Bitcoin news: Single BTC trader loses $61 million on HTX as price dives 4%

CoinDesk

by Shaurya Malwa

February 23, 2026

AI-Generated Deep Dive Summary

A massive $61 million Bitcoin (BTC) position was liquidated on exchange HTX, marking the largest single forced closure in 24 hours. This occurred as Bitcoin prices dropped by 4%, erasing weekend gains and sending the market into a broader selloff. The liquidation wave saw over $467 million in total forced closures across 137,422 traders, with long positions accounting for nearly 93% of the losses, indicating a market heavily positioned for upward movement that quickly reversed. The sell-off pushed the Crypto Fear and Greed Index to 5 out of 100, classified as "extreme fear," a level last seen during significant market downturns in August 2019, June 2022, and earlier this month. Bitcoin futures alone saw $213.62 million in liquidations, followed by ether (ETH) at $113.89 million and solana (SOL) at $19.89 million. This reflects a market struggling to find stability, with short-term holders continuing to capitulate under pressure. The broader context reveals ongoing stress in the cryptocurrency market. Glassnode data shows that Bitcoin's seven-day moving average of net realized losses remains near $500 million per day, signaling continued distress among short-term holders. Despite cooling intensity, the market remains under pressure, with traders frequently reloading long positions during price bounces only to be punished by further declines. This event highlights the volatile nature of crypto markets and the risks associated with leveraged trading. The forced liquidation underscores the importance of risk management in a highly speculative asset class

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Originally published on CoinDesk on 2/23/2026