Bitcoin Below $70K: The Crash, The Data, and What Comes Next [Report]

Bitcoin fell from ~$90,000 to a low of $60,033 between January 28 and February 11, 2026, marking its steepest correction since the FTX collapse. The decline - now 52% below the $126,000 all-time high set in October 2025 - was not driven by a single catalyst but by an extraordinary convergence of macro shocks, institutional de-risking, crypto-specific capitulation, and structural fragility. At least seven distinct and mutually reinforcing drivers collided within a 14-day window. BTC has since stabilized near $69,000-$70,000, but the damage to sentiment and market structure is significant: the Crypto Fear & Greed Index fell to 5 (its lowest reading ever), $6.18 billion drained from spot Bitcoin ETFs since November, open interest collapsed 58% from its $56.6 billion peak, order book depth fell 65% from September highs, and nearly half of all circulating BTC supply is now held at a loss.