#加密市场回调 Dawn Shock! Cryptocurrency Market Bloodbath in 24 Hours, 420,000 Liquidations to Zero, ETH Crashed 6.7%, Are You Okay?

“The Digital Gold” is no longer effective, “The Digital Silver” has collapsed! As of 12:00 on February 2, 2026, the crypto market experienced an epic sell-off: Bitcoin (BTC) barely held the $75,000 level, with a 24-hour plunge of 4.95%, hitting a low of $74,600; Ethereum (ETH) staged a “free fall,” dropping 9.31% in a single day to a new low of $2,165.
Even more brutal, in just two days, over 420,000 investors worldwide faced liquidation, $2.5 billion in funds evaporated instantly, and long positions were crushed to the ground. Stablecoin trading volume surged 300%, funds frantically fleeing, and the fear index soared to “Extreme Fear” — this is not an investment market, but a indiscriminate capital slaughter!

1. stark contrast between strength and weakness: BTC resists decline but hidden dangers, ETH is a major disaster area
1. Bitcoin: 59.3% market cap dominance holds the scene, double bottom pattern suspected to be a “trap”
Core indicators
Key data reveal harsh truths
Current price $76,300, down over 30% from all-time high, 24h range $74,600-$79,400, oscillating downward, rebounds are “ephemeral,” market cap dominance at 59.3%! Capital is flocking to risk aversion, becoming the only lifeline. Technical patterns
Double bottom emerging, volume not increasing, experts warn “effectiveness is questionable”
Technical signals have already issued danger signs: daily chart 5, 10, and 20-day moving averages are all pressing downward, forming a “bearish alignment,” with prices firmly pressed against the lower band. RSI is only 32, approaching oversold but with no rebound momentum, MACD green bars expanding — this is not a bottom, but a sign that the bears are still gaining strength!
Key support/resistance levels:
Support: $74,000-$74,500 (breaking below directly targets $72,000, or even the $70,000 round number)
Resistance: $79,000-$80,000 (short-term moving averages resistance, failure to break indicates “trap”)
2. Ethereum: record crash of 6.7%, “Digital Silver” halo shattered, ETH’s plight far worse than BTC: from $2,476 in 24 hours directly to $2,165, marking the largest single-day decline recently, “high beta” has completely turned into “high risk”!
More painful comparison: BTC down 4.95% vs ETH down 9.31%, capital fleeing ETH en masse to BTC, ecosystem activity plummeted: DeFi lock-up volume down 20%, NFT trading volume shrank 50%, fundamentals cannot support the price! Technical breakdown: hourly chart “unreciprocated decline,” rebound candles less than 1/5 of the body, bulls collectively giving up.
ETH critical support/alert:
Support: $2,150 (breaking below, must test the psychological level of $2,000) Resistance: $2,350-$2,400
2. Uncovering the cause of the crash: three major negative factors resonating, “safe haven narrative” completely collapsed
1. Macro chaos: US stocks + precious metals both plummeting, crypto is not immune, global financial markets collapsing simultaneously: US stocks plunged across the board, precious metals experienced the largest single-day drop in 40 years, safe haven funds flooded into gold ETFs but ignored cryptocurrencies. The myth of Bitcoin as “hedging inflation” and “digital gold” is shattered — geopolitical tensions no longer lead to safe-haven buying, inflation rising no longer supports resilience, now even falling prices are more brutal than gold!
2. Capital voting with their feet: ETF withdrawals + leverage liquidations, initiating a vicious cycle of institutional runaways: BlackRock and other top BTC ETFs experienced large net redemptions, three consecutive months of outflows, breaking the previous myth of net inflows; ETH ETFs also recorded the largest weekly outflow since listing.
Leverage liquidation chain reaction: high leverage becomes “lethal poison,” with 50x leverage, a 2% fluctuation can wipe out an account. Price drops trigger liquidations, which cause further declines, forming a “downward — liquidation — further decline” death spiral.
3. Narrative failure + regulatory vacuum: market faith collapses
US crypto regulation remains delayed, investor confidence continues to erode; ETH’s “ecosystem advantage” is also a thing of the past, demand for DeFi, NFT, and other applications sharply declines, fundamentals cannot support prices, and ETH is passively falling along with BTC, but even more violently!