QCP: BTC breaks below key level, triggering long liquidation; mining companies under pressure and ETF basis liquidation reshape market landscape.

PANews reported on February 23 that QCP Group's latest report indicates that with Bitcoin prices still significantly lower than average mining costs, mining companies are facing pressure, prioritizing liquidity over hoarding strategies. Bitdeer's liquidation of its Bitcoin reserves serves as the latest signal of miners reducing risk and partially shifting towards the AI ​​sector.

Bitcoin fell below $65,000 in early trading today, triggering approximately $230 million in long liquidations. The market was under pressure as it digested the risk of a new round of tariffs, with US President Trump's move to raise global tariffs from 10% to 15% further exacerbating the cooling of macro risk appetite. However, the market is not entirely bearish; the current liquidation chain reaction is significantly milder than earlier this year, and the market's reaction to news has been more restrained. While the options market is still pricing in downside risk, indicating a cleaner positioning structure, ETF fund flows appear more like basis trading liquidations rather than a complete withdrawal, reflecting an adjustment in the funding structure rather than a complete exit from the market.