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Bitcoin on the Cusp of $60,000 as Investors Flee Risky Bets
Bitcoin made a 16-month low and tested key $60,000 support on Friday, as a global selloff in technology stocks deepened and washed out risky bets across asset classes.
The world's largest cryptocurrency was last up 1.64% at $64,153.24 in volatile trade, swinging between gains and losses after having hit a low of $60,008.52 earlier in the session.
That marked its weakest since October 2024, a month before Donald Trump won the U.S. presidential election, having signalled his intention to support crypto on the campaign trail.
Bitcoin Mining Revenue Gauge Falls to Record Low During Selloff
A closely-watched measure of Bitcoin mining revenue has dropped to the lowest on record with more of the large-scale computing outfits that make the cryptocurrency work unplugging equipment while prices tumble and energy costs climb.
The hash price index, which indicates the mining revenue value per unit of computing power, dropped to around 3 cents for each terahash, according to data from crypto-mining services company Luxor Technology. That was $3.50 in 2017. A biweekly figure mining difficulty is set to drop by over 13%, suggesting one of the largest decreases since China banned the industry in 2021, according to Newhedge.
Bitcoin tumbled well below $70,000 on Thursday as the unwinding of leveraged bets and broader market turbulence deepened a selloff that’s hammered cryptocurrencies since October. With mining profits being eroded over the years, firms including CleanSpark Inc. and Terawulf Inc. have been turning their mining data centers into infrastructure that can host graphic processing units to support artificial intelligence applications. While many saw shares briefly buoyed by the AI boom, most of their revenue still comes from Bitcoin mining.
Saylor-Led Strategy's Quarterly Losses Widen as Bitcoin Faces Another Reckoning
Strategy reported a wider fourth-quarter loss on Thursday, as a turbulent period for digital assets caused the world's largest hoarder of bitcoin to record losses on its holdings.
Strategy logged a loss of $12.4 billion, or $42.93 per share, for the three months ended December 31, compared with a loss of $670.8 million, or $3.03 per share, in the fourth quarter of 2024.
It held 713,502 bitcoins as of February 1, at a total cost of $54.26 billion, or $76,052 per bitcoin.
Bitcoin Could Be “More Attractive“ Than Gold Over Time, Says JPMorgan
Bitcoin has decoupled from traditional safe havens like gold and silver, with the cryptocurrency weakening into 2026 even as gold surged more than 60% in 2025.
JPMorgan analysts say the recent sell-off in digital assets, including bitcoin and ether ETFs, reflects fading appeal as a hedge and broad negative sentiment among both institutional and retail investors.
Despite the downturn, JPMorgan argues that bitcoin’s relatively low volatility versus gold underscores its long-term potential as a safe-haven asset, even though a volatility-adjusted price near $266,000 is seen as unrealistic in the near term.
Tom Lee's Bitmine Now $8 Billion Underwater as Ether Tumbles Below $2,000
BitMine Immersion Technologies(BMNR), the world's largest Ethereum-focused treasury company is now sitting on nearly $8 billion in paper losses after ether fell below $2,000 on Thursday.
The firm, helmed by well-followed Wall Street bull Thomas Lee, accumulated 4.29 million ETH at an estimated cost of $16.4 billion, according to data from DropStab. That stash is now worth just $8.4 billion at current prices.
BMNR stock fell another 7% Thursday to its lowest point since the company pivoted to an Ethereum strategy. It has now tumbled 88% from its July peak, as investor concern grows on the firm's ETH exposure and collapsing prices.
Bitcoin & Ethereum Spot ETF Flow
The overall net outflow of the US Bitcoin spot ETF on Thursday was $434.15 million. The total net asset value of Bitcoin spot ETFs is 80.76 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.34%.
The Bitcoin spot ETF with the highest net outflow on February 5 was iShares Bitcoin Trust (IBIT), with a net outflow of $175.33 million, according to SoSoValue.
Source: SoSoValue
The overall net inflow of the US Ethereum spot ETF on Thursday was $296.59 million. The total net asset value of Ethereum spot ETFs is $19.60 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 4.32%.
The Ethereum spot ETF with the highest net outflow on February 5 was Fidelity Ethereum Fund (FETH), with a net outflow of $55.78 million, according to SoSoValue.
Source: SoSoValue