Bitcoin's Drop to $60,000 Linked to Tech Stock Sell-Off, U.S. Exchanges Lead Decline

Bitcoin Decline Closely Tied to Tech Stock Sell-Off

According to Grayscale Research, Bitcoin's drop to around $60,000 on February 5 mirrored declines in tech stocks. This correlation suggests the sell-off was driven more by broader risk-off behavior among growth-focused portfolios rather than issues specific to the crypto market.

U.S. Exchanges Show Stronger Selling Pressure

Since early 2026, especially during recent market lows, Bitcoin prices on Coinbase have consistently traded below those on Binance. This price divergence hints at dominant selling activity from U.S.-based investors.

On-Chain Data Indicates Market Stability

Despite the price drop, on-chain metrics show no signs of significant liquidations among early Bitcoin whales. This suggests underlying market stability, with major holders likely maintaining their positions during the downturn.