Bitcoin Falls Over $59,000 In Largest Drawdown Ever

Bitcoin’s price crashed sharply on Thursday, sliding through critical support and dipping near $66,000 in volatile trading — marking what appears to be the largest absolute dollar drawdown on record for the world’s largest cryptocurrency.

The latest plunge comes during a broader global risk-off sell-off, with equities, commodities and digital assets all under pressure. Major U.S. and Asian stock indices weakened on economic growth concerns and inflation data, reinforcing flight-to-safety flows that have cascaded through leveraged risk assets.

Bitcoin’s October 2025 peak — above $126,000 on major exchanges — now sits roughly $59,000 above today’s lows, a drop…

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Is Michael Burry Accidentally Bullish On Bitcoin?

Michael Burry’s latest two-word post — “$BTC Patterns” — came with a simple annotated chart and ignited a debate: was he flashing a warning, or quietly handing Bitcoin (CRYPTO: BTC) bulls a roadmap?

The famed bubble-watcher has been bearish before, but the chart highlights near-identical boom-bust-base sequences in Bitcoin’s history, the kind that sometimes end with a sustained rebound.

Burry’s ‘Pattern’ — Warning Or Roadmap?

On its face, the image reads like a history lesson: rapid run-ups, violent selloffs, then a base that precedes a fresh surge. That’s not a call to buy; it’s pattern recognition.

But in a market where consensus is leaning bearish, a reminder that Bitcoin…

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Crypto Market Structure Bill Pulled ‘Not Because Of What Coinbase Said’: Report – Circle Internet Group (NYSE:CRCL)

Senator Cynthia Lummis (R-Wyo.) on Thursday said the Senate Banking Committee pulled the crypto bill the day before a scheduled vote due to bank concerns about losing deposits, pushing the legislation into spring.

Why The Vote Was Canceled

Lummis told Maria Bartiromo on Fox that the committee had scheduled a markup but pulled it the day before “not because just of what Coinbase had said about it, but because there was other concern.”

The primary concern: banks and credit unions have committee members worried they will lose deposits if crypto firms can pay interest on stablecoins. 

This fear overrode Coinbase (NASDAQ:COIN) CEO Brian Armstrong’s public opposition.

Senate Majority Leader…

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Virginia Lawmakers Advance Bill For A State Bitcoin Fund

Virginia lawmakers are moving forward with a proposal that would place the Commonwealth among a growing number of states exploring direct exposure to bitcoin and other digital assets through public reserves.

Senate Bill 557, patroned by Senator Reeves, would establish the Commonwealth Strategic Cryptocurrency Reserve Fund, a special nonreverting fund housed in the state treasury and administered by the Virginia State Treasurer. 

The measure advanced this week after passing the Senate General Laws and Technology Committee in a 13–2 vote.

Under the legislation, Virginia would be authorized to invest state-held funds directly into bitcoin or other qualifying cryptocurrencies,…

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Bitcoin Plunges Below $70,000, But Underwater ETF Buyers Haven’t Sold (Yet) – Grayscale Bitcoin Mini Trust (BTC) (ARCA:BTC)

Despite a sharp pullback in crypto prices, Bitcoin (CRYPTO: BTC) ETF investors have largely held their positions, signaling stronger conviction than many expected.

‘ETF Buyers Are Just HODLing’

In a post on X on Wednesday, Bloomberg ETF analyst Eric Balchunas noted that even after Bitcoin’s roughly 40% drawdown, about 94% of assets in spot Bitcoin ETFs remain invested.

The comment followed a discussion suggesting that recent selling pressure has come primarily from long-term OG whales rather than ETF holders, who appear to be “just HODLing.”

Jim Bianco of Bianco Research added context, pointing out that the average Bitcoin ETF investor is now roughly 24% underwater, with unrealized…

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‘Crypto As We Know It Is Over’: Why Investors Are Turning Away From Bitcoin, Ethereum, XRP

Crypto venture capital firms are struggling to raise new funds, with major firms pivoting away entirely and half of Paradigm’s team departing in two months.

The VC Fundraising Crisis

Commitments to crypto VC funds remain at historic lows and didn’t recover during Bitcoin‘s (CRYPTO: BTC) generational bull run, according to crypto founder Miya.

Miya, who runs crypto hedge fund operations, spoke to numerous VCs—both traditional finance and crypto-focused—in the past month.

Close to nobody was optimistic about raising for another crypto fund. “Crypto as we know it is over,” Miya wrote.

While risk appetite inside venture capital has been off the charts for other sectors over the…

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SDM Executes $1 Million Lightning Network Payment To Kraken

Secure Digital Markets (SDM) has completed a $1 million Bitcoin transaction over the Lightning Network in a pilot settlement with cryptocurrency exchange Kraken, marking what the firms say is the largest publicly reported Lightning payment to date.

The transaction, executed on Jan. 28 and valued at $1 million at the time, settled nearly instantly and with minimal fees.

It was facilitated using enterprise Lightning infrastructure from Voltage, a Bitcoin payments and infrastructure provider focused on institutional clients.

Lightning is a second-layer network built on Bitcoin that enables faster and cheaper payments by moving transactions off the base blockchain. 

While it has been…

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Bitcoin Price Crashes To $69,000 As Crypto Panic Spreads

The bitcoin price slid to $69,000 in Asian trading Thursday as a deepening selloff in global markets spilled into crypto markets. The world’s largest cryptocurrency fell as much as 9% over the past 24 hours, touching lows at $69,031 before trimming losses. 

Bitcoin price has now wiped out all gains since its previous $69,000 all-time high in 2021. BTC is now down nearly 30% over the past 12 months and about 45% below its October peak, according to Bitcoin Magazine Pro data.

The move came alongside sharp declines in Asian equities. MSCI’s Asia technology index fell for a fifth time in six sessions, while South Korea’s Kospi dropped about 4% as major AI-linked names faced…

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Bitcoin Crashes Below $70,000 As Ethereum, XRP, Dogecoin Plunge 8% – Grayscale Bitcoin Mini Trust (BTC) (ARCA:BTC)

Bitcoin extended is down over 8% in 24 hours as liquidations stand at $1.03 billion over the past 24 hours.      

Bitcoin ETFs saw $544.9 million in net outflows on Wednesday, while Ethereum ETFs reported $79.5 million in net outflows.

The meme coin sector fell 4.8% over the past 24 hours to a total market capitalization of $35.7 billion.

Trader Commentary:

Crypto trader Jelle said Bitcoin is now entering a major area of interest around its prior all-time highs and a broad consolidation zone spanning roughly $20,000. He expects demand to begin emerging in this region with clearer direction in next month.

Michael van de Poppe warned volatility is unlikely to fade anytime soon. Bitcoin…

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