Bitcoin’s 13% plunge on Feb. 5—the steepest since 2022—hit major treasury holders, as Hong Kong funds reportedly buy the dip amid structural market pressures.
On Feb. 5, Bitcoin fell over 13%, breaking below $61,000 in its largest single-day drop since June 2022. The decline inflicted combined unrealized losses of $12.67 billion on major treasury holders Strategy and Bitmine. While some Hong Kong-based funds were reported to be buying at lower prices, analysts highlighted structural factors that may have amplified the selloff. The sharp move added to speculation around large institutional liquidation and mirrored cross-asset deleveraging trends.