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Bitcoin Price Hits $72.8k, Bitwise CIO Turns Bearish; Is Sub-$70k Next?

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Bitcoin Price

The post Bitcoin Price Hits $72.8k, Bitwise CIO Turns Bearish; Is Sub-$70k Next? appeared first on Coinpedia Fintech News

Bitcoin (BTC) price has led the wider crypto market in a further selloff. After slipping below its crucial buy zone around $80k last week, Bitcoin price extended its selloff today to hit $72,889 on Tuesday, February 3, for the first time since the first week of November. 

Bitcoin Price Falls on Leverage Flashouts

As such, more than 167k leveraged traders were flashed out, with more than $730 million liquidated during the past 24 hours. Out of this, more than $528 million involved long traders, amid the notable decline in Bitcoin’s Open Interest (OI). 

According to market data analysis from CoinGlass, Bitcoin’s OI has continued to shrink since the October 11 crypto capitulation to hover about $52.7 billion at press time.

coinglass btc

Source: Coinglass

Bitwise CIO Issues Cautionary Note 

Following today’s BTC price capitulation to $72k today, Matt Hougan, Bitwise CIO, stated that the flagship coin is under the influence of a multi-month bear market. Hougan stated that the Bitcoin price has been in a bear market since early 2025, but the high institutional adoption and regulatory clarity have blinded investors.

“This is not a bull market correction or a dip. It is a full-bore, 2022-like, Leonardo-DiCaprio-in-The-Revenant-style crypto winter set into motion by factors ranging from excess leverage to widespread profit-taking by OGs,” Hougan stated.

What’s Next?

Hougan, however, stated that the Bitcoin bottom is closer as its four-year bear cycle is in the last phase. Moreover, Hougan believes that Bitcoin investors are banking on regulatory progress and high institutional adoption, to drive a bullish rebound ahead.

santiment btc

Source: X

Nonetheless, onchain data from Santiment shows that key Bitcoin investors have been aggressively selling while retail buys-back, a classic sell signal. From a technical analysis standpoint, if Bitcoin buyers fail to defend $73k in the coming day, a further correction towards $69k will be inevitable.

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Bitcoin

Strategy and Michael Saylor Navigate Bitcoin Treasury Amid Market Volatility

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Strategy (formerly MicroStrategy) continues to serve as a stabilizing force and vocal advocate for Bitcoin, even as the cryptocurrency market experiences heightened volatility. The company’s aggressive accumulation strategy and Michael Saylor’s steadfast leadership have reinforced its position as one of the largest corporate holders of BTC.

Consistent Accumulation Despite Turbulence

Strategy maintained its massive Bitcoin treasury through recent market swings, with the firm actively purchasing dips to bolster its holdings. This disciplined approach, which recently brought its total to approximately 845,000 BTC, has provided a notable anchor for Bitcoin’s price action during periods of uncertainty.

While a brief sale earlier rattled some investor sentiment, the company quickly resumed its net accumulation path, demonstrating commitment to its long-term Bitcoin thesis rather than short-term trading.

Saylor’s Vision and Strategic Financial Management

Michael Saylor, Strategy’s Executive Chairman, has remained one of Bitcoin’s most prominent champions. Through public commentary and regular updates, Saylor continues to articulate Bitcoin’s superiority as a treasury asset, digital gold, and superior store of value compared to traditional reserves.

To support its strategy, the company has utilized structured financing tools and capital market activities to manage obligations, including dividend requirements, without compromising its core Bitcoin holdings. This sophisticated financial engineering allows Strategy to maintain liquidity while staying heavily invested in BTC.

Corporate Bitcoin Treasuries Come of Age

Strategy’s approach highlights the growing maturity of Bitcoin as a balance-sheet asset for corporations. In an era of monetary debasement and macroeconomic uncertainty, an increasing number of companies are looking to Bitcoin for long-term value preservation.

Key benefits observed in Strategy’s model:

  • Acts as a price floor during market corrections through consistent buying pressure
  • Signals strong institutional conviction to broader markets
  • Demonstrates practical ways to integrate Bitcoin into corporate finance
  • Influences other public companies considering similar treasury strategies

Key Takeaway

Corporate treasuries like Strategy’s play a vital role in Bitcoin’s ecosystem. They provide meaningful support during downturns and contribute to the asset’s legitimacy as a mainstream financial instrument. As volatility persists, Saylor’s unwavering belief in Bitcoin’s long-term potential continues to inspire confidence among retail and institutional investors alike.

Conclusion

Even amid market fluctuations, Strategy and Michael Saylor exemplify disciplined conviction in Bitcoin. Their ongoing accumulation and strategic navigation of treasury management underscore a broader trend: Bitcoin is transitioning from a speculative asset to a strategic corporate reserve. As more companies explore similar paths, Strategy’s model may well serve as a blueprint for the next wave of institutional adoption.

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