Bitcoin Plunge Looms Death Spiral: XBT-USD跌破73K, MSTR at Risk

Bitcoin plunged into a potential "collateral death spiral," per Michael Burry, as the asset's speculative nature and lack of fundamental value could trigger broader financial stress. On February 04, 2026, Bitcoin briefly fell to $72,000 after hitting $76,036, and by 8:00 a.m. Taipei time on February 05, it reached $73,475.46, a 2.98% drop in 24 hours. Burry warned a further 10% decline could inflict数十亿 (billions) of dollars in paper losses for crypto vaults like MicroStrategy (MSTR-US), severely hampering its ability to raise capital, and could push miners toward bankruptcy. The decline may also drive off-balance-sheet metal traders to unwind tokenized gold and silver futures, creating a "collateral death spiral" that could pressure physical precious metals and broader markets.