[Matrixport: Traders Unwind Crash Hedges, Crypto Market Positions Lighten and Participation Declines] On February 20, Matrixport released a weekly report noting that after Bitcoin's recent rapid decline, its price fell from $85,000 to a low of $60,000, then stabilized around $66,000. The implied volatility for contracts expiring in March 2026 had risen from 40% to a peak of 65%, before retreating to around 50%, indicating that tail risk hedges are gradually being unwound and short-term pressure has eased. The crypto market remains highly volatile, sentiment is extremely low, liquidity continues to flow out, and traders have generally reduced their positions, leading to a decline in market participation. The report mentioned that such characteristics often appear before the start of significant directional market movements.