Crypto Futures Liquidations Hit $213M as Extreme Fear Grips Market

VADODARA, February 10, 2026 — Crypto perpetual futures markets witnessed over $213 million in estimated liquidations across a 24-hour period, according to aggregated exchange data. This daily crypto analysis reveals a sharp divergence in position pain, with Bitcoin longs and Ethereum shorts bearing the brunt of the deleveraging. Market structure suggests this event represents a classic liquidity grab amid deteriorating sentiment, as the global Crypto Fear & Greed Index plunges to an "Extreme Fear" reading of 9 out of 100.

Investigation: The $213 Million Liquidation Cascade

According to the liquidation data from major derivatives platforms, the 24-hour period saw concentrated pain in three major assets. Bitcoin (BTC) futures accounted for $121.58 million of the total, with 55.3% of those liquidations hitting long positions. Conversely, Ethereum (ETH) futures saw $76.42 million liquidated, but 55.7% of that volume came from short positions being forced to cover. Solana (SOL) futures contributed $15.45 million, with a dominant 58.22% of liquidations affecting longs. This data, sourced from real-time exchange feeds, indicates a market punishing over-leveraged speculators on both sides of the trade.

Market Context & Historical Precedent

Historically, liquidation clusters of this magnitude often precede short-term volatility compression or trend acceleration. Underlying this trend is the current "Extreme Fear" sentiment, a condition that, according to behavioral finance models, frequently marks local sentiment extremes. In contrast to the 2021 bull market, where liquidations were often dominated by long squeezes during corrections, the current mixed profile—BTC longs and ETH shorts—suggests a more complex, sector-rotating market structure. This event occurs alongside other significant capital movements, such as the withdrawal of $42.3 million in ETH from custodian BitGo, highlighting institutional repositioning during stress.

Technical Architecture & Price Action

Market structure suggests the liquidation event created a significant Fair Value Gap (FVG) on lower timeframes, particularly for Bitcoin around the $70,017 level. The price action is currently testing a critical Order Block defined by the Fibonacci 0.618 retracement at $69,200, drawn from the 2025 cycle low. A breakdown below this level would invalidate the current higher-timeframe bullish structure and likely target the next high-volume node near $67,500. The Relative Strength Index (RSI) on the 4-hour chart sits at 42, indicating neutral momentum but with a bearish bias. This technical setup is reminiscent of the deleveraging events seen during the Q3 2024 consolidation phase.

By The Numbers

Why It Matters

This liquidation event matters because it directly impacts market liquidity and stability. Forced liquidations remove leverage from the system, which can reduce immediate volatility but also deplete buying or selling pressure, leading to illiquid, gap-prone price action. On-chain data indicates that large liquidations often correlate with increased exchange inflows as positions are unwound, a metric tracked by entities like Glassnode. Consequently, this deleveraging phase resets risk parameters, potentially creating a cleaner technical foundation for the next directional move. The event also the risks of high leverage in perpetual futures markets, a topic frequently highlighted in regulatory discussions on platforms like SEC.gov regarding investor protection.

Expert Commentary

"The asymmetry in liquidations—BTC longs vs. ETH shorts—is telling. It points to a market that is not uniformly bearish but is instead punishing specific, over-extended narratives. This is a healthy, albeit painful, cleansing of excess leverage. The key watchpoint is whether this liquidation flush finds absorption at the Volume Profile's Point of Control, or if it triggers a broader cascade." – CoinMarketBuzz Intelligence Desk

Market Outlook & Price Scenarios

Based on current market structure, two primary technical scenarios emerge. The bullish scenario requires price to hold above the $69,200 Fibonacci support and reclaim the $71,500 level to begin filling the recent FVG. The bearish scenario involves a breakdown below that support, targeting the next significant liquidity pool near $67,500.

• Bullish Invalidation Level: $69,200. A daily close below this Fibonacci 0.618 support invalidates the immediate bullish structure and suggests a deeper correction toward $67,500.
• Bearish Invalidation Level: $71,500. A sustained move above this level would fill the recent Fair Value Gap and negate the short-term bearish momentum, potentially targeting resistance at $73,000.

Historical cycles suggest that extreme fear readings combined with large liquidations often mark intermediate-term lows, but confirmation requires a reversal in momentum indicators and a reclaim of key moving averages. The 12-month institutional outlook remains cautiously optimistic, contingent on macroeconomic factors like interest rate trajectories, but this event serves as a stark reminder of the volatility inherent in leveraged crypto markets.