What triggered the crash
The drop below $60K wasn’t caused by a single event. Strategy, the company formerly known as MicroStrategy, sold a chunk of its holdings. Bitcoin spot ETFs saw record outflows. And a strong US jobs report sent yields higher, pulling risk appetite out of the market.
The combined liquidations reached $1.6 billion. Analysts described the deleveraging as “orderly.” The market didn’t spiral into cascading forced liquidations the way it has during past crashes.
Geoff Kendrick of Standard Chartered went as far as suggesting the bottom might be in, saying “the winter is over” for Bitcoin.
Who’s buying and how much
