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Bitcoin has broken below the $63,000 mark, trading at $62,945 late Tuesday.
The largest cryptocurrency has now extended a brutal month-long correction that has seen the world’s largest cryptocurrency shed nearly 50% of its value since its October 2025 highs.
Adoption vs. price action
In a recent interview with the Charles Schwab Network, John Haar, Managing Director of Swan Bitcoin, addressed the confusion plaguing investors who are watching institutional adoption rise while prices crater.
"I think we do have to just be honest about the fact that most people did not predict a 50% price decline," Haar stated. "It is a frustrating environment, I would say, for any Bitcoin believers because there are so many positive underlying adoption events under the surface."
Haar pointed to massive institutional inflows that seemingly contradict the bearish price action.
"Whether it's Harvard owning half a billion dollars worth of Bitcoin, whether it is Middle Eastern sovereign wealth funds owning a similar amount of Bitcoin, [or] whether it is Vanguard opening the door to their clients to purchase the Bitcoin ETFs after they held out for a long time," Haar noted. "There are all these big things happening that we really wouldn't have believed a few years ago if you would have told us."
The main culprit
When asked why the price is moving inversely to this good news, Haar pinned the blame on the derivatives market rather than spot selling.
"I think a lot of participants in Bitcoin, whether I like it or not—and I don't like it—they are very leveraged speculative traders," Haar explained. "If their bets are not correct in a short period of time, then leverage can cause things to unwind more dramatically and move pretty forcefully."
Haar suggests that the rapid descent from the $127,000 highs was a result of these leveraged players getting caught offside and being forcibly liquidated. However, he remains bullish on the long-term trajectory, noting that Bitcoin's "floors" keep rising.
"It was roughly three and a half years ago that Bitcoin was crashing to $16k. Before that, Bitcoin crashed to $3k. Now it's crashing to $65k," Haar said. "I think in a few years it will crash to a higher number."
Why $60,000 is critical
As reported by U.Today, venture capitalist Vinny Lingham warns that the true line in the sand sits slightly lower. According to Lingham, the $60,000 mark represents the difference between a recovery and a total market capitulation.
Specifically, he warned that MicroStrategy (MSTR), the largest corporate holder of Bitcoin, could see its stock price drop below $100 in such a scenario.
Dan Burgin
Vladislav Sopov