Core Insights - Bitcoin (BTC) has fallen below $80,000, triggering $2.55 billion in liquidations, marking the 10th largest liquidation event in crypto history [1] - Contributing factors include disappointing earnings from Mag7 companies, particularly Microsoft, which undermined the AI narrative, the nomination of Kevin Warsh as Federal Reserve Chairman, and significant corrections in the precious metals market, with gold dropping 9% and silver experiencing a 26% intraday decline that triggered a trading halt [1] - The crypto market has shown the worst performance, with only the S&P 500 and crude oil recording positive returns [1] - Market volatility has returned, driven by macroeconomic uncertainties and a rotation towards risk aversion due to positioning factors; however, the current bear market does not indicate a structural collapse, as the infrastructure is stronger and institutional interest remains [1] - Conditions are expected to improve in the second half of 2026, allowing for a quicker recovery [1]
Wintermute：当前熊市无结构性崩盘，预计 2026 下半年快速恢复
Xin Lang Cai Jing·2026-02-03 10:52