Bitcoin Slides to $74,680 Amid‑Week‑Long Liquidations, But Derivatives Remain Calm

By [Your Name] – CoinTelegraph
February 3 2026

Key takeaways

• Price dip: Bitcoin fell to $74,680 on Monday after $1.8 billion of long‑leveraged positions were liquidated since Thursday.
• Derivatives health: The futures market shows a modest 3 % annualised premium and open‑interest around $40 billion, indicating no panic among professional traders.
• ETF outflows: Spot‑Bitcoin exchange‑traded funds have seen $3.2 billion of net withdrawals since mid‑January, but this amounts to less than 3 % of total assets under management.
• Macro backdrop: US 2‑year Treasury yields held at 3.54 % and the S&P 500 remained within 0.4 % of its record high, suggesting broader market stability.

1. A sharp correction tempered by liquidations

Bitcoin’s price dropped more than 40 % from its October 2025 peak of $126,220, reaching $74,680 on Monday. The decline was triggered by a wave of forced closures on leveraged long positions, which together accounted for roughly $1.8 billion in liquidations since the market turned lower on Thursday.

Despite the magnitude of the unwind, the broader futures market did not display the classic signs of a panic sell‑off. The Bitcoin futures “basis” – the premium that futures contracts command over spot prices – was measured at about 3 % on Monday, well below the 5‑10 % range that typically compensates traders for the longer settlement horizon. A low basis points to tepid demand for new bullish leverage rather than a rush to exit existing positions.

Open interest, a gauge of the total amount of capital locked into futures contracts, stayed resilient at around $40 billion, a modest 10 % dip from a month earlier. The combination of a subdued premium and steady open interest suggests that institutional participants are not aggressively repositioning to the downside.

2. Spot ETF flows: sizable but proportionally small

Since Jan. 16, spot‑Bitcoin ETFs have recorded $3.2 billion of net outflows, according to data from CoinGlass. While the headline number sounds large, it represents under 3 % of the total assets under management across the existing products. In relative terms, the outflows are unlikely to exert substantial pressure on the underlying market.

The net withdrawals coincide with broader risk‑off sentiment in the market, as investors shifted toward cash and short‑term government securities after a sharp 41 % plunge in silver prices over three days. Nonetheless, the limited proportion of assets pulled from the ETFs underscores that the sector remains well‑capitalised.

3. Macro‑economic environment offers a cushion

Two external factors have helped keep the broader risk landscape from spiralling:

• US Treasury yields: The two‑year Treasury yield held at 3.54 % on Monday, unchanged from three weeks earlier. A sustained yield level above 3.45 % suggests that demand for short‑dated government debt remains robust, but not enough to trigger a sharp rally that could pull capital away from crypto assets.

• Equity market strength: The S&P 500 index traded just 0.4 % below its all‑time high, reflecting optimism that the ongoing partial government shutdown will be resolved quickly. House Speaker Mike Johnson has indicated an agreement could be reached early this week, further bolstering confidence.

These macro indicators, together with a stable gold market cap that has climbed 18 % to $33 trillion over the past three months, point to a broader “store‑of‑value” narrative that may keep some investors anchored to Bitcoin despite its recent dip.

4. Outlook: $75,000 as a possible floor through 2026

Four data points converge to suggest that the $75,000 level could act as a support zone for Bitcoin over the medium term:

1. Derivatives resilience – Low basis and healthy open interest imply that professional traders are not aggressively short‑selling.
2. Modest ETF outflows – The $3.2 billion withdrawal is a small slice of total ETF assets, limiting systemic strain.
3. Stable macro‑metrics – Steady Treasury yields and near‑record equity levels reduce the likelihood of a sudden capital exodus.
4. Reduced tech‑sector stress – Oracle’s announcement of a $50 billion financing plan for its AI initiatives helped ease broader technology‑sector anxiety that had previously spilled over into crypto markets.

Taken together, these indicators temper the narrative of a looming collapse and lend weight to forecasts that Bitcoin could maintain a price above $75,000 through at least 2026, provided no new macro‑economic shocks emerge.

Industry reaction

MicroStrategy’s “Strategy” arm, which holds a sizeable Bitcoin reserve, recently disclosed $1.44 billion in cash to meet dividend and interest obligations, reinforcing its ability to weather price volatility. Meanwhile, Michael Saylor’s holding company announced a $75.3 million Bitcoin purchase during the brief dip, a move that many interpret as confidence in the asset’s longer‑term upside.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. All trading involves risk, and readers should conduct their own due diligence before making any decisions. CoinTelegraph does not guarantee the accuracy or completeness of the data presented.

Source: https://cointelegraph.com/news/4-reasons-why-75k-may-have-been-bitcoin-s-2026-price-bottom?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound