Senin, 09 Februari 2026

What crashed Bitcoin? Three theories behind the drop


Search interest for "crypto" nears a 12‑month low	͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏	View in browser

February 9, 2026

Your Daily Digest of the 🔥Hottest News in Crypto

Today's top stories

🧊 Long-term holder wallets cut exposure, signaling caution as the sell-off deepened
💸 Trading volume drops sharply from $153B to roughly $87.5B
🔁 ENS abandons L2 plans as Ethereum announces L1 scalability focus
📰 Keep reading for all of today's biggest headlines

What crashed Bitcoin? Three theories behind BTC's trip below $60K

Bitcoin slid more than 40% over the past month to a year-to-date low near $59,930, and analysts cite three main forces behind the drop. One theory points to Hong Kong hedge funds unwinding leveraged, yen-funded options bets tied to Bitcoin ETFs after borrowing costs rose and BTC stopped climbing, triggering forced selling. Another suggests U.S. banks hedging structured notes linked to spot Bitcoin ETFs (a "negative gamma" effect) amplified downside as key levels broke, while a third blames miner stress and an AI-driven "mining exodus" that could intensify if BTC stays near miners' break-even levels.

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Google search volume for 'crypto' hovers near yearly low amid market rout

Google search interest in "crypto" is hovering near one-year lows worldwide, mirroring slumping prices, falling trading volumes, and a steep drop in total crypto market capitalization from over $4.2 trillion to about $2.4 trillion. Google Trends shows global search volume around 30/100 (with a 12‑month low of 24), while U.S. interest fell sharply before rebounding to 56 in early February. The weak search data aligns with other sentiment measures like the Crypto Fear & Greed Index, which recently hit an "extreme fear" low comparable to levels seen during the 2022 Terra-LUNA collapse.

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ENS abandons plans for Namechain L2, citing Ethereum scaling

Ethereum Name Service (ENS) has scrapped plans to launch its Namechain layer-2 and will instead deploy the ENSv2 upgrade directly on Ethereum, citing a 99% drop in registration gas costs and faster-than-expected L1 scaling. ENS lead developer nick.eth pointed to recent Ethereum upgrades—especially the Fusaka upgrade, which raised the gas limit to 60 million—as making it viable to build on L1 rather than rely on a dedicated L2 for cost savings. ENSv2 will still deliver major improvements to the registry, ownership model, expiration handling, and per-name registries, while remaining interoperable with existing L2s.

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MARKET ANALYSIS

Universality is the crypto lesson banks can no longer ignore

Crypto has pushed toward "universality" by default: letting assets and users move across platforms with minimal friction, even if interoperability and security issues still exist. The article argues that traditional banks, by contrast, remain split across product silos (payments, brokerage, wealth, etc.), forcing customers to navigate slow, disconnected systems—while fintech and crypto platforms blur these lines to deliver speed, lower costs, and simpler user experiences.

With crypto markets above $3 trillion and hundreds of millions of users, the author says banks risk becoming peripheral if value flows increasingly happen outside bank rails. Banks already have many technical building blocks (APIs, real-time payments, compliance automation), but lack alignment and governance to execute a shared interoperable vision; adopting a universal model is framed as a survival move. The piece concludes banks can combine their strengths—trust, risk controls, and regulatory standing—with controlled blockchain integration to create connected, governed finance, where the real competition is "fragmented vs. connected" systems.