Behind the volatility in crypto: Bitcoin hovering around $69,000, ethereum near $2,000
Watch on YouTube ↗  |  February 10, 2026 at 15:59 UTC  |  6:36  |  CNBC
Speakers
Mackenzie Sigalos — Crypto Reporter/Analyst, CNBC
Andrew Ross Sorkin — Anchor, CNBC

Summary

  • Bitcoin has "round-tripped" all gains since the re-election of Donald Trump, currently hovering around $69,000 with Ethereum near $2,000.
  • The sell-off is driven by three structural failures: Spot ETF outflows ($5B net selling), the breakdown of the "Treasury Trade" (MicroStrategy), and Bitcoin acting as a liquidity source rather than a hedge during risk-off events.
  • A critical "floor" exists at $60,000, which represents the average cost of production for miners; a drop below this level threatens miner solvency and network stability.
Trade Ideas
Ticker Direction Speaker Thesis Time
MSTR
AVOID Mackenzie Sigalos
Crypto Reporter/Analyst, CNBC 		The "flywheel" strategy—issuing stock to buy Bitcoin to boost share price—has broken. Previously, MSTR traded at a premium to its Bitcoin holdings. Now, the stock trades *below* the value of its Bitcoin. This prevents the company from efficiently raising capital to buy more BTC. Additionally, the company faces a massive unrealized loss ($17B+) and has long-dated debt maturing next year. MSTR posted a $17B+ unrealized loss; stock trading at a discount to NAV (Net Asset Value). If confidence erodes further, MSTR may be forced to sell Bitcoin to service debt or pay dividends, adding massive sell pressure to the market. —
BTC
NEUTRAL Mackenzie Sigalos
Crypto Reporter/Analyst, CNBC 		Bitcoin is trading around $68k-$69k, having erased post-election gains. The market is seeing heavy selling from ETFs and a lack of new money. The asset is currently trapped between selling pressure and a structural floor. * Bearish Pressure: ETFs have shifted from buying to selling ($5B outflows in 3 months). Holders are underwater (average cost basis ~$90k), creating "overhead supply" where investors sell rallies to break even. * The Floor ($60k): This is the breakeven price for miners. Below $60k, miners stop selling because they go out of business, or they hold to survive, reducing supply. $5B net outflows from ETFs; 10x Research notes ETF holders are down ~31%. A break below $60k could trigger a "death spiral" where miners shut down, reducing network security and forcing liquidations. 0:10
BITCOIN MINERS
WATCH Mackenzie Sigalos
Crypto Reporter/Analyst, CNBC 		Miners are the primary source of marginal selling pressure right now as they sell coins to keep lights on. With Bitcoin near their production cost ($60k), miners are in survival mode. They are immediately selling mined Bitcoin to service debt. Some are pivoting to "High Performance Computing" (AI) to survive. Production cost cited at $60k. If BTC drops below $60k, widespread bankruptcies and industry consolidation will occur. 3:58