Bitcoin (BTC-USD) fell below $65,000 on Thursday as the cryptocurrency's steep decline from October 2025 highs continues. During the 2026 Bitcoin Investor Week conference, 50T Funds founder Dan Tapiero told Yahoo Finance that traders are experiencing a capitulation moment similar to past crypto market crashes.

Tapiero suggested the market may need another negative catalyst to force capitulation, comparing the current situation to the FTX collapse. He noted that the sharp decline accelerated after a flash crash on October 10th, with some entity still liquidating positions. The veteran hedge fund manager emphasized that such flash crashes are normal in both traditional and crypto markets.

Tapiero observed that retail investors are increasingly questioning Bitcoin's viability, with some asking if it could go to zero. He argued that this growing skepticism represents the capitulation moment needed before a potential recovery. The market veteran's comments highlight the psychological shift occurring among Bitcoin investors as they reassess the cryptocurrency's long-term prospects amid ongoing price pressure.