Crypto bleeds, but the cause is bigger than crypto.
By Maxime Laurent · 2026-02-05 09:11
Crypto bleeds, but the cause is bigger than crypto.
Market cap -20% YTD, -6% in a day. $BTC near $70k, $ETH ~$2.1k — macro pressure is doing the damage.
Since January, the total crypto market cap is down 20%, and the last 24 hours alone shaved off 6%. On February 5, $BTC dipped to $70,119, its lowest level since October 2024, while $ETH slid to $2,079. It feels violent, but it’s not random.
The drivers are familiar and… external. Long liquidations cascading, US tech stocks getting sold, and steady outflows from spot ETFs. In other words: macro stress, risk-off mood, capital pulling back everywhere at once. This isn’t crypto eating itself — it’s crypto being treated like every other risk asset.
You can see it on equities too. Strategy down -3%, Coinbase down -6%, BitMine hit harder at -9%. Same story, different tickers.
That’s why I stay cautious with narratives about “crypto failure”. This is a macro wave washing over everything. When the tide goes out, all boats look weak. The trick is remembering that tides… do come back. Pas fun, mais pas la fin non plus. 🌊
#crypto #bitcoin #ethereum #markets #macro #liquidations #etf #sentiment
Market cap -20% YTD, -6% in a day. $BTC near $70k, $ETH ~$2.1k — macro pressure is doing the damage.
Since January, the total crypto market cap is down 20%, and the last 24 hours alone shaved off 6%. On February 5, $BTC dipped to $70,119, its lowest level since October 2024, while $ETH slid to $2,079. It feels violent, but it’s not random.
The drivers are familiar and… external. Long liquidations cascading, US tech stocks getting sold, and steady outflows from spot ETFs. In other words: macro stress, risk-off mood, capital pulling back everywhere at once. This isn’t crypto eating itself — it’s crypto being treated like every other risk asset.
You can see it on equities too. Strategy down -3%, Coinbase down -6%, BitMine hit harder at -9%. Same story, different tickers.
That’s why I stay cautious with narratives about “crypto failure”. This is a macro wave washing over everything. When the tide goes out, all boats look weak. The trick is remembering that tides… do come back. Pas fun, mais pas la fin non plus. 🌊
#crypto #bitcoin #ethereum #markets #macro #liquidations #etf #sentiment
Disclaimer: This content is for informational purposes only and not financial advice.