Derivatives Data

Wintermute Market Report shows that BTC has recently failed multiple times to break through $70,000, with volatile price movements and thin liquidity. ETH has fallen below $1,900, with attention on the psychological level of $1,600. Institutional demand has not returned, market confidence is lacking, and trading activity is predominantly selling. Although high-net-worth investors have shown brief interest in some altcoins, this interest has not persisted. The overall market is not ready to make proactive moves.

CoinDesk's latest report shows that Gate ranked third in the global centralized exchange spot market and fourth in the derivatives market in January 2023, with a spot trading volume of $74.4 billion, an increase of 11.1%. Gate ranks among the top three retail exchanges in open interest contracts and has launched GateAI to enable natural language trading functions, enhancing user experience.

In the past 24 hours, the total liquidation amount across the entire network reached $375 million, with long positions liquidated at $291 million and short positions at $83.7468 million. Both Bitcoin and Ethereum experienced significant liquidations, affecting a total of 124,467 people. The largest single liquidation was $2.9532 million.

The cryptocurrency market continues to be sluggish, with Bitcoin falling below $63,000 and the panic index at an extreme fear level. Global stock markets have declined due to AI and geopolitical risks, while precious metals are favored. Tensions between Trump and Iran have escalated, and new tariff policies have triggered market panic, boosting risk aversion. Analysis indicates that the Bitcoin market needs to restore demand, and liquidity is expected to gradually recover.

Prominent crypto trader Machi Big Brother has suffered another major wipeout. On February 24, onchain tracker Lookonchain reported that the whale was fully liquidated on the Hyperliquid perpetuals platform. His account balance reportedly dropped to about $24.9K. While cumulative realized losses

February 24 News, the Bitcoin price discovery mechanism is undergoing structural changes, with trading focus gradually shifting towards regulated derivative markets such as the Chicago Mercantile Exchange (CME Group). As institutional participation continues to rise, Bitcoin prices are no longer solely driven by on-chain transactions and retail sentiment, but are increasingly influenced by open interest in futures contracts, institutional hedging needs, and macro risk appetite. Currently, Bitcoin is fluctuating around $63,000, indicating that the market remains in an institutional-led range-bound phase. Industry expert Karl Naim pointed out that traditional hedge funds and asset management firms prefer to allocate Bitcoin exposure through familiar compliant derivative instruments rather than relying on offshore markets with higher counterparty risk. The advancement of 24/7 derivative trading mechanisms is weakening the historical advantage of the crypto-native market’s “7×24 hours liquidity,” enabling institutions to continuously hedge risks and adjust positions, thereby compressing arbitrage opportunities between futures and perpetual contracts.

Terra Classic (LUNC) trades near a critical Fibonacci level, indicating cautious sentiment among traders. Open interest has declined, suggesting reduced leverage, while spot flows reflect selective accumulation amidst tightening volatility. Immediate resistance and support levels are identified for future price movements.

Blockchain monitoring organization Onchain Lens data shows that well-known investor Machi Big Brother (Huang Licheng, Machi Big Brother) was fully liquidated from Bitcoin and Ethereum long positions during the market turbulence on February 23 when Bitcoin fell below the $65,000 mark, resulting in a total loss exceeding $27 million. The New Year film he invested in, "Kung Fu," also ended up losing money.

10x Research points out that Bitcoin options expiration, political uncertainty, and position concentration will influence the price movement around the $60,000 level in the coming days. The market has not accounted for tail event risks; attention should be paid to capital flows and incentive structures to prepare for potential sharp price fluctuations. The report reminds to stay patient and realistic, and to assess whether $60,000 is a reasonable scenario.

According to Coinbob monitoring, the largest on-chain ETH whale currently holds ETH long positions with 15x leverage, with an unrealized loss of $11.8 million and a loss of 138%. Its holdings amount to approximately 70,000 ETH, with a total value of $127 million, and an average price of $1,991. Recently, it increased its position by 10,000 ETH at $1,880, with a total deposit of $55 million. The account funds are approximately $34.3 million. This whale employs a high-selling, low-buy trading strategy.

According to BlockBeats, two Hyperliquid traders experienced significant drawdowns on their BTC long positions. The "100% Win Rate Low Drawdown" trader managed positions with high leverage, resulting in a loss of 452%; while "Paul Wei" adopted a conservative strategy, with a loss of 57.6%. Both used pyramid position management strategies for trading.

BlockBeats News, February 24 — According to Coinglass data, the total open interest in Bitcoin futures contracts across the entire network is 695,600 BTC, approximately $44.22 billion, hitting a new low since August 2025, down about 53% from the peak of $94.12 billion in October 2025. Leverage in the derivatives market is decreasing significantly, and overall market participation and speculative enthusiasm are cooling down.

Between 04:00 and 04:15 (UTC) on February 24, 2026, the price of BTC experienced a rapid decline. The 15-minute candlestick showed a return of -0.91%. Trading volume significantly increased in a short period, and market sentiment shifted to caution, with attention markedly heightened. The intensified rapid fluctuations triggered some short-term funds to exit the market, and market participants became highly alert to subsequent movements. The main driver of this abnormal movement was the concentrated liquidation of leveraged positions. Data shows that short-term contract positions experienced mass liquidations, with several key leverage support levels quickly broken through, leading to automated trading systems executing high-frequency sell-offs, further amplifying the decline. Meanwhile,

ChainCatcher reports that, according to Coinglass data, if BTC breaks through $66,725, the total liquidation strength of mainstream CEX short positions will reach $1.362 billion. Conversely, if BTC drops below $60,903, the total liquidation strength of mainstream CEX long positions will reach $721 million.

ChainCatcher reports that, according to Coinglass data, if ETH breaks above $1,922, the total liquidation strength of long positions on major CEXes will reach $692 million. Conversely, if ETH drops below $1,748, the total liquidation strength of short positions on major CEXes will reach $360 million.

Odaily Planet Daily reports that, according to Onchain Lens monitoring, the largest HYPE long address (0x082e) holds 1.38 million HYPE tokens (worth $35.9 million). The long position is currently floating at a loss of $17.47 million. Today, this address deposited 2.4 million USDC into Hyperliquid to avoid liquidation, and its liquidation price has now dropped to $23.91.

2026-02-24 03:00 to 03:15 (UTC), BTC price recorded a K-line return of +0.02% after a period of high volatility. The short-term performance was a slight oscillation with a slight upward trend, and market attention continued to be cautious under the previous macro and regulatory pressures. Trading volume significantly declined compared to the previous day, volatility reached a low point in the stage, and the overall market trend was mainly sideways. The main driving force behind this anomaly was the marginal recovery after extreme panic the previous day, as well as active intervention by quantitative funds and high-frequency arbitrage strategies. On February 23, macro events such as the US imposing additional tariffs and regulatory policies remaining undecided triggered a short-term reaction in BTC.

On February 24, 2026, from 03:00 to 03:15 (UTC), ETH recorded a -0.64% candlestick return during a peak liquidity period, showing a continuous slight decline. In the context of the recent overall bearish market, ETH's price tested the lower support level during this period with no effective rebound, and increased volatility has attracted market attention. Although the short-term decline is not extreme, it reflects the overall pressure on mainstream cryptocurrencies. The main drivers of this movement are the continuous outflow of large-scale funds and structural technical declines. Capital net outflows over the week, represented by stablecoins, ETFs, and derivatives, exceeded $2.5 billion, leading to a decrease in buying interest.

Recently, market volatility has increased, and multi-asset contract trading has been active. According to CoinGlass data, TW88 and HK50 have seen position increases of 3653.99% and 1671.68%, respectively, becoming focal points of investor attention. The Gate platform supports various traditional financial assets, offers 24-hour trading, and provides leverage of up to 100x.