Bitcoin whales and ETFs are baling out of the market; UBS warns: ‘Crypto is not an asset’
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…
