Bitcoin (BTC) has faced a brutal market correction in early February 2026, dropping to sub-$60,000 levels for the first time since 2024. This decline has pushed market sentiment into 'extreme fear' territory, with analysts turning bearish. However, a contrarian view is emerging from institutional asset managers.
Jurrien Timmer, Director of Global Macro at Fidelity Investments, has publicly stated that he views the $65,000 price level as an "attractive entry point" for Bitcoin. Timmer suggests the sharp drawdown may be partially attributed to the market pricing in the potential confirmation of Kevin Warsh as the next Federal Reserve Chair.
Timmer's analysis highlights a divergence in asset performance, noting that gold has been outperforming Bitcoin. He predicts gold could maintain its lead until inflows into spot Bitcoin Exchange-Traded Funds (ETFs) resume. Charts shared by Timmer show BTC ETF inflows peaked in October 2025 and have since contracted, while gold and silver ETF flows have climbed as investors seek safe havens amid macroeconomic uncertainty.
This institutional perspective on Bitcoin's value proposition is echoed by veteran investor Mark Yusko, CEO of Morgan Creek Capital. In a separate commentary, Yusko emphasized Bitcoin's fundamental strengths, arguing that "Bitcoin has no back door" and cannot be secretly manipulated or controlled by governments due to its decentralized, open-source nature. He highlighted Bitcoin's fixed supply of 21 million coins as a key driver of its scarcity value, distinguishing it from gold and fiat currencies.
Despite the positive long-term thesis, the market remains cautious. Analysts at Bitwise, led by Andre Dragosch, warn that the drawdown may not be over. They note that while the market crash has not yet triggered massive ETF outflows, historically, sustained outflows have coincided with capitulation events. Data shows BTC held by ETFs has dropped by only 6.6% despite a price crash of over 50% since late 2025, indicating investor resilience.
At the time of reporting, Bitcoin was trading at $67,760.15, representing a 2.78% increase over 24 hours after rebounding from a low of $65,706.56. However, trading volume remained down nearly 40% at $88.67 billion, and options market data showed a persistently negative 25-Delta Skew, signaling that traders are still buying more protective puts than bullish calls.
