Crypto Market Update (Feb 13, 2026): Full-Range LPs Back in Focus
Crypto is deep in a drawdown as 2026 opens. Bitcoin has retraced hard from last fall's highs, and volatility has returned to daily trading. For liquidity providers, that means narrower ranges are getting knocked out faster and fee momentum is harder to sustain.
Market Snapshot (Latest Full-Day Close, Feb 12, 2026)
Prices below use CoinGecko daily close data available as of Feb 13 for BTC, ETH, SOL, and UNI.
| Asset | Price (USD) |
|---|---|
| BTC | 66,185 |
| ETH | 1,945.74 |
| SOL | 78.24 |
| UNI | 3.25 |
Global Volume Context (Mid-Feb 2026)
Even in a down market, trading volume does not disappear-it just gets more erratic. CoinGecko's global market charts show roughly $108B in total 24h crypto trading volume, and DefiLlama's DEX rankings show about $74B in DEX volume over the last 7 days (roughly $10.6B/day on average). These flows still matter for LP fee capture if you can stay in range.
What's Driving the Mood
The pullback has been steep enough to reset sentiment. Bitcoin set a record above $125,000 in early October 2025, according to Reuters, and prices are now far below that peak. Some analysts frame the move as a deeper crypto winter, while others see signs of a messy bottoming process as leverage flushes and volumes normalize (see this IBD market note). Either way, the tone across desks is cautious and defensive.
Why LPs Feel the Squeeze
Concentrated liquidity is powerful, but it is unforgiving when price moves fast. On Uniswap v3 and v4, a position earns fees only while the current price is inside your range. When price moves outside, the position is out of range and no longer earns fees until price returns.
That is the core pain right now. Sharp dips can move price below your lower bound quickly, leaving you single-sided and idle. If you are not rebalancing aggressively, your fee stream drops right when volatility should be paying you.
Why Full-Range Looks Better Right Now
Full-range positions are the opposite trade. You provide liquidity across the entire price curve, which keeps you in range no matter where price wanders. The tradeoff is lower fee density, but in a fast-moving drawdown, staying in range can be more important than perfect capital efficiency.
If recent dips have priced you out of tight bands, full range can act as a defensive default while you wait for volatility to cool. It is not a forever strategy, but in this market, it can keep fees flowing while you decide where to concentrate next.
Our LP Snapshot: Fees Still Flow
We are seeing fees compress in stable pairs while volatile pairs still pay. Right now:
- ETH/USDC is only about 0.06% APR
- WBTC/ETH is closer to 5% APR
Dollar for dollar, WBTC/ETH can feel like one of the better plays because fees accrue in both underlying assets when traders swap back and forth. You are not getting something for nothing-you are being paid to warehouse volatility and stay in range.
In a down market, liquidity still earns fees, and panic selling can accelerate that fee stream. The challenge is staying in range long enough to actually collect them.
Practical Adjustments
If you are active right now, consider widening ranges, staggering entries, or temporarily leaning on full range until price action stabilizes. The goal is not to maximize fees in a single day. It is to stay in range long enough to actually earn them.