# Bitcoin Update: Navigating the Drawdown

**Pete Janney & Greg Cipolaro**  
**February 11, 2026**

In this episode of the NYDIG Bitcoin Update, Pete Janney and Greg Cipolaro examine bitcoin’s recent drawdown and the broader risk-off shift across digital and traditional markets. They discuss liquidation dynamics, leverage trends, derivatives positioning, and key technical levels that could signal a bottoming process. The conversation also explores altcoin underperformance, volatility conditions, and the role of bitcoin’s historical four-year cycles. Despite near-term uncertainty, they highlight continued institutional engagement, infrastructure buildout, and sustained interest in custody, tokenization, and stablecoins as evidence of crypto’s enduring structural momentum.

[Download](https://40697226.fs1.hubspotusercontent-na1.net/hubfs/40697226/Stone%20Ridge%202025%20Investor%20Letter.pdf) the full letter to print or read anytime.