Bitcoin (CRYPTO: BTC) has shed almost 50% of its value from its top last October and plummeted below its November 2024 price.

The $2.7 Billion Liquidation Flush

According to Wintermute, the sell-off in early February triggered more than $2.7 billion in liquidations, marking Bitcoin’s steepest drawdown since 2022.

The move was followed a string of macro catalysts: Kevin Warsh’s nomination as Federal Reserve chair, weak “Magnificent Seven” earnings, including a 10% drop in Microsoft, and a sharp correction in precious metals.

After several sessions of consolidation, markets rotated decisively into risk-off mode.

Wintermute described the selling pressure as structural:

AI Trade Drains Crypto… Read more on Benzinga