The broader cryptocurrency market continued its poor start to the month, with more than $355 million in leveraged positions wiped out in the last 60 minutes.
Bitcoin fell below the $68,000 level after losing 10% of its value over the past 24 hours.
Ethereum, the second largest cryptocurrency by market capitalization, is not far behind either, as it has fallen below the psychological level of $2,000.
Watcher.Guru@WatcherGuru·Followhttps://twitter.com/WatcherGuru/status/2019433082877800720
JUST IN: Bitcoin falls below $67,000, $355,000,000 liquidated in the crypto market in the last 60 minutes.
4:29 p.m. · February 5, 2026 linkRead 17 responses
Ether’s bearish performance comes despite the Ethereum network’s spike in activity over the past few days.
Ethereum Network Activity Reaches Peak
ETH is currently trading below $2,000 after losing 10% of its value since Wednesday. The sale comes as the Ethereum network is experiencing its most active phase to date.
Recent on-chain data shows Ethereum reaching a major milestone as the number of transfers hits an all-time high.
According to CryptoQuant, since the start of the month, Ethereum Transfer Count – the total number of token transfers – measured by a 14-day moving average, has reached an all-time high of 1.1 million.
This suggests strong network growth and wider adoption of Ethereum. However, Ethereum is facing a massive drop in retail demand as traders close more and more positions rather than opening new ones.
The coin’s derivatives market remains weak, with OI futures falling to $25.4 billion from $26.3 billion the day before.
In an email to InvezzRuslan Lienkha, Head of Markets at YouHodler, said:
As risk sentiment weakened in global markets, capital shifted away from speculative and growth-oriented assets, putting pressure on tech stocks and cryptocurrencies.
The analyst added that the deleveraging process accelerated the selloffs, with liquidations triggering additional downward pressure, creating a self-reinforcing cycle of volatility.
Such events are typical in cryptocurrency markets, where leverage levels are often higher than in traditional asset classes.
ETH Could Record Further Losses as Momentum Indicators Remain Bearish
THE ETHUSD The 4H chart remains extremely bearish as Ethereum has seen massive losses over the past few days. It fell below its previous intraday low of $2,068 and is now trading at $1,929 per coin.
With bears in control, the bearish 50-day exponential moving average (EMA) at $2,899, 100-day EMA at $3,105, and 200-day EMA at $3,232 make it more difficult for Ether to recover in the near term.
The RSI has fallen to 21, indicating that the 4-hour chart is oversold and suggesting that bearish momentum is developing.
If the RSI falls further, ETH could retest the $1,800 support level for the first time since May 2025.
FX:ETHUSD 4H Chart” class=”wp-image-3060639″ />
The MACD lines also lie below the signal line, with the red bars in the histogram indicating an extremely bearish market condition.
However. If the bulls regain control of the market in the near term, Ether could reclaim the $2,200 resistance level over the next few hours or days.
