TLDR
- BTC fell beneath the $67,000 threshold Thursday amid broader market risk-off sentiment
- Spot Bitcoin ETFs in the United States attracted $506 million in net inflows—a two-week peak
- BlackRock acquired approximately 4,309 BTC valued at $289.6 million in a single hour
- Wallets containing 100+ BTC reached nearly 20,000, which Santiment views as a positive indicator
- Persistent profit-taking continues to cap Bitcoin’s recovery efforts below the $70,000 mark
Bitcoin retreated beneath the $67,000 level on Thursday, reversing course after a robust Wednesday trading session that delivered gains exceeding 6%.
The decline mirrored broader weakness across Wall Street, where even impressive earnings from Nvidia couldn’t buoy technology stocks. This risk-averse atmosphere extended into speculative markets, impacting digital assets.
At press time, Bitcoin was changing hands near $66,900, representing an intraday decline of approximately 1.6% based on TradingView data.
The prior day’s rally stemmed primarily from opportunistic buying after Bitcoin had tumbled nearly 50% from its October peak. Additionally, traders caught holding short positions were forced to cover, amplifying the upward momentum through a short squeeze.
Coinglass data revealed that $468.7 million worth of short positions were liquidated during a 24-hour period.
However, Thursday’s price softness didn’t deter institutional participants. U.S. spot Bitcoin ETFs captured $506.51 million in net capital inflows on February 25—the strongest daily performance in a fortnight, per SoSoValue data.
ETF Inflows Surge
BlackRock’s IBIT product dominated with $297.37 million in net additions. Fidelity’s FBTC contributed $30.09 million, Grayscale’s GBTC recorded $102.49 million, and Bitwise’s BITB accounted for $39.37 million.
BlackRock executed an additional substantial acquisition on February 26, securing roughly 4,309 BTC valued at approximately $289.6 million in just 60 minutes. The Bitcoin was transferred from Coinbase Prime hot storage to IBIT custody wallets.
Bloomberg’s ETF specialist Eric Balchunas acknowledged the demand arrived at an opportune moment following consecutive weeks of outflows, though he cautioned it’s premature to determine whether this signals a durable trend reversal or merely temporary momentum.
CryptoQuant’s Julio Moreno commented on X: “Bitcoin spot demand is growing for the first time since late November.”
Wallet Data Offers a Bullish Signal
Cryptocurrency analytics service Santiment highlighted that 19,993 distinct wallets held 100 BTC or greater as of Thursday, coming within seven addresses of the significant 20,000 threshold.
Santiment characterized this development as evidence of “less extreme consolidation,” indicating Bitcoin is spreading among additional large-scale holders instead of concentrating within a narrow cohort.
Nevertheless, Santiment observed that the aggregate supply percentage controlled by this category remains stable, suggesting certain long-term holders continue divesting. “This is why prices have stayed suppressed,” the analytics firm explained.
On-chain data provider Glassnode indicated that profit realization has thwarted each upward attempt below $70,000 throughout February.
The Coinmarketcap fear and greed index registered “extreme fear” on Thursday, holding steady from previous days.
Bitcoin has declined roughly 24.59% across the trailing 30-day period and sits approximately 47% beneath its October record high.
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