As an example, experts cited the Binance exchange. The trading volume of Bitcoin on the largest platform dropped from $200 billion in October to $104 billion. Experts compared the current trading volume with that of early 2024.
In addition to the decline in trading volumes, the market is pressured by a reduction in liquidity, according to representatives of CryptoQuant. The pressure manifests itself in the outflow of stablecoins from exchanges and a decrease in the market capitalization of such tokens by about $10 billion. The correction is largely due to the same mass liquidation of positions on October 10, crypto analysts lament.
Bitcoin has lost 37.5% from its October peak and was trading at $78,809 on Tuesday, February 3.
The founder and CEO of the analytics company Alphractal, Joao Wedson, believes that the bottom price of Bitcoin has not yet been broken. Given the low liquidity in 2026, there are two conditions for reaching the minimum possible price of Bitcoin. First, short-term holders (STH) must incur losses, which is already happening. Second, long-term holders (LTH) must start to incur losses, but this has not happened yet.
Wedson explained: the bearish trend ends when the realized price of STH falls below the realized price of LTH. In contrast, the bullish trend begins when the price of STH rises above LTH again. Currently, the realized price of STH still exceeds the LTH indicator. The expert is concerned: if the price drops below the support level of $74,000, Bitcoin may finally enter the bearish trend zone.
From cryptocurrency exchange-traded funds (ETFs), $1.7 billion was withdrawn over the week. Capital outflow has been happening for the second consecutive week against a backdrop of changing investor sentiment, as previously calculated by CoinShares.