Bitcoin Slips, Panic Spreads, Billions Vanish

On February 6,  Bitcoin fell to $60,000:  its weakest moment since September 2024. It later regained composure at $65K–$68K, but the damage was done. Ethereum dipped to $1,756. Solana slid to $70. BNB followed, quietly bruised. In one day, $2.59 billion was wiped out in forced liquidations, most of it from overconfident longs who thought gravity was optional.

Gainers & Losers

While most of the market struggled, a few smaller tokens managed to break away from the trend.

Over the past seven days, Power (POWER) surged by 92%, driven by renewed speculative interest. pippin (PIPPIN) and Atletico Madrid Fan Token (ATM) followed closely, climbing 130% as traders rotated into higher-risk plays.

Not everyone was so fortunate, though. Tranchess (CHESS) suffered a sharp 64% decline, weighed down by heavy selling and fading momentum.

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What Shaped the Market

Axie Reinvents Itself

Axie Infinity is introducing bAXS, a new token fully backed by AXS and designed for use across its ecosystem. Developed by Sky Mavis, bAXS will be airdropped to users staking at least 10 AXS.  100,000 bAXS will be distributed , weighted by Axie Score and staked holdings. Players of the upcoming game Terrariums will also receive allocations.

Ripple Adds Hyperliquid to Its Institutional Stack

Ripple Labs has integrated Hyperliquid into its institutional prime brokerage platform. It’s a clear signal that  on-chain trading is moving further into professional finance . Hyperliquid has gained attention recently after hitting record open interest, driven by rising interest in commodities-linked trading and its planned prediction market features.

Is Vitalik Losing Confidence in ETH?

Vitalik Buterin’s wallet activity is raising eyebrows. According to Lookonchain, the vitalik.eth address  sold 2,961.5 ETH over three days , averaging $2,228 per token, about $6.6 million in total.

The selling began around February 5 and hasn’t slowed down yet. Whether this is routine portfolio management or a signal of caution, the market is watching closely, and pressure remains.

Will the Market Recover?

Vincent Liu of Kronos Research called it a “perfect storm”:

• too much leverage
• money slipping out of ETFs
• investors suddenly remembering the real world exists

This was emotional selling at scale: the kind that feels personal, even when it’s mathematical. Bitcoin’s capitulation spiked like a bad text you can’t unsend. For now, recovery depends on one thing: holding $58K–$60K and waiting for calm to feel believable again.