Bitcoin (BTC) liquidated billions of dollars going into Friday as BTC price action set bearish records.
Key points:
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Bitcoin liquidates $2.6 billion as it sees its first red $10,000 daily candle ever.
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BTC price action dives further in percentage terms than on any day since the 2022 bear market.
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It may take until 2028 for Bitcoin to return above $93,500 again.
Bitcoin seals biggest daily dollar rout in history
Data from TradingView showed BTC/USD consolidating after bouncing from $59,930 — its first trip below the $60,000 mark since October 2024.
Sustained selling pressure during Thursday’s US trading session eventually sparked a liquidation cascade, with $2.6 billion in crypto positions wiped out over 24 hours, per data from CoinGlass.
Commenting, crypto market participants noted that the liquidation tally had surpassed both the COVID-19 crash from March 2020 and the reaction to the implosion of exchange FTX in late 2022.
COVID crash: $1.2B in liquidations.
FTX crash: $1.5B in liquidations.
Random Thursday (today): $1.7B in liquidations. pic.twitter.com/iY1vaYCjnd
— Alex Mason 👁△ (@AlexMasonCrypto) February 5, 2026
Bitcoin price action also brought back historical bear-market records elsewhere.
In percentage terms, Thursday’s daily candle was the largest daily decline since the FTX debacle — an event that sparked the bear-market low of $15,600.
“The ETF holders have never experienced this kind of sell-off,” Joe Consorti, head of growth at Bitcoin equity company Horizon, responded on X, referring to institutional investors with exposure to the US spot Bitcoin exchange-traded funds (ETFs).
They saw net outflows of $434 million on Thursday, per data from UK-based investment firm Farside Investors.
BTC/USD, meanwhile, achieved an unenviable new feat, falling by more than $10,000 in a day for the first time.
“Yesterday was the highest volume day on $BTC since August 2024,” trader Jelle added.
“One for the history books.”
BTC price “trend reversal,” only in 2028?
In a grim outlook for Bitcoin bulls, crypto trader and analyst Rekt Capital said that it could be 2028 before a true rebound occurs.
Related: Will Bitcoin rebound to $90K by March? Here’s what BTC options say
Using the BTC price cycle model as a guide, including a key moving average crossover at the end of January, Rekt Capital foresees a classic bear market year for 2026.
“Looks like it indeed is the year of the Bitcoin Bear Market,” he wrote in an X post.
“2027 will be the Bottoming Out year for BTC. And 2028 will be the Trend Reversal year where $93500 would be finally broken.”
A separate post warned of “bearish acceleration” on BTC/USD, again mimicking the 2022 bear market.
#BTC
The Bearish Acceleration phase of the Bitcoin cycle is in progress$BTC #Crypto #Bitcoin https://t.co/5H7VPvksnH pic.twitter.com/XnPU3FeNhO
— Rekt Capital (@rektcapital) February 5, 2026
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