Unchained Why Bitcoin Is Down, Plus the Rare Bright Spot in Crypto: Hyperliquid
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Feb 6, 2026 Joshua Lim, Head of Markets at FalconX, is a trading and market-structure analyst. He breaks down why Bitcoin stalled, explores flow dynamics, dollar strength and comparisons with gold. He also spotlights Hyperliquid as a rare bright spot and discusses shifting market venues and where trading interest is heading.
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Quantum Risk Looms Over Bitcoin Allocations
- The 'quantum question' creates an institutional overhang despite being solvable technically.
- Asset allocators must weigh cryptographic risks when choosing Bitcoin versus gold.
Prolonged Range-Bound Market Ahead
- Expect a prolonged range-bound crypto market after last year's speculative excesses.
- Market structure improved with less leverage, but open interest and perp activity have contracted, reducing speculative demand.
NAV Losses Drain Crypto's Dry Powder
- Many new funds and equity vehicles raised capital and bought crypto, but now trade below NAV.
- That eliminates dry powder because managers can't easily sell shares to buy more tokens, limiting fresh inflows.