#比特币下一步怎么走？ Bitcoin Performs "Roller Coaster" Market, Double-Sided Harvest Dilemma Amid Crypto Market Turmoil

On February 17, the cryptocurrency market, after experiencing a thrilling "deep V" reversal, once again entered a phase of consolidation and fluctuation.
According to third-party data platforms, Bitcoin's price briefly surged above $71,000 before quickly falling back, and over the past week, the total number of liquidation events across the network has exceeded one million. This extreme "rise and fall kill" market behavior exposes the brutal mechanism of "double-sided harvesting."

Market Fluctuations: From "Mad Bull" to "Avalanche" in Rapid Transition
Market data shows that the volatility index (VIX) of cryptocurrencies has soared recently. After reaching a historic high of $126,000 in October 2025, Bitcoin entered a sharp correction phase. The most dramatic moment occurred in early February 2026, when Bitcoin's price plummeted from above $70,000 to below $60,000 within just 48 hours. According to Coinglass data, from February 5 to 6, the total number of liquidation events exceeded 600,000, with liquidated amounts surpassing $2 billion.
However, when market panic peaked, prices rebounded rapidly, causing many short-sellers to face "point-blank explosions" as well.
"Now the market is like a meat grinder; both longs and shorts are at risk," lamented a seasoned crypto trader.
Data analysis reveals that behind this violent volatility is a severe divergence between retail investor sentiment and institutional capital.
While retail investors suffer heavy losses due to liquidations amid extreme fluctuations, institutional funds have quietly withdrawn. Since the second half of 2025, US spot Bitcoin ETFs have shown continuous net outflows, with major capital exiting at high levels, laying the groundwork for subsequent sharp declines.
"I thought I had grabbed a lifeline, but it turned out to be poison," said retail investor Li Ming (pseudonym), who still feels lingering fear when recalling recent trading experiences. Li Ming is a typical victim of "double-sided harvesting."
At the end of 2025, he was attracted by the narrative that "Bitcoin will rise to $150,000" and entered the market chasing the high. As prices corrected, he was unwilling to cut losses and instead leveraged perpetual contracts to "hold on." During the crash on February 5, 2026, Li Ming's account was forcibly liquidated, nearly wiping out his principal. Subsequently, the market rebounded sharply in mid-February, leading Li Ming to mistakenly believe another opportunity had arisen. He opened a short position to recover losses, but the market surged again, causing another liquidation.
"Getting hit from both ends, my account's money was wiped out in just two weeks."
Li Ming's case reveals the core logic of market "harvesting": leveraging high leverage to amplify retail fears and greed, and transferring wealth during extreme market conditions.

In-Depth Analysis: Who Is Behind the "Double-Sided Harvest"?
Industry insiders believe this pattern is not accidental but a result of market structure.
First is "Narrative Harvest." In 2025, the market was filled with positive narratives such as "Trump's new crypto policies" and "U.S. national strategic reserves," which project teams and early institutions used to pump prices and complete the first round of harvesting.
Second is "Leverage Harvest." Exchanges offered leverage of up to 100x or more to attract retail traders to gamble. During volatile periods, the fees from liquidations and margin calls became huge profits for platforms.
Finally is "Short Selling Harvest." When bubbles burst, institutions profit from derivatives like futures and options, viewing retail liquidations as low-price accumulation opportunities for the next cycle.

Regulatory Crackdown: Policy "Red Lines" Continue to Tighten
In response to the high-risk nature of the crypto market, global regulators are building more stringent firewalls. On February 6, 2026, the People's Bank of China and eight other departments jointly issued the "Notice on Further Preventing and Disposing of Risks Related to Virtual Currencies" (hereinafter referred to as the "Notice"). This marks a renewed crackdown on virtual currencies following the 2021 "9.24 Notice." The "Notice" not only reaffirms that virtual currency-related activities are illegal financial activities but also proactively includes emerging sectors like RWA (Real-World Asset Tokenization) and stablecoins under regulatory oversight. A relevant official from the State Financial Supervision and Administration Bureau stated, "The risks of market manipulation and illegal fundraising in virtual currencies are increasingly transmitting to the traditional financial system, and a 'zero tolerance' attitude must be maintained to resolutely curb related risks."
On the international front, U.S. regulation is also shifting from "law enforcement-style regulation" to "institutionalized regulation."
In early 2026, U.S. Treasury Secretary Janet Yellen called on Congress to pass the "Digital Asset Market Clarity Act," aiming to clarify jurisdiction and compliance standards for digital assets. This indicates that major economies are attempting to bring the crypto market into a compliant framework, but it does not eliminate risks—in fact, it may make the environment more complex for ordinary investors and institutions alike.

Expert Opinions: Beware the Illusion of "Safe-Haven Assets"
"The so-called 'digital gold' narrative has been discredited in this recent crash," said an anonymous economist. Data shows that the correlation between Bitcoin and the Nasdaq Index has reached above 0.8, indicating that Bitcoin remains a high-volatility risk asset at its core.
Amid increasing uncertainty in Federal Reserve monetary policy, cryptocurrencies often become the first to be sold off.
Perhaps, from the "mad bull" run to the "avalanche" crash, the crypto market is undergoing a severe de-leveraging process. For ordinary investors, understanding the fundamental nature of "double-sided harvesting," avoiding high-leverage speculation, respecting regulatory red lines, and maintaining caution may be the only ways to avoid becoming "discarded by the times."