History always repeats itself, but this time it's different.
In 2020, on 0312: the pandemic was out of control, the stock market crashed, Bitcoin was halved in a single day, and the entire market saw approximately 1.2 billion dollars in liquidations. Everyone knew what they were facing.
In 2022, FTX: the second-largest exchange in the world instantly went to zero, the trust system collapsed, chain liquidations spread, and the entire market saw approximately 1.5 billion dollars in liquidations. It was a death spiral of disappointment for the crypto world.
On February 6, 2026, it is completely not this kind of script.
No pandemic, no exchange collapses, no surprise interest rate hikes, and not even any macroeconomic negatives significant enough to make headlines.
The market quietly detonated a $2.6 billion liquidation in a state of near 'silent silence'.
This figure has surpassed COVID-19 and also surpassed FTX.
If even a black swan isn't needed, why can the market cause so many casualties?
The first truth about this wave of liquidations: the market is actually hotter than you think.
Without major news, yet able to burst out epic levels of liquidation, there is only one answer: the car is too heavy.
There is a large amount of leverage and capital lurking in the market, just not under the spotlight.
FOMO has not disappeared; it just wasn't known before the liquidation.
$2.6 billion liquidation is proof that the market still has a hand left.
This cleaning is precisely the market's redistribution.
The second truth is the one that truly needs attention.
The ability to trigger such large-scale chain liquidations without major negative news indicates one thing:
The liquidity thickness of the spot market is thinning.
The more concentrated the chips, the lower the cost of controlling the market.
As long as there is a small amount of spot paired with deep contracts, it is enough to trigger a waterfall liquidation.
This has been repeatedly played out on the alpha coin.
Short-term volatility no longer requires news to catalyze.
It only depends on how the chips are distributed and who stands on the wrong side.
For contract traders, this is a time of crisis and revelry; the market enters a phase of 'no narrative, just betting long and short'.
So, is 60,000 to 70,000 the top or the bottom?
The importance of this range is not due to technical indicators, but because it has been visited too many times:
In 2021, this was the ceiling of consensus across the entire market.
In 2024, this will be the core area that sees repeated turnover and tugging for half a year.
In 2026, when the price returns here again, its role will have changed.
The ceiling is being tested to see if it can become the floor.
No price is a 'iron bottom', but from history, it is known that 60,000 to 70,000 is a price range with a strong consensus.
The trapped, the missed opportunities, and the institutional allocations are all intertwined here.
This $2.6 billion cleaning feels more like a foundational pressure test.
The contract market is a meat grinder, and this range is, at least for now, still a safe haven for spot players.
Who is in pain, who is laughing?
For contract players, February 6th is a disaster.
But for spot holders, this is the market's 'pick up passengers in reverse'.
History has repeatedly proven that extreme liquidations are never the end.
Its function is only one: to make the car lighter and faster.
Don't be scared away by the $2.6 billion figure.
What really needs to be understood is the signal it conveys: capital is still present, consensus has not dispersed.
Hold onto your spot and stay away from leverage.
Respect the market and remain humble.