February 11, 2026 In a sharp reversal that erased all gains made since Donald Trump’s 2025 election win, Bitcoin tumbled dangerously close to US$60,000 last week. Though the digital asset clawed back to around $68,000 by Friday, the plunge has rattled retail and institutional investors alike, with some analysts now forecasting a collapse to zero.
Pivotus Partners strategist Richard Farr didn’t mince words, posting online that Bitcoin’s fundamental trajectory now points to “0.0.” Far from hyperbole, Farr claims the numbers simply don’t justify Bitcoin’s valuation anymore, especially in a tightening economic environment.
He doubled down on Substack and LinkedIn, saying Bitcoin now tracks more like a speculative Nasdaq stock than a safe-haven asset. Echoing “Big Short” legend Michael Burry, Farr warned of a looming “death spiral,” citing declining liquidity, worsening U.S. job numbers, and an exodus of capital from risky assets.
Farr also took aim at the influence of Bitcoin mega-holders like Michael Saylor and questioned whether any serious central bank could ever treat Bitcoin as a reserve asset. “…No serious central bank will ever own something where Michael Saylor controls the float,” he said.
And on environmental grounds, Farr dismissed the token’s green credentials altogether, calling it damaging by design due to its intense energy and water use.
As prices tumbled, crypto miners found themselves in an economic chokehold. Winter storms have driven up electricity costs, forcing smaller operations to shut down. This adds further pressure on Bitcoin’s support levels, since miners often act as reluctant sellers during downturns, offloading tokens to stay afloat.
Farr noted that this could accelerate the downward trend. “We think we are only in the early innings of the crypto correction,” he wrote, warning that environmental concerns and market volatility could keep institutional money on the sidelines for the foreseeable future.
For a token known for its volatility, this week’s price action was brutal even by crypto standards. Deutsche Bank analyst Marion Laboure observed that traditional investors are cooling on crypto. “This steady selling in our view signals that traditional investors are losing interest, and overall pessimism about crypto is growing,” she wrote.
FG Nexus CEO Maja Vujinovic added that Bitcoin no longer trades on excitement or narrative. “…It is trading on pure liquidity and capital flows,” she said, implying the emotional fervour that once drove price rallies has given way to cold market mechanics.
With gold prices also slumping and futures markets growing more volatile, some see the collapse of crypto as a broader sign of risk-off sentiment across speculative asset classes. In this context, Bitcoin’s volatility, once seen as a badge of honour, is increasingly viewed as a liability.
