TechFlow reported on February 19 that, according to a report by Matrixport analyst Markus Thielen, despite recent liquidations in Bitcoin and Ethereum reaching a high of $600 million, the market has demonstrated notable resilience, with prices stabilizing at support levels. This contrasts sharply with the extreme volatility triggered by liquidations during the 2020/2021 bull market.
The report highlights that overall market leverage is currently low, traders are adopting more cautious stop-loss strategies, and market confidence has strengthened—factors potentially linked to the U.S. Securities and Exchange Commission (SEC) approving spot Bitcoin exchange-traded funds (ETFs). Analysis indicates that the risk of Bitcoin collapsing to zero is now minimal, and the downward pressure from liquidations remains relatively limited.
