On February 6, 2026, the cryptocurrency market continued its bearish trend, with Bitcoin falling 1.63% to $73,706. Ethereum also fell 1.45% to $2,177. Most major altcoins declined, with Ripple (-1.79%), Solana (-4.84%), BNB (-5.36%), and Dogecoin (-1.20%) among the decliners, while Tron (+0.12%) and Bitcoin Cash (+2.01%) saw slight gains. The total market capitalization was $2.5068 trillion, with Bitcoin's market share at 58.79% and Ethereum's at 10.50%.
The total cryptocurrency trading volume over the past 24 hours was $168.8 billion, with derivatives trading volume reaching $1.5478 trillion, a 15.11% increase from the previous day. Conversely, stablecoin trading volume decreased by 9.34% to $166.6 billion, showing a contrasting trend. The DeFi market rebounded slightly, rising 0.44% to a market capitalization of $62.5 billion and a trading volume of $16.5 billion.
During the same period, a total of $316.01 million worth of leveraged positions were liquidated, 81.88% of which were long positions. Bybit liquidated approximately $80.65 million, Hyperliquid liquidated $63.21 million, and Binance liquidated $56.03 million. Bitcoin liquidations reached $804.67 million, Ethereum liquidated $325.7 million, and Solana liquidated $84.3 million.
In addition to liquidating high-risk positions, the market is showing signs of increased institutional selling. A series of large transactions have occurred, including 200 million USDT from anonymous wallets to Bitfinex, 2,391 BTC to Coinbase institutional accounts, and 78,218 ETH moving externally. Furthermore, a net outflow of 7,925 BTC from Bitcoin ETFs and 37,809 ETH from Ethereum ETFs raises suspicions of selling pressure.
On the policy front, the U.S. Treasury Secretary emphasized the imperative to pass cryptocurrency legislation this year, and Gemini Exchange announced plans to lay off up to 25% of its global workforce. With market trends and increased volatility intertwined, risk management for short-term adjustments is crucial.
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