Bitcoin extended its decline on Wednesday, sliding toward $69,000 after losing the $74,000 level and registering a daily loss of about 4%. More than $951 million in crypto positions were liquidated over the past 24 hours, with roughly $790 million in longs wiped out and Bitcoin and Ethereum accounting for the bulk of the damage.

On February 5, Bitcoin's price slipped to around $70,000, roughly 20% below an estimated $87,000 all-in production cost per coin, while network hashrate fell 12% from its October peak and miner profitability hit a 14‑month low. Daily mining revenue dropped to $28 million, the Miner Profit and Loss Sustainability Index slid to 21, and a roughly 14% downward difficulty adjustment is projected for February 8 as some operators redirect capacity to AI and spot ETF flows turn net negative in early 2026.

Bitcoin fell below $71,000 and was trading near $70,500, while an analyst’s power-law model indicated a fair value of about $122,762, implying a 41% discount. The study highlighted rising leveraged positioning, elevated implied volatility above 43, and over $2.3 billion in futures and options open interest as signs of stress in derivatives markets.

Sovcombank, one of Russia’s systemically important private banks, announced a program to extend Bitcoin‑collateralized loans to legal entities, with rates set at the Central Bank’s key rate plus 7 percentage points (currently 23%). Terms include a 50% collateral discount and up to two years to repay, with eligibility criteria disclosed to Kommersant.

According to the report, U.S. spot Bitcoin ETFs registered $545M of net outflows over one trading week, reflecting a risk-off tone among large allocators. Capital is meanwhile rotating to infrastructure plays, with LiquidChain's $LIQUID presale surpassing $526K and pricing at $0.0135, targeting cross-chain liquidity across Bitcoin, Ethereum, and Solana.

The U.S. Treasury has clarified it does not have the legal authority to bail out Bitcoin or the wider crypto market, underscoring the absence of a government safety net for digital assets. Against this backdrop, investors are pivoting toward infrastructure projects like Bitcoin Hyper ($HYPER), which uses the Solana Virtual Machine to bring high-speed smart contracts to Bitcoin and has raised over $31.2M in its presale with notable whale participation.

The Royal Government of Bhutan has sold more than $22 million worth of Bitcoin mined through its state-run program to QCP Capital as the asset's price falls and mining becomes less profitable. Bhutan's BTC reserves have reportedly declined from an October peak of 13,295 BTC to about 5,700 BTC, while the 2024 halving has pushed up marginal production costs and reduced new coin output. Analysts say the combination of weaker Bitcoin prices and broader economic uncertainty is driving both Bhutan and global investors toward safer assets such as gold and silver.

Bitcoin fell below $70,000 on Thursday, touching $69,100 on Bitstamp during the Asia session, according to TradingView. CoinGlass showed about $130 million in long liquidations over four hours as traders watched the 200‑week EMA near $69,000 and discussed potential downside toward $50,000, while the Coinbase Premium hit its lowest in more than a year.