeconomic shift. If the trend towards deglobalization and stagflation solidifies, Bitcoin will continue to face pressure. However, if risk appetites return, the market anticipates a recovery, Wintermute concluded.
As a reminder, on February 24, the price of the first cryptocurrency hit a local minimum of around $62,800.