Crypto-specific stress or broader cross-asset de-risking?
Greg Cipolaro and Khoa Le
February 17, 2026
NYDIG’s Global Head of Research Greg Cipolaro and Senior Trading Specialist Khoa Le examine the recent bitcoin drawdown and assess whether the move reflects crypto-specific stress or broader cross-asset de-risking. In a “whodunit” mystery style exploration, they analyze derivatives conditions, funding and basis markets, and systemic dislocations to find the culprit. The discussion explores volatility spillovers from commodities into bitcoin, the role of multi-strategy and quantitative funds in driving cross-asset correlation shocks, and how portfolio-level risk reduction can pressure BTC despite stable market plumbing. They discuss what true capitulation might look like, key levels to watch, and the evolving risk framework around leveraged corporate holders.
Video: NYDIG Bitcoin Update Episode 7
Play Time: 00:00 - 12:58
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