Summary of Views on the Current Downtrend: The market no longer believes in the existence of a "bear market," expecting a more moderate and limited decline in the current downtrend. It is advised to consider initial buying opportunities around $60,000-70,000.

On February 2, the crypto market extended losses, with Bitcoin dropping to a low of $74,604, Ethereum sliding to $2,166, and Solana (SOL) falling below $100 for the first time in ~300 days. Spot gold and silver also lost momentum—gold dipped below $4,500/oz, silver under $74/oz—while U.S. stock index futures and Japanese/South Korean equities traded lower simultaneously. The crypto market failed to stage the expected "capital inflow-driven" rally. Below are key takes from industry figures compiled by BlockBeats: - **Tom Lee** (podcast): The crypto market is in a bear phase with heavy short-term pressure; Ethereum’s $2,400 bottom has already been breached. - **Raoul Pal** (Real Vision co-founder/CEO): During the 1011 flash crash, centralized exchanges (CEXs) passively absorbed ~$10B in assets. The market’s subsequent weakness stems from CEXs algorithmically offloading that inventory daily during U.S. stock market open to liquidate gradually. He expects this selling pressure to "digest" by late February; once cleared, Bitcoin will rebound quickly. - **Cathie Wood** (ARK founder): Hinted at a Bitcoin rebound, noting BTC, ETH, SOL, and even Hyperliquid could be solid diversification targets. Since early 2020, BTC’s correlation with gold is just 0.14 (extremely low). Notably, gold led BTC’s price action in Bitcoin’s last two major bull cycles. - **Ki Young Ju** (CryptoQuant CEO): BTC keeps falling due to sustained selling pressure and no new capital inflows. A 70% crash (like past cycles) won’t happen unless Michael Saylor dumps his holdings en masse. The current bottom is unclear, but this bear market may trade in a wide consolidation range. - **Benjamin Cowen** (Into The Cryptoverse CEO): The 2023-2025 bull market is over; 2026 will be a "digestion phase" or bear year. He sees BTC continuing to drift lower, with the bear trend lasting at least until mid-2026 (possible bottom in summer/Q3-Q4). Targets include testing the 200-week moving average (200WMA) around $60k-$70k. This bear market’s decline will be slower and milder (no 70-80% drops) because the top formed in a subdued market, not extreme frenzy—but 2026 is still a bear year. - **Qiao Wang** (Alliance co-founder): He’s mentally prepared for BTC to drop to $30k-$40k but isn’t predicting that. He’ll start dollar-cost averaging (DCA) if BTC hits $60k-$70k; if it falls to $30k-$40k, he’ll go all-in. - **Eugene Ng Ah Sio** (renowned trader) & **Vida** (Formula News founder): Both bought the dip earlier but announced on Feb 1 they hedged and exited positions.