这波下跌冲击了散户交易者与「特朗普周边」项目：WLFI 是与 World Liberty Financial 相关、并将特朗普列为「co-founder emeritus」的代币，自推出以来已跌逾 50%，促使部分持有人能卖多少就卖多少。就在数月前，Bitcoin 因押注一个更友善加密的白宫而飙破 $125,000，多家大型银行甚至预测到 2026 年底可达 $300,000，且据报特朗普家族坐拥数亿美元的加密资产帐面收益。然而，已在众议院通过的「market structure」法案卡在参议院，而 ETF 热潮也降温，近几个月已有数十亿美元被撤出。
交易者如今在极端情境间争论，焦点被简化为 Bitcoin 最终会到 $1,000,000 还是到 $0；同时政策制定者也暗示托底有限：部分共和党人曾提出用出售黄金储备来买 Bitcoin，但财政部长 Scott Bessent 表示他没有权力动用税金购买。风险在于剧烈回撤可能持续多年，历史上往往伴随裁员、创新放缓，以及削弱不断变动的叙事（支付、抗通膨、避险），即使其他避风港的需求上升亦然。不过，过往周期显示寒冬之后常见新高；即便经历此次抛售，Bitcoin 仍接近其 2021 年的前高，使市场更像是在寻找下一个催化剂，而非认定整个系统已经崩坏。
Bitcoin’s Trump-era crypto rally reversed sharply in early February 2026, reigniting “crypto winter” fears despite 2 years of ETF-driven mainstreaming hopes and pro-industry politics. Bitcoin fell 13% on Thursday, its biggest daily drop since 11/2022, later rebounding but leaving sentiment shaken. The move erased the remaining post-election gains from 2024 after Bitcoin hit an intraday low of $60,033 before recovering to above $70,000 by the end of Friday.
The downturn hit retail traders and Trump-adjacent projects: WLFI, a token tied to World Liberty Financial that lists Trump as “co-founder emeritus,” is down over 50% since debut, prompting some holders to sell what they could. Just months earlier Bitcoin had surged past $125,000 on hopes of a crypto-friendly White House, with major banks projecting $300,000 by end-2026 and the Trump family reportedly sitting on hundreds of millions of dollars in paper crypto profits. Instead, the “market structure” bill that passed the House is stalled in the Senate, and ETF enthusiasm has cooled as billions have been pulled out in recent months.
Traders are now debating extremes, framed as whether Bitcoin eventually goes to $1,000,000 or to $0, while policymakers signal limited backstops: some Republicans floated buying Bitcoin using gold-reserve sales, but Treasury Secretary Scott Bessent said he lacks authority to buy with tax dollars. The risk is that sharp drawdowns can persist for years, historically bringing layoffs, slowing innovation, and undermining shifting narratives (payments, inflation hedge, safe haven), even as demand for other havens rises. Still, past cycles show winters followed by new records, and even after this selloff Bitcoin remains near its prior peak from 2021, leaving the market searching for the next catalyst rather than concluding the system is broken.