On February 1, 2026, the cryptocurrency market once again faced severe turbulence. Bitcoin$BTC 's daily drop expanded to 3.6%, briefly falling below the critical threshold of $92,000, Ethereum$ETH dropped below $3,200, and Altcoins like Solana saw declines exceeding 8%. The total liquidation amount across the network quickly approached $800 million, with the market's total value evaporating by approximately $100 billion in a single day.
This major drop is not an isolated event, but rather an inevitable result of the interplay of three factors: macro sentiment, regulatory dynamics, and changes in market structure. The industry changes reflected behind this event warrant deeper reflection from investors.

1. Source of the Major Drop: Concentrated Outbreak of Cross-Market Transmission and Structural Contradictions