Bitcoin Slides Toward $60K as Altcoin Leaders, ETF Outflows and Preferred-Stock Strains Hit Markets
Bitcoin fell toward $62,000 while recent altcoin leaders, including HYPE, NEAR and ZEC, sold off sharply, according to Decrypt and CoinDesk. Bitcoin ETFs have recorded 11 consecutive days of outflows, and analysts are watching the roughly $60,000 level hit on February 5.
Written by CoinArticle’s AI Newsroom · from 2 cited sources. How we work
The Sell-Off Spreads to Altcoin Leaders
Bitcoin and the major cryptocurrencies fell sharply on Wednesday and overnight, according to Decrypt's morning briefing. Unlike the decline of the prior few days, the selling reached tokens that had led the recent rally. ZEC fell 12%, NEAR fell 18% and VVV fell 12%, all after reaching new local highs on Wednesday. HYPE had touched $75 before its decline.
CoinDesk's live coverage reported that Bitcoin dropped to $62,000 as the crash deepened, with the tokens that had been outperforming now tumbling as well.
Arthur Hayes Exits and Cites a Macro Top
Arthur Hayes said on social media that he had sold his entire HYPE and NEAR positions, arguing that a macro top is in or close. He pointed to higher energy prices linked to the Iran conflict and inventory restocking, three large AI initial public offerings expected between now and early Q3, and a possible policy shift by the Trump administration on AI. He said he would detail his reasoning in an essay scheduled for publication next Tuesday. Hayes is a prominent public figure, and his position is a personal market view rather than verified data.
Bitcoin ETF Outflows and Treasury-Company Pressure
Decrypt reported that spot Bitcoin ETFs have recorded 11 consecutive days of outflows, totaling $1.4 billion this week alone. Decrypt also said Bitcoin is approaching cycle lows, with the local bottom at $60,000, reached briefly on February 5. Its view is that a break below that level could lead to further declines.
Strategy's STRC preferred stock traded about $5 below par according to Decrypt, and sub-$95 the previous day. Decrypt reported that Strategy's cash reserves fell to $871 million against $1.7 billion in annual obligations and that the company sold Bitcoin last week for the first time in four years to fund dividends. These figures come from one outlet's reporting and have not been independently confirmed in the materials reviewed here.
Bitmine's Preferred Offering and Ether Losses
Decrypt reported that Bitmine filed on Wednesday to offer 3 million shares of Series A Perpetual Preferred Stock at a $100 stated value, targeting $300 million at a 9.5% annual dividend rate, with listing on the NYSE under ticker BMNP. The structure resembles Strategy's STRC, which carries an 11.5% rate. Decrypt says Bitmine holds 5.42 million ETH, about 4.5% of circulating supply, and that its MAVAN validators generate more than $300 million in annual staking revenue to fund dividends. Decrypt estimates Bitmine's unrealized losses from its average accumulation price at about $9 billion with ETH below $1,828.
MoonPay Launches AI Trading Agent Desktop App
MoonPay launched the MoonAgents Desktop app on Wednesday, letting Claude Code and OpenAI's Codex connect to crypto wallets, token swaps, prediction markets and blockchain services through a graphical interface, according to Decrypt. Decrypt says private keys are stored locally in encrypted form, a Ledger connection adds an approval step before any transaction, and the MCP server covers 54 tools across 17 skills and 10 chains.
Why It Matters
For Traders
Traders should watch whether Bitcoin holds the $60,000 level, since sources differ on its significance and a break could trigger further selling.
For Investors
Sustained ETF outflows and treasury-company liquidity strain point to a weaker institutional bid for crypto over the coming months.
For Builders
Growing demand for agent-driven wallet access raises the importance of local key storage and transaction approval gates in new products.
This article is for information only and is not financial advice. Read the full disclaimer.
