Bitcoin dives below Strategy’s cost basis as ETF flows flip and liquidation pressure builds
NEW YORK, Feb 4, 2026, 13:34 (EST) Bitcoin dipped to roughly $73,000 on Wednesday, dragging Strategy’s massive bitcoin holdings below their average buy-in. Shares of the firm, once MicroStrategy, plunged sharply as a result. The shift comes amid a stress test for the “bitcoin treasury” strategy — where public firms and funds that grabbed bitcoin during the 2025 rally are…