It has been a rough 24 hours in the crypto world. If you’re seeing red on your screen today, February 11, 2026, you aren’t alone. The market is currently navigating a "liquidity shock" that has pushed Bitcoin and Ethereum to levels not seen in months.

Here is the short breakdown of why prices are sliding:

1. Macro Economic "Wait and See"

The biggest driver today is the U.S. Employment Report. After a brief government shutdown delayed the data, it is finally set to be released. Investors are "de-risking" (selling off) because they fear the data might show a strong economy, which would give the Federal Reserve an excuse to keep interest rates high or even hike them.

2. The "Arkham" Effect

Sentiment took a hit following news that Arkham Intelligence is shutting down its crypto trading platform. Despite having major backers like Sam Altman, they couldn't compete with the "big two" (Binance and Coinbase). This has led to a narrative that the "retail enthusiasm" for the current cycle is starting to fade.

3. Cascading Liquidations

When Bitcoin dropped below the psychological $70,000 mark earlier this month, it triggered a chain reaction.

* Forced Sellers: Millions in "long" positions (bets that the price would go up) were liquidated today.

* Whale Activity: While some "whales" are buying the dip, on-chain data shows that many large holders are redistributing their coins to cover losses elsewhere, adding more sell pressure to the market.

Market Snapshot

| Asset | Current Price (Approx.) | Trend Today |

|---|---|---|

| Bitcoin ($BTC) | ~$66,800 | Below $67k; struggling to reclaim $70k |

| Ethereum ($ETH) | ~$1,945 | Tested the $2,000 support; trading at a loss for most ETF holders |

The "Silver Lining"

While the short-term outlook is bearish (with the Fear & Greed Index hitting record lows around 9), institutional analysts from banks like Standard Chartered are still holding onto long-term targets of $7,500 for ETH by the end of 2026. For now, however, the "bears" are in control.