Onchain analytics firm CryptoQuant reported that bitcoin exchange inflows have become increasingly dominated by large holders, with the exchange whale ratio climbing to 0.64, the highest level since October 2015. The firm also highlighted that average bitcoin inflows per transaction rose in February while stablecoin and altcoin flow patterns point to reduced buying power and persistent selling pressure.

Bitcoin's price has hovered near $68,000 resistance in recent days, trading around $67,960 with no notable 24-hour change. Whales recently realized more than $208 million in profits, the seventh such spike in the past two years. This pattern has often preceded short-term turbulence and, after supply absorption, local bottoms or stabilization.

Bitcoin has been trading in a consolidation range above $65K for more than a week after a 46% decline from $126K to $60K over the last three months, with realized losses exceeding $22 billion. VanEck analysts said 1–2 year holders, who largely bought near $72K, have sharply cut their selling as many are now underwater, while Bitcoin’s hash rate has fallen 14% over 90 days, a pattern that previously preceded stronger near-term returns.

On 21 February 2026, Russian authorities reported that more than 5,500 crypto miners had registered with the Federal Tax Service after mining was legalized on 1 November 2024. From 2025, cryptocurrency is taxed as property, with income from mining subject to personal and corporate profit tax while remaining exempt from VAT. Individuals may mine without registration only below a 6,000 kWh monthly electricity threshold, and draft 2026 rules could introduce fines up to 2.5 million rubles and prison terms of up to five years for large-scale unregistered operations.

Bitcoin is trading in a tight range where liquidity is being cleared on both sides, leaving price direction uncertain. Market observers note that after nearly three months of subdued activity, a key demand gauge has moved back above zero to around +1,200 BTC, suggesting selling pressure is easing and long-term accumulation may be returning.

In the first 50 days of 2026, Bitcoin fell 23% from about $88,700 to near $68,000, while market capitalization slid 24% from roughly $1.76 trillion to $1.34 trillion. ETF products saw $2.9 billion in outflows as leverage unwound. Binance's Open Interest dropped from roughly $16 billion to near $ 6 billion, amplifying cross-exchange volatility.

On February 20, 2026, MARA Holdings said it completed the cash purchase of a 64% controlling stake in Exaion, a French computing infrastructure firm owned by EDF, for $168 million. First announced in August 2025, the deal received final approval from French regulators, and includes an option to lift ownership to 75% by 2027 for an additional $127 million.

Search interest for the phrase "Bitcoin Is Dead" on Google has recently climbed to notably high levels as BTC fell from $90,000 to $60,000 by February 6. One analyst claims these queries have reached a new all-time high since the FTX collapse, while other data suggests the peak was in December 2025. Bitcoin has reportedly been declared dead between 467 and 477 times over the years, yet each wave of pessimism has historically been followed by renewed strength in price and network activity.