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BTC $67,789.78 -1.02%
ETH $2,044.22 -1.14%
BNB $633.14 +0.70%
XRP $1.42 -4.56%
SOL $81.67 -4.53%
TRX $0.2795 -0.47%
DOGE $0.0974 -3.83%
ADA $0.2735 -4.22%
BCH $486.43 -3.06%
LINK $8.64 -2.97%
HYPE $28.98 -1.81%
AAVE $122.61 -3.42%
SUI $0.9138 -6.63%
XLM $0.1605 -4.62%
ZEC $260.31 -8.86%

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Analyst: Leverage liquidation dominates this round of decline, with $60,000 being a key support area for Bitcoin

Presto Research Associate Researcher Min Jung stated that Bitcoin's drop below $63,000 seems to reflect a broad deterioration in cryptocurrency market sentiment rather than a single fundamental catalyst. In the short term, macro headlines, particularly those surrounding tariffs and resurfacing geopolitical uncertainties, are exacerbating the risk-off sentiment towards digital assets.Jung added, "It is noteworthy that even as traditional risk assets remain relatively resilient, cryptocurrencies have performed poorly recently. This divergence suggests that the sell-off is not purely driven by macro factors, but also reflects weak marginal demand, thinning liquidity conditions, and ongoing deleveraging within the crypto-native market."Bitrue Research Director Andri Fauzan Adziima stated, "We have seen massive long liquidations, with hundreds of millions evaporating, funding rates remaining negative, a sharp decline in open interest, and the futures market clearly leaning bearish. Short-term holders are suffering significant losses, but long-term holders have not yet begun large-scale selling; on-chain HODL signals indicate that some are quietly accumulating during this strategic de-risking process."Adziima pointed out that the $60,000-$63,000 range is a key support area for Bitcoin. If the price can hold steady at or above this level, the market may benefit from the damage caused to shorts by negative funding rates, creating conditions for a classic "squeeze after a washout." The analyst added that potential easing of macroeconomic conditions or a return of ETF funds could further support this trend.Adziima stated that, on the other hand, if it falls below $60,000, in the worst-case scenario, an accelerated chain liquidation due to worsening macro conditions could open the door to a drop towards the mid-$55,000s or even as low as $47,000. Adziima remarked, "At that point, we might ultimately force some long-term holders to capitulate, turning this into a deeper bear market extension before the true cycle bottom arrives."

Analysis: If ETH breaks through the key neckline, it is expected to rebound to the $2500 range

According to Cointelegraph, despite ETH's cumulative decline of about 20% and briefly falling below the psychological level of $2,000, on-chain data and derivatives structure indicate that the market is brewing a potential rebound.On-chain data shows that over 2.5 million ETH flowed into long-term holding addresses in February, with the holdings of related addresses increasing from 22 million to 26.7 million since 2026. At the same time, approximately 37.22 million ETH (accounting for over 30% of the circulating supply) is currently staked, leading to a continuous contraction of the circulating supply. The network's fundamentals have also significantly improved, with weekly transaction numbers reaching a historical high of 17.3 million, and the median Gas fee dropping to $0.008, a decrease of about 3,000 times from the peak in 2021.On the technical side, ETH's 4-hour chart may be forming an "Adam and Eve bottom" reversal pattern. If the price effectively breaks through the neckline at $2,150, the theoretical target range points to $2,473--$2,634. If it loses the recent high-low structure, $1,909 will be a key short-term liquidity level.In terms of derivatives, the open interest in ETH has decreased to $11.2 billion, significantly down from the cycle high of $30 billion in August 2025, but the estimated leverage ratio remains at a relatively high level of 0.7. Data shows that approximately 73% of accounts are in a long position; the liquidation heatmap indicates that there is over $2 billion in short liquidation pressure above $2,200, while the liquidation scale for long positions around $1,800 is about $1 billion, with a relatively higher risk of short squeezes above.Analysts believe that if ETH can achieve an effective breakout above $2,150, it may open up upward space in the short term, targeting the $2,500 level.

Gate connects with the global ecosystem at Consensus HK for three days, Dr. Han's keynote speech deepens cooperation consensus

According to official news, the globally leading crypto asset trading platform Gate held a high-end industry exchange event during Consensus HK, continuously strengthening its role as a connector and its industry influence in the global Web3 ecosystem.Dr. Han, the founder and CEO of Gate, delivered a keynote speech on the main stage of the conference, sharing Gate's practical experiences in globalization, compliance, and Web3 infrastructure. This speech highlighted Gate's position as an industry link, demonstrating that Gate is promoting cooperation and implementation in the global Web3 ecosystem with a more open attitude. During the three days of Consensus HK, Gate also organized multiple exchange activities around core topics such as investment, technology, and institutional collaboration, facilitating deep cooperation among different circles and ecological roles.On February 10, Gate Ventures hosted the dinner "Gate Ventures Executive Dinner: The Convergence," gathering several industry leaders to discuss the global value chain. On February 11, Gate held a reception for a broader range of industry participants, focusing on cutting-edge topics such as AI, Web3, and RWA, sparking collisions and interactions of diverse viewpoints. On February 12, Gate held "Gate Institutional Circle: CrossEx · Next-Gen Cross-Exchange Trading Infrastructure," featuring thematic sharing, roundtable discussions, a dinner, and an awards ceremony to engage in deeper industry dialogue.By concentrating its layout at this important industry node of Consensus HK, Gate plays a key role in connecting capital, technology, and application ecosystems, further consolidating its participation and influence in the global Web3 ecosystem.
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