$BTC TLDR

Bitcoin fell 1.05% over the last 24h to $76,916.51, extending a 7-day (-11.43%) and 30-day (-14.49%) downtrend. Key drivers:

Leveraged long liquidations – $2.6B crypto positions liquidated, amplifying selling pressure.

Extreme fear sentiment – Fear & Greed Index at 14 (Dec 2025 lows), driving panic exits.

Miner sell-pressure – U.S. winter storm disrupted operations, forcing short-term BTC sales

## TLDR
Bitcoin fell 1.05% over the last 24h to $76,916.51, extending a 7-day (-11.43%) and 30-day (-14.49%) downtrend. Key drivers:

1. **Leveraged long liquidations** – $2.6B crypto positions liquidated, amplifying selling pressure.
2. **Extreme fear sentiment** – Fear & Greed Index at 14 (Dec 2025 lows), driving panic exits.
3. **Miner sell-pressure** – U.S. winter storm disrupted operations, forcing short-term BTC sales.

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## Deep Dive
### 1. Leverage Unwind (Bearish Impact)
**Overview:** Over $2.6B in crypto positions were liquidated in 24h, with Bitcoin longs accounting for $85.15M. OKX’s Star Xu noted the drop was intensified by “structural leverage cycles,” where cascading liquidations trigger chain reactions.

**What this means:** High leverage (open interest at $568.66B in perpetuals) turned a routine correction into a violent sell-off. Funding rates turned negative (-0.0081%), reflecting traders paying to hold shorts.

**What to watch:** Perpetual open interest and funding rate resets. A rebound requires stabilizing derivatives markets.

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### 2. Sentiment Breakdown (Bearish Impact)
**Overview:** The Crypto Fear & Greed Index hit 14 on Feb 1 – its lowest since Dec 2025 – as BTC broke below key psychological support at $80K. Retail traders capitulated, per Santiment’s social dominance metrics.

**What this means:** Fear-driven selling often creates oversold conditions. However, with RSI7 at 14.9 (deepest oversold since Apr 2025), weak spot demand suggests sentiment hasn’t bottomed.

**What to watch:** A sustained RSI14 rebound above 30 could signal exhaustion.

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### 3. Miner Distress (Mixed Impact)
**Overview:** U.S. Bitcoin miners like Core Scientific and Marathon cut daily production by 50-60% during January’s winter storm, per CryptoQuant. This forced some to sell reserves to cover energy costs.

**What this means:** While the production drop was temporary, miner BTC balances remain near 2025 lows (~1.8M BTC). Persistent low prices could trigger further sell-side pressure.

**What to watch:** Miner wallet flows and hashrate recovery post-storm.

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Bitcoin’s drop reflects a feedback loop of liquidations, fear-driven exits, and miner strain. While technicals suggest oversold conditions, sentiment and leverage metrics warn of continued fragility. **Key watch:** Can BTC hold $75.8K (Jan 2026 swing low), or will whale accumulation (like Jan 6’s $900M spot buys) return to stabilize prices?