On February 24th, the cryptocurrency market experienced a brutal liquidation storm. CoinAnk data shows that in the past 24 hours, the total amount of forced liquidations across the entire network reached $311 million, with long positions contributing $250 million, accounting for over 80%. More than 128,000 investors were ruthlessly wiped out in just one day. This wave of liquidations is not accidental but a concentrated reflection of deep macro-level fissures worldwide.

On the macro front, Trump’s tariffs 2.0 became the trigger. Former U.S. President Trump announced a temporary increase in global tariffs to 15%, triggering a chain reaction among global trade partners. The EU warned of retaliatory measures. Meanwhile, the risk of conflict between the U.S. and Iran intensified, with Trump indicating that the possibility of military strikes on Iran is rising, causing Brent crude oil prices to surge over 5%. Against this backdrop, funds are rapidly fleeing risk assets, gold prices steadily rose past $2,050 per ounce, while Bitcoin declined in tandem with the Nasdaq index, shattering the narrative of Bitcoin as digital gold.

On the regulatory front, a divergence between East and West has emerged. The Federal Reserve plans to permanently remove reputation risk from banking regulation rules, ending the suppression of Action 2.0 and clearing regulatory obstacles for cooperation between banks and crypto enterprises. Meanwhile, China, through joint notices from eight ministries, has established strict regulatory frameworks for the tokenization of real-world assets, clearly defining two red lines: strict crackdown within the country and strict control of outbound capital, to prevent offshore financial risks from transmitting domestically.

Market narratives are collapsing simultaneously. Bitcoin spot ETF funds have been continuously flowing out for five weeks, with a total outflow of about $4.3 billion. Institutional funds that once poured into ETFs are now fleeing through ETFs. Standard Chartered has lowered its 2026 Bitcoin target price from $150,000–$200,000 to $100,000, and Ned Davis Research even warns that if a crypto winter sets in, prices could halve to $31,000. More notably, the search interest for “Bitcoin zero” in the U.S. has reached a historic high, and such peaks of panic often coincide with price bottoms.

Looking ahead, the $60,000 level has become a psychological Maginot Line. Once effectively broken, it could trigger a second rapid decline to the $50,000 range. This week’s key events include the release of the U.S. core PCE price index and Federal Reserve Chair Powell’s congressional testimony. In this era of uncertainty, strategies based solely on faith in holding assets have become ineffective. Only by understanding macro trends, respecting the market, and managing risks can one navigate the long journey of crypto safely and steadily.