In January, a severe winter storm across the United States led many Bitcoin mining firms to scale back power consumption, sharply reducing output. CryptoQuant data indicates that publicly traded miners' daily production, usually around 70–90 BTC before the storm, fell to roughly 30–40 BTC at the height of the disruption. As conditions improved, production partially recovered, suggesting the curtailments were temporary and largely voluntary.

As global investors reassess US exposure amid a softer dollar and shifting real yields, this analysis argues Bitcoin can function as a macro alternative when conditions align. It outlines four channels—financial conditions, real yields, hedging costs, and crypto leverage—while warning that leverage-led moves are fragile and snapbacks can quickly unwind gains.

On February 1, 2026, Bitcoin slid toward the 77,000 dollar area, testing a key support after several weeks of declines. The 24 hour snapshot showed BTC at 77,028 dollars, down 0.98 percent. Michael Saylor hinted at continued accumulation and said Strategy would not be liquidated even if prices fall further.

Hours after the firm's Bitcoin position briefly went below cost on Sunday, Michael Saylor posted "More Orange" on X, hinting at further accumulation. According to data released Sunday, Strategy holds 712,647 BTC at an average cost of $76,038, after price touched about $75,500. An analyst said unsecured debt and cash reserves help limit near‑term leverage risk.

Bitcoin traded below $79,000 as Coinbase and Glassnode reported that leverage was purged in the fourth quarter of 2025. The firms highlighted rising realized price, stable profitability, and a 1.5 MVRV ratio entering 2026.

On 1 February 2026, Bitcoin extended its decline toward the $77,000–$78,000 support area, with technical indicators showing oversold conditions and weakening momentum. Strategy currently holds 712,647 BTC at an average cost of about $76,038, leaving the position slightly profitable near the latest trading levels around $77,600. Michael Saylor has hinted at the possibility of further accumulation as the market hovers just above the firm's cost basis after previously seeing its holdings valued above $80 billion near Bitcoin's $126,000 peak.

According to Bob Elliott of Unlimited Funds, the average dollar invested in BlackRock's iShares Bitcoin Trust turned negative following Friday's close, as Bitcoin fell into the mid-$70,000 range. CoinShares data for the week to Jan. 25 show nearly $1.1 billion in Bitcoin fund outflows and $1.73 billion across crypto funds, the largest weekly withdrawal since mid-November.

Bitcoin entered February 2026 about $45,000 below its cycle peak after a 10.1% January slide to roughly $78,700. Historical CryptoRank data show February delivered +13.4% average and +11.6% median returns, topping most months except April and October. Strategy's 712,647 BTC stack near $73,000-$76,000 is seen as a pivotal support zone for any rebound.