#加密市场回调 The Long Winter Has Arrived: Bitcoin Breaks Below Key Cost Line, Industry-Wide Reshuffle Comes Late In the early hours of February 1, 2026, Beijing time, Bitcoin experienced intense volatility and briefly broke through the $76,000 mark. This not only signifies its first breach of the $80,000 level since April 2025 but also critically breaks below the widely watched long-term strategic cost line, just one step away from the cycle low in April 2025. A storm sweeping across the global cryptocurrency market is arriving in the most direct way to announce its presence. Bloodbath and Liquidation: The Unavoidable End of the Leverage Feast The data is shocking: within 24 hours, the total forced liquidation amount across the network approached $2.2 billion, with over 335,000 investors forcibly liquidated, setting a multi-month high. Mainstream assets like Bitcoin, Ethereum, SOL, and others were all affected. Even more notable are the “whales” once revered by retail investors: “Brother Maji” Huang Licheng’s position was fully liquidated; the “CZ opponent” whale’s profits were wiped out, turning into a loss of over $10 million; the so-called “insider big shot” who precisely shorted and profited over hundreds of millions after the “10·11” flash crash also plummeted from the peak within 56 days, with over $200 million in liquidation. The wealth built on high leverage collapses more thoroughly when the trend reverses. Transmission of Systemic Risks: Cryptocurrencies Are Not Islands This decline is not an isolated event. At the same time, traditional financial markets are experiencing rare intense turbulence in decades: gold plunges over 10% in a single day, silver crashes 26%, and tech giant Microsoft’s market value evaporates by over $350 billion due to minor fluctuations in a single business segment. All these reveal a brutal reality: global funds are highly concentrated in a few assets, and market sentiment is like a frightened bird—any tiny crack could trigger a chain reaction. The cryptocurrency market is also caught up in this global liquidity crunch and risk reassessment. Multiple Uncertainties Overlap: Geopolitical and Policy Double Blow The causes are complex and profound. Instability at key Middle Eastern oil hubs has intensified geopolitical risks, while domestic political deadlock in the U.S. could lead to another prolonged government shutdown, casting a shadow over macroeconomics. While these factors are not the sole reasons for the decline, they perfectly stack up, amplifying any sell-off in the thin liquidity markets over the weekend. More damaging than short-term fluctuations is the complete reversal of regulatory expectations. The U.S. SEC officially clarified that tokenized stocks will be subject to the same stringent regulations as traditional securities, effectively signaling the end of the “regulatory leniency period.” One of the narratives that supported the crypto market’s prosperity—the friendly regulatory environment—is now disintegrating. Bitcoin’s “Identity Crisis”: Narrative Shakeup and Capital Flight Perhaps the core challenge lies in Bitcoin’s own ambiguous positioning. In the past, it either danced to the risk appetite of tech stocks or attracted funds with the “digital gold” narrative as a safe haven. But since October 2025, it has neither kept pace with the rise of AI-driven tech stocks nor shined like gold amid geopolitical risks. Its unique asset attributes are being questioned. When the market favors tech growth or seeks safety, it seems to find clearer and more efficient targets than Bitcoin. Fund flows have spoken: Bitcoin spot ETFs have experienced massive net outflows for two consecutive weeks, totaling nearly $3 billion. Even last weekend, despite a sharp decline in U.S. stocks and precious metals, funds did not flow back into the crypto market, confirming waning interest. Reshuffle Moment: Pain and New Beginnings The storm at the start of 2026 is an extreme stress test of the resilience of the crypto industry. It ruthlessly exposes the industry’s continued vulnerability to high leverage speculation, narrative dependence, and external liquidity shocks. While a major reshuffle involves massive wealth evaporation and deep pain, it may not be entirely bad for the current crypto industry. It could be forcing the market to clear excessive leverage, eliminate pseudo-innovations that rely solely on traffic and narratives, and prompt participants to re-examine the core value of blockchain technology and the pragmatic boundaries of financial applications. When the frenzy subsides, projects and institutions truly committed to building sustainable and valuable ecosystems may find a more solid footing. The cold winter has arrived, but every profound liquidation may sow the seeds for the next healthier growth cycle. The industry needs to pass through this period of confusion and rediscover its own irreplaceable coordinates.