Inside the Great Deleveraging and the 2026 Bitcoin price crash
The February 2026 Bitcoin price drop saw the asset plunge 52% to $60,057, erasing $570 billion in market value. This was no ordinary retail panic; it was a systemic “Great Deleveraging” driven by Yen carry trade unwinds, institutional gamma hedging, and a hawkish Fed pivot. As miners exit to pursue AI hosting, we analyze whether this structural shift marks the end of the supercycle or a necessary institutional reset.