Market Update: Bitcoin and Ethereum Rally Amid Mixed Liquidity and Policy Signals On February 9, the crypto market extended its bullish run as Bitcoin rose 3.07% to $71,368.47 and Ethereum gained 1.76% to $2,124.93. Solana, Ripple, and Tron posted gains while BNB, Dogecoin, and Bitcoin Cash traded lower. The total market cap reached $2.42 trillion, with Bitcoin dominance at 58.88% and Ethereum dominance at 10.59%. 24-hour trading volume totaled $84.6 billion, down from the previous day, and DeFi, stablecoins, and derivatives volumes declined by 40.56%, 49.38%, and 44.87%, respectively.
During the period, roughly $196 million in leveraged positions were liquidated, with Bitcoin accounting for about $117.6 million or around 60% of the total. Ethereum liquidations stood at about $444,500. Across exchanges, most short liquidations occurred on Hyperliquid for $16.67 million, while Binance and Bybit saw liquidations of $12.07 million and $7.50 million respectively. Liquidation activity also surged in Aester, Dogecoin, Solana, and HYPE Token.
HTX (formerly Huobi) moved $300 million in Tether to Aave, and the Solana network transferred over $399.72 million USDC between unknown wallets, signaling liquidity shifts. On the policy front, Vietnam proposed a 0.1% tax on cryptocurrency trading, while Goldman Sachs warned that market adjustments are not over, even as leaders described the pullback as a potential rebound. Domestic Bitcoin prices in Korea maintained a kimchi premium of about 0.23% versus overseas, reflecting broadly positive domestic sentiment.
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