#马年开工第一帖 Miners surrender, retail investors cut losses, who is bottom-fishing at $60,000 Bitcoin?

The Road to the Underworld: The $126,080 Funeral
Four cycles are enough to completely corrupt the so-called myth. The madness of $126,080 in fall 2025 was dismantled into shambles just four months later by reality. The abyss opened its eyes in the early hours of February 6. The psychological barrier of $60,000 was broken like withered twigs, and a 52% retracement was not just a numerical collapse but an open execution of believers. Fear—this plague reborn from the ashes of FTX—mocked every bull with an extremely low index of 5 points. Positions worth $2.65 billion were squeezed out, and the accounts of 580,000 traders turned to dust amid the roar of liquidation engines. Ethereum fell below the $2,000 mark, as if stripping away all the false glory of 2025. Bear market? No, this is a long-planned hunt.
01 Cracked silicon wafers and fleeing miners
In the climate-controlled data center, the inverted hash rate band emitted a harsh metallic screech. This is the first time since 2022 that miners collectively lost their voice on the survival line. The total network hash rate plummeted 21% from its peak of 1.1 ZH/s, like a severed water dragon. Hash prices were nailed to the shameful pillar of $33.31.
When the average mining cost is like a mountain of $87,000 crushing down on a price of $67,000, each new coin is born with a 27% blood loss. Except for the latest S23 series still struggling to survive, the old models’ shutdown prices have long become their tombstones.
Mining giants—Core Scientific—are like frightened migratory birds, trying to flap their “AI” wings to fly to the other side of dollar contracts. By the end of 2026, this forced transformation will account for more than half of revenue. Is this evolution or a betrayal of native faith?
02 Wall Street’s bile and ETF dam
The engine of incremental funds has stalled, replaced by suffocating backflow. Those ETFs that boasted “institutional bull” in 2025 are now the biggest bleeding points in the market. Net outflows of $6.18 billion are not just simple numbers but evidence of Belarusians’ faith collapse.
The $528 million that IBIT spat out in a single day at the end of January is like a spicy satire of greed.
Ninety thousand dollars—that’s the “shameful average price” etched above ETF holders’ heads. Now, a 25% floating loss is like a floating dam. Any upward price rebound attempts will crash into this steel gate of capital preservation and escape.
03 Leviathan’s greed vs. hermit crab’s wail
The microscopic world on the chain is a cold experiment about class. When 580,000 retail investors despairingly scream in liquidation orders, the deep-sea Leviathan has, in just a week, stuffed $4 billion worth of chips into its belly. This is not just accumulation; it’s a violent reorganization of Bitcoin ownership.
Strategy (formerly MicroStrategy)’s financial statements are a blatant provocation. Even with a paper loss of $5 billion, the madman named Saylor still added 1,142 tokens at the $60,000 threshold. This is not just because they have no risk of liquidation due to staking, but more like a religious sacrifice. In stark contrast, small addresses holding less than 10 BTC are fleeing en masse—they resemble hermit crabs realizing their sandcastles are collapsing just before an earthquake, completing their “return of chips” in extreme panic.
04 Macroeconomics: Tokyo’s aftershocks and the Fed’s guillotine
Bitcoin has never fallen in a vacuum.
Kevin Waugh’s nomination was a heavy blow, shattering all illusions of liquidity abundance. The shadow of interest rates materialized the panic of “higher for longer,” and the market is re-pricing this hawkish stance.
The unwinding of yen arbitrage is a silent global retreat. The 2.12% yield on 10-year Japanese government bonds has become a vacuum pump draining liquidity from cryptocurrencies. Due to Bitcoin’s excellent liquidity, it has unfortunately become a “withdrawal machine” for investors repairing their balance sheets. When the Nasdaq coughs violently, Bitcoin not only catches a cold but is also being sent straight to ICU.
05 Conclusion: Waiting on the scorched earth
Indicators are screaming, with the Mayer Multiple dropping to 0.6. Such a deep deviation has only occurred three times in ten years—each time accompanied by corpses everywhere, but also fertile ground for madness. The massive $300 billion stablecoin market is like a dormant giant, watching the bloody game near $60,000 in the shadows.
Both bulls and bears have created a record trading volume of $63.1 billion, indicating that the divergence has reached a point of no return.