The crypto stability of mid-February vanished this past week as the floor gave way to a decisive break toward the downside. What began as a battle for $69,000 ended in a liquidity flush that saw Bitcoin and the broader market return to Historic Fear levels. | Bitcoin Price Action - The Breakdown | While the previous week saw BTC near $69,000, the week of Feb 16–22 was a steady retreat. | The Slid - Bitcoin opened the week around $68,700 but faced relentless pressure, finally plunging to a weekly low of $64,300 by Sunday, Feb 22. Liquidations - The weekend move alone triggered over $458 million in liquidations, with 92% being leveraged long positions. The Floor Re-tested - BTC is now trading nearly 5.5% below its 2021 cycle peak, a level that was supposed to act as psychological support.
| US Government & Trump Administration Actions | The ETF Filing - Trump Media and Technology Group (TMTG) officially filed for new Bitcoin and Ethereum ETFs on February 20. In a bold move, they also proposed a Truth Social Cronos Yield Maximizer ETF in partnership with Crypto.com. The GENIUS Act Stalemate - While the administration is pushing for freedom that is crypto, banking groups are resisting the GENIUS Act, fearing that yield-bearing stablecoins will drain deposits from community banks.
| Bitcoin Dominance | | | | Surged to 58.2% (approaching the 60% danger zone). This isn't a sign of BTC strength, but rather a flight to quality as altcoins are being hammered 2x harder than Bitcoin. | Fear & Greed Index | | | | Plummeted to a staggering 5/100 (Extreme Fear) by Feb 22. This marks one of the lowest readings in the history of the index, matched only by the June 2022 and August 2019 lows. |
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| Top Gains & Losses | The market is split into two camps - niche speculative AI/meme narratives and delisted or de-leveraged projects. | Top Crypto Gains | | | | Pepeto (PEPETO) - A massive outlier, rocketing +58529.5% as it captured the rotation from larger memes into low-cap frog alternatives. Not in Employment, Education, or Training (NEET) - Surged +198.4% as a relatable retail cult meme gained traction during the market downturn. GRX Chain (GRX) - Maintained momentum with a +168.1% weekly gain, continuing its run as a specialized L1 sanctuary for traders fleeing Ethereum's congestion.
| Top Crypto Losers | | | | MYX Finance (MYX) - Continued its freefall, dropping another ~45% this week as decentralized perpetual volume dried up during the volatility. Collect on Fanable (COLLECT)/币安人生 (Binance Life) - Both faced sharp 50.9% and 43.9% pullbacks as the Loyalty Token narrative faced heavy profit-taking and reduced platform activity.
| Voices from the Trenches | Michaël van de Poppe (@CryptoMichNL) - In a recent article, van de Poppe noted that the Bitcoin Sharpe Ratio has hit -38.4. Historically, these pain levels have marked the most profitable long-term accumulation zones for patient investors. Timothy Peterson (@nsquaredvalue)- Forecasted a year-end target of $122,000, viewing this week's dip to $68k as a temporary valuation gap rather than a fundamental failure. Anthony Pompliano (@Pomp): Reaffirmed that while the grinding is painful, the U.S. government's pivot toward a Strategic Reserve remains the only macro catalyst that matters in 2026.
| Media Perspective | Cointelegraph - Focused on the Extreme Fear return, noting that over 136,000 traders were wiped out during the weekend plunge. The Block - Highlighted that the fate of the FIT21 and GENIUS Act legislation now hinges on how the administration addresses Trump's personal crypto ventures and stablecoin yield conflicts. BitcoinEthereumNews - Reported a daunting $415.47 million outflow from US-listed ETFs this week, the largest withdrawal wave since early 2025.
| Stay the Course | The market has entered a Capitulation Regime. The institutional bids have retreated to wait for the GENIUS Act outcome, leaving retail to fend for itself. | What to Watch Next | The $64,000 Support - A daily close below this could open the door to $60,000. SEC Guidance - Watch for the SEC's new Crypto 2.0 task force to issue guidance on broker-dealer custody.
| Stablecoin Yields - Any Redline movement from the White House meetings could spark a sudden reversal. |
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| | This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions. |
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