Between 14:30 and 14:45 UTC on March 3, 2026, Bitcoin experienced a significant decline, with a return of -0.99%. It fluctuated within the range of 66,366.6 to 67,576.7 USDT, with a volatility of 1.80%. Short-term volatility increased sharply, market attention surged, trading volume expanded accordingly, and overall sentiment turned cautious or even panicked.
The main driver of this movement was a decline in global macro risk appetite, with funds rapidly flowing into traditional safe-haven assets. Additionally, expectations of Federal Reserve rate hikes and geopolitical tensions contributed to liquidity tightening. On-chain fund flows contracted, stablecoin supply indicators declined, putting further pressure on Bitcoin prices. Moreover, inflows of BTC into exchanges increased, holdersâ willingness to sell grew, ETF fund outflows intensified, and signs of institutional capital withdrawal became evident. Technical indicators further weakened, with RSI briefly falling below 40 and MACD showing a negative crossover, accompanied by a surge in trading volume, reflecting panic selling and leveraged liquidations.
At the same time, liquidity migration between CEX and DEX showed structural divergence, with decentralized trading volume continuing to rise while centralized platform deposits decreased, exacerbating short-term liquidity gaps and volatility. Liquidation events in leveraged derivatives markets added downward pressure, with short-term forced liquidations amplifying. ETF outflows and profit-taking by institutions resonated, straining the capital chain. On-chain BTC inflows to exchanges and increased selling willingness further intensified market turbulence.
Currently, short-term liquidity risks and sharp price fluctuations should be closely monitored. It is recommended to focus on Bitcoin support and resistance levels, on-chain stablecoin supply, exchange fund flows, and macro news developments. Short-term risks are significantly elevated, so trading should be conducted with heightened sensitivity and risk management. Please continue to follow updates on market movements and on-chain fund dynamics.
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