Bitcoin exchange inflows are dominated by large holders, with the exchange whale ratio reaching 0.64—the highest since October 2015—meaning 64% of inflows come from the top ten single-deposit addresses, ChainCatcher reports. The average single transaction size of Bitcoin inflows reached 1.58 BTC, a high since mid-2022; after a pullback to around $60,000 earlier this month, total inflows briefly surged to approximately 60,000 BTC before easing to a seven-day average of about 23,000 BTC. Since 2026, daily altcoin deposit transactions have averaged approximately 49,000, up 22% from around 40,000 in Q4 2025, and CryptoQuant says elevated deposits typically signal increased volatility and weakening market confidence in non-Bitcoin assets. Tether (USDT) daily net inflow fell from a $616 million peak in November 2025 to around $27 million, including a single-day net outflow of $469 million on January 25, 2026.

Bitcoin's consolidation below $70,000 triggered a major reset in options volatility, with at-the-money implied volatility compressing to 48% and the DVOL index dropping about 10 points, Glassnode data show in its latest BTC Options Weekly Report. The volatility risk premium flipped from negative 45 earlier this month to positive territory, while the 1-week 25-delta skew climbed from 7 points to 14 points and tilted toward puts, with put contracts accounting for two-thirds of trading last week and put buying reaching 34%. Dealers are broadly short gamma in the $58,000–$70,000 band, which could amplify sharp downward moves, though a gamma cluster around $75,000 indicates some positioning for a potential rebound. Glassnode concluded that fear-driven pricing has eased but defensive positioning and structural fragility leave the short-term market exposed to additional volatility.

Google search data show U.S. searches for "bitcoin zero" reached a record 100 on the relative interest scale in February. The spike coincided with Bitcoin's drawdown of over 50% from its October all-time high. Worldwide searches for the term have declined since August, the data show.

U.S. spot Bitcoin ETFs posted five consecutive weeks of net outflows totaling about $3.8 billion through February 22, BlockBeats reports. The most recent week saw $315.9 million in net redemptions, while the week of January 30 recorded the largest single-week outflow at $1.49 billion. Some sessions logged net inflows—including roughly $88 million last Friday—but these were insufficient to offset prior redemptions. Since launch, cumulative net inflow stands at close to $54.01 billion and total AUM is about $85.31 billion, representing roughly 6.3% of Bitcoin's market value; spot Ethereum ETFs also posted five consecutive weeks of outflows, with about $123.4 million in the latest week.

Bitcoin's apparent demand turned positive for the first time in three months. The shift marks the end of a three-month period without positive readings for the metric.

Bitcoin is trading just below a concentrated short liquidity band between $69,000 and $70,000, which analyst Bitcoinsensus describes as a potential "liquidity magnet" that could support an upside move toward $70K. A 3-day liquidation heatmap shared by Bitcoinsensus on Feb. 20, 2026 shows heavy short liquidity stacked near $69K–$70K, with price action grinding upward and compressing beneath this cluster. Clearing these shorts could spark a breakout if buying pressure and momentum increase above the $69,000–$70,000 range, the analyst noted.

Bitcoin apparent demand returned to positive territory for the first time in three months, market data show. The shift ends a three-month stretch of subdued or negative demand for the cryptocurrency.

Spot Bitcoin ETFs in the United States recorded five consecutive weeks of outflows totaling $3.8 billion. Investors withdrew $316 million last week, while the largest weekly outflow reached $1.49 billion in the week ending Jan. 30.

More than 400,000 Bitcoin were accumulated in the $60,000 to $70,000 price range. This concentration serves as a buffer that absorbs selling pressure during market pullbacks.