PANews reported on February 19 that according to Matrixport's market dynamics, the current round of Bitcoin and Ethereum liquidations is significantly different from the 2020/2021 bull market. At that time, liquidations often triggered drastic price fluctuations. In this round of the market, even with a liquidation volume of up to $600 million in the short term, prices were still able to stabilize at the bottom and did not fall sharply. This shows that the overall leverage level of the current market is low, traders are more cautious when setting stop losses, and market confidence is stronger, which may be affected by the SEC's approval of the Bitcoin spot ETF.

In addition, the risk of Bitcoin returning to zero has been basically eliminated, and the market's attention has turned to its downside space. However, historical data shows that the downward pressure brought by liquidation is relatively limited, which is in sharp contrast to the market in the high leverage environment in 2020/2021.