Bitcoin’s 13% plunge below $61,000 on February 5 triggered $12.67 billion in paper losses for major holders, prompting dip buying from some Hong Kong funds.
Bitcoin fell over 13% on February 5, breaking below $61,000 and marking its steepest single-day drop since June 2022. Major treasury holders Strategy and Bitmine now face combined unrealized losses of $12.67 billion. While some Hong Kong-based funds have seized the opportunity to buy the dip, analysts attribute the fall to structural factors that amplified selling pressure. Despite the volatility, no major firm collapses have been reported.