Why the $BTC Market Crashed
$BTC dropped below *$60,000* for the first time since April 2025, marking its sharpest drawdown since 2022 – nearly -50%from the $126K ATH set in October 2025. Wintermute broke down what really happened
What triggered the sell‑off? According to Wintermute, this wasn’t a single event it was a delayed risk‑off rotation:
- Kevin Warsh’s nomination as Fed Chair
- Weak earnings from Mag7, incl. Microsoft –10%
- A brutal metals correction – silver –40% in 3 days
Wintermute believes the market is entering a phase of unstable price discovery with elevated volatility. Sustainable upside will likely require:
✅ Positive Coinbase premium
✅ ETF flows turning back to inflows
✅ Stabilization in futures basis rates
Until then expect chop, volatility, and patience tests.