On March 3, 2026, from 16:30 to 16:45 (UTC), Bitcoin experienced significant short-term volatility, with prices ranging from 67,485.3 to 68,829.8 USDT, a return of -1.60%, and an amplitude of 1.95%. In a zone bordering extreme panic and market bottom, investor attention continued to rise, and trading activity increased alongside volatility.
The main drivers of this movement were leveraged liquidations and long squeezes in the derivatives market. Data shows the funding rate was negative (-0.0081%), with retail longs accounting for as much as 65%, indicating a “retail chasing gains, institutional hedging” scenario. The short-term price decline triggered some long positions to stop out, with open interest high at around $5.2 billion. Institutions used contracts and options for hedging, amplifying the speed of the price decline.
Additionally, global macro risks continued to intensify, with safe-haven funds flowing heavily into gold, which rose 80% within a year. The new U.S. administration’s trade policies and escalating geopolitical conflicts increased pressure on risk assets. Although ETF fund flows showed some structural inflows (a net weekly inflow of $1.1 billion in February 2026), overall liquidity remained low. Mainstream exchanges’ Bitcoin reserves dropped to 2.46 million BTC, and whales accumulated over 150,000 BTC in three months. These on-chain signals suggest a bottoming pattern but have not yet absorbed the short-term selling pressure. The derivatives options liquidation heatmap indicates significant long liquidation near key support levels, with resonance effects further amplifying price movements.
Currently, the market remains at high short-term risk. Close attention should be paid to long liquidation chains, derivatives position structures, and ETF fund flows. Support levels around 60,000 USDT and changes in on-chain capital flows are critical indicators. Geopolitical risks, gold strength, and institutional participation remain key uncertainties influencing short-term volatility. Market participants are advised to stay alert to further market developments and be cautious of sudden fluctuations driven by macro news and liquidation risks.
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