Derivatives Data

Glassnode highlights the disparity between Bitcoin's calm price consolidation and a tense options market, showing rising implied volatility and increased protective trading. As traders position defensively, the market becomes vulnerable to significant price movements, especially if it breaks the $65,000–$73,000 range.

_High IV and ETF outflows signal caution despite early dip-buying attempts._ The crypto assets saw another large options expiry on Friday as the market weakness continues. As per onchain reports, roughly $2.9 billion in Bitcoin and Ether contracts expired as prices remained under strain.

ChainCatcher reports that, according to Coinglass data, if BTC drops below $65,621, the total long liquidation strength on major CEXs will reach $1.322 billion. Conversely, if BTC breaks above $72,446, the total short liquidation strength on major CEXs will reach $511 million.

ChainCatcher message: According to Coinglass data, if ETH drops below $1,951, the total long liquidation strength on major CEXs will reach $612 million. Conversely, if ETH breaks above $2,156, the total short liquidation strength on major CEXs will reach $271 million.

Notably, liquidation data confirms that most high-leverage long positions on HYPE were already cleared during the recent decline. However, liquidity heatmaps show price consistently moved through dense leverage zones, indicating structured liquidation rather than sudden volatility.

The cryptocurrency market has recently seen significant buying activity, with Bitcoin briefly surpassing $69,000, reaching a high of $69,280; Ethereum also broke through $2,050, currently trading at $2,045. In the past 24 hours, the market experienced nearly $340 million in liquidations, with both longs and shorts being wiped out.

Odaily Planet Daily reports that Coinglass data shows that in the past 1 hour, the total liquidation across the network was $103 million, including $99.52 million in short liquidations, $5.26 million in long liquidations, as well as $56.36 million in BTC liquidations and $31.02 million in ETH liquidations.

2026-02-13 15:00 to 15:15 (UTC), BTC recorded a +0.93% return within a 15-minute window, with the price ranging between $67,184 and $67,803, showing a clear short-term upward trend. During this period, trading volume slightly increased, market attention grew, and overall volatility remained at an average level, reflecting a warming of investors' risk appetite. The main drivers of this movement are sustained loose macro liquidity and increased institutional buying. Influenced by expectations of a Federal Reserve rate cut, the expansion of global M2 has driven a stronger willingness to allocate risk assets. Meanwhile, the US Bitcoin E

Recently, Bitcoin has been consolidating between $65,000 and $73,000. The options market shows defensive characteristics, with open interest increasing, implied volatility rising, and market expectations of greater future price fluctuations. The skew of put options is increasing, but the market liquidity structure is gradually balancing.

ChainCatcher Message: According to Coinglass data, if BTC drops below $63,871, the total long liquidation strength on major CEXs will reach $1.405 billion. Conversely, if BTC breaks above $70,567, the total short liquidation strength on major CEXs will reach $968 million.

Foresight News reports that according to CoinAnk data, in the past 24 hours, the entire network experienced liquidations of $202 million, with long positions liquidated at $145 million and short positions at $57.0284 million. Among them, Bitcoin liquidations amounted to approximately $86.7049 million, and Ethereum liquidations were about $38.2828 million.

ChainCatcher reports that, according to Coinglass data, if ETH drops below $1,861, the total liquidation strength of long positions on major CEXs will reach $857 million. Conversely, if ETH breaks above $2,054, the total liquidation strength of short positions on major CEXs will reach $810 million.

On February 13, Bitcoin's price volatility significantly accelerated after months of sideways trading, entering a high-risk zone. On-chain data shows that between February 5 and 6, Bitcoin first plummeted 14.3%, then quickly rebounded 12.2%, forming intense fluctuations in a short period, with both longs and shorts experiencing large-scale liquidations. Statistics from Alphractal indicate that 30-day and 180-day volatility have risen simultaneously. Such scenarios often occur after a prolonged period of low volatility, suggesting that the market may be shifting from "consolidation" to "rapid directional movement." For high leverage traders, this back-and-forth price movement greatly increases liquidation risks.

Bitcoin is experiencing a bearish trend, trading around $66,381 after a volatile session. Despite oversold RSI levels suggesting a potential rebound, the prevailing negative momentum and high liquidation data indicate uncertainty ahead, with resistance from moving averages.

Odaily Planet Daily reports that on-chain analyst Ai Yi has monitored that the top 3 addresses with the largest short positions in Hyperliquid BTC (0xd62…b7d91) have an unrealized profit of $2.434 million. Since February 2, this address has been shorting BTC and currently holds a short position 40 times larger than 278.76 BTC, worth approximately $18.51 million, with an average opening price of $75,150.5.

Daily Market Highlights and Trend Analysis, produced by PANews. 1. Market Observation The current macro market is experiencing a profound confidence crisis triggered by AI, with the narrative shifting from "AI frenzy" to "AI panic." Investors are no longer focused on who will benefit but are instead worried about which industries will be disrupted and replaced. On Thursday, financial markets experienced a broad sell-off, with US stock market capitalization evaporating by $1 trillion. Cisco plummeted 12% after releasing weak profit margin guidance. The Nasdaq dropped over 2%, the S&P 500 declined 1.57%, breaking below the 50-day moving average, and the Dow Jones Industrial Average fell below 50,000 points. The seven tech giants all declined, with Apple dropping over 5%, losing approximately $202 billion in market value in a single day. Amazon's stock price, after eight consecutive days of decline, officially entered a technical bear market on Thursday, down 21.4% from its high. Industry insiders expect NVIDIA's February 25 earnings report to become an important event in the AI field.

Greeks.live posted a message on the X platform: 38,000 BTC and 215,000 ETH options settled, the market continues to decline, and confidence remains weak. Put options dominate, accounting for 9% of the total positions, and implied volatility has decreased. Although some bottom-fishing behavior has appeared, the market remains in a bearish phase, and it is too early to discuss a bull market.

According to Coinglass data, if Bitcoin falls below $64,000, the liquidation strength of long positions on mainstream CEXs will reach $898 million. Breaking through $69,000 will result in short position liquidations reaching $1.417 billion. The liquidation chart shows the relationship between liquidation strength and price movements.

On February 13th, 38,000 BTC options and 215,000 ETH options will expire. The Put-Call Ratios for BTC and ETH are 0.71 and 0.82, respectively. The crypto market continues to decline, with market confidence remaining low. However, put options still dominate, and some bottom-fishing activity has appeared. The bear market is still ongoing.