Bitcoin whales and ETFs are baling out of the market; UBS warns ‘crypto is not an asset’

First, the good news. Bitcoin ticked up 5% this morning to $65.9K per coin.

That’s it. That’s all the good news about Bitcoin today. Everything else is bad news. The original cryptocurrency has lost 50% of its value, peak to trough, falling from a high of about $125K per coin in October 2025 to its low yesterday of $61.3K.

Shares in Strategy, Michael Saylor’s “Bitcoin treasury company,” which offers investors exposure to Bitcoin via its stock, fell 17% yesterday and are down 75% from their peak last year.