The global cryptocurrency market capitalization has evaporated $184 billion, with Bitcoin testing the critical historical support level of $69,000. The Royal Government of Bhutan sold over 284 Bitcoins, worth $22 million, as part of a series of sell-offs following the halving event due to decreased mining rewards. Meanwhile, Coinbase's premium gap is significantly negative, indicating strong institutional selling. The US spot Bitcoin ETF experienced net outflows of $545 million on February 4, 2026, which also confirms this trend. CryptoQuant data shows that short-term holders are panic selling nearly 60,000 Bitcoins, incurring losses. The market is closely watching whether Bitcoin will break the pattern of maintaining above previous cycle highs for the past 15 years.