Bitcoin and $ARKW peaked on the exact same date.
Meanwhile, your favorite guru is still talking about idiosyncratic Bitcoin/crypto risks since the leverage liquidation event on October 10th.
WAKE UP.
It's just risk appetite -- which has been waning for months.

Twitter

The release of this new regulation marks a historic leap in the attitude of Chinese regulators towards virtual assets, shifting from a "complete ban" to a "combination of restriction and guidance."

Article Author & Source: Guofeng Law Firm On February 6, 2026, the "Notice on Further Preventing and Handling Risks Related to Virtual Currencies" (Yinfa [2026] No. 42, hereinafter referred to as "Document No. 42"), jointly issued by eight ministries led by the People's Bank of China, and the "Regulatory Guidelines on the Issuance of Asset-Backed Securities Tokens Overseas by Domestic Assets" (hereinafter referred to as the "Guidelines") simultaneously issued by the China Securities Regulatory Commission, have triggered significant reactions in the legal and financial circles...

Breaking News! The Year of China's RWA: A Compliant Channel Opens for Trillions of Yuan in Domestic Assets to Go Global

BitMEX co-founder Arthur Hayes wrote that the recent Bitcoin crash may stem from traders' concerns about IBIT (BlackRock) […]
The article, "Arthur Hayes Speculates on BTC Crash Cause: 'Institutional Hedging Operations': IBIT Options Explode $900 Million," was originally published on BlockTempo, the most influential blockchain ABMedia media.

Arthur Hayes speculates that the reason for the BTC crash is "institutional hedging operations": IBIT options saw a surge of $900 million.

Unusual trading in BlackRock’s bitcoin ETF, iShares Bitcoin Trust (IBIT), has led traders to speculate that this week’s sharp Bitcoin drop may have been triggered by one or more Hong Kong–based hedge ...

Bitcoin Selloff Sparks Hedge Fund Speculation Around BlackRock ETF

How can we prove that risk appetite peaked in October & November 2025?
It doesn't even take much effort...
Look at growth stocks relative to value stocks (VUG/VTV):

Then look at consumer discretionary vs. staples (XLY/XLP):

Then look at small cap growth vs. small cap value (IWO/IWN):

Then look at $ARKK vs. U.S. Treasuries (ARKK/TLT):

Not only have these charts all been correlated for months, quarters, and even years, but they all peaked at almost the exact same time.
Is Bitcoin's idiosyncratic risks affecting demand for ARKK relative to TLT?
Of course not!
So why did they peak together?
Risk appetite.

You can even look at mega-cap software $IGV:

This is indisputable evidence that the "10/10/25 liquidation event" argument is complete bullshit.
The people telling you that's the reason for Bitcoin & crypto's poor price action are either lying to you or they are ignorant.
I don't know which is worse...