#BTC #Bitcoin #CryptoCrash #MarketCrisis #HistoricLow
Bitcoin On-Chain Data Update – February 7, 2026
🚨 [Urgent] BTC Market Collapse – Existential Crisis
Price: $69,032 📉 (-25.6% Crash / -44% from October Peak)
Trading Volume: $41.20B (Panic Selling) 💸
Fear & Greed: 6 (Historic Low – Extreme Fear) 😱
Coinday Destruction: 0.7765 (Surge – Long-Term Holders Surrender)
→ $5.4B in liquidations and massive ETF outflows have caused market structure to collapse. This is a crisis comparable to the FTX shock.
Data update time: February 7, 2026 17:15 UTC
📋 Key Data Summary
Current Price
$69,032.46
24-Hour Trading Volume
$41.20 Billion
Market Cap
$1,379.34B (-$472B)
Fear & Greed Index
6 (Extreme Fear)
📉 Detailed On-Chain Metrics
📉
MVRV Z-Score
Multi-Year Low
Plummeted to a level suggesting extreme undervaluation. Market value is approaching realized value, indicating many holders are undervalued.
🔴 Crisis Level
💥
Coinday Destruction
0.7765 (2.6x surge)
A significant increase from the previous reading (0.2950). This is a dangerous sign that long-term holders (LTHs) and early entrants, known as “diamond hands,” are participating in panic selling (capitulation).
🔴 Long-term holders capitulate
👥
Number of active addresses
131,654 (up)
A sharp increase from 117,932. While typically positive, an increase during a crash indicates retail participants participating in panic selling via transfers to exchanges and panic selling.
🟡 Panic participation
⚡
Hash rate
1.05 EH/s (+12.97%)
Some miners returned in anticipation of improved profitability following the difficulty adjustment, but the price crash is likely to cause the market to fall below break-even again, making the situation unpredictable.
🟡 Temporary rebound
💸
ETF fund flow
-$1.5B (4-day outflows)
Large-scale outflows have continued since late January. Structural selling pressure continues due to unusually high trading volume (2.33 million contracts) in the BlackRock IBIT options market, suggesting a hedge fund failure.
🔴 Institutional Investors Withdraw
🎯 Comprehensive Market Analysis: Existential Crisis
Market Condition: The “crypto winter” has returned. Bitcoin has fallen 44% from its October peak, forcing it to defend itself in the $60,000s. The chain of forced liquidations totaling $5.4 billion, wiping $2 trillion from the market cap, is a catastrophe comparable to the collapse of FTX in 2022. Market sentiment plummeted from “optimism” to “despair.”
Causes of the Crash: The Coinbase premium was negative for 21 days (US institutional selling) and the suspected hedge fund failure in BlackRock IBIT options triggered the crash. Furthermore, the combination of disappointment over the Trump administration’s crypto-friendly policies not bearing fruit and macroeconomic uncertainty is causing a structural liquidity crisis.
On-Chain Analysis: The sharp rise in Coinday Destruction (0.7765) is extremely serious, suggesting that the “strong hands” that have supported the market to date have surrendered. The SOPR is estimated to be below 0.9, with all market participants deeply locking in losses. This is characteristic of a typical “capitulation” phase.
Outlook and Contrarian Perspective: The Fear & Greed Index reading of “6” is an anomaly typically found near historical bottoms. In the past (2019, June 2022), this level has been a long-term buying opportunity. If the $60,000 support line holds, we can expect a self-reliant rebound after excessive leverage is eliminated. However, until structural ETF outflows cease, the market will likely continue searching for a bottom. The knives are on the line and caution is advised.
⚠️ Investment decisions are made at your own risk. This data is for informational purposes only. Markets are highly volatile.
