The Real Reason Behind Bitcoin’s Brutal Sell-Off To $60,000
Posted On February 9, 2026
Bitcoin’s (CRYPTO: BTC) historic sell-off that bottomed at $60,000 was not driven by crypto panic or ETF buyers exiting their position, but rather by forced deleveraging in traditional markets.
How Deleveraging In Stocks Influenced Crypto Prices
According to Bitwise Invest advisor Jeff Park, Bitcoin has become highly correlated with software stocks and other risk assets, which were hit during a statistically extreme drawdown for multi-strategy funds.
As risk managers moved to rapidly de-gross portfolios, selling pressure spilled into Bitcoin via ETFs.
BlackRock’s iShares Bitcoin Trust ETF (NASDAQ:
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