On February 15, 2026, from 13:15 to 13:30 (UTC), Bitcoin experienced a short-term decline of 0.66% within 15 minutes, intensifying market volatility and attracting heightened investor attention. During this window, BTC price slightly declined from its high, with on-chain and derivatives markets simultaneously reflecting liquidity tightening and a cautious market sentiment.
Firstly, the main driver of this fluctuation stems from structural selling pressure caused by sustained losses among miners. The current BTC price is approximately 20% below the average production cost, forcing some miners to sell holdings to cover operational expenses, exerting downward pressure on the spot market. Meanwhile, the derivatives market is in a forced deleveraging phase, with early long positions accelerating liquidation, open interest significantly decreasing, and short-term volatility risk premiums turning negative, further weakening the market’s rebound momentum.
Secondly, although ETF capital has seen some net inflows, the strength and sustainability are insufficient to offset the selling pressure on the spot side; retail investors continue to withdraw, with active on-chain addresses declining, reflecting a cautious atmosphere. Stablecoins like USDT and USDC have increased issuance, but funds mostly remain in exchange wallets and have not flowed into the spot market in a timely manner. Some major trading platforms have recently adjusted trading pairs, concentrating liquidity into mainstream assets, which has intensified short-term liquidity fluctuations, making large single trades more likely to cause price swings.
The panic and greed index has fallen to 7, indicating extremely low market confidence, with funds tending toward cautious selling resonance. The current short-term market volatility risk remains high, with structural selling pressure unresolved and diminished strength from miners and retail investors.
Going forward, close attention should be paid to ETF capital flows, major miner movements, and changes in the panic and greed index, to remain alert to potential sharp fluctuations caused by liquidity contraction. It is recommended to monitor key support levels, on-chain fund movements, and market sentiment indicators to stay updated on market dynamics.
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