What to know:
- BTC’s rally from $65,600 is less “breakthrough” and more “whack-a-mole,” stuck in a pattern of lower highs and lower lows. Classic.
- $72,000 is the magic number now-because nothing says “trend reversal” like a price tag that makes you question your life choices.
- U.S. spot ETFs have lost 100,300 BTC ($6.8 billion) since October. That’s enough to buy a small island-or at least a really expensive yacht.
- Options traders are still paying a “panic premium,” liquidations hit $179 million, and altcoins are outperforming like they’re at a crypto cocktail party.
The crypto market narrowly avoided a full-blown meltdown Thursday, with Bitcoin rising 3.9% from a local low of $65,600. Progress, folks. Barely.
Prices ticked up overnight, with Bitcoin gaining 2%, Solana (SOL) doing its best influencer impression with 2.7%, and Ethereum (ETH) adding 1.2%. But let’s not get ahead of ourselves.
Bitcoin’s broader downtrend? Still intact. It’s like watching a rom-com where the leads keep arguing instead of just getting together. Lower lows and lower highs mean we’re back to square one, minus the gains from October 2025.
If Bitcoin wants to confirm it’s not a fraud, it needs to break above $72,000. Because nothing says “bullish shift” like a price level that’s basically a dare.
U.S. spot ETFs are throwing a pity party, having shed 100,300 BTC ($6.8 billion) since October. Yikes. That’s enough selling pressure to make even the most bullish analyst reach for the wine.
Derivatives positioning:
- Market dynamics are “stabilizing.” Translation: Don’t panic yet, but maybe hold your breath. Open interest hit $15.8 billion, and funding rates turned positive. Retail investors are back, apparently.
- Institutions? Still playing it cool, with a three-month annualized basis of 3%. They’re like the unshakable best friend who’s seen it all.
- Options traders are 51/49 in favor of calls. Slight optimism? Or just a group of people with too much time and caffeine?
- The one-week 25-delta skew is at 17%. Short-term backwardation? More like short-term anxiety. Traders are still paying through the nose for protection, because why not?
- $179 million in liquidations in 24 hours. Longs vs. shorts: 56-44. Sounds like a reality show finale.
- Binance’s liquidation heatmap points to $68,400 as a critical level. Watch that closely, or risk becoming the next viral meme.
Token talk
- Altcoins are the life of the party, with MORPHO up 12% and KITE adding 11%. Who needs drama when you can have 30-day rallies of 153%?
- DeFi tokens like Jupiter (JUP) jumped 3.6% after hitting a seven-day low. Resilience? Or just a midlife crisis?
- The CoinDesk Smart Contract Platform Select Index (SCPXC) gained 2.25%, closely followed by the Memecoin Index (CDMEME). Because nothing says “serious investment” like a cartoon dog token.
- The CoinDesk 20 (CD20) added 1% as majors played it safe. Altcoins, meanwhile, are the rebellious teens of crypto, thriving on chaos.
- Consolidation periods are altcoin’s playground. Why settle for Bitcoin when you can swing between 100 different tokens like a financial gymnast?
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2026-02-20 15:06