Bitcoin and Ethereum see historic February losses as liquidity concerns grow

Bitcoin experienced its biggest February decline in more than a decade after closing last month with an over 17% drop in value.旗舰资产以2月份超过101,000美元的价格开始，下降到78,000美元，然后以超过84,000美元的价格结束。

According to Coinglass data, this is the second-largest drop that BTC has experienced in February, which historically has been a positive month for the flagship asset.该月的最大下降是在2014年下跌31％的时候。

However, Bitcoin has only experienced a drop in value thrice in February since 2013, when Coinglass started keeping the data with the last one before this coming in 2020. On average, the flagship asset experienced a 13% rise in February.

Meanwhile, Bitcoin’s decline in February was even better than Ethereum’s.自2024年以来一直在苦苦挣扎的ETH上个月，价值下降了32％。尽管它在本月初的交易额约为3,300美元，但价值损失了1,000多美元，2月28日下降到低至2,100美元。

The massive decline is also a historical anomaly for Ethereum, which last experienced a February loss in 2018 when it dropped 24%.总体而言，该月平均收益为11.68％。

Bitcoin’s performance in February is the worst monthly decline the asset has experienced since June 2022.

将加密货币市场推倒的力量

Meanwhile, several factors contributed to the massive decline that Bitcoin and other digital assets experienced last month. The biggest factor was President Donald Trump‘s announcement that the 25% tariffs on Canada and Mexico would finally go into effect by March 4, along with the extra 10% tariffs on Chinese imports.

随着关税的最初宣布引起了加密货币的抛售，其续签的消息加上其他地缘政治紧张局势和不确定性的迹象，足以将加密货币推向3个月以上的最低水平。这凸显了政治事件如何显着影响数字资产的绩效。

其他因素（例如，交易所从中恢复的15亿美元黑客攻击，以及其他宏观经济问题，也造成了2月加密货币持有人的巨大损失。

Despite the decline, Bitcoin and several other crypto continue to trade at a better level than before Trump was elected president, showing that they retained some of their gains even. For instance, Bitcoin, which is trading above $84,000, was worth $69,000 as of November 6, 2024.

反弹的市场，但会持续吗？

Following that massive decline to close out February, the crypto market is now experiencing a price rebound led by Bitcoin, which has gained 5% in the last 24 hours. Solana is also up 4.67%, and XRP has gained 5.57%, while ETH saw just a 2.27% gain.

尽管如此，还为时过早确定倾角是否终于结束了。 Data from Santiment shows crowd sentiments, which are mostly bearish across several social media platforms.这是传入反弹的一个好兆头，因为BTC历史上对人群是逆势。

但是，流动性流失导致了今年对BTC的需求减弱，这是加密市场努力获得势头的主要原因之一。 CryptoQuant data shows that Binance stablecoin reserves have been declining, particularly for USDT and USDC, and if this continues, the market might see more liquidity crunch.

Meanwhile, exchange-traded funds (ETFs) have not been the major source of demand for BTC this year compared to 2024. As of this time in 2024, Bitcoin ETFs have accumulated over 128,000 BTC, valued at $6.3 billion, while the 2025 numbers show around 12,000 BTC, valued at $1.7 billion.这在BTC和美元条件上都是相当大的下降。

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