Derivatives Data

Bitcoin prices remain stable this week, but market structure is changing as approximately $2.5 billion in gamma exposure is about to be liquidated. The influence of the options mechanism may weaken, with liquidity becoming the dominant factor. Analysis indicates that recent rebounds could be misleading, and attention should be paid to subsequent hedging pressures and market stabilization conditions. Overall positions are close to reset, signaling a new phase in the cycle.

ETH's funding rate has experienced a shift from positive to negative, indicating that bears are in control and accompanied by downward price pressure. Recently, the funding rate has risen back to positive, suggesting increased market risk appetite, with bulls regaining the advantage, providing opportunities for short-term price stability or rebound.

ChainCatcher reports that, according to Coinglass data, if BTC breaks through $70,867, the total liquidation strength of long positions on major CEXs will reach $1.455 billion. Conversely, if BTC drops below $64,243, the total liquidation strength of short positions on major CEXs will reach $1.005 billion.

ChainCatcher reports that, according to Coinglass data, if ETH breaks through $2,147, the total liquidation strength of long positions on major CEXs will reach $972 million. Conversely, if ETH drops below $1,944, the total liquidation strength of short positions on major CEXs will reach $599 million.

Gate Research Institute has observed that the implied volatility of BTC and ETH is rising, indicating an increased market expectation of short-term price fluctuations. Additionally, recent options trading has been predominantly bullish. Gate has upgraded its options VIP fee structure to reduce user costs and attract more traders.

Recently, as Bitcoin experienced a slight pullback, the market has once again turned bearish, with mainstream CEX and DEX funding rates indicating this trend. Funding rates are a mechanism to adjust the contract price relative to the asset price, and the current rate changes reflect a shift in trader sentiment.

According to Coinglass data, the whale holdings on the Hyperliquid platform amount to $2.963 billion, with long positions accounting for 49.54% and short positions for 50.46%. Long positions have a loss of $127 million, while short positions are profitable by $211 million. The giant whale address is holding all ETH in long positions and has realized an unrealized profit of $2.0346 million.

Bitcoin recently tested the $70,000 level, but the futures and options markets show that traders are cautious about a rebound. The annualized futures premium is only 2%, while the put option premium reaches 14%, indicating a strong market sentiment of risk aversion to downside. Recently, Bitcoin's decline has been related to concerns over quantum computing, liquidation events in the crypto market, and other factors. Additionally, ETF capital inflows remain steady into the spot market, but there is a divergence in sentiment between the derivatives market.

This week, global searches for "buy Bitcoin" reached the highest level in nearly five years, reflecting a renewed investor willingness to enter the market. Influenced by Trump's State of the Union proposal to ban congressional stock trading, market sentiment quickly improved, leading to a large-scale short squeeze. On-chain data shows an increase in whale holdings and strengthened accumulation signals, suggesting the market may be facing a turning point, but multiple factors need to be considered to determine the price trend.

XRP price has dropped significantly from its 2025 high, currently around $1.44. Momentum indicators are negative, suggesting a lack of buyer conviction. Open interest analysis reveals high volatility, indicating traders are retracting risk. XRP must stabilize to regain bullish momentum.

In the past 24 hours, the cryptocurrency market has liquidated approximately $301.6 million, with Ethereum and Bitcoin leading, and long liquidation ratios reaching as high as 90%. Market volatility has increased, with Bitcoin liquidations remaining relatively balanced. Investors are advised to reduce leverage and adopt conservative strategies.

From 18:30 to 18:45 (UTC) on February 26, 2026, ETH prices fluctuated between 1985.92 and 2009.73 USDT, with short-term returns reaching +1.09% and an amplitude of 1.20%. This recent volatility has attracted significant market attention, amid a generally weak overall market and increased fluctuations, with trading activity continuously rising. Market sentiment has been notably affected by high volatility, leading to a surge in attention. The main driver of this movement is large on-chain transfers and liquidation activities by whale funds, with some ETH rapidly flowing into mainstream trading platforms, increasing market supply and thus contributing to the volatility.

ChainCatcher reports that, according to Coinglass data, if BTC breaks through $70,161, the total liquidation strength of long positions on major CEXs will reach $1.674 billion. Conversely, if BTC drops below $63,883, the total liquidation strength of short positions on major CEXs will reach $668 million.

In the past 24 hours, total liquidations across the network reached $528 million, with long positions at $176 million and short positions at $352 million. Both Bitcoin and Ethereum experienced significant liquidations, affecting 151,264 people, with the largest single liquidation amounting to $10.4154 million.

PANews February 26 News, CoinAnk data shows that in the past 24 hours, the total liquidations in the cryptocurrency market across all contracts reached $413 million, including $140 million in long positions and $273 million in short positions. The total liquidation amount for BTC was $172 million, and for ETH it was $117 million.

BlockBeats News, February 26 — According to Hyperinsight monitoring, the contract trading whale address "pension-usdt.eth" chose to reopen a 3x BTC long position as the crypto market retreated. Currently, it has longed 122.34 BTC, approximately $8.2 million, and is still placing orders to add to the position.

ChainCatcher Message: According to Coinglass data, if ETH drops below $1,963, the total long liquidation strength on major CEXs will reach $1.322 billion. Conversely, if ETH breaks above $2,168, the total short liquidation strength on major CEXs will reach $881 million.

According to Greeks.live data, there will be a large-scale expiration of BTC and ETH options this Friday, totaling 116,000 and 206,000 contracts respectively. The market remains sluggish, with prevailing pessimism. Although there has been a slight rebound recently, confidence remains low, and the market is still in a bear phase.

Bitcoin climbed to $70,000 on Wednesday before pulling back, settling around $68,600 on Thursday, unable to hold the key support level. Since February, BTC has remained volatile, with futures and options markets showing increased capital inflows, but some market participants remain cautious about the sustainability of a breakout.