First, the good news. Bitcoin ticked up 5% this morning to $65.9K per coin.
That’s it. That’s all the good news about Bitcoin today. Everything else is bad news. The original cryptocurrency has lost 50% of its value, peak to trough, falling from a high of about $125K per coin in October 2025 to its low yesterday of $61.3K.
Shares in Strategy, Michael Saylor’s “Bitcoin treasury company,” which offers investors exposure to Bitcoin via its stock, fell 17% yesterday and are down 75% from their peak last year. At $65.9K, the price of Bitcoin is now well below the average price Strategy has paid for acquiring its hoard, $76K. The company’s market cap is now billions below the value of the Bitcoin it holds. On its Q4 earnings call yesterday the company said it could cover all its convertible debt even if Bitcoin fell 90% in value, and that it had enough cash to honor its dividends for the next two and a half years.
The reason Bitcoin is in decline? The whales are selling up, according to Jefferies analyst Andrew Moss. “Large BTC holders are selling into weakness,” he told clients in a note this morning. “Whales transitioned to net sellers over the weekend after accumulating since early January.” Here’s his chart:
