The decline of Bitcoin below $70,000 is perceived differently by long-time holders and new investors. The former feel uncertain, while the latter see an ‘opportunity,’ stated Bitwise CEO Hunter Horsley in an interview with CNBC.
According to the executive, institutional players in the current situation ‘see prices they thought they had missed forever.’
Horsley acknowledged that the recent crypto market downturn occurred at an unusual time, given the efforts to ensure regulatory clarity and the growing interest from major participants.
Bitcoin is currently in a bear market and is ‘influenced’ by other macro assets, as investors ‘sell everything that has liquidity,’ noted the CEO.
Nevertheless, demand for the leading cryptocurrency remains high. According to Horsley, during the drop below $77,000, Bitwise clients directed a net $100 million into crypto instruments.
‘Volumes are very large, there are sellers and buyers,’ he added.
A Different Perspective
Analysts at CryptoQuant pointed out that digital gold is trading about 50% below its historical high.
Bitcoin is still down 50% from its all-time high.
Yes, deeper drawdowns (-70% to -80%) are possible compared to previous bear markets, but the bigger risk now is time capitulation, not price.
It’s not just how low it goes, but how long it stays there. pic.twitter.com/u7Mvy8E9Tb
— CryptoQuant.com (@cryptoquant_com) February 6, 2026
Experts suggested a deeper decline (70-80% from the price record) is possible. However, the main risk in the current situation is the duration of capitulation, not the asset’s price, the company clarified.
‘It’s important not only how low Bitcoin will fall but also how long it will stay at these levels,’ emphasized CryptoQuant.
MN Trading founder Michaël van de Poppe stated that the current ratio of the asset’s supply in profit and loss also signals the end of the bear market.
According to his analysis, the indicator has reached levels observed before the end of prolonged corrections in 2018 and 2022.
‘I don’t think we will see further decline. A slight consolidation is quite likely, but the market will find the bottom at higher levels. Smart people are buying now. Fools are leaving,’ concluded van de Poppe.
Earlier, Bullish CEO Tom Farley suggested an increase in mergers and acquisitions in the crypto industry.