市场叙事由加密资产特定的清算压力，转向更广泛的跨资产风险去杠杆。Monarq Asset Management 的 Shiliang Tang 以「crisis of faith」形容当前状态；同日全球市场出现同步抛售，Nasdaq 100 跌幅超过 2%，卖压扩散至软体、晶片等利率敏感板块。Efficient Frontier 的 Andrew Tu 表示情绪处于「extreme fear」，并指出若 72,000 美元失守，可能下探 68,000 美元，甚至回落至 2024 年初始反弹前的低点区域。
资金面同样波动：美国上市的 Bitcoin 现货 ETF 周一录得约 5.62 亿美元净流入，周二则出现 2.72 亿美元净流出（Bloomberg 汇编）。对其在压力环境下作为避险资产的怀疑升温；Bitcoin 今年迄今约下跌 17%，而整体加密市场过去一周市值蒸发逾 4,600 亿美元。配合 CoinGecko 图表所示，自 2025 年 10 月峰值以来，加密资产总市值累计减少约 1.7 兆美元，反映下行趋势仍在延伸。
Bitcoin briefly fell below $72,000 on Feb. 5, 2026 at 10:41 GMT+8 (already UTC+8), bottoming near $71,540; it also touched $71,739 late the prior day in New York. The level marks a return to a zone last seen about 15 months ago and the weakest since Nov. 6, 2024, the day after Donald Trump was re-elected US president. From its October 2025 peak, Bitcoin has dropped more than 42%.
The narrative shifted from crypto-specific liquidations to broader cross-asset risk-off deleveraging. Shiliang Tang of Monarq Asset Management called it a “crisis of faith”; global markets saw synchronized selling, with the Nasdaq 100 down more than 2% and losses spreading to software, chipmakers, and other rate-sensitive equities. Andrew Tu of Efficient Frontier said sentiment is in “extreme fear” and warned that if $72,000 fails, a move toward $68,000 is likely, with potential declines back toward 2024 lows before the initial rally.
Flows also look unstable: US-listed Bitcoin spot ETFs saw about $562 million of net inflows on Monday, followed by $272 million of net outflows on Tuesday (Bloomberg-compiled data). Doubts are rising about Bitcoin’s safe-haven role during stress; it is down about 17% year to date, and the broader crypto market has lost more than $460 billion in value over the past week. A CoinGecko chart indicates total crypto assets have shed roughly $1.7 trillion in value since the October 2025 peak, consistent with an ongoing downward spiral.