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Transform Ventures CEO Michael Terpin says bitcoin could see ‘one more point of pain’

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Transform Ventures CEO Michael Terpin says bitcoin could see 'one more point of pain'

The current state of the crypto market is unfolding almost exactly as historical patterns would suggest, according to Michael Terpin, CEO of Transform Ventures

That’s why he was skeptical of recent overly optimistic bottom calls. “When people thought the bottom was going to be at $80,000 and that it would only be a six-week bear market, that seems ridiculous to me,” Terpin said at Consensus Hong Kong 2026 on Thursday.

Predictions that bitcoin would bottom at $60,000 and immediately resume its climb struck him as premature. “That also seems a little too soon.”

While he stopped short of forecasting another year-long drawdown, Terpin believes the market likely faces “one more point of pain” in what he describes as a fragile environment. He suggests bitcoin could revisit levels in the $50,000s or even the $40,000s before a durable bottom is formed.

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The halving is central to bitcoin’s design because it cuts the reward miners receive for validating transactions in half roughly every four years, reducing the rate at which new coins are created.

This built-in supply shock reinforces bitcoin’s scarcity, a core part of its value proposition, and has historically preceded major bull markets as reduced new supply meets steady or rising demand.

The halving mechanism slows bitcoin’s inflation rate over time, ultimately capping total supply at 21 million coins and reinforcing its positioning as digital gold.

“We are exactly where we should be,” Terpin argued, pointing to the well-established four-year cycle anchored around Bitcoin’s halving events.

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One of the most reliable elements of prior cycles has been the rough timing of the bubble peak and subsequent unwind, he argued.

“The bull market popped in the fourth quarter after the halving,” he notes, adding that the speculative blow-off phase typically lasts between nine and 11 months. “This time it was 11 months.”

Terpin draws a close parallel to the last cycle. “The highs, the bubble popping, were on Nov. 10, 2021,” he says. “The lows were right after FTX declared bankruptcy on Nov. 10, 2022. Exactly a year to the day.”

Read more: Crypto asset manager Bitwise says bitcoin will break its four-year cycle in 2026

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Square launches zero-fee Bitcoin payments for US merchants through 2026: Square

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Square launches zero-fee Bitcoin payments for US merchants through 2026: Square


Square is waiving processing fees for Bitcoin payments at US merchants for two years, with instant dollar conversion to reduce adoption barriers.

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$80M Hyperliquid Whale Bet Predicts Bitcoin Crash and Oil Rally

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$80M Hyperliquid Whale Bet Predicts Bitcoin Crash and Oil Rally

Key takeaways:

  • A Hyperliquid whale placed an $80 million bet against Bitcoin and the S&P 500 while going long on Brent crude oil prices.

  • The whale’s history of massive losses and inconsistent signals suggests the trade could fall on the wrong side of the market.

Bitcoin (BTC) showed strength on Wednesday, bouncing back from Tuesday’s $66,000 low after President Donald Trump teased a potential ceasefire in the US and Israel-Iran war. Even with Bitcoin trading above $68,000, one whale used Hyperliquid DEX to place an $80 million bet on a market collapse. 

Traders are now watching closely to see if this whale’s massive position signals a looming Bitcoin price drop.

Hyperliquid whale 0x94d373…c933814 position. Source: CoinGlass

The Hyperliquid whale, linked to address 0x94d373…c933814, carefully built this nearly $80 million leveraged position between Tuesday and Wednesday. The trade includes a $40 million short (sell) on Bitcoin futures near $68,760, a $2 million short on synthetic S&P 500 Index contracts, and a $37 million long (buy) in synthetic Brent oil contracts.

Crude Brent oil (left) vs. Bitcoin/USD (right). Source: TradingView

The whale’s aggregate position leverage stood at 7 times, indicating high conviction. The Bitcoin futures liquidation price was $80,083, while the Brent oil position would be forcefully terminated above $93. The timing of the trade is curious as S&P 500 Index futures gained 4% between Tuesday and Wednesday as traders anticipate the US and Israel-Iran war dissipating over the next few weeks.

On Wednesday, President Trump said “Iran’s New Regime President” is considering a “ceasefire,” although the conditions to fully reopen the Strait of Hormuz remain unknown. Iran demands reparations and sovereignty. Thus, one could assume that the Hyperliquid whale is counter-trading the market’s optimistic take, betting that Brent crude oil prices will jump while Bitcoin loses its value.

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This Hyperliquid whale previously lost $40 million

This address belongs to a particularly unlucky whale, or at least one who has been extremely unsuccessful since late January. The Hyperliquid whale apparently uses bots for execution, given the sheer number of small trades that build into huge positions, but it still managed to lose $37 million in its first month of activity in December 2025.

The same user was flagged by X user ‘lookonchain’ on Feb. 5 after taking a massive loss on leveraged bullish bets on Ether (ETH), Bitcoin, Solana (SOL), and XRP (XRP). 

Source: X/lookonchain

According to the analysis, the whale had previously made $25 million in profits from shorts in multiple cryptocurrencies, but decided to flip the position on Feb. 4, resulting in a $40 million loss. There is no way to know exactly what triggered this entity to place those bets, but the event proves that even whales can misinterpret the market.

Related: Warren Buffett bought $17B in US T-bills: A bad omen for Bitcoin price?

The erratic signals from President Trump regarding a potential full-on invasion and the war in Iran leave room for opposing views. Iranian Foreign Minister Abbas Araghchi denied there were talks for a ceasefire but confirmed to Al Jazeera on Tuesday that there was an intention to end the war, according to CNBC.

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Given the history of this whale’s market positioning and its track record of losing trades, it’s possible that the current $80 million bet may fall on the wrong side of the market.